Sources behind the investor figures

Accounts and growth

The Traction screenshot reports 20,621 cumulative registrations, 18,344 completed onboardings (89%), and 3,933 campuses with a student on September 8. The campus-distribution screenshot reports 408 campuses with ten or more students. Campus presence does not mean an institutional partnership.

Monthly totals: January 102; February 200; March 548; April 2,043; May 3,862; June 5,718; July 7,225; August 17,777; September 8 20,621. The original deck method describes cumulative registered accounts, including 35 accounts from before 2026. These are registrations, rather than active-user counts.

August added 10,552 accounts. Monthly account growth: (17,777 / 7,225 − 1) × 100 = 146.0%. Compound weekly equivalent: ((17,777 / 7,225)^(7/31) − 1) × 100 = 22.5%.

The screenshots do not contain weekly account totals. The 22.5% figure is a compound equivalent for August, not observed week-over-week signup growth, an average of measured weekly changes, or a forecast.

App and email return

The Behavior and First action slides use historical evidence through August 27, 2026. Week 1 covers seven complete first-value cohorts activated June 29–August 10: 904 of 1,558 students (58.0%), comprising 442 app returns (28.4%) and 462 additional email-only returns (29.7%). Week 4 covers four mature cohorts activated June 29–July 20: 134 of 293 (45.7%), comprising 49 app returns (16.7%) and 85 email-only returns (29.0%).

The original deck defines activation as the first first_value_realized event from a schedule, LMS connection, or syllabus. App return is authenticated dashboard or mobile use in the exact later calendar week, in US/Pacific time. Email return is a human-opened Day Plan email, excluding generic and machine opens. Students appearing in both are counted once; email-only means additional students outside app return.

Percentages are rounded independently. The incomplete August 17 cohort is omitted. These measures describe observed app or email use and do not establish full-term retention or the causal effect of email.

Acquisition spend

The Acquisition screenshot covers July 10–September 8, 2026: $4,360 of paid media ($4,161 Google, $199 Apple) and 14,747 new registrations. $4,360 / 14,747 = $0.2957, rounded to $0.30 per signup.

The source labels this “blended CAC.” It includes every registration in its denominator and only reported paid media in its numerator. It does not include all sales, marketing, labor, or overhead costs and is not cost per paying customer. The deck reports $0 revenue at its snapshot.

There are 14,674 instrumented signup events, of which 2,651 (18.1%) carry a paid click identifier. Google-specific identifiers appear on 2,633 signups: $4,161 / 2,633 = $1.58. The remaining 12,023 instrumented signups include organic, referrals, Apple, and missing identifiers. They cannot all be attributed to organic acquisition.

The older source-code deck ends September 7 and has different totals. This presentation consistently uses the September 8 screenshot’s acquisition totals. Its expanded method panel was not provided; the older deck describes Pacific calendar-day alignment and deduplication.

Market size and pricing assumptions

The initial geographic opportunity follows the deck’s U.S., UK, and Canada scope. Primary sources checked September 9 provide these figures:

• NCES/IPEDS, fall 2024: 20,066,904 enrollments at Title IV institutions, updated from the deck’s roughly 19.6 million U.S. figure.
• HESA, 2024/25: 2,863,180 students enrolled at UK higher education providers.
• Statistics Canada, 2023/24: approximately 2.3 million enrollments in public colleges and universities. Canada counts program enrollments; one student in multiple programs may appear more than once.
• UNESCO, 2024 data published in 2026: 269 million higher-education students worldwide, replacing the deck’s earlier 264 million figure. This global context is not added to the three-country total.

The three-country sum is about 25.2 million enrollments. Reference years and counting methods differ; it is an approximate enrollment-based opportunity, not a deduplicated count of reachable buyers. Current product coverage and planned College GPS coverage are narrower.

The Business model screenshot proposes $99 per student per year. Multiplying the enrollment base by that proposed price yields about $2.5 billion annually at full penetration. The 1% illustration means approximately 252,000 paid subscriptions, or $25 million annually before costs. Both are sizing scenarios, not revenue forecasts; neither assumes observed conversion or willingness to pay.

The earlier deck’s “SOM” is not carried forward: excluding some online enrollment does not establish an obtainable market share. The pitch also omits assumptions about six-year product retention and causal claims about college non-completion.