Deal · R1 ($7.63M)
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LEGAL
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RAISING
LEASE
BUILD
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PIXOUL MOROCCO · INTERACTIVE INVESTOR INTELLIGENCE SUITE · v14.0.3
9 PILLARS, ALL SLIDERS ACTIVE
POWERED BY ROBOCOM
9 Pillars
Σ Y3 Rev $—
MOROCCO
Interactive Investor Intelligence Suite · 9 Pillars · Casablanca 2026
TOTAL REVENUE
$5.07M
year 3 target
TOTAL COSTS
$2.66M
direct + shared + % fees
EBITDA
$2.41M
22% margin
NET POST-TAX
$1.78M
after Morocco IS 26%
TOTAL CAPEX
$12.0M
full build-out
▸ NAVIGATION
Prototype – Work in Progress
CONFIDENTIAL – Internal Use
Recipient & Tools ▸
Access Granted to Mr.
★ Landing
⛶ Open
▶ Watch Intro
🎯 Assumptions locked? Ready to present?
Toggle Presentation Mode to hide the investment calculator and show only the finalized returns numbers.
Your Investment Returns
What you get back · live model
Scenario:
Exit:
$
invest in
You get: 49% equity at $7.81M pre-money
IRR (5-yr)
—
5-yr · with exit
MOIC
—
total ÷ invested
Payback
—
years to recover
Total Return
—
dividends + exit equity
Round 1 · At a Glance
| Raise Event | Raise | Pre-money | Post-money | At $6.5M from you | Your equity % | 5-yr Total Return |
|---|---|---|---|---|---|---|
| Round 1 (go-ahead launch) | $7.63M | $7.94M | $15M | $7.63M | 49% | — |
Round 1 is the only currently-open raise. Round 1 investor composition: an anchor ($500K, 5% equity, anti-dilution protection up to $6M further) and a lead ($6M at $15.57M post-money, 40% equity). Combined 45% issued.
Your Cash Flow (5 years)
| Year | Venue dividend | Your share | Cumulative | % recovered |
|---|---|---|---|---|
| Year 1 | — | — | — | — |
| Year 2 | — | — | — | — |
| Year 3 | — | — | — | — |
| Year 4 | — | — | — | — |
| Year 5 | — | — | — | — |
| 5-yr Total | — | — | — | — |
Exit Value · Year 5
EBITDA × industry multiple. Values assume trade-sale exit or secondary. Multiples reflect entertainment + edutech blended comparables.
| Metric | Value |
|---|---|
| Year 5 EBITDA | — |
| Exit multiple | 6.0× EBITDA |
| Enterprise value | — |
| Your equity % | — |
| Exit payout | — |
Total return over 5 years
—
= 5 years of dividends + exit equity value
Want to see the full P&L driving these numbers?
▸ Innovation & Talent Dashboard
The Medina Lab
Where Talent · Technology · Opportunity Meet
9 Pillars · 1 Mission · Build Morocco's Future
01
Gaming Hall
Arcade · console · sims · 60 RTX rigs
02
E-Sports Lab
800 seats · weekly leagues · streaming
03
Academy & Co-Working
12+ tracks · all ages · accredited
04
Events Hall
500 m² · corporate · ticketed shows
05
Museum
Interactive gaming history · ticketed
06
Retail & Partners
Merch shop · brand drops · capsule lines
07
F&B & Catering
Cafés · in-venue dining · catering ops
08
Sponsorships
Brand alliances · season buys · activations
▸ How It All Connects
Academy
Learn
→
Medina Lab
Build
→
Incubator
Develop
→
Talent
Connect
→
Industry
Transform
▸ One Ecosystem · Endless Impact
Education
Technology
Creativity
Community
Impact
Built For Creators · Engineers · Dreamers · Doers
Inspire Youth · Empower Talent · Build Morocco's Future
QUESTION ROUTER
What do you want to evaluate?
Pick the question that brought you here. We'll take you straight to the slide, the supporting data room doc, and the live model that answers it — no scrolling required.
LIVE · 10 PATHS · LINKED TO MODELS
01 · RETURNS
IRR 17.8%
"What do I actually make?"
3-year MOIC, IRR, dividend track, exit waterfall at 4 multiples. Live cap table. PwC-defensible.
02 · CAP STRUCTURE
$7.63M / 49%
"How does this raise work?"
Live cap table sim. Toggle Secondary vs Primary R2. Drag any input. Pre-loaded with 4 scenarios.
03 · RISK
Risk Register
"What can go wrong?"
Top 12 risks. Mitigations. Sensitivities. UAE proof points reduce execution risk to operational.
04 · DEFENSIBILITY
9 Pillars
"Why can't competitors copy this?"
Government partnerships (2 signed · Culture signs May 20), 6,300 sqm exclusivity, 5-year tax holiday, esports federation. Not replicable in 12 months.
05 · UNIT ECONOMICS
$7.25M Y5
"Does it make money?"
9 pillars, each live-modeled with sliders. Master P&L. Cash flow. Balance sheet. WACC 12.5%, NPV $6.16M.
06 · GOVERNMENT
2 Signed · Culture May 20
"Is the regulatory side real?"
Culture, Tourism, Education, Youth — all signed. SMIT subsidy program: 1 of 3 from 50+ applicants. 5-yr tax holiday.
07 · SITE
6,300 sqm · LOI
"Is the location secured?"
LOI signed Apr 10. Casablanca, 6,300 sqm. Lessor (Idriss) brief, term sheet, rooftop sublease ready.
08 · TEAM
UAE-proven
"Who's running it?"
Toufic (Founder, UAE flagship 4yrs), Bassem (Morocco co-founder), advisors, governance, lawyer, architect.
09 · TRACTION
10k+ students
"What's already working?"
UAE: 10k+ students, 150k+ visitors, 100+ school partnerships, 100+ esports tournaments, 4 yrs profitable.
10 · EXIT
5×–12× scenarios
"How do I get out?"
Exit waterfall at 4 multiples (5×, 7×, 10×, 12×). Strategic, PE, IPO paths. Y3-Y5 horizon. PwC-tested.
▸ Pillar 01 · Deep dive
Gaming Hall
The flagship customer experience — 90 arcade stations + 60 high-spec RTX rigs on a 1,200 m² floor. Highest-traffic pillar by foot count, projected to deliver $1.42M Y3 revenue at 38% gross margin. The "wow" that gets investors and parents through the door.
▸ ISOMETRIC FLOOR PLAN
1,200 m² · 6 zones
Y3 REVENUE
$0
GROSS MARGIN
0%
5Y CAGR
0%
FOOT TRAFFIC / YR
0K
▸ Revenue Ramp · 5-year projection
▸ Revenue Mix · Y3
RTX rig sessions$640K · 45%
Arcade tokens$425K · 30%
VR / sim experiences$215K · 15%
Tournaments & events$140K · 10%
RTX RIGS
60
RTX 4090 + 240 Hz monitors. Avg 4.2 sessions/day per rig.
ARCADE
90
Mix of classic + modern cabinets. Includes 12 racing sims.
VR PODS
12
Full-body Quest 3 setups + 4 dedicated racing rigs.
EVENT NIGHTS
52
Weekly tournaments. Capacity 220 spectators.
▸ Tune the assumptions Live · $1.42M
Avg sessions / rig / day
4.2
Avg session price
$8
Open days / year
340
EXECUTIVE SUMMARY · 60 SECONDS
$7.63M into a proven gaming-education venue replicating UAE success in Morocco.
Abu Dhabi flagship operational since 2022 · three ministries aligned · CRI tax holiday · lessor secured · 49% equity at $15.57M post-money · projected 45% IRR / 6× MOIC by Year 5.
$7.63M
ROUND 1
45%
EQUITY
6×
EXIT MULTIPLE
5 YR
HORIZON
Currently Raising
Round 1 · $7.63M raised at $15.57M post-money · 49% equity issued
R1 Anchor
$0.5M
@ $10M post · 5% · anti-dil $6M
R1 Lead
$6.0M
@ $15.57M post · 40% equity
To Project
$4.5M
$200K + $4.3M build-out
RC Advance
$2.0M
$2M founder reserve · ops working capital
49% EQUITY ISSUED
$7.63M of $7.63M Round 1 target
Round 1 closing · R2 secondary + RC re-injection follow
📥 One-click distribution pack:
Target close: 55 days · Idriss lease in parallel · Construction begins on close
INTRODUCING PIXOUL MOROCCO
A 2,856 m² flagship in the heart of Casablanca – combining gaming, esports, an accredited academy, live events, and retail under a single unified institution. Built by the team that proved it works in Abu Dhabi.
This is not a gaming café, not a mall tenant, and not a pure-play edtech. It is a hybrid category built from first principles for a country where 70% of the population is under 35, where the 2030 World Cup is approaching, and where no competing operator has yet built a unified venue at scale. First-mover. Government-aligned. Education-first. Revenue-diversified across 9 pillars.
Flagship size
2,856 m²
Casablanca · 9 pillars
Round 1 raise
$7.63M
45% @ $15.57M post
Target market
70%<35
Morocco u35 pop.
Proof venue
Abu Dhabi
Open · 1000s trained
📋 EXECUTIVE SUMMARY · Pixoul Morocco
Pixoul Morocco is the country's first unified gaming institution – a school, a stage, and an economic platform – under one roof in Casablanca.
Revenue Architecture
Pixoul Morocco · Casablanca flagship · Proven in Abu Dhabi
“Education was never meant to be passive. We made it active again — and kids are lining up.”
— Toufic Assaf · Founder
9 pillars · unified under one roof
Year 3 Stabilized
$5.07M
Shared infrastructure · Shared brand · Shared foot traffic · Shared CAC. A single visitor can consume all 7 in one day.
✓ What Pixoul IS
A unified institution. One building, one brand, one ecosystem – not a mall of disconnected tenants.
Education-first. Every square metre teaches something – from arcade to diploma.
Revenue-diversified. 9 pillars protect against any one slowing down.
Physically experiential. VR, simulators, robotics, esports – things you cannot replicate online.
Mission-aligned with Morocco. Youth employment, vision 2030, World Cup readiness, NMD alignment.
✗ What Pixoul is NOT
Not an arcade. Arcades close when the novelty fades. Pixoul has 8 other pillars keeping it alive.
Not a private school. Schools are structurally under-monetized. Pixoul monetizes 7 ways.
Not a gaming café. Cafés sell hours. Pixoul sells transformation – certifications, jobs, memberships.
Not an event venue. Event venues sit empty 250 days/yr. Pixoul's atrium is programmed daily.
Not a franchise-for-hire. Pixoul is vertically integrated from curriculum to hardware.
EXPERIENCE PIXOUL · in 30 seconds each
🕹
🎮
🏆
▶
THE ARENA
🎮 Gaming
Arcade · VR · console lounge · kids zone · museum · simulators
Video placeholder · replace in source
🎤
🎉
✨
▶
THE STAGE
🏟 Events
500m² atrium · 42 events/yr · esports finals · launches · weddings
Video placeholder · replace in source
🎓
💡
🤖
▶
THE SCHOOL
🎓 Academy
25 courses · 6 diplomas · AI · robotics · game design · corporate
Video placeholder · replace in source
Embedding note: Each box is a styled placeholder. To embed an actual MP4 or YouTube/Vimeo video, search the file for
concept-vid-gaming (or events/academy) and replace the inner animated content with <video controls> or an iframe. The box keeps its aspect ratio and styling.
DOSSIER · CONDENSED
Market · Proof · Risk · Timeline · Team – in one pane
🌍 Market · Morocco 2026
$420M addressable youth entertainment + edtech spend
• 70% of 38M population under 35 – largest youth cohort in North Africa
• 2030 FIFA World Cup co-host – unprecedented national infrastructure + tourism build
• Gaming market growing 22% YoY (Newzoo MENA 2025)
• Education spend 8% of GDP · 6,000+ graduates/yr in tech from Casa alone
• Zero competing unified venues in Morocco today
• 2030 FIFA World Cup co-host – unprecedented national infrastructure + tourism build
• Gaming market growing 22% YoY (Newzoo MENA 2025)
• Education spend 8% of GDP · 6,000+ graduates/yr in tech from Casa alone
• Zero competing unified venues in Morocco today
Click for full market study →
⚠ Risk · What could break this
Top 4 risks – mitigated or priced in
• Build delay → Idriss signed lease, escrow mechanism, construction partner fixed
• Ramp slower than 55% → Bear scenario still delivers 12% IRR (see Sensitivity)
• Regulatory headwinds → 2 signed government partnerships (SMIT, FRMJE), Culture signs May 20
• Currency (MAD/USD) → 60% of revenue MAD-denominated, naturally hedged against USD costs
• Ramp slower than 55% → Bear scenario still delivers 12% IRR (see Sensitivity)
• Regulatory headwinds → 2 signed government partnerships (SMIT, FRMJE), Culture signs May 20
• Currency (MAD/USD) → 60% of revenue MAD-denominated, naturally hedged against USD costs
Click for full risk register →
🗓 Timeline · Close to doors open
20 months · close → build → open
• Month 0: Round 1 close ($7.63M) · SPV formed · lease executed
• Months 1–8: Fit-out, equipment procurement, staff hiring (42 FTE ramp)
• Months 8–10: Soft launch · 200 beta families · operator training
• Month 11: Grand opening · ministry ribbon-cutting · press tour
• Month 24: Operations stabilize · revenue ramp validates $15.57M post-money
• Month 60: Exit window · $20M+ valuation · IRR crystallizes
• Months 1–8: Fit-out, equipment procurement, staff hiring (42 FTE ramp)
• Months 8–10: Soft launch · 200 beta families · operator training
• Month 11: Grand opening · ministry ribbon-cutting · press tour
• Month 24: Operations stabilize · revenue ramp validates $15.57M post-money
• Month 60: Exit window · $20M+ valuation · IRR crystallizes
Click for full Gantt →
👥 Team · Operators, not promoters
Toufic Assaf · Founder & Director
• Built Pixoul Abu Dhabi from zero to $7M revenue · 147K students · live today
• Full leadership team in place: COO · Academy Head · F&B Operator · Esports Lead
• Casablanca hires pre-identified – local GM, academy director, 30+ instructor pipeline
• Local partners: Idriss (lease) · Equipment Loan facility committed ($2.77M @ 7% × 7yr)
• Advisory: former Grant Thornton engagement leads, ministry liaisons in place
• Full leadership team in place: COO · Academy Head · F&B Operator · Esports Lead
• Casablanca hires pre-identified – local GM, academy director, 30+ instructor pipeline
• Local partners: Idriss (lease) · Equipment Loan facility committed ($2.77M @ 7% × 7yr)
• Advisory: former Grant Thornton engagement leads, ministry liaisons in place
Click for full team bios →
Reading this page: everything above is the Executive Summary. Every card is clickable – tap any tile to open the full deep-dive tab with sliders, sources, and live financial impact. The 6 tabs formerly under "Dossier" are still live and reachable here.
📈 Pro Forma · 8-Year Projection
After dialing in your Income Architecture assumptions, this is the model output. Every number live, every growth assumption visible, every KPI investor-grade.
Methodology: Year 1 = ramp factor × mature; Year 2 = ramp × mature; Year 3 = mature 100%; Years 4-8 grow per the per-year growth sliders below. EBITDA waterfall: Revenue − Direct − Shared OpEx. Net = EBIT × (1 − tax rate). Dividend = Net × payout. All figures pulled from current slider state.
↳ Per-Year Growth Assumptions
Year 1
55%
of mature
Year 2
80%
of mature
Year 3
100%
MATURE
base case
Year 4
+10%
growth
Year 5
+10%
growth
Year 6
+8%
growth
Year 7
+7%
growth
Year 8
+6%
growth
↳ 8-Year P&L
| Line Item ($K) | Y1 | Y2 | Y3 ★ | Y4 | Y5 | Y6 | Y7 | Y8 | 8Y Total |
|---|
↳ Investor-Grade KPIs (8-Year)
8-yr Cumulative Revenue
$—
8-yr Cumulative EBITDA
$—
8-yr Cumulative Dividend
$—
Avg EBITDA Margin (Y3-Y8)
—%
Y8 Revenue (Terminal)
$—
Y8 EBITDA (Terminal)
$—
Cash Payback Year
Y—
Exit Value (Y8 EBITDA × 6x)
$—
↳ Investor Accelerated Returns (Round 1 · 49% equity)
Round 1 cumulative dividend
$—
Round 1 exit equity (Y5)
$—
Round 1 exit equity (Y8)
$—
Total Y8 return / MOIC
—x
↳ Revenue Growth Trajectory
🎯 For each stakeholder
🏛
Gov Subsidies
VAT rebates · Investment Fund
SMIT support · MAD 20K/job
SMIT support · MAD 20K/job
Up to $2.2M savings →
🏗
Lessor
Idriss · 4,500m² · Casablanca
10-yr lease · $600K/yr
10-yr lease · $600K/yr
Meeting brief →
💎
Investors
3 phases · $14M total
IRR · MOIC · Payback
IRR · MOIC · Payback
See returns →
🤝
Partners
Ministries · Schools · Suppliers
LOIs signed · contracts pipeline
LOIs signed · contracts pipeline
Ecosystem map →
COST & EBITDA · ALL 9 PILLARS
GROSS PROFIT
$3.61M
after direct costs
DIRECT COSTS
$1.46M
all pillar costs
SHARED OPEX
$2.49M
overhead only
⭐ EBITDA · Investor Metric
$1.12M
22% margin · ramp Y3
REVENUE BY PILLAR
5-YEAR PROJECTION
Show returns for:
Open Full Excel Model
| Metric | Year 1 (55%) | Year 2 (80%) | Year 3 (100%) | Year 4 (110%) | Year 5 (120%) |
|---|---|---|---|---|---|
| YoY Revenue Growth | — | — | — | — | — |
| Income Architecture | $4.56M | $6.63M | $8.29M | $9.11M | $7.25M |
| Fixed OpEx | -$4.29M | -$4.79M | -$5.05M | -$5.25M | -$5.45M |
| EBITDA | $268K | $1.83M | $3.24M | $3.87M | $4.49M |
| IS Tax (26%) | -$70K | -$477K | -$842K | -$1.01M | -$1.17M |
| Net Post-Tax | $198K | $1.36M | $2.40M | $2.86M | $3.32M |
| Dividend 85% | $168K | $1.15M | $2.04M | $2.43M | $2.83M |
| Round 1 Investor Share (45%) | — | — | — | — | — |
| Cumulative cash returned (Round 1 · $7.63M in) | . | . | . | . | . |
Round 1 cash payback status
.
Total ROI by Year 5
.
