Flip 360 Commission Platform
Teaser Memorandum Financial Model $50k Check Walk Exec Simulator Commercial DB Deal Fee Doctrine Worked Example Attribution Deal Room DD
D-236 · $50k Check Walk · Six-Slider Interactive Model

$50,000 today → $?M per seat at IPO.

One seat = $50,000 = 0.909% of Flip360 Pty Ltd at R1 close. Six sliders. Three commercial (referral clip · community · CM comp). Three cap-raise (revenue multiple · Y5 Providers · secondary sale %). Find the combination that comfortably gets you to $4M per seat.

Baseline = D-235 canonical (S1 15% · S2 50% · S3 30%) + D-236 cap-raise walk (S4 6× multiple · S5 15K Providers · S6 50% secondary sale). Court-defensible against ASIC Form 484 · Financial Model.

R1 · Y1
$50k
Angel check · 0.909% seat
R3 close · Y5
—
post 2 dilutions · — MOIC
Pre-IPO Secondary
—
cash out 50% · — MOIC
TOTAL PER SEAT
—
secondary + IPO · — MOIC
D-235 + D-236 Six Sliders · Drag any to stress-test

Six levers. Three commercial. Three cap-raise.

Commercial model (D-235)
S1 · Referral clip 15%
5%15% D-23525%
AI-recommended: 15%
Stripe Connect base 2.9% + platform premium. Referral networks (LinkedIn ProFinder, Bark) charge 10-20%. Below 10% under-monetises; above 20% breaks Provider LTV/CAC.
Source: Stripe pricing page · Bark.com merchant fees 2025 · D-234 doctrine

Flip360's slice of every Provider-to-Provider referral deal. Default 15% per D-234/D-235.

S2 · Community share of clip 50%
0%50% D-235100%
AI-recommended: 40%
Slightly below 50/50 to protect Flip360 gross margin as CAC rises. Community share still exceeds Airtasker (0%) and Hipages (0%) — competitive moat, not P&L drag.
Source: Hipages HPG FY25 Investor Day · Airtasker H1 FY26 · D-235 Q4=B rationale

Of the S1 clip: what % flows to community (COGS)? The balance drops to Flip360 gross profit. Default 50/50.

S3 · CM commission (base membership) 30%
0%30% D-23560%
AI-recommended: 30%
Median sales-agent commission across ANZ SaaS reseller programs (MYOB, Xero partner rate cards). Below 25% CMs lose motivation; above 40% eats Flip360 net margin.
Source: Xero Partner Programme 2025 tier rates · MYOB Partner Program · D-235 Q2=A ratified

% of $1,500 base membership paid to the Community Manager as sales commission. Default 30% = $450/Provider. Surcharge $500 excluded per D-235 Q1=A.

Cap-raise walk (D-236 · new)
S4 · IPO revenue multiple 6.0×
3× Angi6× Airtasker10× REA
AI-recommended: 5.5×
Median ANZ growth-marketplace comp Jun 2026: Domain 6.7×, Xero 5.6×, Airtasker 1.6×, Hipages 1.1×, REA 9.3×. Trimmed median ≈ 5.5×. Baker Tilly SaaS 2025 median 5.5-6.5×.
Source: Yahoo Finance REA.AX / XRO.AX / DHG · stockanalysis.com/ART/HPG · Baker Tilly 2025 SaaS Sector Valuation Report

Y5 revenue × multiple = IPO valuation. Full comp table: Deal Room § 4 →

S5 · Y5 Providers 15,000
5K Cons.15K Base50K Bull+
AI-recommended: 12,000
Bottom-up: Vertical-1 (mortgage broker + conveyancer 21K addressable · 25% penetration) ≈ 5.2K · Vertical-2 (tax/insurance/adviser 47K · 8%) ≈ 3.8K · Vertical-3 (trades 210K · 1.4%) ≈ 3K = 12K. Hipages hit 30K at maturity, so 12K by Y5 is defensible.
Source: MFAA Industry Intelligence Service 2025 · Tax Practitioners Board register · Hipages HPG Investor Day 2026 · Deal Room § 2 bottom-up build

Paying Providers on Flip360.OS at Y5 exit. Bottom-up cohort build: Deal Room § 2 →

S6 · Pre-IPO secondary sale % 50%
0% hold all50% take 1/2 off70% cash out
AI-recommended: 40%
Typical R1 partial cash-out at pre-IPO secondary is 30-50%. 40% de-risks nearly half the seat (returns ~34× cash) while keeping meaningful IPO upside. AirTree/Blackbird portfolio pattern.
Source: AirTree Ventures State of AU Startups 2024 · Blackbird portfolio commentary · Cut Through Venture 2025 exit report

% of your remaining position sold at the pre-IPO secondary window ($150M valuation between R3 close and IPO). Balance held to IPO.

D-236 · Cap-Raise Walk · R1 → R2 → R3 → Pre-IPO → IPO

The 5-stage journey from angel check to ASX listing.

Each raise: what's raised · what it pays for · valuation step-up · your $50k position value at close. Every $ recomputes when you move S4/S5/S6 above.

