An existing platform asset
The core development investment has already been made. Commercial expansion can build on that asset, with further spending directed to deployment, integration and growth.
INVESTMENT CASE · THE ECONOMICS OF GROWTH
Capital already invested.
Value still to unlock.
Management’s case for FORUS is straightforward: the core platform has been funded and built, running costs are very low, and growing usage has the potential to produce substantial cash over that operating base.
WHY FORUS
Three reasons to examine the opportunity.
A lean operating structure
Shared technology can support multiple networks. A low fixed-cost base creates the potential for revenue to grow faster than overhead as activity scales.
A path to recurring cash
Useful services can create repeat transactions and retained revenue. After delivery costs, operating expenses and cash requirements, that activity can contribute to operating cash generation.
FOLLOW THE CASH LOGIC
How platform activity can create investor value.
- 01
Repeat usage
Participants return to services that solve everyday needs.
- 02
Retained revenue
Agreed fees and allocations determine what the relevant company earns.
- 03
Operating cash
Collections exceed the cash costs of running and serving the business.
- 04
Investor value
Cash can support reinvestment, debt service and potential shareholder distributions.
Cash generation depends on adoption, pricing, collections and costs. Revenue, EBITDA, operating cash and distributable cash are distinct; taxes, capital spending, financing and distribution decisions also affect investor outcomes.
MAKE THE CASE MEASURABLE
Keep performance and possibility in clear view.
Use Actuals & budget to import monthly CSVs and compare delivery with the plan. Use Models & returns to explore adoption, costs, cash and investment outcomes under different assumptions.
Peer KPIs adds published references from Meta, Alphabet, Stripe and PayPal, with the definitions needed to understand what is comparable. Portfolio & plan connects the financial case to programme progress.
CSV imports are stored in your browser for your own comparison. Model forecasts remain scenarios; imported financial results retain their source and verification context.
Evaluate the case in the Observatory →THE NEXT CONVERSATION
Match the investment to the growth plan.
Review the investee entity, revenue rights, use of capital and ownership terms alongside the financial scenarios. Existing platform investment and any future funding are separate questions.
EARLIER PUBLIC SCENARIOS
Keep historical examples in context.
The September 2026 discussion used an illustrative USD 30m primary investment and adoption-based earn-back. It is retained below with the original calculator and assumptions, separately from the dated financial models in the Observatory. It does not establish an agreed or currently available offer.
Explore the earlier investment structure and sensitivity calculator
Historical discussion example · August–September 2026 assumptions. These are mathematical scenarios, not current actuals or agreed terms.
ILLUSTRATIVE TERMS
How one earn-out could work.
Primary capital; no assumed secondary proceeds.
Initial investment
USD 30m into the rights-holding investee for 15% fully diluted equity: USD 170m pre-money and USD 200m post-money in this example. Share class, entity and protections are open.
Adoption earn-back
At 5m, 25m and 65m verified paying active users, 2, 2 and 1 percentage points respectively transfer from the investor stake to a founder/team pool. The investor retains 13%, 11% or 10% as gates are met.
Exit participation
At a hypothetical USD 20bn equity exit, an undiluted 10% investor stake yields USD 2bn, or 66.7× the initial USD 30m. Remaining holders share USD 18bn according to their actual cap table.
This is a suggested negotiation framework, not the August 2026 transaction. Milestones, vesting window, share-transfer mechanics, change-of-control treatment, governance and tax must be agreed.
ILLUSTRATIVE USD 20BN EXIT
How the value would be shared.
All three gates met; no later dilution.
85%5%10%
USD 17bnOther existing holders: original 85%, subject to the actual cap table
USD 1bnFounder/team earn-back pool: 5% transferred on milestones
USD 2bnInvestor: 10%, equal to 66.7× USD 30m
This is simple equity-value arithmetic, not a distribution promise. The existing cap table determines who receives the first allocation; preferences, later funding, debt, transaction expenses and tax could change proceeds.
EARN-OUT GATES
Reward verified activity, not stated reach.
5mPaid active users2 points earned back
25mPaid active users2 more points
65mPaid active usersFinal 1 point
A proposed “paid active user” is a unique person who completed at least one qualifying paid platform transaction with collected attributable revenue in the trailing 12 months. No duplicate users across programmes. An independent verifier would check data and revenue, with an agreed time window, anti-gaming rules and treatment on an early sale. These thresholds are illustrative and are not a current forecast.
INTERACTIVE SCENARIO MODEL
Test adoption, economics and ownership.
USD values; equity exit before debt, fees and tax.
Presets convert partner-stated reach into hypothetical paying active users. None represents current users, a contracted volume or a forecast.
Illustrative annual N.V. revenueUSD 113.75m
Illustrative equity value at selected multipleUSD 2.275bn
Investor stake after gates and dilution10%
| Case | Paying active users assumed | Multiple assumed | Implied equity value |
|---|---|---|---|
| 5.4m sensitivity | 5.4m | 10× | USD 94.5m |
| 35% of stated reach | 22.75m | 20× | USD 796.25m |
| Full stated reach | 65m | 20× | USD 2.275bn |
| USD 20bn bridge | ≈571.4m | 20× | ≈USD 20bn |
These are mathematical cases. The first three reuse partner reach figures only as hypothetical adoption inputs. The last exceeds the stated pipeline and is included to show the scale gap.
Model: active users × retained annual revenue per user × illustrative revenue multiple. Investor proceeds: equity exit value × (15% less 2, 2 and 1 percentage points for achieved gates) × (1 less later dilution). MOIC divides proceeds by USD 30m. This is a sensitivity tool, not a forecast, probability estimate, appraisal or return guarantee. It assumes no preferences, further cash investment, debt deduction, fees or tax. A real equity exit must be distinguished from enterprise value.
THE USD 20BN GAP
The historical unit assumption alone does not support that exit.
The August model assumed USD 1.75 annual N.V. revenue retained per active user. If every one of the pipeline's 65m full-potential users became paying active users, annual retained revenue would be USD 113.75m. At an illustrative 20× revenue multiple, that is USD 2.275bn of equity value, before accounting for costs, debt or valuation differences.
A USD 20bn equity value at 20× would require USD 1bn annual retained revenue: about 571m paying active users at USD 1.75 each, or USD 15.38 retained per user across 65m. That requires additional monetisation, substantially more adoption, a different multiple or a combination. None has been demonstrated.
DEPLOYMENT OF CAPITAL
Fund a measurable operating plan.
The September 2026 discussion introduced a USD 30m proposal, with no approved allocation in the August pack. A detailed budget should be prepared for product hardening, signed partner deployments, local integrations, compliance, sales and operating runway. Release against documented delivery and reporting milestones rather than presenting invented spending amounts.
The previous USD 7.5m secondary sale and shareholder loan were described in the August 2026 materials. They are not included in this illustrative primary raise. Existing debt, licences and any related-party transactions still require reconciliation.
THE FORUS INVESTOR OBSERVATORY
The investment story. The numbers behind it.
Compare budget with actuals, explore peer KPIs and test the financial models in one invitation-only workspace.