Graduate Anywhere — Financial model note (revised 16 October 2026)
This note preserves traceability between the model originally published on graduateanywhere.com and the revised model now shown. Figures are management estimates by the founder, not audited and not demand evidence. Items marked [CONFIRM] need the founder's confirmation.
1. Original model (as published, superseded)
| FY27 | FY28 | FY29 | |
|---|---|---|---|
| Paid applications | 2,000 | 7,500 | 18,000 |
| Blended fee | £61 | £63 | £65 |
| Application revenue | £122,000 | £472,500 | £1,170,000 |
| Partner fees | £0 | £180,000 | £720,000 |
| "Services and listings" | £18,000 | £95,000 | £410,000 |
| Total revenue | £140,000 | £747,500 | £2,300,000 |
| Operating costs | £420,000 | £720,000 | £1,450,000 |
| EBITDA | −£280,000 | £27,500 | £850,000 |
Unit economics as published: £49 fee, £0.94 card fee, £8.00 fulfilment (35 min at £13.50/hr, per application), £1.50 software, £1.50 refunds, contribution £37.06 (76%). CAC £15 stated separately. No VAT.
Why it was withdrawn. (a) Chronology: it assumed a 2026/27 launch; the pilot is for September 2027 entry and Phase 1 for September 2028. (b) Labour was unloaded and counted once per three-university application. (c) VAT was omitted. (d) CAC was excluded from contribution. (e) The services line had no price or volume basis. (f) Partner fees assumed agreements that do not exist. (g) The raise and runway assumed SEIS + EIS of £350k; the plan is SEIS only, up to £250k, via a crowdfunding platform.
2. Revised inputs
| Input | Value | Status |
|---|---|---|
| Service fee | £49 inc. VAT where applicable, introductory | Founder decision, under review [CONFIRM] |
| Add-on uptake | 20% add one university (£20); 15% take priority (£30) → blended £57.50 | Assumption, no data |
| VAT | Not registered in FY28 (turnover below £90k); registered from FY29, 20% deducted | Assumption; confirm with accountant [CONFIRM] |
| Adviser time | 35 min × 3.2 universities on average = 112 min, including extra choices | Founder default from Phase 0 |
| Loaded labour rate | £17.00/hr (£13.50 + employer NI, pension, overhead) | Estimate [CONFIRM] |
| Card fees | 1.5% + 20p (Stripe UK) | Verified |
| Software/AI, refunds | £1.50 + £1.50 per application | Assumption |
| CAC | £15 blended, schools-led | Assumption, no data |
| Volumes | 600 / 2,500 / 7,000 (FY28–FY30) | Management targets [CONFIRM] |
| Partner enrolments | 0 / 60 / 350 at flat £400 | Requires agreements; none exist [CONFIRM] |
| Fixed costs | £150k / £260k / £450k | Estimate: founder salary from mid-2027, one ops hire, contracted engineering [CONFIRM] |
| Raise | £250,000 gross SEIS; ~8.5% platform and completion fees → ~£228,750 net | Crowdcube published terms |
| FY27 build spend (Feb–Jul 2027) | £36,000 | Estimate [CONFIRM] |
3. Unit economics per application including average add-ons (£49 price)
| FY28 (no VAT) | FY29+ (VAT registered) | |
|---|---|---|
| Blended gross fee | £57.50 | £57.50 |
| Net of VAT | £57.50 | £47.92 |
| Adviser time | £31.73 | £31.73 |
| Card fee | £1.06 | £1.06 |
| Software/AI | £1.50 | £1.50 |
| Refund allowance | £1.50 | £1.50 |
| Contribution before CAC | £21.70 (38%) | £12.12 (25%) |
| CAC | £15.00 | £15.00 |
| Contribution after CAC | £6.70 (12%) | −£2.88 |
4. Revenue bridge, base case
| FY28 | FY29 | FY30 | |
|---|---|---|---|
| Applications | 600 | 2,500 | 7,000 |
| Gross application fees | £34,500 | £143,750 | £402,500 |
| Less VAT | £0 | −£23,958 | −£67,083 |
| Net application fees | £34,500 | £119,792 | £335,417 |
| Partner fees (planned) | £0 | £24,000 | £140,000 |
| Net revenue | £34,500 | £143,792 | £475,417 |
| Variable costs | −£21,478 | −£89,490 | −£250,571 |
| CAC | −£9,000 | −£37,500 | −£105,000 |
| Fixed costs | −£150,000 | −£260,000 | −£450,000 |
| EBITDA | −£145,978 | −£243,198 | −£330,154 |
5. Use of funds (£250,000 gross)
Product and engineering (contracted) £85,000 · Operations and pilot delivery £45,000 · Schools and student outreach £40,000 · Compliance, legal, insurance, HMRC £25,000 · Platform fees (estimate) £21,250 · Working capital and contingency £33,750. Total £250,000.
6. Open items for the founder
- Confirm the fee strategy: keep £49 introductory for the pilot, and the date of the price review.
- Confirm the loaded labour rate and whether the founder draws a salary before graduation.
- Confirm fixed-cost build-up by role and start month.
- Confirm the VAT position with an accountant.
- Replace volume targets with waitlist and school-pilot evidence as it arrives.