Data & infrastructure · Lisbon, Portugal
Cinder & Coast Data
B2B SaaS · Founder-owned · Founded 2020
Revenue€12mIllustrative LTM
EBITDA€1.2m10% margin
Revenue growth+35%Year on year
Recurring revenue90%Estimated share
Employees67+31% year on year
Company view
Low confidenceData-pipeline observability software for engineering teams operating high-volume analytics stacks.
Data observabilityB2B SaaSSouthern EuropeFounder-owned
Synthetic source fields
No live client dataBusiness modelB2B SaaS
OwnershipFounder-owned
Revenue€12m
EBITDA€1.2m
Recurring revenue90%
International revenue82%
Investment thesis
What could be true- High-growth product with global demand and strong technical depth.
- Efficient distributed team supports attractive unit economics.
Risks to resolve
Before advancing- Early scale and low evidence confidence make underwriting premature.
- Customer concentration remains elevated.
Screening dimensions
Deterministic v1.0Revenue quality2.0 / 2.0
90% recurring revenue supports strong visibility.
Scale0.6 / 1.5
€1.2m EBITDA sits outside the preferred platform range.
Growth1.5 / 1.5
35% revenue growth indicates meaningful organic momentum.
Profitability0.4 / 1.5
10% EBITDA margin requires a clear path to stronger unit economics.
Market focus1.00 / 1.25
The data observability focus is clear, with some adjacent exposure.
Product depth1.0 / 1.0
Named workflow coverage and proprietary data indicate deep product value.
International0.75 / 0.75
82% international revenue demonstrates a repeatable cross-border proposition.
Dealability0.5 / 0.5
Founder-owned status could support flexible bilateral engagement.