Updated license model: Node Governor flat fee = $25,000 per node (down from $50K). Ongoing royalty on node GMV: 6% for Gov #1 (Singapore, signed M12) · 5% for Gov #2 (Dubai, signed M15) · 4% for Gov #3 (signed M18). Royalties flow the month after signing. Gov #3 royalties begin M19 — outside this model window.
MRR at month 18
$101.1K
platform + royalties
ARR at month 18
$1.21M
Series A threshold ✓
Active sellers
1,600
Sariko HCMC node
Cash at month 18
$804K
above $750K raised
Governor licenses
3 × $25K
$75K non-dilutive
Cumul. royalties
$12.2K
M13–M18 · growing
Platform revenue = $61 per active Sariko seller/month (17% commission on $300 avg GMV + $9.75 subscription blended). Governor royalties add a compounding stream from M13 — small early, but locking in recurring income from territories you do not operate. Cash at M18 is $804K — still above your raise, even with lower license fees.
M1–M6: HCMC proof
M7–M11: Node 2 + scale
M12–M15: Governor licenses + royalties begin
M16–M18: Series A prep
Revenue breakdown vs burn (monthly)
Platform revenue
Royalty revenue
License event ($25K)
Burn (opex)
Cash runway · seller growth
Cash balance (left axis)
Active sellers (right axis)
Key milestones
Month 6
190 sellers
$11.6K MRR. Church GTM channel validated.
Month 8
Node 2 live
Quê Tôi (Vietnamese) launches on same infra.
Month 12
Gov #1 signs
Singapore: $25K license. 6% royalty begins M13.
Month 13
Organic +
Recurring + royalty ($61.9K) beats burn ($55K) without any license.
Month 15
Gov #2 signs
Dubai: $25K license. 5% royalty begins M16.
Month 16
$1M ARR
MRR $84.6K × 12 = $1.015M. Series A threshold crossed.
Month 18
$804K cash
Gov #3 signs at 4%. 3 nodes. Series A raise begins.
Royalty column breakdown: Gov #1 (Singapore, 6%) — node grows from 50 to 133 sellers over M13–M18. Gov #2 (Dubai, 5%) — node grows from 30 to 73 sellers over M16–M18. Gov #3 licensed at M18; royalties flow from M19. Node GMV = Governor-onboarded sellers × $300 avg monthly GMV.
All USD. Platform rev = Sariko HCMC commissions + subscriptions. Royalty = Governor node GMV × tiered %. License = $25K flat. Starting cash: $750,000. Lowest cash: $567,780 at M11 — 76% of raise intact at trough.
| Mo | Sellers | Sariko GMV | Platform rev | Royalty | License | Total rev | Burn | P&L | Cash | Status |
Platform assumptions: $300 avg monthly GMV per Sariko seller · 17% blended commission · 25% of sellers on paid tier (avg $39/mo). Royalty: Gov #1 node grows 50→133 sellers M13–M18 at 6%; Gov #2 node grows 30→73 sellers M16–M18 at 5%; Gov #3 royalties begin M19. Burn: Poppet deferred · Minh Tri $2K/mo · 1 dev $1.5K/mo · community manager $800/mo · infra + ops + events.
Series A in Southeast Asia typically requires $1M–$3M ARR with strong unit economics and a clear replication story. Your checklist at month 18:
Why tiered royalties strengthen the Series A pitch
The 6 / 5 / 4% descending structure creates urgency in your Governor pipeline. Operators who move first lock in the highest territory rate. This means Pangea's expansion pipeline self-recruits — every city launch you announce makes the next Governor sign faster to secure a better rate. By M18 you have three paying territory holders in two continents. That is a franchise validation, not just a revenue line.
CAC : LTV ratio
∞
$0 customer acquisition cost via church + employer trust channels. Every seller acquired is pure margin.
Gross margin
~85%
Pure marketplace software. No inventory. No delivery. Gateway fees absorbed and covered by commission spread.
Burn multiple at M18
0.61
$741K total burn / $1.21M ARR. Revenue outpaces burn from M13 onward permanently.
Non-dilutive by M18
$87.2K
$75K licenses + $12.2K royalties. Series A capital accelerates the Governor pipeline — not survival.
What to say in the Series A room
The proof: 1,600 sellers. $101K MRR. $804K cash — above our raise with lower license fees than originally modeled. Three Governors paid to run territories we don't operate. The model governs itself.
The royalty angle: Governors who signed earliest pay the highest rate (6%). That descending structure means our pipeline fills itself — operators race to sign before rates drop. We have two active nodes generating royalty income in cities we have never visited.
The moat: $0 CAC. 280 million diaspora people. No direct competitor. Founders have lived in every target market. Series A capital runs the Governor playbook across 20 cities simultaneously — not one at a time.