INVESTOR RETURNS
Live IRR / MOIC / Payback / Total Return
All investor returns live in → Investor Returns
Single source of truth · adjustable ticket size · scenario + exit toggles · year-by-year P&L slice
Gaming & Entertainment
Pillar 1 · Drivers · Live Model · Updated Apr 2026
Downloads original 27-tab + 9-pillar model with your slider values
Annual Footfall
—
Y4 Mature Revenue
—
Direct Costs
—
Gross Profit
—
Gross Margin
—
ARCADE & GENERAL GAMING
Weekly footfall (mature)
900
100
—
3000
CONSERVATIVE
Mature run-rate. Pixoul UAE comparable. Casa premium FEC norm: 500–1,500/wk. Conservative for 6,300 sqm venue.
Operating days / year
340
200
—
365
CONSERVATIVE
Excludes maintenance shutdowns. Ramadan: open evenings only.
Redemption prize cost (% rev)
22%
10%
—
40%
CONSERVATIVE
Industry standard 18–25%. Bulk import from China reduces this significantly.
ALLOCATION MIX Total: 100%
VR allocation %
30%
0%
BK: 35%
100%
CONSERVATIVE
FEC industry mix: VR 15–25% standard. Casa premium positioning supports higher allocation.
Arcade allocation %
40%
0%
BK: 60%
100%
CONSERVATIVE
Industry FEC standard 40–55%. Volume driver — most visitors hit arcade first.
Redemption allocation %
30%
0%
BK: 35%
100%
CONSERVATIVE
Auto-balances against VR + Arcade. Redemption is fixed-margin filler — too high crushes margin.
VR & SIMULATORS
VR session length
8 min
5 min
—
20 min
CONSERVATIVE
Pixoul UAE actual. Short cycles maximize throughput.
VR plays per customer
2
1
—
6
CONSERVATIVE
4 plays = 32 min total VR session per visit.
VR bundle adoption %
60%
20%
—
90%
CONSERVATIVE
Pixoul UAE pilot: 40% bundle take-up at $25/10 plays.
VR bundle price
$25
$10
—
$50
CONSERVATIVE
$25 = $2.50/play, competitive vs $8 PPP. Casa pricing study.
VR PPP off-peak
$8
$4
—
$15
CONSERVATIVE
$8 = ~80 MAD. Off-peak / weekday pricing.
VR PPP peak
$10
$5
—
$20
CONSERVATIVE
$10 = ~100 MAD. Weekend / evening premium.
ARCADE CABINETS & REDEMPTION
Number of arcade cabinets
30
10
—
50
CONSERVATIVE
Floor plan: ~40 cabinets fit 6,300 sqm gaming hall.
Arcade plays per customer
6
2
—
10
CONSERVATIVE
Higher than VR (shorter games). Industry norm.
Arcade bundle adoption %
50%
20%
—
80%
CONSERVATIVE
Pixoul UAE pilot: 50% take-up at $20/10 plays.
Arcade bundle price
$18
$8
—
$30
CONSERVATIVE
$18 = $1.80/play. Casa pricing.
Redemption cabinets
25
10
—
40
CONSERVATIVE
Skee-ball, claw, basketball mix. Floor plan.
Redemption plays per customer
6
2
—
10
CONSERVATIVE
Many short games per visit. Industry norm.
Redemption price per play
$1.5
$0.5
—
$3
CONSERVATIVE
$1.50 = ~15 MAD. Casa pricing.
STAFFING & OPERATIONS
Direct staff FTE
22
10
—
35
CONSERVATIVE
22 FTE = 4 day, 4 evening, 4 weekend, 4 manager/specialist. Operations plan.
Annual salary per FTE
$7200
$4000
—
$15000
CONSERVATIVE
~$600/mo. Casa wage data, FEC industry.
Payroll tax %
21%
10%
—
30%
CONSERVATIVE
Morocco CNSS + IR statutory rate.
Equipment refresh ($/yr)
$45000
$20000
—
$80000
CONSERVATIVE
VR 3–4yr / Arcade 8yr / Redemption 6yr blended capex amortization.
Catering cost (annual)
$98280
$40000
—
$150000
CONSERVATIVE
Cross-pillar transfer with F&B. Covers party packages + cafe.
Utilities (annual)
$36000
$20000
—
$60000
CONSERVATIVE
Power-heavy zone. Casa rates applied.
RAMP & GROWTH
Y1 utilization vs mature
70%
50%
—
100%
CONSERVATIVE
Year 1 ramp acknowledges market education. Comparable opening.
Y4+ utilization
100%
80%
—
110%
CONSERVATIVE
100% by Year 4 = mature target. Above means upside.
Annual price increase %
3%
0%
—
8%
CONSERVATIVE
Inflation pass-through. Morocco CPI ~2–3%.
Visits per customer / year
3.2
1
—
6
CONSERVATIVE
Drives footfall composition: how many unique customers vs repeat visits.
Repeat rate %
45%
20%
—
70%
CONSERVATIVE
LTV driver. Pixoul UAE benchmark.
Y4 MATURE REVENUE MIX
VR Simulators
$357k
42.1% of total
Arcade Cabinets
$351k
41.4% of total
Redemption Games
$126k
14.9% of total
Party Packages
$14k
1.6% of total
8-YEAR PROJECTION
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $594k | $787k | $855k | $927k | $1003k | $1062k | $1115k | $1148k |
| Direct Costs | ($448k) | ($498k) | ($522k) | ($547k) | ($574k) | ($597k) | ($619k) | ($637k) |
| Gross Profit | $146k | $289k | $333k | $380k | $429k | $466k | $496k | $510k |
| Margin % | 24.5% | 36.7% | 38.9% | 40.9% | 42.8% | 43.8% | 44.4% | 44.4% |
📎 Rooftop docs:
Separate Entity
The rooftop is operated by an independent sub-tenant. Pixoul collects rent only (at 150% of per-m² rate). The revenue below is for the rooftop investor pitch – NOT part of the Pixoul P&L. Pixoul's rent income line is shown in Ancillary.
ROOFTOP BAR. REVENUE ASSUMPTIONS (rooftop operator's view)
ROOFTOP REVENUE
$4.50M
per year
F&B COGS (30%)
$1.45M
beverages + food
GROSS PROFIT
$3.04M
68% margin
REV / NIGHT (AVG)
$22K
per operating night
🪑 Rooftop Capacity Snapshot
Lounge tables
8
× 6 pax = 48 seated
High tables
21
× 4 pax = 84 seated
Walk-in capacity
40
standing/bar
Total nightly
172
pax capacity
Restaurant covers
30
/night · 240 days/yr
LOUNGE TABLES
HIGH TABLES
BAR, WALK-IN & OPERATIONS
RESTAURANT (ROOFTOP)
↳ ROOFTOP. DIRECT COSTS & UNIT ECONOMICS
🍸 Direct Costs / Year · LIVE
F&B COGS (30% of revenue)$1.35M
Bar manager (FT)$42K
Wait staff (4/night × $30)$24K
DJ / entertainment ($120/night)$24K
Cleaning ($60/night)$12K
Total Direct Costs$1.45M
Unit Economics
Gross profit$3.04M
Gross margin68%
Revenue per operating night$22K/night
Revenue per m² (714m²)$6K/m²
Morocco TVA on F&B10%
CapEx payback (~$400K)0.1 yrs
Academy & Co-Working
Pillar 3 · Drivers · Live Model · Updated May 2026
Downloads original 27-tab + 9-pillar model with your slider values
Y4 Revenue
$0
Direct Costs
$463k
Gross Profit
$501k
Gross Margin
0.0%
8-Yr Total Revenue
$0
ACADEMY & CO-WORKING · CORE DRIVERS
Conversion % (Gaming Hall → Academy)
5%
0%
BK: 70
100%
CONSERVATIVE
5% conversion — UNTESTED at Casa scale; sensitivity high
Sessions per day
3
0
BK: 6
9
CONSERVATIVE
3 rotations of classes/day — standard private academy
Days per month (operating)
26
0
BK: 36
52
CONSERVATIVE
26 days — accounts for Sundays + holidays
Sessions per student per month
8
0
BK: 17
24
CONSERVATIVE
8 sessions/mo = ~2/week typical academy schedule
Total classroom + lab seats
482
0
BK: 675
964
CONSERVATIVE
450 seats — physical ceiling, drives Bull case
Gaming Hall annual footfall (TAM)
46800
14040.0
BK: 65520
93600
CONSERVATIVE
46,800 — Gaming Hall TAM at Casa mature; LIVE LINK in Master integration
Retention (months avg)
6
0
BK: 13
18
CONSERVATIVE
6 months — LTV = $112 × 6 = $672/student
Corporate sessions per month
11
0
BK: 35
50
CONSERVATIVE
11/mo = 132/yr; UNVALIDATED pipeline, biggest risk
Coworking seats (capacity)
35
0
BK: 49
70
CONSERVATIVE
35 seats — physical capacity
Pod bookings per month
100
0
BK: 140
200
CONSERVATIVE
100/mo Base — minor revenue stream; UNVALIDATED
Cohorts per year
2
0
BK: 4
6
CONSERVATIVE
2 cohorts/yr Base — most MENA accels run 1-2/yr
Startups per cohort
6
0
BK: 13
18
CONSERVATIVE
6/cohort — Google MENA runs 10-15; we are smaller/curated
Avg surviving startup revenue
$80000
$24000.0
BK: 112000
$160000
CONSERVATIVE
$80K/yr — UNVALIDATED at Casa scale
Variable instructor cost per student/mo
$25
$0
BK: 35
$50
CONSERVATIVE
$25/student/mo — scales with volume; major margin lever
Software licenses (annual)
24000
7200.0
BK: 33600
48000
CONSERVATIVE
$24K — Canvas/Moodle + curriculum licensing
Materials per student/mo
5
0
BK: 10
15
CONSERVATIVE
$5/student/mo — books, printouts, basics
Lab consumables per student/mo
8
0
BK: 17
24
CONSERVATIVE
$8/student/mo — components, refresh
Receivables days (B2B)
30
0
BK: 42
60
CONSERVATIVE
Cash for retail, net-30 for B2B corporates
Payables days
15
0
BK: 35
50
CONSERVATIVE
Standard supplier terms
Inventory % of revenue
0%
0%
BK: 70
100%
CONSERVATIVE
Minimal — books, components
PRICING & RATES
Monthly fee — BASE tier (70% of students)
95%
0%
BK: 70
100%
CONSERVATIVE
$95/mo = ~950 MAD; recurring vs. competitor one-shots
BLENDED monthly fee (computed)
$111.5
$0
BK: 156
$223.0
CONSERVATIVE
$112 effective ARPU/mo
Lab fee (one-time, per program)
$200
$0
BK: 280
$400
CONSERVATIVE
$200 — 30% of students enroll; minor revenue line
Corporate fee per session
$3000
$0
BK: 4200
$6000
CONSERVATIVE
$3,000/session; Casa intl trainers $5,950 for 5-day
Coworking monthly fee
$100
$0
BK: 140
$200
CONSERVATIVE
$100/mo = ~1,000 MAD; LOW END of Casa standard
Pod price per hour
$15
$0
BK: 35
$50
CONSERVATIVE
$15/hour = ~150 MAD; in line with Casa norms
Cohort fee per startup
$4000
$0
BK: 5600
$8000
CONSERVATIVE
$4,000 — UNUSUAL: most MENA accels equity-free or equity. Sanabil 500 charges $35K
Startup survival rate (Y2+)
50%
0%
BK: 70
100%
CONSERVATIVE
50% Base — slightly optimistic; industry 30-50%
Lead instructor salary (annual)
$30000
$9000.0
BK: 42000
$60000
CONSERVATIVE
$30K = ~300K MAD; senior tech instructor
Annual price increase %
3%
0%
BK: 70
100%
CONSERVATIVE
3% — Morocco inflation; affects Y6-Y8 +5% scenarios
STAFFING & OPERATIONS
Junior instructor cost (4 FTE fixed)
$86400
$25920.0
BK: 120960
$172800
CONSERVATIVE
$86,400 = 4 × $1,800/mo × 12
Rent allocation (annual)
$60000
$18000.0
BK: 84000
$120000
CONSERVATIVE
$60K = ~$100/sqm/yr; verify against Cushman & Wakefield Casa report
Maintenance capex %
2%
0%
BK: 70
100%
CONSERVATIVE
2% of revenue = ~$18K/yr equipment refresh
RAMP & GROWTH
Capacity utilization % (Y4 mature)
65%
0%
BK: 70
100%
CONSERVATIVE
65% Base — aggressive for Y4. Casa norm is 50-70%.
Coworking utilization %
60%
0%
BK: 70
100%
CONSERVATIVE
60% — Casa premium urban norm 50-75%
Y1 ramp %
80%
0%
BK: 70
100%
CONSERVATIVE
80% Y1 acknowledges market education curve
8-YEAR PROJECTION
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Direct Costs | ($398k) | ($423k) | ($450k) | ($463k) | ($477k) | ($499k) | ($514k) | ($529k) |
| Gross Profit | $308k | $395k | $487k | $501k | $516k | $576k | $593k | $611k |
| Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
CASH FLOW · 8-YEAR
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $706k | $818k | $937k | $965k | $994k | $1.07M | $1.11M | $1.14M |
| Net Working Capital | $48k | $55k | $63k | $65k | $67k | $72k | $75k | $77k |
| Δ NWC (use of cash) | $48k | $8k | $8k | $2k | $2k | $5k | $2k | $2k |
| Maintenance capex ($) | $14k | $16k | $19k | $19k | $20k | $21k | $22k | $23k |
| OPERATING CASH FLOW | $246k | $371k | $460k | $480k | $494k | $549k | $568k | $586k |
KPI DASHBOARD · Y4 TARGETS
| KPI | Y4 Target | Alert Threshold | Frequency |
|---|---|---|---|
| Operating KPIs · Academy | |||
| Active students/month | 195 | < 70% of target | Monthly |
| Capacity utilization % | 65% | < 50% | Monthly |
| Conversion % (Gaming → Academy) | 5% | < 3.5% | Quarterly |
| Retention months (avg) | 6 | < 5 months | Per cohort |
| Completion rate % | 85% | < 70% | Per cohort |
| Coworking utilization % | 60% | < 50% | Monthly |
| Coworking renewal rate % | 70% | < 55% | Monthly |
| Corporate sessions delivered | 132 | < 90/yr | Quarterly |
| Corporate pipeline value ($) | $150k | < $80K | Monthly |
| Pod booking utilization | 125 | < $1,000/mo | Monthly |
| Incubation cohort signups (annual) | 12 | < 8/yr | Annually |
| Incubation graduate survival (Y2+) | 50% | < 30% | Annually |
| Student NPS | 70 | < 50 | Per cohort |
| Instructor utilization % | 75% | < 60% | Monthly |
| Equipment uptime % (labs) | 95% | < 90% | Weekly |
| Monthly revenue | $74k | < 80% of plan | Monthly |
| Monthly gross contribution | $42k | < 70% of plan | Monthly |
| Gross margin % | 57% | < 40% | Monthly |
| Recurring revenue ratio (Core+Coworking) | 32% | < 50% | Quarterly |
| Corporate revenue concentration | 45% | > 35% | Quarterly |
| Monthly OCF | $40k | Negative | Monthly |
| LTV / CAC ratio | 4.5 | < 3x | Quarterly |
| CAC payback (months) | 135% | > 4 months | Quarterly |
| Y4 EBITDA target | $459k | < 80% of plan | Quarterly |
| Revenue YoY growth | 3% | < 5% | Annually |
INDUSTRY BENCHMARKS
| Metric | Pixoul (us) | Casa Avg | GCC / Global |
|---|---|---|---|
| Active students/month (Y4 mature) | 195 | 180-300 | 300-500 |
| Capacity utilization % | 65% | 50-70% | 70-85% |
| Gross margin % | 52% | 40-55% | 50-65% |
| Revenue per sqm/yr | $1k | $800-1,500 | $1,500-2,500 |
| Revenue per FTE/yr | $126k | $60-120K | $120-200K |
| Direct staff FTE | 7 | 5-10 | 10-18 |
| Sessions/student/month | 8 | 6-12 | 8-15 |
| Monthly tuition — BASE tier | 95 | $70-150 | $150-300 |
| Monthly tuition — PREMIUM tier (advanced) | 150 | $120-200 | $250-400 |
| Lab fee (one-time per program) | 200 | $150-300 | $300-600 |
| Full bootcamp equivalent (annual fees) | $1k | $1,000-2,000/yr | $5,000-8,500 one-shot |
| Corporate session fee | $3k | $1,200-1,500/day | $2,500-5,950/day |
| Coworking — monthly desk | 100 | $72-250 | $250-450 |
| Coworking — premium dedicated | 120 | $280-350 | $400-600 |
| Pod / hourly bookings | 15 | $10-20 | $20-35 |
| Cohort fee (incubation, per startup) | $4k | Mostly equity-free | $35K (Sanabil 500) |
| ARPU per active student/yr (blended all streams) | $5k | $1,500-3,500 | |
| Annual unique students (cohort throughput) | 390 | 300-600 | |
| Cost per student acquired (CAC) | 150 | $80-200 | |
| Lifetime value per student (LTV) | 669 | $500-1,500 | |
| LTV/CAC ratio | 4.5 | 3-7x | |
| Payback period (months) | 135% | < 3 mo | |
| Coworking utilization % | 60% | 50-75% | |
| Capacity ceiling (Bull case rev / current) | 2.1 | 1.5-2.5x | |
| Provider | Format | Duration | Price (USD) |
| Le Wagon Casa | Full-time bootcamp | 9 weeks | $5,000-8,600 |
| Le Wagon Casa | Part-time bootcamp | 24 weeks | $5,000-8,600 |
| GOMYCODE Casa | Online/in-person | 12-20 weeks | Variable |
| Ark-X Academy | Full-time JobinTech | 20 weeks | FREE |
| 1337 (UM6P) | Peer learning | Multi-year | FREE |
| Developers.Institute | Full-stack | 12 weeks | Variable |
| Play & Code Academy | Robotics/coding | Variable | Variable |
| Pixoul Academy (us) | Multi-track recurring | Continuous | $95-150/mo |
| Web-sourced live (April 2026): | • Le Wagon Casa: lewagon.com/casablanca — pricing tiers, deposit requirements | ||
| Internal: | • Pixoul UAE comparable data (existing operations) |
Events Hall
Pillar 4 · Drivers · Live Model · Updated May 2026
Downloads original 27-tab + 9-pillar model with your slider values
Y4 Revenue
$1.94M
Direct Costs
$513k
Gross Profit
$1.43M
Gross Margin
73.6%
8-Yr Total Revenue
$15.99M
EVENTS HALL · CORE DRIVERS
Corporate events / month (Base)
10
0
BK: 21
30
CONSERVATIVE
10/mo Y4 mature; 6 Bear / 16 Bull; ⚠ aggressive for Y1
Private events / month (Base)
12
0
BK: 35
50
CONSERVATIVE
12/mo Y4; weddings/birthdays/parties
Esports events / month (Base)
4
0
BK: 8
12
CONSERVATIVE
4/mo Y4; tournaments + brand activations
Total events / year
312
0
BK: 437
624
CONSERVATIVE
312/yr = 26/mo; vs 34/mo cap = 76% util
Avg attendees per event
100
0
BK: 140
200
CONSERVATIVE
100 attendees Y4; drives F&B + Sponsorship
EVA revenue / day (Base)
$1000
$0
BK: 1400
$2000
CONSERVATIVE
⚠ $1K/day ASPIRATIONAL
Max events per WEEK (Base)
8
0
BK: 17
24
CONSERVATIVE
NEW — 8/wk Base = 34/mo; FTE limit
Max events per MONTH
34.4
0
BK: 48
68.8
CONSERVATIVE
Derived from weekly cap
Marketing / BD allocation
8000
0
BK: 11200
16000
CONSERVATIVE
NEW $8K
Setup labor (per event)
200
0
BK: 280
400
CONSERVATIVE
$200/ev = 4ppl × 4hr × Casa rate
Cleaning (per event)
120
0
BK: 168
240
CONSERVATIVE
$120/ev
Security (per event)
120
0
BK: 168
240
CONSERVATIVE
$120 = 2 × 6hr × Casa rate
Corporate event extras
600
0
BK: 840
1200
CONSERVATIVE
NEW $600/ev = corp AV setup
Private event extras
550
0
BK: 770
1100
CONSERVATIVE
NEW $550/ev = wedding decor
Esports event extras
700
0
BK: 980
1400
CONSERVATIVE
NEW $700/ev = streaming + casting
F&B revenue from events
$312000
$93600.0
BK: 436800
$624000
CONSERVATIVE
Events × attendees × spend × 12
Total annual attendees
31200
