Revenue Projections
One entry offer and two subscription tiers. A £10k paid pilot leads mainly into Enterprise; Growth is mostly sold directly. Two large institutional deals sit on top. Revenue reaches £1.90m in Year 3, from 66 paid accounts.
Recurring revenue by tier
Growth, Enterprise and large-deal MRR stacked across 36 months. Enterprise carries the mix; the large deals add £10k a month from M18 and a further £16.7k from M30.
Revenue by year
| Metric | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Active Growth (year end) | 6 | 19 | 39 |
| Active Enterprise (year end) | 5 | 12 | 25 |
| Large deals (year end) | 0 | 1 | 2 |
| Pilot revenue (net of credits) | £70k | £150k | £220k |
| Growth revenue (£20k ACV) | £68k | £257k | £598k |
| Enterprise revenue (£45k ACV) | £128k | £368k | £840k |
| Large-deal revenue | — | £70k | £237k |
| Total revenue | £266k | £844k | £1.90m |
| Exit ARR (recurring only) | £345k | £1.04m | £2.23m |
Pricing model
Prices go up roughly threefold at each step, and the price of each tier depends on how much of the client's portfolio it covers. There are no low-cost or self-serve accounts.
Large institutional deals: Enterprise Portfolio (~£120k a year, multi-fund managers or large legal practices) and Strategic (£200k+ a year, platform-wide rollout at a top-tier institution). Both follow a pilot and a long sales cycle. Add-ons — £100–150 a month for Growth; bespoke environments, integrations, APIs and custom models priced in Enterprise contracts — are not in the model and are upside.
Funnel and conversion
| Stage | Rate | 3-year volume |
|---|---|---|
| Core market Commercial property firms |
— | 25,000 firms |
| Engaged Qualified conversation or demo · 12% in Y1, 35% in Y2, 53% in Y3 |
5% of core market | 1,250 |
| Pilots started Plus the 6 pilots running at M0 |
6% of engaged | 75 (9 / 26 / 40) |
| Pilots converting | 50% of pilots | ~36 |
| — to Enterprise Plus 3 direct Enterprise deals; 25 active at M36 after churn |
65% of conversions | ~23 |
| — to Growth | 35% of conversions | ~13 |
| Direct Growth (no pilot) 39 Growth active at M36 after churn |
2.5% of engaged | ~31 |
| Paid accounts at M36 Including the 2 large institutional deals |
0.26% of core market | 66 |
The large deals come from the ~400 institutions through a small number of institutional pilots, roughly four at the 50% conversion rate. The £200k deal landing in M30 means talks start around M18–21.
Model assumptions. Of the six pilots running at M0, four pay the £10k fee (£40k, booked in M1); all six reach their conversion decision in M3, and only paid pilots get the fee credited. Annual churn is 10% for Growth and 5% for Enterprise; large deals are assumed not to churn within 36 months. Revenue is collected monthly, which is conservative: billing Enterprise annually in advance would bring cash forward. The stress case delays every Enterprise and large-deal win by six months and still reaches £1.91m ARR at M36.