ARR
€2.93m
+1.7% MoM · +95.3% since Nov 25
Company
Outbound sales agents for B2B teams that already have a CRM and a quota.
1.11x
ARR
€2.93m
+1.7% MoM · +95.3% since Nov 25
Net burn
€730k / mo
Implied cash €5.91m
Runway
8.1 mo
Inside the nine-month line
People
36
NRR 96% · GM 58%
critical
ARR is €2.93m and barely moving. Net burn is €730k. Runway is 8.1 months. Net revenue retention has slipped under 100%.
Suggested action. Freeze the €1m reserve. Before the November board, require a burn path to €450k and a logo-churn breakdown by cohort.
critical
Mid-market logos are leaving after the second quarter. The agent’s meetings are not turning into pipeline the buyer will defend.
Suggested action. Sit in on three lost-customer calls. If the product is a sequencer with a model on top, stop describing it as a platform in the marks memo.
€m, monthly
€m per month
Monitoring note
Northwind was the agent bet: a narrow job, a buyer with budget, a team that could ship. The job is real and the retention says the product is not yet the system of work. We should not average this away inside a healthy fund TVPI.