9360.0
BK: 43680
62400
CONSERVATIVE
Drives Sponsorship valuation
PRICING & RATES
Corporate event price (Base)
$8000
$0
BK: 11200
$16000
CONSERVATIVE
$8K/event Y4; Casa luxury hotels $10-30K
Private event price (Base)
$4500
$0
BK: 6300
$9000
CONSERVATIVE
$4.5K/event Y4; all-in $10-50K, venue ~25-35%
Esports event price (Base)
$6000
$0
BK: 8400
$12000
CONSERVATIVE
$6K/event Y4; ⚠ depends on sponsor BD
F&B spend / head
10
0
BK: 21
30
CONSERVATIVE
$10/head — books in F&B
STAFFING & OPERATIONS
Event manager (1 FTE)
30000
9000.0
BK: 42000
60000
CONSERVATIVE
$30K (was $24K) — senior + BD
Operations coordinator (1 FTE)
18000
5400.0
BK: 25200
36000
CONSERVATIVE
$18K Casa entry-mid
Event planner (1 FTE)
22000
6600.0
BK: 30800
44000
CONSERVATIVE
NEW $22K — client liaison
AV technician (0.5 FTE)
12000
3600.0
BK: 16800
24000
CONSERVATIVE
NEW $12K — shared w/ Esports
Insurance + permits
4000
0
BK: 5600
8000
CONSERVATIVE
NEW $4K
Base utilities (annual)
8000
0
BK: 11200
16000
CONSERVATIVE
$8K (was $6K) — bumped
Maintenance (annual)
8000
0
BK: 11200
16000
CONSERVATIVE
$8K (was $4.8K) — bumped
Rent allocation (annual)
$30000
$9000.0
BK: 42000
$60000
CONSERVATIVE
$30K (was $18K) — Events largest
Equipment wear (per event)
150
0
BK: 210
300
CONSERVATIVE
$150/ev
Variable utilities (per event)
100
0
BK: 140
200
CONSERVATIVE
$100/ev
RAMP & GROWTH
Capacity utilization
76%
0%
BK: 70
100%
CONSERVATIVE
76% Base = healthy; alert if >90%
8-YEAR PROJECTION
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.56M | $1.75M | $1.94M | $1.94M | $2.04M | $2.14M | $2.25M | $2.36M |
| Direct Costs | ($433k) | ($473k) | ($513k) | ($513k) | ($533k) | ($554k) | ($576k) | ($599k) |
| Gross Profit | $1.12M | $1.28M | $1.43M | $1.43M | $1.51M | $1.59M | $1.67M | $1.76M |
| Margin % | 72.2% | 73.0% | 73.6% | 73.6% | 73.9% | 74.1% | 74.4% | 74.6% |
CASH FLOW · 8-YEAR
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.56M | $1.75M | $1.94M | $1.94M | $2.04M | $2.14M | $2.25M | $2.36M |
| Gross Profit (EBITDA proxy) | $1.12M | $1.28M | $1.43M | $1.43M | $1.51M | $1.59M | $1.67M | $1.76M |
| NET WORKING CAPITAL | ($112k) | ($124k) | ($137k) | ($137k) | ($143k) | ($149k) | ($156k) | ($163k) |
| Δ NWC (use of cash) | ($112k) | ($12k) | ($12k) | $0 | ($6k) | ($6k) | ($7k) | ($7k) |
| (-) Maintenance CapEx (3% rev) | ($47k) | ($52k) | ($58k) | ($58k) | ($61k) | ($64k) | ($68k) | ($71k) |
| OPERATING CASH FLOW | $1.19M | $1.24M | $1.38M | $1.37M | $1.45M | $1.53M | $1.61M | $1.70M |
KPI DASHBOARD · Y4 TARGETS
| KPI | Y4 Target | Alert Threshold | Frequency |
|---|---|---|---|
| Operating KPIs · Events Hall | |||
| Total events / month | 26 | < 70% of target | Weekly |
| Capacity utilization vs cap | 76% | < 50% | Weekly |
| Capacity status | ✓ Within capacity | EXCEEDS warning | Weekly |
| Avg lead time (days) | 90 | < 30 days | Monthly |
| Booking conversion rate | 30% | < 15% | Monthly |
| Event prep on-time rate | 95% | < 85% | Per event |
| Avg attendees per event | 80 | < 60 | Monthly |
| Repeat client rate | 35% | < 20% | Quarterly |
| Customer NPS | 50 | < 30 | Per event |
| Average review rating | 4.5 | < 4.0 | Monthly |
| Complaint / incident rate | 5% | > 10% | Per event |
| Equipment uptime (AV) | 97% | < 90% | Per event |
| Cross-pillar F&B revenue | $312k | < 80% of plan | Monthly |
| Total annual attendees | $31k | < 70% of plan | Monthly |
| EVA (idle day) revenue | $48k | < $30K | Quarterly |
| Monthly revenue | $162k | < 80% plan | Monthly |
| Monthly direct costs | $43k | > 110% plan | Monthly |
| Monthly gross contribution | $119k | < 70% plan | Monthly |
| Gross margin % | 74% | < 55% | Monthly |
| Avg revenue per event | $6k | < $4K | Monthly |
| Avg cost per event | $2k | > $2.5K | Monthly |
| Avg margin per event | $5k | < $3K | Monthly |
| Variable cost ratio | 21% | > 35% | Quarterly |
| Fixed cost coverage | 12.7 | < 5x | Quarterly |
| Y4 EBITDA (Events pillar) | $1.43M | < 80% plan | Quarterly |
| Revenue YoY growth % | 0 | < 0% | Annually |
INDUSTRY BENCHMARKS
| Metric | Pixoul (us) | Casa Avg | GCC / Global |
|---|---|---|---|
| Total events / year | 312 | 150-300 | 300-600 |
| Operating days / year | 360 | 360 | 320-365 |
| Avg events / week | 6.0 | 4-8/wk | 6-12/wk |
| Max events / week (capacity) | 8 | 6-10/wk | 8-15/wk |
| Capacity utilization | 76% | 60-85% | 70-90% |
| Avg attendees per event | 80 | 60-150 | 80-250 |
| Lead time (days, avg) | 90 | 60-180 | 90-365 |
| Repeat client rate | 35% | 20-40% | 30-55% |
| Gross margin % | 74% | 50-70% | 60-80% |
| Revenue per sqm/yr | 883.6 | TBD | $1K-$2K |
| Activity | Pixoul | Casa Comp | GCC / Global |
| Corporate event price (full-day) | $6k | $5K-15K | $10K-30K |
| Private event price (wedding venue) | $3k | $3K-15K (venue) | $5K-25K |
| Esports event price | $4k | $3K-10K | $8K-25K |
| Avg ticket (blended) | $6k | $3K-10K | $5K-15K |
| Cost per event (all-in) | $2k | $1K-2K | $1K-3K |
| Variable cost per event | $1k | $800-1.5K | $1K-2.5K |
| EVA revenue per idle day | 500 | $300-1,500 | $500-3,000 |
| F&B spend per attendee | 8 | $8-15 | $10-30 |
| Wedding total spend (Casa) | $10K-50K | $10K-50K | $15K-100K (Marrakech premium) |
| Cost Item | Pixoul | Industry Range | |
| Event manager (annual) | $30k | $20K-40K | |
| Operations coord (annual) | $18k | $15K-25K | |
| Event planner (NEW) | $22k | $18K-30K | |
| AV technician 0.5 FTE (NEW) | $12k | $10K-20K | |
| Rent allocation | $30k | $25K-50K | |
| Var cost/event (corp) | $1k | $1K-2K | |
| Var cost/event (private) | $1k | $1K-2K | |
| Var cost/event (esports) | $1k | $1K-2K | |
| Fixed cost ratio | 22% | 20-40% | |
| Rev mix — Corporate % | 49% | 40-60% | |
| Rev mix — Private % | 33% | 20-40% | |
| Rev mix — Esports % | 15% | 5-15% | |
| Rev mix — EVA % | 2% | <5% | |
| Venue | Type | Capacity | Pricing |
| Sofitel Casablanca Tour Blanche | Hotel | 500+ | Premium MAD |
| Hyatt Regency Casablanca | Hotel | 300+ | Mid-luxury |
| Riad halls (Casa medina) | Boutique | 50-150 | MAD low-mid |
| Mosaic Hall (Casablanca) | Standalone | 200+ | MAD mid |
| Mandarin Oriental Marrakech | Hotel | 300+ | Pricing on request |
| Independent halls / caterers | Various | Variable | $3K-15K venue |
| Pixoul Events Hall (us) | Multi-purpose | 80-120 | $4.5K-8K avg |
E-Sports Lab
Pillar 2 · Drivers · Live Model · Updated May 2026
Downloads original 27-tab + 9-pillar model with your slider values
Y4 Revenue
$0
Direct Costs
$250k
Gross Profit
$451k
Gross Margin
0.0%
8-Yr Total Revenue
$0
E-SPORTS LAB · CORE DRIVERS
PC count (stations)
60
0
BK: 84
120
CONSERVATIVE
60 PCs — mid-tier vs MGE 80-120; physical ceiling
Operating hours/day
12
0
BK: 35
50
CONSERVATIVE
12hr Base; MGE 14.5hr; could extend if demand justifies
Operating days/month
30
0
BK: 42
60
CONSERVATIVE
30 days — open daily; minor closures negligible
Active memberships
140
0
BK: 196
280
CONSERVATIVE
⚠ 140 members UNVALIDATED at Casa scale; subs market thin
Member hours/month (avg)
20
0
BK: 35
50
CONSERVATIVE
20hr/mo — moderate engagement; high engagement = 40+
Member discount % vs std
25%
0%
BK: 70
100%
CONSERVATIVE
25% off standard hourly — reasonable retention incentive
Tournaments per month
12
0
BK: 35
50
CONSERVATIVE
12/mo Base = 4 major + 8 minor; reasonable cadence
Avg entrants per tournament
42
0
BK: 59
84
CONSERVATIVE
42 entrants — Casa esports scene growing; verifiable via Discord
Prize pool % of entry fees
0%
0%
BK: 70
100%
CONSERVATIVE
50% — industry norm; lower pool = lower attendance
Tournament admin cost per event
$0
$0
BK: 4
$5
CONSERVATIVE
$100/event — reasonable for amateur tier
Online tournaments per month
4
0
BK: 8
12
CONSERVATIVE
⚠ 4/mo Base UNVALIDATED; depends on platform/marketing
Avg online entrants per tournament
400
0
BK: 560
800
CONSERVATIVE
⚠ 400 entrants Base UNVALIDATED; could be 100-1000 range
Sponsor revenue per online tournament
$500
$0
BK: 700
$1000
CONSERVATIVE
⚠ $500 Base UNVALIDATED; E-Blue × Monster is real comp but price not public
Internet (high bandwidth)
6000
0
BK: 8400
12000
CONSERVATIVE
$6K/yr — competitive (MGE has 7 fiber lines)
Software/game licenses
9600
0
BK: 13440
19200
CONSERVATIVE
$9.6K/yr — Steam/Epic/cafe-mgmt licenses
Hardware useful life (years)
3
0
BK: 6
9
CONSERVATIVE
3 years — at boundary; gaming hardware obsoletes fast
Hardware annual depreciation (computed)
35000
10500.0
BK: 49000
70000
CONSERVATIVE
Computed: 60 × $1,750 / 3 = $35K/yr
Electricity per PC-hour
0.2
0
BK: 1
1
CONSERVATIVE
$0.20/PC-hr; energy-intensive operation
Receivables days
7
0
BK: 15
21
CONSERVATIVE
Walk-in cash, tournament sponsors net-30 (small)
Payables days
15
0
BK: 35
50
CONSERVATIVE
Standard Casa B2B vendor terms
Inventory % of revenue
1%
0%
BK: 70
100%
CONSERVATIVE
Minimal — peripherals + minor consumables
F&B revenue from Esports gamers (annual)
$116640
$34992.0
BK: 163296
$233280
CONSERVATIVE
~$117K — flows to F&B, no double-count
PRICING & RATES
Standard PC hourly rate
5.2%
0%
BK: 70
100%
CONSERVATIVE
$5.25/hr — 2-3x E-Blue daily-equivalent; premium positioning
BLENDED walk-in price (computed)
$6.7
$0
BK: 9
$13.425
CONSERVATIVE
$6.71 effective per walk-in hour — VERY sensitive to mix %
Membership monthly fee
$30
$0
BK: 42
$60
CONSERVATIVE
$30/mo Base — entry-level vs US $149/mo benchmark
Tournament entry fee
$7
$0
BK: 15
$21
CONSERVATIVE
$7/player — Casa standard amateur pricing
Online entry fee
$5
$0
BK: 10
$15
CONSERVATIVE
$5/player — lower friction online
Avg F&B spend per gamer-hour
1.5
0
BK: 2
3.0
CONSERVATIVE
$1.50/hr — books in Pillar 07 F&B (NOT here)
STAFFING & OPERATIONS
Lounge manager (1 FTE annual)
24000
7200.0
BK: 33600
48000
CONSERVATIVE
$24K = ~240K MAD/yr loaded
Floor staff (2 FTE annual)
28800
8640.0
BK: 40320
57600
CONSERVATIVE
$28.8K = 2 × $1,200/mo × 12; verify Casa wage data
Rent allocation
$24000
$7200.0
BK: 33600
$48000
CONSERVATIVE
$24K — verify allocation key consistent across pillars
PC unit cost (CapEx)
$1750
$0
BK: 2450
$3500
CONSERVATIVE
$1,750/PC — MID-SPEC; verify against E-Blue VIP RTX 3080 spec
Maintenance per utilized hour
0.1
0
BK: 1
1
CONSERVATIVE
$0.15/hr usage-scaled; verify against actual
Maintenance capex %
4%
0%
BK: 70
100%
CONSERVATIVE
4% — above generic 2-3% to fund refresh cycle
RAMP & GROWTH
Capacity utilization %
30%
0%
BK: 70
100%
CONSERVATIVE
⚠ 30% Base AGGRESSIVE for premium tier; UAE comp thin; competitive threat from public centres
8-YEAR PROJECTION
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Direct Costs | ($204k) | ($223k) | ($243k) | ($250k) | ($258k) | ($273k) | ($281k) | ($289k) |
| Gross Profit | $309k | $372k | $438k | $451k | $464k | $508k | $523k | $539k |
| Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
CASH FLOW · 8-YEAR
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $513k | $595k | $681k | $701k | $722k | $781k | $804k | $828k |
| Net Working Capital | $7k | $9k | $10k | $10k | $10k | $11k | $12k | $12k |
| Δ NWC (use of cash) | $7k | $1k | $1k | $296 | $305 | $853 | $340 | $350 |
| Maintenance capex ($) | $21k | $24k | $27k | $28k | $29k | $31k | $32k | $33k |
| OPERATING CASH FLOW | $281k | $347k | $409k | $422k | $435k | $476k | $491k | $505k |
KPI DASHBOARD · Y4 TARGETS
| KPI | Y4 Target | Alert Threshold | Frequency |
|---|---|---|---|
| Operating KPIs · Esports Lounge | |||
| Capacity utilization % | 30% | < 15% | Weekly |
| Walk-in hours/week | 920 | < 70% of target | Weekly |
| Active members | 140 | < 60% of target | Monthly |
| Member retention (rolling 6mo) | 70% | < 50% | Monthly |
| Member hours utilization | 111% | < 80% | Monthly |
| Premium PC mix % | 45% | < 30% | Weekly |
| Equipment uptime % | 95% | < 90% | Weekly |
| Tournament attendance (per event) | 42 | < 70% of target | Per event |
| Online tournament participants | 400 | < 200 | Per event |
| Tournament prize:revenue ratio | 50% | > 60% | Per event |
| Customer NPS | 50 | < 30 | Quarterly |
| Equipment refresh budget remaining | $35k | Behind plan | Annually |
| Avg F&B spend per gamer-hour (cross-pillar) | 1.5 | < $1.00 | Monthly |
| Concurrent peak utilization (peak hours) | 85% | < 60% | Weekly |
| Safety / incident count | 0 | > 1/month | Weekly |
| Monthly revenue | $53k | < 80% of plan | Monthly |
| Monthly gross contribution | $34k | < 70% of plan | Monthly |
| Gross margin % | 64% | < 45% | Monthly |
| Recurring revenue ratio (subs only) | 8% | < 8% | Quarterly |
| Tournament revenue ratio | 25% | < 15% | Quarterly |
| Online vs in-person tournament mix | 74% | No alert | Quarterly |
| Monthly OCF | $35k | Negative | Monthly |
| Member ARPU (annualized) | $1k | < $400 | Quarterly |
| Cost per FTE per gamer-hour | 68% | > $0.30 | Quarterly |
| Y4 EBITDA target | $412k | < 80% of plan | Quarterly |
| Revenue YoY growth % | 3% | < 5% | Annually |
INDUSTRY BENCHMARKS
| Metric | Pixoul (us) | Casa Avg | GCC / Global |
|---|---|---|---|
| PC stations | 60 | 30-50 | 50-120 |
| Operating hours/day | 12 | 10-12 | 12-18 |
| Operating days/yr | 360 | 350-365 | 350-365 |
| Capacity utilization % | 30% | 15-30% | 25-50% |
| Active members (subscribers) | 140 | 50-200 | 200-500 |
| Tournaments/month | 12 | 4-10 | 10-20 |
| Gross contribution margin % | 64% | 40-55% | 55-70% |
| Revenue per PC/yr | $11k | $8-15K | $15-25K |
| Direct staff FTE | 3 | 3-6 | 6-10 |
| Standard PC hourly rate | 5.2 | $2.50-5/hr | $5-15/hr |
| Premium PC hourly rate | 8.5 | $5-8/hr | $8-20/hr |
| Premium mix % | 45% | 30-50% | 40-60% |
| Membership monthly fee | 30 | $20-50/mo | $50-149/mo (US) |
| Tournament entry fee | 7 | $3-10 | $10-50 |
| Online tournament entry | 5 | $2-5 | $5-30 |
| Sponsor revenue per online tournament | 500 | Variable | $500-5,000 |
| PC unit cost (CapEx per station) | $2k | $2,000-3,500 | $2,500-5,000 |
| Avg F&B spend per gamer-hour | 1.5 | $1-3 | $2-5 |
| Revenue per PC/yr (Pixoul) | $11k | $8-25K | |
| Total sellable hours/month | $22k | 15K-25K | |
| Member hours/month | $3k | subset of utilized | |
| Walk-in hours/month | $4k | majority of utilized | |
| ARPU per active member | $1k | $300-1,800/yr | |
| ARPU per walk-in (per visit) | 13.4 | $10-25 | |
| Tournament participants/yr | $6k | 500-2,000 | |
| Revenue mix — PC time % | 67% | 40-60% | |
| Revenue mix — Subs % | 8% | 5-15% | |
| Revenue mix — Tournaments % | 25% | 15-25% | |
| Provider | Stations | Hardware spec | Pricing |
| MGE Casablanca (Gauthier) | 80-120 PCs | 144Hz, 7 fiber lines | MAD pricing |
| E-Blue Gaming Maroc (Zerktouni) | 32 std + 10 VIP + PS5 | RTX 3070-3080, 144-240Hz | ~250 MAD/day |
| Versus Arena Gaming Center | n/a | Standard | Variable |
| Gaming Spot Center | PC + PS5 zones | Standard | Variable |
| Alpha Squad Center | n/a (esports team focus) | Standard | n/a |
| Casa public gaming centres | TBD | Standard | FREE / subsidized |
| MGE Rabat (capital) | 50 PCs | Standard | MAD pricing |
| Pixoul Esports Lounge (us) | 60 PCs (mid-tier) | Mixed std + premium | $5.25-8.50/hr |
F&B REVENUE
$312K
sports bar + candy + birthday
F&B DIRECT COSTS
$125K
COGS + staff (~40%)
RETAIL / SUBLEASE
$130K
3 retail units
SPONSORSHIPS
$75K
naming + screens + events
MEMBERSHIPS
$144K
600 members @ $240/yr
🍸 Rooftop Rent Income (from sub-tenant operator)
Rent received
$316K
150% markup × 1,350m²
Passed-through cost
$211K
Pixoul's share of head lease
Net margin
$105K
pure margin to Pixoul
F&B – GROUND FLOOR SPORTS BAR & CANDY SHOP
F&B CONCEPT MIX · 6 SUB-CATEGORIES
Primary F&B pillars that make up the master revenue line. Each can be operated in-house or franchised. See legend: ● in-house · ● franchise-eligible
F&B / Retail relationship: Burger Bar, Vending, and Coffee Shop can be franchised (sublease income) or operated in-house (higher margin, higher OpEx). Esports Café is brand-critical and in-house. Rooftop Bar is a separate entity handled by sub-tenant operator (see Rooftop tab).
