Ask Capiva WWWater Technology / CleanTech · Equity Financing 2025 · score 58.4 HOLD · as of 2025-05-31
Wisewell
At riskInvested$6.4mmat cost
Current mark$16.0mmfair value
MOIC2.48xon paper
Ownership62.6%fully diluted
Next roundSeries Ain market
Δ quarter▲ 34%mark
Thesis vs. reality · what we underwrote at entry, measured against now
What must be trueThesis claims come from the entry IC memo's "what must be true" and are tracked against updates and verified evidence.
Reaches 50k rides/day within 12 monthsAt 80k rides/day — 60% ahead of plan. Exceeded
Second city secured by month 12Live in 3 cities (Dubai, Abu Dhabi, Sharjah). Exceeded
Positive contribution margin per ride by month 9Hit in month 8; holding at +11%. On track
Raises Series A at 2×+ within 15 monthsTerm sheet in hand at $28mm pre (≈3×). On track
Burn stays within plan through expansionBurn ▲ with 3-city rollout — ahead of revenue. Watch
Latest founder update · Q2 2026 · 3 days ago
"80k rides/day across 3 cities. Series A term sheet signed at $28M pre. Expanding to Riyadh next. Burn elevated from rollout but contribution margin positive — raising to fund growth."
Watch & flags
What to keep an eye on
WatchBurn elevated with expansion — watch runway vs. Series A close.
UpsideSeries A at ~3× our entry would mark this up materially.
Our position
PositionEvery update is read by the Capiva; figures are tagged self-reported until reconciled. Meetings are captured by the note-taker.
RoundSeed · $3.5mm
Post-money$18mm
Board1 seat (Jane Doe)
Pro-rataYes · $4mm reserved