About us
The Customer Value Finance (CVF) Fund is a specialized financing entity designed for series A and series B startups. We provide non-collateralised financing. We focuse specifically on optimizing customer acquisition spending by treating Customer Acquisition Costs (CAC) as capital expenditures (CapEx), rather than operating expenses. The Fund introduces a financial metric called EBITCAC (EBITDA plus CAC), providing clearer visibility into true profitability and growth potential.
The Core Thesis
Late-stage tech companies underinvest in growth
Pressured to show short-term EBITDA
Constrained by cash reserves
Ignore high ROI opportunities in CAC
Solution: Use EBITCAC, not EBITDA
"Think of CAC as CapEx for tech."
Outcome: Drives better long-term equity value
Why EBITDA Fails Tech
EBITDA misses the point in tech:
No interest → low/no debt
No tax → operating losses
No assets → minimal D&A
EBITDA ≠ actual cash generation in tech
✔️ EBITCAC reflects:
Recurring revenue
Cash generation after CAC ROI
CAC as CapEx
Industrial Companies:
Invest in machines (CapEx)
Assets = financing = long-term payoff
Tech Companies:
Invest in CAC (ads, sales, 担保不要のスタートアップ資金 marketing)
But expense it on P&L
The Customer Value Finance (CVF) Fund is a specialized financing entity designed for series A and series B startups. We provide non-collateralised financing. We focuse specifically on optimizing customer acquisition spending by treating Customer Acquisition Costs (CAC) as capital expenditures (CapEx), rather than operating expenses. The Fund introduces a financial metric called EBITCAC (EBITDA plus CAC), providing clearer visibility into true profitability and growth potential.
The Core Thesis
Late-stage tech companies underinvest in growth
Pressured to show short-term EBITDA
Constrained by cash reserves
Ignore high ROI opportunities in CAC
Solution: Use EBITCAC, not EBITDA
"Think of CAC as CapEx for tech."
Outcome: Drives better long-term equity value
Why EBITDA Fails Tech
EBITDA misses the point in tech:
No interest → low/no debtNo tax → operating losses
No assets → minimal D&A
EBITDA ≠ actual cash generation in tech
✔️ EBITCAC reflects:
Recurring revenue
Cash generation after CAC ROI
CAC as CapEx
Industrial Companies:
Invest in machines (CapEx)
Assets = financing = long-term payoff
Tech Companies:
Invest in CAC (ads, sales, 担保不要のスタートアップ資金 marketing)
But expense it on P&L
