How much revenue clears the bar?
Institutional investors price on revenue. Recurring platform revenue earns a high multiple and one-off project work earns a low one. The valuation set in August is the bar the next round has to clear, before any strategic premium a sovereign or defence buyer may add.
Revenue needed at the next round
- Recurring part
- Project part
- Revenue per person at full team
- Dilution at the next round
Revenue needed as the recurring share moves from 0% to 100%. The mix matters as much as the amount.
Assumptions you can move
1.0x means the next round simply holds AED 420M.
The starting point is the most favourable case: everything recurring. Project revenue is valued at 3 times.
When does the next raise have to start?
AED 25M is a long runway for a team of 8 and a much shorter one for a team of 25. A round with institutional investors takes about six months, and the proof they ask for has to exist before the first meeting.
Start the raise by
- Runway
- Cash runs out
- Monthly cost at full team
- Months left to build the proof
Cash balance from September 2026. The raise starts early enough to close with 3 months of cash still in the bank.
Assumptions you can move
Eight per LinkedIn. Correct it if needed.
Left at zero until you enter your own figure.
How much cash will government contracts hold back?
Government, defence and port clients pay on milestones and often pay late. Revenue that is invoiced but not yet collected is cash that cannot pay the team, and the team is paid every month.
Cash held in unpaid invoices
- In months of cost at full team
- Released by collecting 30 days faster
Cash held back, measured in months of team cost
Assumptions you can move
Advance payments are the strongest lever, and they are negotiated at signature, not after.
Does a contract read as software or as services?
For a geospatial platform the answer sits in three cost lines: imagery and data, compute, and the people needed to deliver. Investors pay software multiples for software margins, so this number decides which multiple applies in the first question.
Gross margin on a contract
- Margin earned per contract, per year
- Cost to win one contract
- Time to earn that cost back
- Contracts needed to clear the bar
- Imagery and data
- Compute
- Delivery people
- Margin left
Where each dirham of contract revenue goes.
Assumptions you can move
How the numbers are built
- Revenue needed
- Next round valuation divided by a blended multiple: your multiple on the recurring share, 3 times on the project share. The next round valuation is AED 420M times your slider.
- Dilution
- Round size divided by the next round valuation plus the round size. A flat round of the same size is shown for comparison.
- Runway
- AED 25M from September 2026, hiring in a straight line to your target team, monthly cost equal to people plus other costs, less cash collected.
- Start of the raise
- The month cash runs out, less the months to close a round, less a 3 month cash buffer at closing.
- Cash held in unpaid invoices
- Yearly revenue, less the share paid in advance, times days to collect, divided by 365.
- Contract economics
- Gross margin is revenue less imagery and data, compute and delivery people. The 50% and 70% lines are rules of thumb, not a standard. Cost to win is the cost of one bid divided by the share of bids won.
CFO Ventures builds AI-native finance functions for funded companies in the Gulf and Europe: 50+ companies supported, $60M+ raised, 20+ M&A transactions. This page is an illustrative model built only from public information. It is not financial advice and not an opinion on Stellaria's valuation.