RETAIL SUBLEASING (3 UNITS, ~80 m²)
SPONSORSHIPS & BRAND REVENUE
ANNUAL MEMBERSHIPS
OPERATING EXPENDITURE; ALL LINES ADJUSTABLE
OpEx Mode
🔗 LINKED. Pillar direct costs flow into total OpEx automatically. Sliders below = pure overhead only.
Direct Costs Roll-Up · Every Line Item · Live from Pillars
$2.40M
🎮 Gaming$410K
🍸 Rooftop (separate)—
🎓 Academy$213K
🏟 Events$86K
🕹 Esports$98K
🍽 F&B/Anc$141K
🎮 Gaming Direct Cost Lines
Redemption prizes (% rev or CapEx)—
Gaming floor staff—
Museum / animators—
Kids zone attendants—
Maintenance (2% arcade CapEx)—
VR / sim licenses (0.5% CapEx + $4K)—
EVA royalty (8% of EVA gross)—
🍸 Rooftop Direct Cost Lines
F&B COGS (30% of revenue)—
Bar manager (FT)—
Wait staff (×nights)—
DJ / entertainment—
Cleaning—
🎓 Academy Direct Cost Lines
Instructor fees (28% rev)—
Coordinator + advisor + CRM + legal—
Marketing + school partners + software—
🏟 Events Direct Cost Lines
Events coordinator (FT)—
AV technician (per event)—
Security (per event)—
🕹 Esports Direct Cost Lines
PC café staff—
PC electricity (60 RTX 4090s)—
Game licenses—
Tournament prize pools—
Stream / production maintenance—
🍽 F&B / Ancillary Direct Cost Lines
F&B COGS, kitchen + lobby—
F&B service staff—
All figures update live as you adjust pillar sliders (e.g. moving the 22% redemption rate on the Gaming slide → updates "Redemption prizes" above and rolls into Total OpEx). In Linked mode, this entire panel is added into Total OpEx below.
TOTAL OPEX
$5.05M
overhead + pillar direct (linked)
OPEX / REVENUE
61%
opex as % of revenue
EBITDA AFTER OPEX
$1.12M
pre-tax
CAPITAL EXPENDITURE. ALL LINES ADJUSTABLE
TOTAL CAPEX
$10.84M
full build-outH
PHASE 1 CAPEX
$4.09M
go-ahead raise
PHASE 2 CAPEX
$6.75M
full build
Government Subsidies & Incentives · click to expand 4 options
Total Savings: $0
▸
Total Savings: $0
▸
Net CapEx after subsidies
$10.84M
FRANCHISE & BRAND
GAMING & ENTERTAINMENT EQUIPMENT; PHASE 1 & 2
VENUE & INFRASTRUCTURE
📎 Floor plan & lessor docs:
🏗 Architectural Drawings
Upload architect-produced plans (commissioned from architect during Casablanca trip). Click a slot to upload.
Pending architect commission
🍸
Rooftop Plan
Drop architect drawing (PDF/PNG)
🏫
Floor 1 Plan
Academy + Esports + Immersive
🏬
Ground Plan
Arcade + Atrium + F&B + Retail
📐
Elevation
Exterior façade + sections
Plate Size
1,500 m²
Levels
3 + Rooftop
Atrium Void
600 m²
Total Usable
3,850 m²
Rooftop Sqm
1,350 m²
📐 Floor Plan – Locked Configuration
📐 Space Allocation by Profit Center · All Floors Combined
Rooftop Bar (total)
500 m²
Event Center (Atrium)
250 m²
PC Café (60 seats)
200 m²
Arcade & Redemption
180 m²
Academy Classrooms
160 m²
Museum
150 m²
Pixoul Lab
130 m²
F&B (Bar + Candy)
120 m²
Esports Arena
110 m²
EVA VR Arena
80 m²
Retail Subleases ×3
80 m²
VR Pods & Simulators
70 m²
Kids Play Zone
60 m²
Console Gaming
60 m²
Reception & Entry
60 m²
Coaching Rooms ×2
60 m²
Total allocated: 2,270 m² of 2,856 m² usable · 586 m² unallocated (circulation + voids)
🎚 Adjust m² per Zone
Navigate the Building · 3 Levels
🌙
ROOFTOP
Bar · Separate entity
1,350 m²
🎓
FLOOR 1
Academy · Esports · VR
900 m² usable
🎮
GROUND
Arcade · F&B · Retail
1,500 m²
🏟
ATRIUM
Event Center
500 m² · 7–9m
🏟 Atrium Event Center – Triple Height
250 m² footprint. punches through Ground + Floor 2 + partial Floor 3 · 8–10m ceiling
The atrium is the architectural heart of the building. Its 250 m² footprint runs full height through 3 levels. At ground level it is the event floor. At Floor 2 level, the mezzanine wraps it as a gallery. At Floor 3 level, a partial void continues with a glass rail. The rooftop can open a glass panel directly above. LED walls on all four interior faces. Retractable stage at north end. The floor is polished concrete, flexible for any event type.
🔒 Architectural Drawings
Detailed floor plans, elevations, cross-sections, and construction drawings for the Casablanca venue.
📐
Ground Floor Plan
Gaming + Esports + F&B
📏
First Floor Plan
Academy + Lab + Museum
🏗
Rooftop Elevation
Bar + Terrace + Services
🔧
MEP Cross-Sections
HVAC + Electrical + Data
Placeholder. Upload architectural drawings and they will be displayed here as zoomable high-resolution images. Supports PDF, DWG preview, and annotated floor plan overlays.
💼 Capital Raise Structure
$7.63M Round 1 raise at $15.57M post-money · 49% equity issued (Inv 1: 5% with anti-dilution + Inv 2: 40%). Round 1 funds the full operational opening.
↳ The Capital Stack
ROUND 1 RAISE
$7.63M
at $15.57M post-money
FOUNDER EQUITY
55%
retained by Toufic post-Round 1
INVESTOR EQUITY
45%
Inv 1: 5% + Inv 2: 40%
↳ Round 1 · Go-Ahead Raise ($7.63M)
🚀 Round 1 – Full Operational Launch
What $7.63M unlocks: Franchise fee, full simulators + arcade fit-out, event center, esports PC café (60 seats), academy lab, 12 months OpEx reserve, kitchen, furniture, full IP/games library. The venue opens at full operational capacity.
Round 1 consists of an anchor at $500K (5% equity, anti-dilution protected up to $6M of further investment) and a lead at $6M ($15.57M post-money, 40% equity). Combined: 45% issued in Round 1.
CapEx Breakdown
Franchise fee (5% of project)$550,000
Simulators + Arcade + Redemption$1,400,000
Event center fit-out$500,000
Gaming PCs & licenses (60 seats)$540,000
Academy lab equipment$500,000
Furniture & fit-out$350,000
Kitchen + OpEx reserve$1,860,000
Shipping, customs, contingency$800,000
Round 1 Total$6,500,000
Revenue Potential (full operations)
Gaming & Entertainment~$1.73M/yr
Academy~$1.1M/yr
Events + Esports~$950K/yr
F&B + Subleasing + Sponsorships~$517K/yr
Target (Year 3)~$4.4M/yr
Round 1 covers the full operational opening – no further raise dependency. Rooftop bar funded from a separate equity pool (distinct legal entity).
↳ Round 1 Investor Economics
Equity & Dividend Distribution (Round 1)
*Yr3 dividend assumes ~$2.04M distributed (85% of net post-tax profit at steady-state operations). Live values in Master P&L.
THE PROJECT
Pixoul Morocco
The Casablanca flagship. A $7.63M Round 1 to build, launch, and operate the first Pixoul venue outside the UAE. Built on proven economics. Backed by three ministries. Ready to break ground.
$7.63M
Round 1 Capital
45%
Equity Offered
$15M
Post-Money
Casablanca
Location
🏗
The Venue
Purpose-built flagship in Casablanca. Gaming arena, academy classrooms, esports stages, events hall, F&B, retail, rooftop. Lessor agreement secured. Architectural drawings underway. Target opening Q3 2026.
🏛
Government Backing
Letters of Intent from three ministries: Youth & Culture, Tourism (SMIT), Education. CRI tax holiday eligibility. VAT exemption pathway. Customs waiver application in progress.
👥
Market Entry
4.2M metro Casablanca. 37.2% youth unemployment. Morocco Digital 2030 strategy actively seeking partners. No direct competitor combining gaming, academy, esports, events under one roof.
📅
Timeline
Close Round 1 → SPV setup → Lease finalization → Construction (6 months) → Soft open → Full operations. Full timeline in the Timeline tab. Target: revenue within 12 months of close.
Morocco Market Study
Why Now; Macro Tailwinds
World Cup 2030
Morocco co-host with Spain & Portugal. Tourism + tech tailwind ⓘ
12× UAE Population
37M Moroccans ⓘ vs 9.5M UAE – same per-capita potential, 4× the absolute market
Gaming +25%/yr
Morocco gaming market growing 25% annually ⓘ – fastest in MENA after UAE
Pixoul UAE Proven
Operating since Nov 2022, proven model, not a concept ⓘ
Macro Indicators
Population37M (2024)
Under 30 years old~60% (~22M)
Casablanca population4.3M
GDP growth (2024)3.2%
Internet penetration (urban)88%
Tourism arrivals (2024 record)17.4M
Gaming market size MENA (2024)$3.9B
Morocco gaming revenue (2024)$280M+
Smartphone penetration72%
World Cup 2030 co-host Major tailwind
🎮 Entertainment Market Gaps
World-class FEC venues in Casa0
EVA VR venues in Morocco0 (first mover)
Premium 500+ pax event venues< 5 in Casa
Premium rooftop bars (Casa)< 10
Tech education academies1 (1337, Benguerir)
MENA FEC market growth12% annually
Esports viewers Morocco (2024)2.1M+
Youth unemployment (15–24)~26% → skills gap
Premium entertainment spend/capitaGrowing 18%/yr
Competitive direct alternativesNone at this scale
🎁 Government Subsidies & Support
CRI Casablanca-SettatTax breaks + land
SMIT (already engaged)Tourism CapEx grants
Digital Morocco 2030Training grants
OFPPTVocational co-finance
Import duty exemptions2.5% vs 17.5–25%
IS tax holiday (Years 1–5)Negotiable via CRI
Ministry of Youth & CultureLOI submitted
Ministry of TourismLOI submitted
Ministry of EducationLOI submitted
Morocco Taxation
Corporate Tax (IS) – up to 1M MAD20%
Corporate Tax (IS), 1M–5M MAD26%
Corporate Tax (IS) – above 5M MAD31%
CNSS employer contribution18.4% of salaries
TVA on entertainment20%
TVA on F&B10%
WHT on dividends (non-resident)15% (treaty reducible)
Free Zone option (CFC)8.75% IS + 0% WHT
Currency (MAD)Pegged basket. stable
↳ Major Structural Tailwinds
World Cup 2030
Morocco co-hosts the 2030 FIFA World Cup. Pixoul becomes THE tech entertainment destination for international fans, media, and sponsors. $500K+ potential in a single month. Position now, brand early.
📱
Digital Morocco 2030
National strategy targeting 240,000 digital jobs by 2030. Government actively seeking private partners for tech education. Pixoul's academy is perfectly aligned. Grant funding and public contracts are available now.
🌍
Africa Gateway
Casablanca is the financial capital of Africa. 500+ multinationals use Morocco as their Africa HQ. These are premium corporate event and training clients, Pixoul targets them from Day 1 with tailored packages.
🎮
MENA Esports Boom
MENA esports audience grew 28% in 2023. Morocco has 2.1M+ esports viewers with zero dedicated venues. Saudi Esports Federation investment is creating a regional market that Morocco is positioned to lead.
👶
Youth Demographic
60% of Morocco's 37M population is under 30. This is the exact gaming, esports, and tech education demographic. 22M potential customers who are digitally native, entertainment-hungry, and underserved by existing venues.
✈️
Tourism Boom
17.4M tourist arrivals in 2024 – a record. Government target is 26M by 2030. International visitors are a premium audience for the rooftop bar, museum, and EVA VR. SMIT's backing gives Pixoul direct access to tourism promotion channels.
↳ Competitive Landscape – Why There Is No Comparable Venue
Full offering ⚠️ Partial ❌ Not offered. Pixoul is the only venue in Morocco combining all 5 pillars under one roof.
🏆 Proof of Concept, Pixoul Abu Dhabi
This is not a concept. Pixoul is already operating and generating revenue in Abu Dhabi, UAE.
ANNUAL REVENUE
$7M+
Abu Dhabi operation
STUDENTS TRAINED
147,000+
since inception
SCHOOL PARTNERSHIPS
100+
active contracts
GRANT THORNTON
AED 38–48M
enterprise valuation
↳ What Pixoul Abu Dhabi Has Proven
Business Model Validated
Gaming & entertainment revenueProven pillar
Academy & corporate training100+ schools
Esports tournamentsRecurring events
Government partnershipsADEK, ADIO
Franchise modelProven & documented
Key Operating Metrics
Years in operation5+ years
Esports tournaments hosted50+
Corporate clients200+
Independent valuationAED 38–48M
Media coverageNational press
↳ Why Morocco is the Right Next Market
Same Playbook
Same franchise model, curriculum, and technology stack. Abu Dhabi took 2 years to reach profitability. Morocco benefits from all lessons learned – we expect profitability by Year 2.
Larger Addressable Market
Morocco has 37M people vs Abu Dhabi's 3.8M. 60% are under 30. The youth entertainment and tech education gap is proportionally larger – and the competition is zero.
Lower Cost Base
Morocco salaries and real estate are 60–70% lower than Abu Dhabi. Same revenue potential, significantly lower cost base = superior margins and faster payback for investors.
↳ Pixoul UAE, Full Operating Track Record
The Abu Dhabi Flagship
Pixoul Gaming Abu Dhabi is a 4,500m² state-of-the-art VR & Esports hub at Al Qana, Abu Dhabi's premier waterfront destination, one of 11 anchor tenants on the 2.4km Al Khaleej Al Arabi Street development. Operating since November 2022, it is the Middle East's first integrated immersive entertainment destination and home to the first-ever certified Esports Academy in MENA.
Operating Hours
5 Operational Zones · 10 VR Experiences / Full Ecosystem
🥽
VR PLANET
10 VR/AR experiences · 6-min average sessions (2× industry standard)
🏆
ESPORTS ACADEMY
First in MENA · pro coaching. VIP/Masterclasses. BenQ ZOWIE certified
🎮
RETRO & CONSOLE
Classic arcades. PS5/Xbox lounges · cross-generation appeal
📱
MOBILE GAMING
High-performance gaming phones (water-cooled) for rent · cellular-grade rigs
🍔
ESPORTS BAR
Restaurant + sports-bar concept, live tournament viewing, F&B revenue layer
🏟 The Pixoul Arena – Region's Largest Esports Venue
800-seat
capacity arena
78m² LED
screen + pro sound & lighting
VIP Lounge
exclusive sponsor hospitality
🏆 Major events hosted: Pixoul Community Cup (opening tournament 2022) | Arabian League LoL Spring Split Finals (biggest LoL league in MENA; Team RAAD vs Geekay Esports), qualified MENA representatives for EMEA Masters for the first time in history.
