One strategic government partner secures a sovereign AI security capability, and never carries the cost of building, running or upgrading it. The commercial engine does that. The financial stake simply makes the partner an owner of the whole thing.
The heart of the deal is not the equity, it is this: Soobeezo absorbs the full lifecycle of the arsenal, development, maintenance and every upgrade, for the life of the partnership. The partner gets a sovereign capability that stays current without a defense budget behind it.
Alongside the free arsenal, the partner takes equity in the Mauritius Group Holding, the vehicle that sits above every subsidiary. Buying at the top means the stake captures value from everything below, automatically.
The valuation, the tranches, the burn and the return all tie back to the bottom-up model, not an arbitrary multiple. Numbers first.
| Tranche | Funds | Unlocks next when |
|---|---|---|
| T1 · now $7M | Entity & compliance build; hire 7 to ~20; launch the exchange at the E-franc; front the Zimbabwe build; trust platform live | Exchange live (~40k users); Zimbabwe pilot regions live; trust AUM onboarding |
| T2 · ~12mo $4M | Scale the exchange across the EAC; Zimbabwe toward national; trust to all 4 countries; deepen the team | ~$6M combined run-rate; Zimbabwe ~40% coverage; exchange multi-country |
| T3 · ~24mo $4M | Full multi-country expansion toward the ~$35M revenue trajectory | Milestone-based |
| Pre-money (blended) | ~$35M |
| New capital | $15M |
| Post-money | ~$50M |
| Partner stake | 30% |
| Founder + existing | 70% |
| Fwd rev multiple · base Y5 | ~0.7x |
| Fwd rev multiple · bull Y5 | ~0.3x |
| Year | Revenue | Gross | Op cost | EBITDA | Margin |
|---|---|---|---|---|---|
| 1 | $1.6M | $1.1M | $4.0M | −$2.9M | , |
| 2 | $6.1M | $4.3M | $6.0M | −$1.7M | , |
| 3 | $15.8M | $11.4M | $9.0M | +$2.4M | ~15% |
| 4 | $35M | $25.5M | $13M | +$12.5M | ~36% |
| 5 | $75.5M | $55.9M | $18M | +$38M | ~50% |
| Year | Systems | Revenue | EBITDA |
|---|---|---|---|
| 1 | 3 | $1.6M | −$2.9M |
| 2 | 7 | ~$8M | −$5.6M |
| 3 | 11 | ~$26M | −$3.8M |
| 4 | 15 | ~$66M | +$9.5M |
| 5 | 19 | ~$153M | +$52M |
Every figure is bottom-up from stated assumptions. The base case is deliberately conservative; the bull case reconciles line-by-line off named revenue lines, not an arbitrary multiple. Both are shown so a counterparty can check the work.
Illustrative, not a forecast. The partner's $15M buys 30% at a ~$50M post-money. Here is that stake at Year 5 under standard revenue multiples, on both cases, first three products only.
| Case · multiple | Y5 revenue | Group value | Partner 30% | Return on $15M |
|---|---|---|---|---|
| Base · 3x | $75.5M | ~$227M | ~$68M | ~4.5x |
| Base · 4x | $75.5M | ~$302M | ~$91M | ~6.0x |
| Bull · 3x | $151M | ~$453M | ~$136M | ~9.1x |
| Bull · 4x | $151M | ~$604M | ~$181M | ~12.1x |
The credibility of a pre-revenue case rests on naming its own risks. Each flag ships with how it's handled.
| Flag | How we handle it |
|---|---|
| Pre-revenue | Bottom-up models, stated assumptions, everything labelled a projection |
| Crypto regulation / licensing | Show a licensing / VASP / e-money path; don't assume it |
| "First USSD crypto exchange" | Verify or narrow: first USSD stablecoin exchange integrated with mobile money |
| Stablecoin float | Real, audited reserves + licensing treated as a gating cost, not free money |
| Zimbabwe = advanced talks | Stated as talks / MOU; a signed LOI materially de-risks the round |
| Single investor at 30% | Deliberate governance terms; strong because the partner is a validating government |
| Tranched capital | Milestones kept realistic and clearly worded to unlock T2 / T3 |
A sovereign arsenal built, maintained and upgraded for free, plus a 30% share of the company that builds it. The partner secures the capability and owns the upside, without carrying the cost.