ARR
$540k
↑ 4% MoM
Burn
$72k/mo
monthly
Runway
9 mo
at current burn
Risk flags
1
auto-detected
Execution signals — VentureLync telemetry
source-grounded · weekly refresh
Ship cadence
2.4/ wk
top 5% of pipeline
Reporting on-time
100%
12/12 weeks
Founder reply
14h
median · target <24h
Revenue verified
$540k
Stripe match
Source coverage
6/ 6
GH · JR · STR · HS · ZH · GC
Integrity flags
0
clean 90 days
Revenue & burn · 12 months
Memory · Stripe + accounting reconciled
+451%YoY
MayJulSepNovJanMarMay
MRRBurnNet
Cap table · post Seed
Carta · last refreshed today
52%
founders
Founders52%—
ESOP pool14%vested 6.1%
Lead seed12%$1.2M
Angels8%$650k
Accel partner6%$480k
Syndicate5%$400k
Others3%—
Cohort retention — customer revenue retained by month
$ retention · 120%+ = expansion
128%NRR · best in cohort
| Cohort | Size | M0 | M1 | M2 | M3 | M4 | M5 | M6 | M7 | M8 | M9 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 2025 | $3.8k | 103 | 109 | 116 | 120 | 127 | 133 | 140 | 144 | 151 | 157 |
| Sep 2025 | $4.2k | 103 | 110 | 114 | 121 | 127 | 134 | 138 | 145 | 151 | |
| Oct 2025 | $5.1k | 104 | 108 | 115 | 121 | 128 | 132 | 139 | 145 | ||
| Nov 2025 | $6.3k | 102 | 109 | 115 | 122 | 126 | 133 | 139 | |||
| Dec 2025 | $7.8k | 103 | 109 | 116 | 120 | 127 | 133 | ||||
| Jan 2026 | $9.4k | 103 | 110 | 114 | 121 | 127 | |||||
| Feb 2026 | $10.9k | 104 | 104 | 115 | 121 | ||||||
| Mar 2026 | $12.2k | 102 | 105 | 115 | |||||||
| Apr 2026 | $13.6k | 103 | 105 | ||||||||
| May 2026 | $14.2k | 103 |
Customer concentration
top 10 · 62% · diversified
Anchor 1 (14%)Anchor 2 (11%)Tier 1 (9%)Tier 1 (7%)Tier 2 (6%)Top 6-10 (15%)Long tail (38%)
✓No customer > 15% · top 5 = 47% of revenue · two new enterprise wins moved top-tier mix to balanced.
Team — 34 people · 8 hired YTD
founders + key leads
AV
Anand Venkatesh
Co-founder · CEO · ex-Stripe
PP
Priya Prakash
Co-founder · CTO · ex-Meta
MS
Mohan Sharma
Co-founder · COO · ex-Uber
RK
Rakesh Kumar
VP Sales · joined Jan 2026
JN
Jaya Nair
Head of Finance · joined Mar 2026
+
+ 29 more
ops 14 · eng 8 · sales 5 · g&a 2
Round history
5 rounds · 2021 → 2026
Mar 2021
Pre-seedfriends & family
$40k
$2.5M pre
Jan 2022
SeedLead VC · angels
$2.8M
$12M pre
Sep 2023
Seed+ (you)Veridian (co-lead) · syndicate
$4.5M
$18M pre
Jun 2024
Bridgeinside round · all existing
$1.5M
$25M pre
Q4 2026 (target)
Series Bin preparation · deck reviewed Apr 30
$40M target
$180M pre
Risks & watch
your notes
!
Dilution path to Series B
✓
Top customer concentration safe
!
Logistics margin sensitivity
✓
Founders aligned · no exits
✓
Competitive moat compounding
Diligence Q&A — with founder
all replied · source-linked
"How do you defend margin in tier-3 markets?"
We piggy-back on existing partner schedules — we don't own the fleet, we own the software. 22% GM contribution from tier-3 vs 18% tier-1. Attached: route-level P&L Apr.
"What happens if the largest competitor enters last-mile directly?"
They tried in 2023 and pulled back. Our data loop (2.4M deliveries) is 3× theirs. Customer stickiness = operational SLAs, not price. Multi-year MSAs signed this month prove it.
"Runway tight at 22 months · when do you raise B?"
Targeting Series B close Q4 2026. Term sheet conversations with 2 growth funds. Deck at Pulley. Want Veridian in on pro-rata — happy to carve $28-32k.
Recent activity
founder + company · 14 days
today
Settlement cleared $12k
May 27
Anchor 2 contract signed · 36mo
May 24
v3.1 shipped · pricing engine v2
May 20
Weekly report submitted · 100% on-time
May 18
Series B deck uploaded · draft v4
May 14
Hire · Jaya Nair · Head of Finance
Peer compare — portfolio
private benchmarks · 2026
| Metric | Lumen Press | Peer A (est.) | Peer B (est.) | Cohort P90 |
|---|---|---|---|---|
| ARR | $540k | $1.2M | $500k | $8M |
| YoY growth | 142% | 28% | 34% | 180% |
| Gross margin | 64% | 22% | 18% | 42% |
| NRR | 128% | 104% | 108% | 115% |
| Burn / ARR | 0.54 | 2.8 | 1.9 | 0.9 |
Exit scenarios — speculative
not a forecast
Base
Series B at $180M pre · 4× paper
4.0×
Bull
Series C at $500M · strategic acq.
11×
Bear
Bridge at flat · 2027
1.5×
§Scenarios are internal only. Not shared with founder, LPs, or in any written communication. Counsel gate applies to any external framing.
Updates · timeline
May 9 2026Founder update · Q1Two consecutive flat months on ARR. Founder cited 'longer enterprise cycles' in last update; no churn data shared.
Apr 5 2026Founder update · Q4 2025ARR ↑ 6% MoM, two new logos in healthtech. Burn down 8% from prior month.
Mar 8 2026Board call notes · 1hDiscussed pricing v2 rollout. Founder asked for intro to two CTO references in fintech.
Feb 4 2026Founder update · Q4 2025Closed annual renewal with anchor customer at +18% expansion. Hiring 1 SE next month.
Drafted next-update request
To: founder@lumen-press.com · Subject: May update for the LP recap
Hi team,
Quick check-in for our May LP recap. We saw the May 11 2026 update; the highlights stuck out: ↑ 4% MoM on ARR. Anything notable on hiring, customer concentration, or runway since then is welcome. No specific format needed.
Thanks,
S. Patel · Veridian Capital
Quick check-in for our May LP recap. We saw the May 11 2026 update; the highlights stuck out: ↑ 4% MoM on ARR. Anything notable on hiring, customer concentration, or runway since then is welcome. No specific format needed.
Thanks,
S. Patel · Veridian Capital
Drafted today · cited from May 11 2026 update
Active risk flagmissing data
April update missing burn data
April update arrived 11 days late with no monthly burn line. Last burn figure on file is from Feb 2026. Runway is reported but not derivable without burn.
Apr 2026 update · auto-detected May 11
ARR trail · last 6 mo
DecJanFebMarAprMay
Memory hitsOpen memory →
Last reviewed in board memo dated Apr 12 2026. Two prior diligence sessions logged: thesis fit confirmed, traction model pressure-tested. No prior pass decisions to recall.