Chapter IV · Compensation
£63,000 in options.
Granted at the last round price. The full breakdown sits below: today's value, what it looks like through Series A and B, and three exit scenarios from our model.
The grant
£63k today, meaningful at exit.
Below is the full breakdown across every stage from today through exit. Exit valuations use the conservative 6× revenue multiple.
Equity
125,799 options125,799
Options granted
£63,000
Value today
4-year vest · 1-year cliff.
Equity · full breakdown
125,799 options · £63,000 today
From today through exit
| Stage | Options | Value | Valuation |
|---|---|---|---|
Valuation (post-seed) Launch Delaware SPV and build Fundbird competitor. | 125,799 | £63,000 | £17.68m |
Post Series A ~Pushing US, prep for Asia launch. | 125,799 | £106,900 | £36.00m |
Post Series B Pushing US & Asia · AI-native. | 125,799 | £593,892 | £240.00m |
Exit · base Base case. | 125,799 | £618,637 | £300.00m |
Exit · mid Average of base and best case. | 125,799 | £1,237,274 | £600.00m |
Exit · best 1/10th of Apex Group revenue. | 125,799 | £2,062,123 | £1.00bn |
£0.5008 share price at last round. 4-year vest, 1-year cliff. Pre-tax. Issued share capital grows from 35.3m post-seed to 61m post-Series-B as new rounds dilute. Option grants are made at hire and reviewed based on performance. Final option grant subject to contract.
IV.b · Footnotes
Where each number comes from.
01
Market size anchor
Apex Group is the services-heavy incumbent comp. Private, no public filing, estimated $1-2B revenue. We're using $1B as the conservative floor. Odin's £50m ARR target represents ~5% of that. We don't need to match Apex's headcount or geographic footprint to capture significant value. That's the point of building tech-native.
02
AngelList comp
AngelList peaked at ~40× ARR in 2021-2022. Zero-interest-rate anomaly, not a usable benchmark. Current market equivalent for a comparable business is 15-20× ARR, and that multiple requires genuine network effects, software-dominant revenue, and US scale. Not assumed by default.
03
Revenue quality and exit multiples
Odin's revenue is semi-recurring today. Stickier than transactional, not yet fully contracted SaaS. That puts us above pure services multiples (1-2×) but below pure SaaS with network effects (15-20×). We use three exit scenarios: Conservative 6× (defensible today, no heroic assumptions), Mid 12× (partial execution on AI and network effects), Optimistic 20× (requires everything in the next section to be true). All exit valuations on this page use the conservative 6×.
04
What needs to be true for 20×
- 01AI-native operations: fund admin, compliance, reporting are substantially automated; marginal cost of a new fund approaches zero.
- 02Software-majority revenue: platform fees dominate over services; investors can underwrite a SaaS multiple on the blended business.
- 03Network effects are demonstrable: LP and GP density on platform creates lock-in and compounding deal flow.
- 04US traction at scale: meaningfully grown AUM and network density there.
05
Dilution
We assume 20% dilution per round (Series A and Series B). Option grants are made at hire and reviewed based on performance.
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