📺 Gaming Broadcasting Studios
High-spec on-site facilities for amateur + professional content production. Streamed events to millions across MENA via Twitch/YouTube. Ready-made revenue stream: studio rentals to creators, sponsored content, branded broadcast packages.
🎓 Education Program – School Visits
Curriculum-aligned guided visits for Grade 1 through Grade 12 across all UAE schools. Hands-on exposure to gaming science, computing, VR. Already 100+ active school partnerships – proven B2B revenue model directly transferable to Morocco's school system.
🤝 Strategic Partners & Technology Suppliers
RobocomVR
VR technology & content partner (Dubai)
BenQ ZOWIE
Official esports monitor sponsor (XL2566K 360Hz)
AL QANA
Anchor tenant. Abu Dhabi's premier waterfront destination
Riot Games
Arabian League LoL partnership · MENA finals host
🌍 Industry positioning: The MENA esports market is one of the world's fastest-growing; UAE digital gaming sector alone estimated at $930M by 2025. Pixoul Abu Dhabi has been named in regional press as the venue that "puts Abu Dhabi on the international esports map." The proven operational, technical, and partnership infrastructure transfers directly to Casablanca, where the Morocco gaming/edtech market is at the same inflection point UAE was 5 years ago – but with 12× the population and a 2030 World Cup co-host tailwind.
Project Timeline
From capital raise to full operations – 24 months to soft launch, 36 months to full build.
Month 0–6 · Close, Legal & Pre-Construction
Close Round 1 ($7.63M). SARL SPV incorporation in Morocco · Franchise agreement signed. CRI tax negotiations · Land & construction lease signed with Idriss · Appoint GM and construction project manager. Building permits · initial architectural drawings finalized.
Month 6–18 · Construction, Esports Academy Opens & Sims Deployed
Shell construction + interior fit-out. Arcade machine order placed (China, 90-day lead time) · Academy lab equipment ordered. Gaming PCs ordered · Event center AV fit-out. Staff recruitment. Esports academy opens first + Pixoul simulators deployed as revenue-generating anchors while full build continues.
Month 18–22 · Soft Launch
Soft launch across all pillars · First academy cohorts running · First corporate events · School partnerships activate · Brand building in Casablanca market · Marketing campaign live.
Month 22+ · Full Operation
All 7 revenue pillars operational · Rooftop bar live · Museum open · VR experiences running · Full event pipeline · Revenue ramps to target. Year 3+: first dividend distribution · franchise expansion planning (City 2) · World Cup 2030 positioning.
Critical path: The lease negotiation with Idriss and Round 1 capital close are the two items that must happen in parallel. Construction cannot begin without both. Target: both resolved within 55 days of this presentation.
Team & Leadership
Investors back people first. Here is who is building Pixoul Morocco.
↳ Founder
Toufic Assaf
Founder & Director | Pixoul Gaming & Learning Academy
Serial entrepreneur with deep roots in gaming, education technology, and youth development. Built Pixoul from the ground up in Abu Dhabi into a $7M+ revenue operation with 147,000+ students trained and 100+ school partnerships. Led all government, investor, and strategic partner negotiations across the UAE and now Morocco.
Track Record
Revenue built$7M+/yr
Students trained147,000+
School partnerships100+
Entity valuationAED 38–48M
↳ Key Hires Plan, Morocco
Pre-Launch Hires (Round 1)
General Manager MoroccoMonth 3
Head of AcademyMonth 4
Events & Sales ManagerMonth 5
Finance & AdminMonth 4
Marketing ManagerMonth 3
Phase 2 Hires (Post-Launch)
Esports ManagerMonth 10
Rooftop Bar ManagerMonth 16
Head of Government RelationsMonth 12
Partnerships & B2B SalesMonth 10
↳ Advisory & Support
Legal & Structure
Morocco SPV incorporation, franchise agreement, investor documentation, CRI liaison
Finance & Tokenization
Equipment Loan facility ($2.77M @ 7% × 7yr) · UAE entity structuring · capital deployment oversight
Government Relations
SMIT (DG Imad Barrakad) / Ministry of Youth. Ministry of Education · Ministry of Tourism
📎 Investor docs:
Investment Terms
Round 1 · $7.63M raise at $15.57M post-money · 49% equity
👤 Calculate Your Personal Returns
Type in your ticket size and instantly see your dividends, IRR, payback, exit value – your full P&L slice and cash flow.
POST-MONEY VALUATION
$15,000,000
$8.5M pre + $7.63M raise
RAISE AMOUNT
$6,500,000
Round 1 · single close
EQUITY ISSUED
45%
Inv 1: 5% + Inv 2: 40%
MIN TICKET
$250,000
co-investment OK
↳ Round 1 Structure
Anchor – protected position
Investor 1 (anchor)$500,000
Equity5%
Anti-dilution protectionup to $6M further
Lead – primary investor
Investor 2 (lead)$6,000,000
Equity40%
Per $250K ticket equivalent1.67%
What $7.63M unlocks: Franchise fee, full simulators + arcade, event center, esports PC café (60 seats), academy lab with $1M of robotics + high-compute equipment, 12 months OpEx reserve, kitchen, furniture, full IP/games library. Venue opens at full operational capacity. No further equity raise required.
↳ Payback Period & Valuation Appreciation
⏱ Payback Period
Company (CapEx)
4.5 yrs
Total CapEx ÷ Y3 net profit
Investor (Round 1)
—
Cumulative dividends to recover $ in
Valuation Trajectory / EBITDA × Industry Multiple
Entertainment/edutech: 6–10× EBITDA
Year 1 (55% ramp)
$6.91M
at 7× EBITDA
Year 3 (Stabilized)
$22.67M
at 7× EBITDA
Year 5 (120% growth)
$33.64M
at 6× EBITDA (matured)
Multiple of Money at Year 5 (Equity Value ÷ Investment)
Round 1 (49% equity · $7.63M ticket)2.3×
Benchmarks: Pixoul UAE valued AED 38–48M (~$10–13M) by Grant Thornton. Education/entertainment exits trade at 6–12× EBITDA depending on growth, retention, and recurring revenue mix.
↳ Round 1 Equity Table
↳ How to Invest
Step 1
Sign NDA & receive full data room access
🤝
Step 2
Sign term sheet & confirm investment amount
⚖️
Step 3
Subscription agreement & SHA executed
💸
Step 4
Wire funds to SPV · shares issued · project begins
Beyond the Cheque
What I'd Want From You
Capital is essential, but the right partner brings more. Here's where your network and expertise would meaningfully accelerate Pixoul Morocco beyond the financial commitment.
1
Introductions to MENA hospitality and F&B operators
For the rooftop pillar. Hotel chains, restaurant groups, beverage brand reps active in Casablanca.
2
Validation on the FinTech and Cybersecurity curriculum
From your network of bank executives or CISOs. Helps us shape diploma content for actual employer demand.
3
A second opinion on the tokenization SPV structure
If you have legal or fund-structuring relationships in UAE or Morocco. Equipment loan facility committed; we welcome a second pair of eyes on cross-border structuring.
4
Government relationships in Casablanca-Settat region
Wilaya, OFPPT, Ministry of Education contacts to accelerate licensing and accreditation timelines.
5
Co-investor introductions for Phase 2 and 3
Family offices, sovereign-adjacent funds, edutech-focused VCs. We close Round 1 first, but pipeline matters.
6
Quarterly board participation or advisory role
Board observer or formal seat at Phase 2 close. We meet quarterly. Travel to Casablanca optional.
If even two of these align with what you bring, we should talk.
🔒
Cap Table — Restricted Access
Full cap table, dilution waterfall, and equity distribution. Re-enter credentials to unlock.
Founder access only. Contact Toufic for credentials.
🔒 Cap Table – Live Model
Edit any input cell. All downstream cells recompute. Round 1 ($7.63M) → Round 2 ($6M secondary + $1.5M re-injection)
Inputs · Edit Any Cell
🎚 RC Target Equity
33%
→ requires re-inject of
$1.65M
→ Inv 2 dilutes to
29%
22% · no re-inject
33% · current plan
55% · Inv 2 wiped
Slide to set your target final equity. Engine solves for the $ you need to re-inject and shows what Inv 2 dilutes to. Inv 1 (5%) and Inv 3 (33%) stay anti-diluted via your share-back compensation.
🎚 Re-Inject Valuation
$15M
post-money · for current target ($33%) need
$1.65M
$8M · cheap (less $ for same %)
$15M · current plan
$30M · premium (more $ for same %)
Why this matters: Lower valuation = your re-injection $ buys MORE equity (shares are cheap). Higher valuation = same target % costs MORE cash. Lowering below $15M is a "down round" optically – Inv 2 already paid at $15M, so marking the company down would upset him. Raising above $15M = you're paying premium for your own shares, but it signals strength to outsiders.
Investor 1 · Anchor
Investment
Post-money val
Anti-dilution cap
→ to RC (you)
→ to project
Investor 2 · Lead
Investment
Post-money val
→ to RC (you)
→ to project
⚠ Inv 1 anti-dilution forces Inv 1 = 5%, Inv 2 = 40% in Round 1
Investor 3 · Round 2 (Secondary)
Secondary buy
% of you bought
RC re-inject (project)
RC re-inject (rooftop)
Re-inject post-money
Round 2 Structure
● LIVE — toggle to see both
Secondary mode: Investor 3 buys $6M of Toufic's existing shares. No new equity issued. Anchor (5%) and Lead (40%) untouched. Toufic dilutes from 55% → 22%, takes $6M cash off the table.
Preset Scenarios
Toufic % Final
—
Toufic Cash Out
—
Project $ Raised
—
Implied Valuation
—
Cap Table · Event Sequence
| Stakeholder | Founding Day 0 |
After Round 1A +$500K Inv 1 |
After Round 1B +$6M Inv 2 |
After R2 Secondary $6M out of your shares |
Final · Post Re-Inject +$1.5M @ $15.57M post |
|---|---|---|---|---|---|
| Investor 1 (anchor) | — | — | — | — | — |
| Investor 2 (lead) | — | — | — | — | — |
| Investor 3 (secondary) | — | — | — | — | — |
| RC (you) | — | — | — | — | — |
| Total % | — | — | — | — | — |
| Implied company value | — | — | — | — | — |
Cash Waterfall · Where Every Dollar Goes
→ RC Founder Profits
| Round 1A · advance from Inv 1 | — |
| Round 1B · advance from Inv 2 | — |
| Round 2 · secondary (net of re-inject) | — |
| Indirect profit on $4.5M project deploy | $1.0M |
| Total RC profit | — |
→ Project Capital Deployed
| Round 1A · seed | — |
| Round 1B · build-out | — |
| Round 2 · re-injection (project) | — |
| Round 2 · re-injection (rooftop) | — |
| Total deployed | — |
Summary KPIs
TOTAL RAISED
—
across both rounds
DEPLOYED TO PROJECT
—
project + rooftop
RC TAKEAWAY
—
cash + indirect
RC FINAL EQUITY
—
post Round 2 close
Mechanics: Round 1 anti-dilution forces Inv 1 to stay at 5% when Inv 2 enters at $15.57M post (agreement overrides nominal $/% calc). Round 2 is pure secondary – Inv 3 buys 33% of company directly from RC's shares; no new shares issued. Round 2 displayed valuation = $15.57M for narrative consistency with Round 1B (true per-share implied val from $6M÷33% = $18.2M; the $15.57M figure reflects the company's marked valuation, not the secondary clearing price). RC's $1.65M project re-injection at $15.57M post issues 11% new shares – all 4 stakeholders dilute pro-rata, then RC personally compensates Inv 1 and Inv 3 by transferring shares back from his stake to restore them to 5% and 33% respectively. Net effect: Inv 2 absorbs all dilution (40% → 29%); RC ends at 33%. Rooftop $500K re-injection does NOT dilute (separate entity). Indirect profit ($1M) is RC's share of project margin on $4.5M deployed, separate from cap table.
Sensitivity Analysis
What happens to IRR and payback under stress. Each row shows a single-variable shock to the base case (Moderate scenario, Year 3 = $6.0M revenue). Move sliders on individual pillar slides to model your own scenarios.
📊 IRR HEATMAP · Revenue × Exit Multiple
How does IRR change across scenarios?
Revenue achievement (horizontal) × Exit EBITDA multiple (vertical). Each cell shows projected 5-year IRR. Green = strong, amber = acceptable, red = below threshold.
| Exit Multiple ↓ / Revenue → | 60% Downside |
80% Conservative |
100% Base |
120% Optimistic |
140% Bull case |
|---|
≥25% IRR
15-25%
5-15%
<5% or negative
🌪 Live Tornado · Blackstone-grade diagnostic
Which assumptions move the IRR most?
±20% shock to each driver · re-runs the full model · sorted by IRR impact. Top of the bar = your number. Bottom = how LPs should stress it.
Click Run Tornado above. Analysis runs in ~1.5 seconds – model is stressed across 10 key drivers, IRR re-computed each time, then sorted and rendered below.
Highest Sensitivity
Rooftop pillar
Largest single revenue contributor (~75% of base). Operating-night frequency is the single biggest IRR lever. Mitigation: aggressive pre-launch booking, corporate event lock-ins, partnership with hotel chains.
Medium Sensitivity
Subsidy stack
SMIT and Investment Fund grants are conditional. Loss of either single grant only reduces IRR by 3-5%. Loss of both: still 11%. CapEx subsidies (VAT and customs) are statutory and very likely.
Low Sensitivity
Equipment costs
CapEx volatility absorbs into the model with limited IRR impact (because it's recovered through depreciation and operations over time). +25% on equipment line still keeps IRR above 15%.
What this tells you
Even under multiple stresses, the deal remains profitable. The only scenario approaching break-even is rooftop nights collapsing to 78/year (40% below already-conservative base). All other single-variable shocks keep IRR comfortably above 8%. The investment is sensitive but not fragile.
Capital Deployment Timeline
When and how the $7.63M Round 1 raise is spent. Month-by-month visibility into where investor capital flows. Designed so investors can verify each milestone as it happens.
Month 0M3M6M9M12M15
Governance
Capital is held in escrow at Bank Al-Maghrib-supervised SPV account. Each tranche release requires sign-off by an investor representative (1 board observer seat at Round 1 close). Monthly capital deployment reports issued to all investors.
Milestones & Verification
Each phase has objective verification points. Construction milestone certified by independent quantity surveyor. Equipment install certified by Pixoul UAE technical lead. Soft launch certified by 30-day operating data review.
↳ Merged section: Use of Funds
CAPITAL ALLOCATION
Use of Funds
Where every dollar of the $7.63M deploys. Tranche-based release tied to milestones. Full transparency.
$4.15M
CapEx
$1.0M
Working Capital
$500K
Marketing
$850K
Runway Buffer
🏗
CapEx – $4.15M (64%)
Venue fit-out, gaming hardware (PCs, consoles, VR, arcade), academy equipment, esports stage, F&B build-out, AV/lighting, furniture, IT infrastructure. Full procurement spec in Operations.
💼
Working Capital – $1.0M (15%)
Initial inventory, staff salaries through ramp-up, lease deposits, utility connections, licensing fees, pre-opening operations. Covers months 1-6 before revenue stabilizes.
📣
Marketing & Launch – $500K (8%)
Brand launch campaign, digital marketing, PR, opening events, influencer partnerships, community seeding, strategic partnerships activation.
🛡
Runway Buffer – $850K (13%)
Contingency for construction delays, currency volatility, unforeseen costs, and timing buffer between capital deployment and revenue ramp. Protects against downside scenarios.
Tranche Release Schedule
Tranche 1 (30%) – SPV incorporation, lease signing, initial team hires
Tranche 2 (40%) – Construction commencement, procurement POs
Tranche 3 (20%) – Soft open milestones, staff completion
Tranche 4 (10%) – Full launch, marketing activation
Tranche 2 (40%) – Construction commencement, procurement POs
Tranche 3 (20%) – Soft open milestones, staff completion
Tranche 4 (10%) – Full launch, marketing activation
⚠️ Risk & Mitigants
We have identified every major risk and have a concrete mitigation for each.
🎯 RISK HEAT MATRIX
Likelihood × Impact
Every identified risk positioned on probability (y-axis) vs. impact (x-axis). Green = monitored, amber = actively managed, red = high-priority mitigation.
Minimal
Minor
Moderate
Major
Severe
Certain
Likely
1
2
Possible
3
4
5
Unlikely
6
7
Rare
8
1. Construction Delays
Fixed contracts + 20% buffer
Fixed contracts + 20% buffer
2. Revenue Ramp
8 streams, low break-even
8 streams, low break-even
3. Currency Risk
MAD stable peg + hedging
MAD stable peg + hedging
4. Key Person
Vesting + succession plan
Vesting + succession plan
5. Regulatory
LOIs de-risk material change
LOIs de-risk material change
6. Competitor Entry
First-mover advantage
First-mover advantage
7. Geopolitical
Morocco/UAE stability
Morocco/UAE stability
8. Force Majeure
Insurance + business continuity
Insurance + business continuity
⚠ Construction Delays
Build-to-suit delays pushing opening past Month 12, increasing burn on OpEx reserve.
Mitigation
6-month OpEx reserve built into Round 1 budget. Lease agreement includes penalty clauses for lessor delays. Academy and corporate sales begin pre-opening from temporary space.
⚠ Revenue Ramp Slower Than Projected
Brand awareness takes longer to build in Casablanca. Year 1 revenue misses $1.5M target.
Mitigation
8 independent revenue streams – no single point of failure. Break-even is achievable at 55% of Year 3 target ($2.26M). Corporate and school contracts signed pre-opening provide baseline revenue from Day 1.
⚠ Currency Risk (MAD/USD)
Revenue earned in MAD, equipment purchased in USD. Exchange rate movement affects margins.
Mitigation
MAD is pegged to a EUR/USD basket – historically stable. UAE entity invoices SPV in MAD for franchise fees, reducing FX exposure. Forward hedging available once revenue is established.
⚠ Regulatory & Licensing
Rooftop bar licensing, gaming regulations, or entertainment venue permits delayed.
Mitigation
CRI Casablanca-Settat engaged. They expedite licensing for priority investment projects. Government LOIs with 3 ministries create political goodwill. Rooftop bar is Phase 2, not critical path.
⚠ Competition Emerges
A competitor opens a gaming venue in Casablanca within 2–3 years of Pixoul.
Mitigation
$11M investment creates a moat that is extremely difficult to replicate. EVA VR, Pixoul Simulators, and the academy are all exclusive or proprietary. First-mover brand loyalty in education is particularly sticky.
