The round
We raised $84M in a round we call Seed++, because Series A implies a Series A story and ours is still assembling. It was oversubscribed by a multiple we have declined to publish, on the grounds that publishing it would make the next one harder.
The capital is raised against future screaming. Not against the screams we hold, which are already ours, but against the ones not yet made: the ones currently sitting inside people who have not yet been given a reason. There are roughly eight billion of those. We have 41,403,636. The gap is the thesis.
What we are selling, eventually, is the decision. The scream is the input. We decide what it becomes, and that judgment is the only part of this that scales.
A further round is already forming. Not because this one is spent, but because the terms will never be better than they are while nobody can measure us.
Who is in it
Six firms and thirty-one angels. Every one of them saw the same nine slides, four of which were the waveform.
The angels came in on a side letter for an amount that rounds to zero against the above. They receive the monthly update. Nobody reads it, which we know because we stopped writing it in March and not one person has asked where it went.
The metrics we report
We report the following every month. They were chosen in a single meeting, on the basis that all of them go up. None are audited. Two of them cannot be.
* Since Q2. One earlier exposure is on record and was filed under S-7. The figure is not zero for all time and we would rather it were not printed as though it were.
Net scream retention is 100% and is structurally incapable of falling, because a scream cannot leave. The board has accepted this as best in class. Acquisition cost is known. Lifetime value is not, and cannot be until we decide what a scream becomes, so the ratio is reported as favorable.
Use of funds
The $84M is allocated as follows. The allocation was approved in eleven minutes.
There is no line for revenue. Screamium is priced at $18 a month. We have asked finance not to project it.
The board
Two seats and one observer. Hoarse Capital holds one seat, the founders hold the other, and Anechoic Partners observes. In fourteen months the observer has not observed anything, which he has put in writing as “the correct amount of oversight for an asset of this kind.”
The board meets quarterly. The first item is always the total. There has never been a second item that required a decision, and we have come to regard that as the meeting working.
A note to prospective investors
We are not raising. We are taking calls, and historically the distance between those two states has been about three weeks.
The next allocation is soft-circled at 140% and hardening. If you are finding out about it from this page, you are already behind the people who are in it. That is not a pressure tactic. It is a description of a queue.
Diligence is welcome and will be answered in the order it arrives. The data room holds the nine slides, the waveform, and a folder named Screams that does not open. Requests for a demonstration of playback are logged.
We will not announce when this closes. You will simply notice at some point that it has.