R1 · ANGEL
Oct 26 → Jun 27 · 9mo · AUS
$500k
HYPERCARE
Post-money
$5.5M
Your seat worth
$50k
at 0.909% · 1.0× MOIC

Cut over from Project PMO to BAU. Flip360.OS live. Stripe live. First 50 paying Providers.

R2 · SEED
Jul 27 → Jun 30 · 3yr · AUS + NZ
$3.5M
GROWTH
Post-money
$13.5M
Your seat worth
—
diluted to 0.674% · — MOIC

15→60 CM territories. Exec hires COO/HoG/HoP. NZ regulatory. Product moat.

R3 · SERIES A
Jul 30 → Jun 32 · 2yr · +US pilot
$12M
PRE-IPO PREP
Post-money
$77M
Your seat worth
—
diluted to 0.569% · — MOIC

US pilot 3 states. IPO prep. CFO+CTO+CRO full-time. Advisers · auditors.

SECONDARY
Between R3 and IPO · Y5
$—
CASH OUT NOW
Sale valuation
$150M
Held to IPO
—
— of company held

Sell 50% of position at pre-IPO secondary. Cash de-risks. Balance rides IPO.

IPO · ASX
Y5+ · listing day
$—
MARKET CAP
IPO revenue × 6.0×
—
Held shares → cash
—
— MOIC on remaining

Post-lockup ASX exit. Sell 100% to market. Angel's total walk = secondary cash + IPO cash.

$50,000 today → total walk to R1 angel
$—
Secondary cash $— + IPO cash $— = — MOIC on original $50k
⚖️
DD-grade honest range · AI-recommended positions
The single-point $4M answer is a founder narrative. A DD analyst wants a range with named scenarios and cited assumptions. This is that range.
BEAR CASE
~$0.6M
3× mult · 5K providers · 0% secondary · ~12× MOIC
AI BASE CASE
~$2.6M
5.5× mult · 12K providers · 40% secondary · ~52× MOIC
BULL CASE
~$4.3M
7× mult · 20K providers · 50% secondary · ~86× MOIC
How to read this: the walk is a probability distribution, not a promise. Analysts (Blackbird, Square Peg, AirTree) will focus on the AI base case ($2.6M / 52× MOIC) and stress-test both tails. Any pitch that quotes only the $4M number without showing the range fails DD. Deal Room DD pack →
Use of funds · what each raise pays for (click to expand)
R1 · $500k · Hypercare
Carla CFO salary (9mo)$72k
Founder+delivery salaries (sub-scale)$135k
Flip360.OS infra (CF+D1+Stripe+Resend)$18k
Legal (ASIC · Vol 5 v1.2 · investor docs)$35k
Accounting (HOLLMAC quarterly + audit)$22k
First 3 CM territory launches$120k
Insurance (PI+PL+D&O)$18k
Contingency (10%)$50k
Working capital float$30k
TOTAL$500k
R2 · $3.5M · Growth AUS+NZ
CM expansion (15→60 territories)$850k
Product eng (2 senior devs + designer + QA)$780k
Exec hires (COO+HoG+HoP)$920k
Sales ops + CM enablement$220k
Legal/compliance (NZ FMA · ombudsman)$180k
Marketing + brand + referral incentives$290k
Working capital (12mo runway floor)$210k
Founder salaries at market rate$50k
TOTAL$3.5M
R3 · $12M · Pre-IPO Prep
US pilot (3 states · Delaware C-corp)$3.2M
Sales engine (100→250 CMs · 50 in-house)$2.8M
Product eng (mobile v2 · AI match · enterprise API)$1.9M
Exec team completion (CFO+CTO+CRO+GC)$1.6M
IPO prep (advisers · legal · underwriter · audit)$1.1M
Marketing + brand (national + retention)$0.7M
Working capital (18mo runway floor)$0.7M
TOTAL$12M

Y5 P&L Waterfall

Gross Sales → COGS → Gross Profit → OPEX → Net Profit Before Tax → Net Profit After Tax → Dividend pool. Line-by-line, per D-235 P&L doctrine.

Line P&L Row Amount % of Sales

IPO Valuation Matrix

Y5 Sales revenue × comparable revenue multiple = IPO valuation. Comparables: Angi/Yelp (3×) · Airtasker/Class Ltd (6×) · REA/Xero/Airbnb (10×).

Adoption scenario Y5 Providers Y5 Sales Bear (3×) Base (6×) Bull (10×)

Matt's $4m walk headline maps to: Bullish adoption (35K Providers) × Base multiple (6×) = — IPO → $50k × 47× = $2.35M with 4-round dilution, OR $50k × 80× = $4.0M with zero further dilution (Turn 30 lock).

Secondary Market Ladder · pre-IPO exit windows

Four secondary-market windows before IPO. Each priced round dilutes your holding by 20% but re-rates the valuation. Pick your door.

Stage Event Timing Company Val Your Stake % $50k Walks To Multiple

D-235 provenance chain

  Confidential
Flip 360
Flip 360 · PRIVATE & CONFIDENTIAL · Authored by CoSai CFO Services · 1 January 1970
This document does not constitute an offer of securities. Recipients should obtain independent legal and financial advice before making any investment decision.
Matt's page