⚠ Key Person Risk
Dependence on founder for strategic relationships and direction.
Mitigation
Morocco GM hired Month 3 with full operational authority. Franchise system documented. Board observer rights for investors. Abu Dhabi operation provides business continuity and institutional knowledge.
🌍 Expansion Roadmap
Casablanca is the flagship. Morocco is the proof. Africa is the prize.
CITY 1
Casablanca
2025, flagship · $11M
CITY 2
Marrakech
2027 · tourism, $7M
CITY 3
🇸🇳 Dakar
2028 · West Africa · $8M
CITY 4
🇨🇮 Abidjan
2029, Francophone / $8M
↳ Why This Scales
📦 What the Franchise Package Includes
Pixoul curriculum (94+ courses)Included
Pixoul Simulator technologyIncluded
Brand, IP & marketing toolkitIncluded
Operations playbookIncluded
Ongoing training & supportIncluded
Revenue Per City (Mature)
Franchise fee per city (5%)$350K–550K
Ongoing royalty (3% of rev)$90K–180K/yr
Simulator revenue share8% of EVA rev
Curriculum licensing$50–120K/yr
4-city portfolio (mature)$16M+ revenue
↳ Why Africa Now
🌍 1.4B Population
Africa's population is 60%+ under 25. The largest youth demographic on earth with rapidly growing middle class and smartphone penetration.
📱 Mobile-First Gaming
Africa is the world's fastest-growing gaming market. MENA+Africa gaming revenues growing 15%+ annually. Physical FEC venues are almost entirely absent.
🏆 First Mover
No comparable venue exists in West or North Africa. Casablanca gives Pixoul the credibility, government backing, and brand recognition to expand across the continent.
🛒 Full Procurement List
Complete equipment, software, and hardware specification across all departments. Ph1/Ph2 labels indicate Year-1 vs Year-2+ procurement waves.
PIXOUL SIMULATORS + ARCADE
$4.90M
consolidated · 60 machines + sims
ESPORTS PCs & ARENA
$540K
60 rigs + stage + AV
ACADEMY LABS
$500K
robotics + AI + VR + fab + science
PIXOUL GAMES + REDEMPTION STOCK
$1.20M
games/IP/software + prize inventory
Grand Total Equipment + Software, LIVE from CapEx slide
$7.14M
↳ Gaming Machines. Arcade, EVA VR & Kids Zone
↳ Esports PCs, 60 Seats + Arena Stage & AV
↳ Academy Lab – Robotics, AI, VR & Fabrication
↳ Museum – Exhibits, Interactive Displays & AV
↳ Classroom Equipment & Furniture
↳ Software & License Stack
📦 Procurement Notes
· Arcade machines. Bulk import from China (Andamiro, UNIS). 90-day lead time. Pre-classify as CapEx for 2.5% import duty (vs 17.5–25% standard rate)
· Gaming PCs; assemble locally in Morocco from imported components to reduce customs burden
· EVA VR. Direct from EVA franchise. Franchise agreement required before order
· Gaming PCs; assemble locally in Morocco from imported components to reduce customs burden
· EVA VR. Direct from EVA franchise. Franchise agreement required before order
· Boston Dynamics Spot. Year-2 procurement, 6-month lead time. Order at Round 1 close
· Phenom SEM – Year-2 procurement, major spec piece. Requires dedicated power and climate control
· All software, annual licenses, renewed from operating budget (not CapEx after Year 1)
· Shipping & customs, budgeted separately at $300K–500K in CapEx slide
· Reconciliation, itemized tables above sum to ~$2.0M; CapEx summary shows ~$7.1M. Delta ~$5.1M = shipping & customs ($300K–500K) + 60+ arcade units & simulators not individually line-itemized (~$3.5M, see scx3) + redemption stock replenishment (scx5 $200K) + contingency & reserve (scx16+scx17, $500K). Live CapEx slider total & phase split on the CapEx tab is the source of truth.
· Phenom SEM – Year-2 procurement, major spec piece. Requires dedicated power and climate control
· All software, annual licenses, renewed from operating budget (not CapEx after Year 1)
· Shipping & customs, budgeted separately at $300K–500K in CapEx slide
· Reconciliation, itemized tables above sum to ~$2.0M; CapEx summary shows ~$7.1M. Delta ~$5.1M = shipping & customs ($300K–500K) + 60+ arcade units & simulators not individually line-itemized (~$3.5M, see scx3) + redemption stock replenishment (scx5 $200K) + contingency & reserve (scx16+scx17, $500K). Live CapEx slider total & phase split on the CapEx tab is the source of truth.
STRUCTURED CURRICULUM OUTLINES – 19 PRIORITY PROGRAMS
Detailed curriculum for ministry, accreditation, and investor due-diligence. Click any program to expand its weekly breakdown, learning objectives, and assessment structure. Covers all 6 Diplomas, 9 Core Tech courses, and 4 Morocco Future programs.
🎓 6-Month Diplomas (6)
📘 Diploma – Game Design & Development24 weeks. 240 contact hours · Capstone shipped on Steam/itch.io
Module 1 (Wks 1-4): Game design fundamentals, mechanics theory, paper prototyping, GDD writing, market analysis
Module 2 (Wks 5-8): Unity Engine intro, C# scripting basics, 2D platformer build, animation systems, particle FX
Module 3 (Wks 9-12): 3D pipeline (Blender), texturing, lighting, shaders, environmental design, Unreal Engine intro
Module 4 (Wks 13-16): Multiplayer networking, AI behaviour trees, audio integration (Wwise/FMOD), UI/UX in games
Module 5 (Wks 17-20): Capstone production – vertical slice → alpha → beta. Code reviews, playtesting, iteration cycles
Module 6 (Wks 21-24): Polish, monetization (premium/F2P/IAP), publishing pipeline, marketing trailer, Demo Day pitch
Assessment: 4 module projects (60%) + Capstone game (30%) + Demo Day pitch (10%) | Job-ready: Junior Game Designer, Indie Developer, QA Engineer
Module 2 (Wks 5-8): Unity Engine intro, C# scripting basics, 2D platformer build, animation systems, particle FX
Module 3 (Wks 9-12): 3D pipeline (Blender), texturing, lighting, shaders, environmental design, Unreal Engine intro
Module 4 (Wks 13-16): Multiplayer networking, AI behaviour trees, audio integration (Wwise/FMOD), UI/UX in games
Module 5 (Wks 17-20): Capstone production – vertical slice → alpha → beta. Code reviews, playtesting, iteration cycles
Module 6 (Wks 21-24): Polish, monetization (premium/F2P/IAP), publishing pipeline, marketing trailer, Demo Day pitch
Assessment: 4 module projects (60%) + Capstone game (30%) + Demo Day pitch (10%) | Job-ready: Junior Game Designer, Indie Developer, QA Engineer
🤖 Diploma – AI & Robotics24 weeks. 240 hours · Real DOBOT + ML capstone
Module 1: Python for AI, NumPy/Pandas, statistics fundamentals, data wrangling
Module 2: Classical ML; regression, classification, clustering, scikit-learn projects
Module 3: Neural networks, TensorFlow/PyTorch, computer vision basics, transfer learning
Module 4: Robotics fundamentals; kinematics, sensors, actuators, Arduino + Raspberry Pi
Module 5: DOBOT robotic arm programming, ROS basics, computer vision integration
Module 6: Capstone – AI-powered robotic system (e.g., autonomous sorting, voice-controlled assistant)
Assessment: Module quizzes (20%) + 5 hands-on projects (50%) + Capstone (30%), Job-ready: ML Engineer Jr., Robotics Technician, AI Solutions Developer
Module 2: Classical ML; regression, classification, clustering, scikit-learn projects
Module 3: Neural networks, TensorFlow/PyTorch, computer vision basics, transfer learning
Module 4: Robotics fundamentals; kinematics, sensors, actuators, Arduino + Raspberry Pi
Module 5: DOBOT robotic arm programming, ROS basics, computer vision integration
Module 6: Capstone – AI-powered robotic system (e.g., autonomous sorting, voice-controlled assistant)
Assessment: Module quizzes (20%) + 5 hands-on projects (50%) + Capstone (30%), Job-ready: ML Engineer Jr., Robotics Technician, AI Solutions Developer
Diploma, Cybersecurity24 weeks · CTF competitions / CompTIA Security+ aligned
Module 1: Network fundamentals – OSI/TCP/IP, packet analysis (Wireshark), protocols
Module 2: Linux command line, Bash scripting, system hardening, user/permission management
Module 3: Cryptography fundamentals, hashing, PKI, TLS/SSL, VPN technologies
Module 4: Offensive security; recon, scanning (Nmap), exploitation (Metasploit), Burp Suite
Module 5: Defensive security, SIEM, IDS/IPS, incident response, forensics, malware analysis
Module 6: Capstone – full penetration test of a Pixoul-provided lab environment + report
Assessment: Weekly CTF challenges (30%) + 3 lab reports (30%) + Final pen-test (40%) · Job-ready: SOC Analyst, Pen Tester Jr., Security Engineer
Module 2: Linux command line, Bash scripting, system hardening, user/permission management
Module 3: Cryptography fundamentals, hashing, PKI, TLS/SSL, VPN technologies
Module 4: Offensive security; recon, scanning (Nmap), exploitation (Metasploit), Burp Suite
Module 5: Defensive security, SIEM, IDS/IPS, incident response, forensics, malware analysis
Module 6: Capstone – full penetration test of a Pixoul-provided lab environment + report
Assessment: Weekly CTF challenges (30%) + 3 lab reports (30%) + Final pen-test (40%) · Job-ready: SOC Analyst, Pen Tester Jr., Security Engineer
Diploma. Data Science & Analytics24 weeks. Real Moroccan datasets · Power BI + Python
Module 1: Excel mastery, pivot tables, Power Query, dashboarding fundamentals
Module 2: SQL, queries, joins, window functions, working with PostgreSQL/MySQL
Module 3: Python for data – Pandas, Matplotlib, Seaborn, exploratory data analysis
Module 4: Statistics & probability for business. Hypothesis testing, A/B testing, regression
Module 5: Power BI / Tableau dashboarding, storytelling with data, executive reporting
Module 6: Capstone, analyse a real Moroccan dataset (HCP, Bank Al-Maghrib, OCP) → recommendations
Assessment: Module assignments (50%) + Capstone analysis + presentation (50%) · Job-ready: Data Analyst, BI Developer, Business Analyst
Module 2: SQL, queries, joins, window functions, working with PostgreSQL/MySQL
Module 3: Python for data – Pandas, Matplotlib, Seaborn, exploratory data analysis
Module 4: Statistics & probability for business. Hypothesis testing, A/B testing, regression
Module 5: Power BI / Tableau dashboarding, storytelling with data, executive reporting
Module 6: Capstone, analyse a real Moroccan dataset (HCP, Bank Al-Maghrib, OCP) → recommendations
Assessment: Module assignments (50%) + Capstone analysis + presentation (50%) · Job-ready: Data Analyst, BI Developer, Business Analyst
💸 Diploma, FinTech & Digital Banking24 weeks. CIH/Attijariwafa partnership track · Bank Al-Maghrib aligned
Module 1: Banking fundamentals, payment rails, Morocco regulatory landscape (BAM, ACAPS)
Module 2: Mobile money & digital wallets, M-Wallet, Cash Plus, Wafacash, market dynamics
Module 3: Open banking, APIs, PSD2-equivalent regulations, integration patterns
Module 4: Blockchain & crypto basics, stablecoins, regulatory positioning in MENA
Module 5: Financial inclusion, micro-lending, insurtech, Morocco's unbanked opportunity
Module 6: Capstone. Design + pitch a fintech product targeting a real Moroccan use case
Assessment: Case studies (40%) + Capstone product + investor pitch (60%) / Job-ready: FinTech Product Analyst, Banking Innovation Officer
Module 2: Mobile money & digital wallets, M-Wallet, Cash Plus, Wafacash, market dynamics
Module 3: Open banking, APIs, PSD2-equivalent regulations, integration patterns
Module 4: Blockchain & crypto basics, stablecoins, regulatory positioning in MENA
Module 5: Financial inclusion, micro-lending, insurtech, Morocco's unbanked opportunity
Module 6: Capstone. Design + pitch a fintech product targeting a real Moroccan use case
Assessment: Case studies (40%) + Capstone product + investor pitch (60%) / Job-ready: FinTech Product Analyst, Banking Innovation Officer
🏆 Diploma, Esports Management & Production24 weeks. Run real Pixoul tournaments · Industry guest speakers
Module 1: Esports industry landscape, league structures, MENA market sizing, monetization models
Module 2: Tournament operations – bracket design, anti-cheat, refereeing, GG/Battlefy/FACEIT platforms
Module 3: Broadcast production, OBS, multi-camera, observer setups, replays, talent direction
Module 4: Team management – scouting, contracts, sponsorship, player welfare, performance coaching
Module 5: Marketing & community – social, content strategy, influencer partnerships, Twitch/YouTube growth
Module 6: Capstone – produce a 50+ player live Pixoul tournament end-to-end (broadcast + ops + marketing)
Assessment: Module deliverables (40%) + Live tournament execution (60%). Job-ready: Tournament Producer, Esports Marketing Manager, Team Operations Lead
Module 2: Tournament operations – bracket design, anti-cheat, refereeing, GG/Battlefy/FACEIT platforms
Module 3: Broadcast production, OBS, multi-camera, observer setups, replays, talent direction
Module 4: Team management – scouting, contracts, sponsorship, player welfare, performance coaching
Module 5: Marketing & community – social, content strategy, influencer partnerships, Twitch/YouTube growth
Module 6: Capstone – produce a 50+ player live Pixoul tournament end-to-end (broadcast + ops + marketing)
Assessment: Module deliverables (40%) + Live tournament execution (60%). Job-ready: Tournament Producer, Esports Marketing Manager, Team Operations Lead
💻 Core Tech (9)
🎮 Game Design & Development12 weeks | 14 students/cohort / $580
Wk 1-2: Game design theory, mechanics breakdown of popular games, GDD writing
Wk 3-4: Unity intro, C# basics, scene/object hierarchy, simple 2D mechanics
Wk 5-6: Animation, audio, UI in Unity, building a complete 2D platformer
Wk 7-8: 3D fundamentals, modelling intro (Blender), importing into Unity, lighting
Wk 9-10: Game AI basics, state machines, simple enemy behaviours
Wk 11-12: Polish, build & ship, final game uploaded to itch.io. Demo Day
Outcome: 1 published game in portfolio | prepares for Game Dev Diploma
Wk 3-4: Unity intro, C# basics, scene/object hierarchy, simple 2D mechanics
Wk 5-6: Animation, audio, UI in Unity, building a complete 2D platformer
Wk 7-8: 3D fundamentals, modelling intro (Blender), importing into Unity, lighting
Wk 9-10: Game AI basics, state machines, simple enemy behaviours
Wk 11-12: Polish, build & ship, final game uploaded to itch.io. Demo Day
Outcome: 1 published game in portfolio | prepares for Game Dev Diploma
🧠 AI & Machine Learning10 weeks · $520
Wk 1: What is AI/ML, types of learning, ethics & bias
Wk 2-3: Python for ML, NumPy, Pandas, Jupyter
Wk 4-5: Supervised learning – regression, classification (scikit-learn)
Wk 6-7: Neural networks intro, TensorFlow/Keras
Wk 8: Computer vision basics, image classifier project
Wk 9: NLP basics, sentiment analysis project
Wk 10: Capstone presentation. Student-chosen ML project
Outcome: 3 ML projects in GitHub portfolio
Wk 2-3: Python for ML, NumPy, Pandas, Jupyter
Wk 4-5: Supervised learning – regression, classification (scikit-learn)
Wk 6-7: Neural networks intro, TensorFlow/Keras
Wk 8: Computer vision basics, image classifier project
Wk 9: NLP basics, sentiment analysis project
Wk 10: Capstone presentation. Student-chosen ML project
Outcome: 3 ML projects in GitHub portfolio
🐍 Python Programming10 weeks · $480
Wk 1-2: Variables, types, control flow, functions
Wk 3-4: Lists, dicts, sets, file I/O, error handling
Wk 5-6: OOP. Classes, inheritance, modules, packages
Wk 7-8: Web scraping (BeautifulSoup, Requests), API consumption
Wk 9: Automation projects; file management, scheduling, simple bots
Wk 10: Final project. Student-chosen automation/script + presentation
Outcome: Foundation for AI, Data Science, Web Dev tracks
Wk 3-4: Lists, dicts, sets, file I/O, error handling
Wk 5-6: OOP. Classes, inheritance, modules, packages
Wk 7-8: Web scraping (BeautifulSoup, Requests), API consumption
Wk 9: Automation projects; file management, scheduling, simple bots
Wk 10: Final project. Student-chosen automation/script + presentation
Outcome: Foundation for AI, Data Science, Web Dev tracks
🤖 Robotics & Automation12 weeks · DOBOT + Arduino + Raspberry Pi · $620
Wk 1-2: Robotics history, types, real-world applications, ethics
Wk 3-4: Arduino fundamentals, basic circuits, servo motors, sensors
Wk 5-6: Raspberry Pi setup, GPIO, Python for hardware control
Wk 7-8: DOBOT Magician programming, pick & place, teach mode, scripting
Wk 9-10: Computer vision integration (OpenCV) for object detection
Wk 11-12: Capstone, team builds an autonomous task robot · internal competition
Outcome: Hardware portfolio + competition entry
Wk 3-4: Arduino fundamentals, basic circuits, servo motors, sensors
Wk 5-6: Raspberry Pi setup, GPIO, Python for hardware control
Wk 7-8: DOBOT Magician programming, pick & place, teach mode, scripting
Wk 9-10: Computer vision integration (OpenCV) for object detection
Wk 11-12: Capstone, team builds an autonomous task robot · internal competition
Outcome: Hardware portfolio + competition entry
🌐 Web Development10 weeks · 3 portfolio sites · $480
Wk 1-2: HTML5 semantic structure, CSS3 layout (Flexbox/Grid)
Wk 3-4: Responsive design, mobile-first, accessibility basics
Wk 5-6: JavaScript fundamentals – DOM manipulation, events, fetch API
Wk 7-8: Modern JS – ES6+, async/await, basic React intro
Wk 9: Hosting (Netlify/Vercel), domains, basic SEO
Wk 10: Final portfolio site presentation
Outcome: 3 live websites · ready for freelance work
Wk 3-4: Responsive design, mobile-first, accessibility basics
Wk 5-6: JavaScript fundamentals – DOM manipulation, events, fetch API
Wk 7-8: Modern JS – ES6+, async/await, basic React intro
Wk 9: Hosting (Netlify/Vercel), domains, basic SEO
Wk 10: Final portfolio site presentation
Outcome: 3 live websites · ready for freelance work
📱 App Development (iOS & Android)12 weeks / React Native, App Store submission · $540
Wk 1-2: JS/TypeScript review, React fundamentals, JSX
Wk 3-4: React Native setup, components, navigation, state management
Wk 5-6: Native APIs. Camera, location, push notifications
Wk 7-8: Backend integration. Firebase, REST APIs, authentication
Wk 9-10: UX patterns, design systems, performance optimization
Wk 11-12: Build & submit – App Store / Play Store submission walkthrough
Outcome: 1 published app on at least one store
Wk 3-4: React Native setup, components, navigation, state management
Wk 5-6: Native APIs. Camera, location, push notifications
Wk 7-8: Backend integration. Firebase, REST APIs, authentication
Wk 9-10: UX patterns, design systems, performance optimization
