ARR
€6.03m
+0.5% MoM · +37.0% since Nov 25
Company
Claims intake and adjudication for mid-market insurers.
0.94x
ARR
€6.03m
+0.5% MoM · +37.0% since Nov 25
Net burn
€860k / mo
Implied cash €6.36m
Runway
7.4 mo
Inside the nine-month line
People
49
NRR 101% · GM 61%
critical
Implied cash is about €6.4m against €860k of monthly net burn. A priced round at the last mark is not on offer. Growth has flattened.
Suggested action. Call a reserve committee this month. Require a 13-week cash view and a plan that reaches 18 months without a new lead. Do not bridge alone.
watch
The last four months added almost no ARR. Gross margin at 61% says delivery is still heavier than software.
Suggested action. Put a milestone on the claims-auto rate. If it is not moving, the bridge finances a services firm.
€m, monthly
€m per month
Monitoring note
Portico is the uncomfortable one. We own 18%, the mark is already under cost, and the company is not failing loudly. It is slowing. Quiet slowdowns are how reserves get spent by default. Make it a decision.