About us
The Customer Value Finance (CVF) Fund is a specialized non-bank startup financing for growth 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, marketing)
But expense it on P&L

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