Wk 11-12: Build & submit – App Store / Play Store submission walkthrough
Outcome: 1 published app on at least one store
Cybersecurity Essentials10 weeks · CTF challenges · $580
Wk 1-2: Network basics, common attacks (phishing, malware, DDoS)
Wk 3-4: Linux command line, Bash, system hardening
Wk 5-6: Cryptography basics, password security, MFA, PKI
Wk 7-8: Ethical hacking intro – recon, scanning, basic exploits (lab env)
Wk 9: Defensive – log analysis, incident response basics
Wk 10: Mini CTF competition (final assessment)
Outcome: Foundation for Cybersecurity Diploma
Wk 3-4: Linux command line, Bash, system hardening
Wk 5-6: Cryptography basics, password security, MFA, PKI
Wk 7-8: Ethical hacking intro – recon, scanning, basic exploits (lab env)
Wk 9: Defensive – log analysis, incident response basics
Wk 10: Mini CTF competition (final assessment)
Outcome: Foundation for Cybersecurity Diploma
Data Analytics & Power BI8 weeks · Corporate-ready · $520
Wk 1-2: Excel mastery, advanced formulas, pivot tables, Power Query
Wk 3: SQL fundamentals. SELECT, JOIN, aggregations
Wk 4-5: Power BI, data modelling, DAX basics, relationships
Wk 6-7: Visualisation principles, dashboard design, storytelling
Wk 8: Final project – full executive dashboard from raw data
Outcome: Most directly employable course · ideal for corporate B2B contracts
Wk 3: SQL fundamentals. SELECT, JOIN, aggregations
Wk 4-5: Power BI, data modelling, DAX basics, relationships
Wk 6-7: Visualisation principles, dashboard design, storytelling
Wk 8: Final project – full executive dashboard from raw data
Outcome: Most directly employable course · ideal for corporate B2B contracts
🎨 Digital Arts & Media Production10 weeks · Adobe CC suite · $480
Wk 1-2: Design principles, colour theory, typography
Wk 3-4: Photoshop – photo editing, compositing, retouching
Wk 5-6: Illustrator – vector design, branding, icon design
Wk 7-8: Premiere Pro – video editing, audio mixing, colour grading
Wk 9: After Effects, motion graphics, animation fundamentals
Wk 10: Portfolio review & client brief simulation
Outcome: Portfolio ready for freelance creative work
Wk 3-4: Photoshop – photo editing, compositing, retouching
Wk 5-6: Illustrator – vector design, branding, icon design
Wk 7-8: Premiere Pro – video editing, audio mixing, colour grading
Wk 9: After Effects, motion graphics, animation fundamentals
Wk 10: Portfolio review & client brief simulation
Outcome: Portfolio ready for freelance creative work
Morocco Future Economy (4 priority programs)
🌾 AgriTech & Precision Farming8 weeks. Field visits / Ministry of Agriculture aligned · $480
Wk 1: Morocco agriculture overview, Africa's #1 agri exporter context
Wk 2: IoT sensors for soil moisture, temperature, humidity (hands-on Arduino kits)
Wk 3: Drone fundamentals – DJI/Parrot, mapping, multispectral imaging basics
Wk 4: Data-driven irrigation, building dashboards from sensor data
Wk 5: Field visit – partner farm in Casablanca-Settat region
Wk 6: AI for crop disease detection – image classification project
Wk 7: Business models. Plan Maroc Vert alignment, Crédit Agricole financing
Wk 8: Capstone – pitch a precision farming solution for a real Moroccan crop
Funding: OFPPT co-financing likely / Ministry of Agriculture training contracts
Wk 2: IoT sensors for soil moisture, temperature, humidity (hands-on Arduino kits)
Wk 3: Drone fundamentals – DJI/Parrot, mapping, multispectral imaging basics
Wk 4: Data-driven irrigation, building dashboards from sensor data
Wk 5: Field visit – partner farm in Casablanca-Settat region
Wk 6: AI for crop disease detection – image classification project
Wk 7: Business models. Plan Maroc Vert alignment, Crédit Agricole financing
Wk 8: Capstone – pitch a precision farming solution for a real Moroccan crop
Funding: OFPPT co-financing likely / Ministry of Agriculture training contracts
☀️ Solar & Renewable Energy8 weeks. Real solar kits, MASEN aligned · $480
Wk 1: Morocco's 52% renewable target, NOOR Ouarzazate, MASEN ecosystem
Wk 2: PV technology basics – cells, panels, system architecture
Wk 3-4: Hands-on. Assemble small solar kit (panel + charge controller + battery + inverter)
Wk 5: Battery storage technology, lithium vs lead-acid economics
Wk 6: Smart grid concepts, microgrids, grid-tie systems, net metering in Morocco
Wk 7: Commercial & residential project sizing, ROI calculations, ONEE regulations
Wk 8: Capstone. Design a complete solar system for a real building (school, factory, home)
Pathway: Direct hire pipeline – Morocco solar EPC market growing rapidly
Wk 2: PV technology basics – cells, panels, system architecture
Wk 3-4: Hands-on. Assemble small solar kit (panel + charge controller + battery + inverter)
Wk 5: Battery storage technology, lithium vs lead-acid economics
Wk 6: Smart grid concepts, microgrids, grid-tie systems, net metering in Morocco
Wk 7: Commercial & residential project sizing, ROI calculations, ONEE regulations
Wk 8: Capstone. Design a complete solar system for a real building (school, factory, home)
Pathway: Direct hire pipeline – Morocco solar EPC market growing rapidly
🏨 Tourism Tech & Digital Hospitality8 weeks · SMIT aligned | 2030 World Cup track · $440
Wk 1: Morocco tourism landscape – 17.4M arrivals 2024 → 26M by 2030, World Cup co-host
Wk 2: Booking systems & channel managers (Booking, Expedia, direct), revenue management
Wk 3: Virtual tours & immersive experiences; Matterport, 360 photography, VR tourism
Wk 4: Social media for hospitality – Instagram, TikTok, influencer partnerships, UGC
Wk 5: Hotel PMS systems. Opera, Cloudbeds, fundamentals of front-of-house tech
Wk 6: Digital concierge, AI chatbots for hotels, multilingual customer service
Wk 7: Sustainable tourism tech – carbon tracking, certifications, eco-positioning
Wk 8: Capstone – full digital strategy for a real Moroccan riad or hotel
B2B revenue: Hotel chain training contracts (Atlas, Mövenpick, Marriott Casablanca)
Wk 2: Booking systems & channel managers (Booking, Expedia, direct), revenue management
Wk 3: Virtual tours & immersive experiences; Matterport, 360 photography, VR tourism
Wk 4: Social media for hospitality – Instagram, TikTok, influencer partnerships, UGC
Wk 5: Hotel PMS systems. Opera, Cloudbeds, fundamentals of front-of-house tech
Wk 6: Digital concierge, AI chatbots for hotels, multilingual customer service
Wk 7: Sustainable tourism tech – carbon tracking, certifications, eco-positioning
Wk 8: Capstone – full digital strategy for a real Moroccan riad or hotel
B2B revenue: Hotel chain training contracts (Atlas, Mövenpick, Marriott Casablanca)
💸 FinTech & Digital Banking8 weeks · CIH/Attijariwafa partnership track. $520
Wk 1: Morocco banking landscape; Attijariwafa, BMCE, CIH, BCP positioning
Wk 2: Mobile money – M-Wallet, Cash Plus, Wafacash, market dynamics
Wk 3: Open banking APIs, PSD2-equivalent regulation, integration patterns
Wk 4: Payment processing, Maroc Telecommerce, CMI, international gateways
Wk 5: Blockchain & crypto basics, MENA regulatory landscape, stablecoins
Wk 6: Financial inclusion. Micro-lending, insurtech, Morocco's unbanked opportunity
Wk 7: RegTech. KYC, AML, ACAPS compliance, sandbox programmes
Wk 8: Capstone – design + pitch a fintech product for a real Moroccan use case
Direct pipeline: Bank digital transformation programmes, fintech startup ecosystem
Wk 2: Mobile money – M-Wallet, Cash Plus, Wafacash, market dynamics
Wk 3: Open banking APIs, PSD2-equivalent regulation, integration patterns
Wk 4: Payment processing, Maroc Telecommerce, CMI, international gateways
Wk 5: Blockchain & crypto basics, MENA regulatory landscape, stablecoins
Wk 6: Financial inclusion. Micro-lending, insurtech, Morocco's unbanked opportunity
Wk 7: RegTech. KYC, AML, ACAPS compliance, sandbox programmes
Wk 8: Capstone – design + pitch a fintech product for a real Moroccan use case
Direct pipeline: Bank digital transformation programmes, fintech startup ecosystem
Note: Curriculum outlines for the remaining 81 courses are available in Pixoul's curriculum repository. The 19 programs above are the priority set for ministry accreditation, OFPPT co-financing applications, and corporate B2B training contracts. Each curriculum is designed to map to national qualifications framework levels and integrates with Morocco's Forsa & Awrach employment programmes.
Morocco Economy Quiz
Test how well you know Morocco's future-economy priorities. These are the sectors driving Pixoul's curriculum design.
Score
0 / 0
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11 · MOROCCO
AgriTech & Precision Farming
High demand
IoT sensors, drone monitoring, data-driven irrigation. Morocco is Africa's #1 agri exporter.
Why for Pixoul Morocco: Ministry of Agriculture funding digital agriculture. OFPPT co-financing likely.
12 / MOROCCO
Solar & Renewable Energy
High demand
Solar systems, battery storage, smart grids, NOOR project context. Real solar kits.
Why for Pixoul Morocco: Morocco targets 52% renewable by 2030. MASEN is actively training. Government priority.
13 · MOROCCO
Tourism Tech & Digital Hospitality
Very High demand
Digital tools for Morocco tourism. Booking systems, virtual tours, social media for hospitality.
Why for Pixoul Morocco: Tourism is Morocco's #1 industry. SMIT LOI already submitted. Hotel training B2B.
14, MOROCCO
FinTech & Digital Banking
High demand
Mobile payments, digital wallets, open banking APIs, financial inclusion models.
Why for Pixoul Morocco: CIH Bank, Attijariwafa all have digital transformation programs. Corporate contract potential.
15, MOROCCO
E-Commerce & Digital Business
Very High demand
Shopify, social commerce, WhatsApp Business, digital marketing. Morocco e-comm growing 25%/yr.
Why for Pixoul Morocco: Every young Moroccan entrepreneur wants this. Evening + weekend format. High volume.
16 · MOROCCO
Smart Cities & Urban Technology
Medium demand
IoT city infrastructure, smart transport, digital public services, GIS mapping.
Why for Pixoul Morocco: Casablanca Smart City initiative is real and funded. Commune is potential partner.
17 · MOROCCO
Digital Health & MedTech
Medium demand
Telemedicine, health data analytics, wearables, hospital information systems.
Why for Pixoul Morocco: Ministry of Health training contracts possible. Healthcare gap drives demand.
18 · MOROCCO
Smart Logistics & Supply Chain
High demand
Digital supply chain, warehouse automation, fleet tracking, Tanger Med context.
Why for Pixoul Morocco: Tanger Med ecosystem creates massive demand. Renault, Stellantis, OCP all targets.
🎮 ESPORTS PROGRAMS – 20 DEDICATED TRACKS
ESPORTS 01 · BEGINNER
Competitive Gaming Fundamentals
Beginner
$320
6 wks
All platforms, game sense, decision-making, mechanics basics. Entry point for all esports tracks.
ESPORTS 02 · INTERMEDIATE
Advanced Game Strategy & Meta Analysis
Intermediate
$420
8 wks
Meta reading, patch analysis, counter-strategies. For players with competitive experience.
ESPORTS 03. INTERMEDIATE
Esports Team Tactics & Communication
Intermediate
$420
8 wks
Team communication, role assignments, in-game leadership, tilt management as a unit.
ESPORTS 04 | ADVANCED
How to Go Pro – Pathway Program
Advanced
$580
12 wks
Structured pathway: mechanics → ranked → team tryouts → tournament exposure. Full career road map.
ESPORTS 05 / BEGINNER
Aim Training & Mechanical Skills
Beginner
$280
4 wks
Kovaak's, AimLab, custom drills. Mouse setup, sensitivity, crosshair placement for FPS players.
ESPORTS 06 · ALL LEVELS
Mental Performance & Focus for Gamers
All Levels
$380
6 wks
Sports psychology for esports. Tilt control, focus, pressure management, sleep routines.
ESPORTS 07 · BEGINNER
Game Streaming & Content Creation
Beginner
$380
6 wks
OBS setup, overlays, community building, monetization, brand deals, TikTok/YouTube clips.
ESPORTS 08 / ADVANCED
Esports Coaching Certification
Advanced
$580
10 wks
Train to become a certified esports coach. VOD review, player psychology, program design.
ESPORTS 09, ALL LEVELS
Esports Business & Management
All Levels
$480
8 wks
Team management, sponsorship acquisition, contracts, budgeting, event production basics.
ESPORTS 10 | ALL LEVELS
Nutrition & Health for Gamers
All Levels
$280
4 wks
Diet, hydration, exercise, eye health, RSI prevention. Optimise body for peak performance.
ESPORTS 11 · INTERMEDIATE
Team Captaincy & Leadership
Intermediate
$380
6 wks
Leading a team, managing ego, conflict resolution, building team culture and accountability.
ESPORTS 12 | ADVANCED
Esports Analyst Program
Advanced
$480
8 wks
Data analysis, heat maps, replay tools, opponent dossiers, supporting coaching staff.
ESPORTS 13, ALL LEVELS
Broadcasting & Shoutcasting
All Levels
$380
6 wks
Live commentary, analyst desk, production basics, building a casting career in Arabic/French.
ESPORTS 14 · ALL LEVELS
Esports Marketing & Brand Building
All Levels
$420
6 wks
Personal brand, social media for players, community management, working with sponsors.
ESPORTS 15 / BEGINNER
PC Building & Hardware Optimization
Beginner
$320
4 wks
Build your own gaming PC, optimize peripherals, understand benchmarks for peak performance.
ESPORTS 16 · ALL LEVELS
Game-Specific: FC / EA Sports Track
All Levels
$380
6 wks
Meta teams, manual defending, online seasons strategy, FUT trading, Weekend League prep.
ESPORTS 17, INTERMEDIATE
Game-Specific: Valorant Track
Intermediate
$380
6 wks
Agent selection, map control, economy management, team coordination, ranked improvement.
ESPORTS 18 · BEGINNER
Game-Specific: Fortnite Track
Beginner
$380
6 wks
Building mechanics, zone strategy, looting efficiency, endgame decisions, competitive formats.
ESPORTS 19. ALL LEVELS
Tournament Operations & Event Management
All Levels
$480
8 wks
Running brackets, stage management, broadcasting setup, sponsorship delivery, player experience.
ESPORTS 20, ALL LEVELS
VOD Review & Self-Improvement Methods
All Levels
$280
4 wks
Structured replay analysis, building personal improvement logs, identifying systematic weaknesses.
📊 INVESTOR REPORTING DASHBOARD
In Build
📊 Investor Reporting Dashboard
Quarterly performance reports, KPI dashboards, milestone tracking, and capital deployment status — all in one view, accessible to investors post-close.
Quarterly KPIs
Revenue, EBITDA, footfall, student enrollments, by pillar.
Milestone Tracking
Construction phases, license issuance, partnership conversions.
Capital Deployment
Tranche status, spend vs budget, runway forecast.
Distribution Schedule
Dividend forecasts, exit valuation tracking.
Module scaffold added in v13.9.31. Full dashboard build in upcoming phase.
Museum
Pillar 5 · Drivers · Live Model · Updated May 2026
Downloads original 27-tab + 9-pillar model with your slider values
Y4 Revenue
$0
Direct Costs
$312k
Gross Profit
$181k
Gross Margin
0.0%
8-Yr Total Revenue
$0
MUSEUM · CORE DRIVERS
Daily visitors
80
0
BK: 112
160
CONSERVATIVE
UNVALIDATED — Casa interactive gaming-museum is unique concept; no comp
Operating days/year
300
0
BK: 420
600
CONSERVATIVE
Operating days standard; ~330/yr
Group bookings/yr
14
0
BK: 35
50
CONSERVATIVE
Casa school market large — MoE partnership realistic
Content + curator costs
30000
9000.0
BK: 42000
60000
CONSERVATIVE
⚠ Content + curator costs likely UNDER-ESTIMATED for 26.6% margin to land 30-50% norm
Inventory % of revenue
0%
0%
BK: 70
100%
CONSERVATIVE
Gift shop minor revenue contribution
Receivables days
14
0
BK: 35
50
CONSERVATIVE
Mostly cash business — minimal AR
Payables days
30
0
BK: 42
60
CONSERVATIVE
Standard supplier terms
PRICING & RATES
Standard ticket price
$0.3
$0
BK: 1
$1
CONSERVATIVE
Casa cultural/entertainment ticket pricing — Museum Mohammed VI ~80 MAD
Group/educational price
$0.2
$0
BK: 1
$1
CONSERVATIVE
Group/educational rate — typical 30-40% off standard; school market viable
STAFFING & OPERATIONS
Maintenance + AV
10800
3240.0
BK: 15120
21600
CONSERVATIVE
Maintenance + AV — interactive exhibitions wear faster than static
Maintenance capex %
5%
0%
BK: 70
100%
CONSERVATIVE
Maintenance capex — interactive exhibits need refresh every 5-7yr
8-YEAR PROJECTION
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Direct Costs | ($270k) | ($286k) | ($303k) | ($312k) | ($322k) | ($336k) | ($346k) | ($357k) |
| Gross Profit | $91k | $132k | $176k | $181k | $186k | $213k | $220k | $226k |
| Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
CASH FLOW · 8-YEAR
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $361k | $419k | $479k | $493k | $508k | $550k | $566k | $583k |
| Net Working Capital | ($3k) | ($4k) | ($4k) | ($4k) | ($4k) | ($5k) | ($5k) | ($5k) |
| Δ NWC (use of cash) | ($3k) | ($499) | ($526) | ($125) | ($129) | ($360) | ($143) | ($148) |
| Maintenance capex ($) | $18k | $21k | $24k | $25k | $25k | $27k | $28k | $29k |
| OPERATING CASH FLOW | $76k | $112k | $152k | $156k | $161k | $186k | $192k | $197k |
KPI DASHBOARD · Y4 TARGETS
| KPI | Y4 Target | Alert Threshold | Frequency |
|---|---|---|---|
| Operating KPIs · Museum | |||
| Daily visitors | 80 | <70% of target | Daily |
| Avg ticket price | 1.6 | <$8 | Daily |
| Premium experience % | 0 | <5% | Monthly |
| Group tours/month | 633.9 | <5 | Monthly |
| Visitor NPS | 4.5 | <3.8 | Quarterly |
| Repeat visit rate % | 20% | <10% | Monthly |
| Monthly revenue | $38k | <80% of target | Monthly |
| Monthly gross contribution | $14k | <70% of target | Monthly |
| Gross margin % | 37% | <60% | Monthly |
| Monthly OCF | $13k | Negative | Monthly |
| Y4 EBITDA | $166k | <80% of plan | Quarterly |
| Revenue YoY growth | 3% | <5% | Annually |
INDUSTRY BENCHMARKS
| Metric | Pixoul (us) | Casa Avg | GCC / Global |
|---|---|---|---|
| Daily visitors | 80 | 120-300 | |
| Avg ticket price | 1.6 | $8-15 | |
| Premium experience uptake | 0 | 5-15% | |
| Group tour bookings/yr | $8k | 100-300 | |
| Gross margin % | 37% | 30-50% | |
| Revenue per sqm/yr | 451.5 | $400-800 |
🛍 RETAIL & PARTNERSHIPS
9th Pillar · In Build
🛍 Pixoul Retail & Brand Partnerships
In-venue merchandise shop, capsule drops with global gaming brands, exclusive Pixoul-branded apparel and collectibles, brand-co-licensed activations.
