FlipUpYear 1 — EUR 20K revenue — 6K monthly active users — 600 paying subscribersYear 2 — EUR 120K revenue — 25K monthly active users — 3K paying subscribersYear 3 — EUR 380K revenue — 70K monthly active users — close to break-evenUpside — EUR 1.5–2M revenue in year 3 — 50K paying subscribers — EUR 5–10M valuation
Base case with a slow marketing start: 1.5–2.5% of downloads become paying subscribers, about two thirds choose the annual plan, and school licences start in year 2. The upside assumes App Store featuring and strong organic growth.