Chapter IV · Compensation
A few options on the cash & equity mix.
Three tiers, same offer sliced three ways. The bonus structure is identical across all three, explored on the second page.
Page · 01
● viewingSalary & equity
Pick your trade.
Three tiers. Cash today vs ownership later. Real exit math from the model.
Page · 02
○ open →Bonus structure
Drag the dials.
Three uncapped components. Same on every tier. Illustrated on £150k base.
Page · 03
○ open →US relocation
London, then New York.
London ramp, then NY full time. O-1A visa sponsored. Build the US hub from the ground up.
The three tiers
Pick what matters to you.
Click a tier to see the full breakdown across every stage from today through exit. Exit valuations use the conservative 6× revenue multiple.
Tier C · full breakdown
£150,000 · 159,744 options · 0.45% today
Click a tier above to swap the breakdown
| Stage | Ownership | Options | Value | Valuation |
|---|---|---|---|---|
Current valuation (post-seed) ● nowToday, last round. | 0.45% | 159,744 | £80,000 | £17.68m |
Post Series A ~Pushing US, prep for Asia launch. | 0.38% | 159,744 | £135,747 | £36.00m |
Post Series B Pushing US & Asia · AI-native. | 0.31% | 159,744 | £754,148 | £240.00m |
Exit · base Base case. | 0.26% | 159,744 | £785,571 | £300.00m |
Exit · mid Average of base and best case. | 0.26% | 159,744 | £1,571,142 | £600.00m |
Exit · best 1/10th of Apex Group revenue. | 0.26% | 159,744 | £2,618,569 | £1.00bn |
Strike £0.5008 (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. Your option count is fixed; ownership % decreases each round. 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
Odin's revenue is semi-recurring today. Stickier than transactional, not yet fully contracted SaaS. This justifies a higher multiple than pure services (1-2×) but below pure SaaS without network effects (15-20×). The services layer compresses the multiple unless it can be shown as transitional.
04
Exit multiple range
Conservative: 6× (defensible today, no heroic assumptions required). Mid: 12× (partial execution on AI and network-effects thesis). Optimistic: 20× (requires everything below to be true). All exit valuations on this page use the conservative 6× multiple.
05
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.
- 05Services layer is transitional: human ops shrinking as a percentage of revenue.
06
Dilution
We assume 20% dilution per round (Series A and Series B). Issued share capital grows from 35.3m post-seed to ~50.8m post-Series-B. Your option count is fixed; ownership percentage decreases proportionally with each round.
Next page
See how the bonus works on top of any tier you pick.