Pixoul Merch Shop
Apparel, accessories, collectibles.
Brand Capsule Drops
Co-branded with PlayStation, Xbox, Nintendo, Riot.
In-Venue Activations
Pop-ups, brand experiences, limited launches.
Online Store
E-commerce extension to international audience.
Module scaffold added in v13.9.32. Distinct from the founder-only Rooftop module (Rooftop is operational evening/weekend space).
🎙 LISTEN · INVESTOR PODCAST
In Build
🎙
Pixoul Morocco — Investor Podcast
Audio walkthrough of the entire Pixoul Morocco opportunity. Listen on the go — same content as the deck, narrated. Available in English, French, and Arabic.
▶
Episode 1: The Vision
12 min · Why Morocco, why now, founder story
▶
Episode 2: The Numbers
18 min · 9 pillars, P&L, returns walkthrough
▶
Episode 3: The Deal
15 min · Round 1, terms, what we need
Audio recordings to be produced in upcoming phase. Episodes will sync to scroll-position in deck.
🎬 INNOVATING MOROCCO'S DIGITAL FUTURE
Watch
Video archived: Innovating_Morocco_s_Digital_Future_720p.mp4 (removed to lighten file; re-embed later)
About this video
A short pitch on how Pixoul Morocco shapes the digital and creative economy of the Kingdom — from gaming hall to esports lab to academy. Compressed for inline playback (480p, ~3 MB).
🎯 PIXOUL QUIZ · TEST YOUR KNOWLEDGE
8 Questions
📰 NEWS ROOM
In Build
📰 Pixoul News Room
Live announcements, investor updates, milestone news, partnership signings. Auto-updates as the project progresses.
📍 Lessor LOI Signed
Coming soon
6,300 sqm Casablanca venue locked with Idriss. Construction kickoff scheduled.
🏛 Ministry Engagement Active
Coming soon
MoYC, MoT (SMIT), Education ministry LOIs all submitted.
💰 Round 1 Open
Coming soon
$7.63M raise at $15.57M post-money. 60-day close target.
Module scaffold v13.9.33. Real-time news feed wiring in upcoming phase.
🎮 TAKE A BREAK · MINI-GAME
In Build
🎮
Take a Break
Reading too much? Eyes tired? Take 2 minutes and play. Pixoul-themed mini-games — quick, satisfying, no signup.
👾
Pixoul Pong
Classic, single-player AI
🐍
Snake
Eat the dirhams, grow long
🧱
Brick Breaker
Bounce through 9 pillars
🎯
Pixel Quiz
Trivia about the deck
Module scaffold v13.9.33. Playable Canvas/JS games to be built in upcoming phase.
🎓 TUTORIAL · HOW TO NAVIGATE
In Build
🎓
Welcome to the Interactive Investor Intelligence Suite
A 60-second guide to everything you can do in this deck.
1. Tabs & Subtabs
Top-level groups (About Pixoul, Opportunity, Capital, etc.) expand to show subtabs. Click any subtab to jump to that section.
2. 9-Pillar Strip
Below the top bar — one click to any of the 9 revenue pillars. Live total updates as you adjust assumptions.
3. Sliders are Live
Every assumption is editable. Drag sliders to stress-test. Double-click a slider for the formula.
4. Presenter Mode
Click "👁 Browse" in top bar to toggle Presenter Mode — hides sliders for screensharing investors.
5. Settings ⚙
Right side — language (EN/FR/AR), font, design theme (15 options), layout, stakeholder filters, export tools.
6. AI Assistant 🤖
Floating button bottom-right — ask anything about the deck. Knows every number, every formula, every page.
7. Back Button ←
Top-left — undo your last navigation jump. Or hit Alt+← anytime.
8. Take a Break 🎮
Need to reset? Top bar has a quick mini-game to break up the reading.
Module scaffold v13.9.33. Interactive walkthrough overlay coming in upcoming phase.
Borderless
Pillar 9 · Drivers · Live Model · Updated May 2026
Downloads original 27-tab + 9-pillar model with your slider values
Y4 Revenue
$0
Direct Costs
$115k
Gross Profit
$196k
Gross Margin
0.0%
8-Yr Total Revenue
$0
BORDERLESS · CORE DRIVERS
# Talents managed
100
0
BK: 140
200
CONSERVATIVE
⚠ Talent count UNVALIDATED — depends on Academy graduate flow + retention as agency clients
Avg talent earnings
4500
0
BK: 6300
9000
CONSERVATIVE
Junior-mid Casa creative-tech earnings; ramps with experience
Commission %
10%
0%
BK: 70
100%
CONSERVATIVE
Standard talent agency commission 8-15%; Pixoul takes 10% Base
External programs/yr
20
0
BK: 35
50
CONSERVATIVE
⚠ External education programs UNVALIDATED — Casa B2B/gov pipeline thin without dedicated BD
Exhibitions/yr
5
0
BK: 10
15
CONSERVATIVE
⚠ Exhibitions/touring count UNVALIDATED — biggest Bull lever, weakest evidence
Avg exhibition revenue
$30000
$9000.0
BK: 42000
$60000
CONSERVATIVE
Activation revenue range $18-45K — Casa malls pay this for branded experiences
Production costs %
20%
0%
BK: 70
100%
CONSERVATIVE
Production costs % — reusable assets bring this down over time
Inventory % of revenue
0%
0%
BK: 70
100%
CONSERVATIVE
Services business — no inventory
Receivables days
45
0
BK: 63
90
CONSERVATIVE
Talent payment cycles + B2B sponsor net-30 to net-60
Payables days
30
0
BK: 42
60
CONSERVATIVE
Standard supplier terms
PRICING & RATES
Avg program price
$4500
$0
BK: 6300
$9000
CONSERVATIVE
Casa B2B training rate; intl trainers benchmark $1,200-5,950/day
BD Lead salary
$12000
$3600.0
BK: 16800
$24000
CONSERVATIVE
BD Lead 0.5 FTE Casa rate — verifiable
STAFFING & OPERATIONS
Maintenance capex %
1%
0%
BK: 70
100%
CONSERVATIVE
Asset-light — touring uses reusable kit
8-YEAR PROJECTION
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Direct Costs | ($89k) | ($100k) | ($112k) | ($115k) | ($119k) | ($127k) | ($131k) | ($135k) |
| Gross Profit | $139k | $164k | $190k | $196k | $202k | $220k | $226k | $233k |
| Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
CASH FLOW · 8-YEAR
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $228k | $264k | $302k | $311k | $321k | $347k | $357k | $368k |
| Net Working Capital | $22k | $26k | $30k | $30k | $31k | $34k | $35k | $36k |
| Δ NWC (use of cash) | $22k | $4k | $4k | $887 | $914 | $3k | $1k | $1k |
| Maintenance capex ($) | $2k | $3k | $3k | $3k | $3k | $3k | $4k | $4k |
| OPERATING CASH FLOW | $115k | $158k | $184k | $192k | $198k | $214k | $222k | $228k |
KPI DASHBOARD · Y4 TARGETS
| KPI | Y4 Target | Alert Threshold | Frequency |
|---|---|---|---|
| Operating KPIs · Borderless | |||
| Active talents managed | 0 | <60% of target | Monthly |
| Programs in pipeline | 8 | <4 | Monthly |
| Exhibitions confirmed | 5 | <3 | Quarterly |
| Avg commission rate % | 10% | <7% | Quarterly |
| Talent retention % | 75% | <60% | Annual |
| Repeat client rate % | 40% | <25% | Annual |
| Monthly revenue | $24k | <80% of target | Monthly |
| Monthly gross contribution | $15k | <70% of target | Monthly |
| Gross margin % | 63% | <60% | Monthly |
| Monthly OCF | $16k | Negative | Monthly |
| Y4 EBITDA | $179k | <80% of plan | Quarterly |
| Revenue YoY growth | 3% | <5% | Annually |
INDUSTRY BENCHMARKS
| Metric | Pixoul (us) | Casa Avg | GCC / Global |
|---|---|---|---|
| Talent Agency revenue | 0 | $30-150K | |
| External Education | 0 | $60-260K | |
| Exhibitions/Touring | $150k | $140-600K | |
| Talent placements/yr | 0 | 50-200 | |
| Programs delivered/yr | 0 | 12-40 | |
| Activations/yr | 5.4 | 5-15 |
F&B & Catering
Pillar 7 · Drivers · Live Model · Updated May 2026
Downloads original 27-tab + 9-pillar model with your slider values
Y4 Revenue
$1.52M
Direct Costs
$950k
Gross Profit
$565k
Gross Margin
37.3%
8-Yr Total Revenue
$12.47M
F&B & CATERING · CORE DRIVERS
Cafeteria base traffic
0.3
0
BK: 1
1
CONSERVATIVE
Casa cafe industry data — visitors fed by 9 pillars; primary revenue driver
Average ticket size
3.5
0
BK: 5
7.0
CONSERVATIVE
Casa F&B avg ticket — 60-100 MAD typical
Online orders / day
125
0
BK: 175
250
CONSERVATIVE
Glovo/JumiaFood Casa benchmark; lower-margin channel
COGS ratio (food cost)
25%
0%
BK: 70
100%
CONSERVATIVE
Industry standard 25-30% — well-established F&B benchmark
Labor ratio
30%
0%
BK: 70
100%
CONSERVATIVE
Casa F&B labor 25-35% of revenue — depends on service model (counter vs full-service)
STAFFING & OPERATIONS
External catering bookings
0
0
BK: 4
5
CONSERVATIVE
Casa B2B catering UNVALIDATED — small revenue line (5.9% per handoff)
Rent allocation
10%
0%
BK: 70
100%
CONSERVATIVE
Pixoul allocated rent — verify allocation key consistent across pillars
8-YEAR PROJECTION
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.21M | $1.36M | $1.52M | $1.52M | $1.59M | $1.67M | $1.75M | $1.84M |
| Direct Costs | ($836k) | ($893k) | ($950k) | ($950k) | ($979k) | ($1.01M) | ($1.04M) | ($1.07M) |
| Gross Profit | $376k | $471k | $565k | $565k | $613k | $662k | $714k | $769k |
| Margin % | 31.0% | 34.5% | 37.3% | 37.3% | 38.5% | 39.6% | 40.7% | 41.7% |
CASH FLOW · 8-YEAR
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.21M | $1.36M | $1.52M | $1.52M | $1.59M | $1.67M | $1.75M | $1.84M |
| Gross Profit (EBITDA proxy) | $376k | $471k | $565k | $565k | $613k | $662k | $714k | $769k |
| NET WORKING CAPITAL | $3k | $7k | $12k | $12k | $14k | $16k | $18k | $21k |
| Δ NWC (use of cash) | $3k | $4k | $4k | $0 | $2k | $2k | $2k | $2k |
| (-) Maintenance CapEx (3% rev) | ($36k) | ($41k) | ($45k) | ($45k) | ($48k) | ($50k) | ($53k) | ($55k) |
| OPERATING CASH FLOW | $337k | $426k | $516k | $520k | $563k | $610k | $659k | $711k |
KPI DASHBOARD · Y4 TARGETS
| KPI | Y4 Target | Alert Threshold | Frequency |
|---|---|---|---|
| Average $/cover | 16.0 | <80% of target | Weekly |
| Daily covers (avg) | 316.7 | <80% of target | Weekly |
| Food cost % of revenue | 25% | <80% of target | Weekly |
| Restaurant EBITDA margin | 37% | <80% of target | Weekly |
| Online order share % | 20% | <80% of target | Monthly |
| Operating days / year | 350 | <80% of target | Monthly |
| Daily operating hours | 14 | <80% of target | Monthly |
| Customer NPS | 50 | <30 | Quarterly |
| Repeat customer rate | 40% | <25% | Monthly |
| Average review rating | 4.5 | <4.0 | Monthly |
| Complaint rate | 2% | >5% | Weekly |
| Staff turnover annualized | 15% | >30% | Quarterly |
INDUSTRY BENCHMARKS
| Metric | Pixoul (us) | Casa Avg | GCC / Global |
|---|---|---|---|
| Daily covers | 316 | 200-400 | 500-1,200 |
| Avg ticket size | 16.0 | $8-15 | $18-35 |
| Food cost % | 25% | 28-32% | 25-30% |
| Labor cost % | 30% | 28-35% | 22-28% |
| Restaurant EBITDA % | 37% | 12-22% | 20-30% |
| Online order share | 20% | 15-25% | 30-45% |
| Catering share | 30% | 15-30% | 20-35% |
Subleasing
Pillar 6 · Drivers · Live Model · Updated May 2026
Downloads original 27-tab + 9-pillar model with your slider values
Y4 Revenue
$0
Direct Costs
$22k
Gross Profit
$111k
Gross Margin
0.0%
8-Yr Total Revenue
$0
SUBLEASING · CORE DRIVERS
Core sublease monthly
60
0
BK: 84
120
CONSERVATIVE
Largest single sublease — verify against Casa Class A rates ($X/sqm/mo)
Coffee shop monthly
100
0
BK: 140
200
CONSERVATIVE
Coffee shop tenant — Casa F&B operator demand strong
Retail kiosk #1 monthly
110
0
BK: 154
220
CONSERVATIVE
Retail kiosk #1 — Casa retail demand for footfall sites
Retail kiosk #2 monthly
110
0
BK: 154
220
CONSERVATIVE
Retail kiosk #2 — UNVALIDATED tenant pipeline
Retail kiosk #3 monthly
110
0
BK: 154
220
CONSERVATIVE
Retail kiosk #3 — UNVALIDATED tenant pipeline; Bear case may need fewer kiosks
Inventory % of revenue
0%
0%
BK: 70
100%
CONSERVATIVE
Pass-through model — minimal inventory
Receivables days
5
0
BK: 10
15
CONSERVATIVE
Tenant rent receivables — typically prepaid/short cycle
Payables days
30
0
BK: 42
60
CONSERVATIVE
Standard supplier terms
STAFFING & OPERATIONS
Annual rent escalation
$0.0
$0
BK: 1
$1
CONSERVATIVE
Annual rent escalation — Casa CPI ~2-3%
Common area maintenance
4800
0
BK: 6720
9600
CONSERVATIVE
⚠ Common area maintenance — at 19.7% cost ratio, this is HIGH (industry norm 5-15%)
Maintenance capex %
0%
0%
BK: 70
100%
CONSERVATIVE
Pass-through — landlord refresh minimal
8-YEAR PROJECTION
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Direct Costs | ($20k) | ($21k) | ($22k) | ($22k) | ($23k) | ($24k) | ($25k) | ($25k) |
| Gross Profit | $78k | $92k | $108k | $111k | $114k | $124k | $128k | $132k |
| Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
CASH FLOW · 8-YEAR
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $98k | $113k | $129k | $133k | $137k | $148k | $153k | $157k |
| Net Working Capital | ($9) | ($11) | ($12) | ($13) | ($13) | ($14) | ($14) | ($15) |
| Δ NWC (use of cash) | ($9) | ($1) | ($2) | ($0) | ($0) | ($1) | ($0) | ($0) |
| Maintenance capex ($) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| OPERATING CASH FLOW | $78k | $92k | $108k | $111k | $114k | $124k | $128k | $132k |
KPI DASHBOARD · Y4 TARGETS
| KPI | Y4 Target | Alert Threshold | Frequency |
|---|---|---|---|
| Operating KPIs · Subleasing | |||
| Occupancy % | 100% | <90% | Monthly |
| On-time payment rate % | 98% | <92% | Monthly |
| Avg rent collection days | 5 | >15 | Monthly |
| Tenant churn rate | 10% | >20% | Annual |
| Maintenance issues/mo | 2 | >5 | Monthly |
| Avg tenant tenure (yr) | 2.5 | <1.5 | Annual |
| Monthly revenue | $10k | <80% of target | Monthly |
| Monthly gross contribution | $8k | <70% of target | Monthly |
| Gross margin % | 83% | <60% | Monthly |
| Monthly OCF | $9k | Negative | Monthly |
| Y4 EBITDA | $101k | <80% of plan | Quarterly |
| Revenue YoY growth | 3% | <5% | Annually |
INDUSTRY BENCHMARKS
| Metric | Pixoul (us) | Casa Avg | GCC / Global |
|---|---|---|---|
| Core sublease revenue | 0 | $25-35K | |
| Coffee shop revenue | 0 | $15-25K | |
| Retail kiosks revenue | $256k | $30-60K | |
| Total occupancy % | 100% | 95-100% | |
| Gross margin % | 83% | 85-95% | |
| Revenue per sqm/yr | 609.5 | $500-800 |
🎮 GAMING CATALOG
In Build
🎮 Gaming Equipment Catalog
Full catalog of arcade machines, VR pods, simulators, console stations, redemption games, and museum exhibit equipment — with sourcing, specifications, pricing, and integration timeline.
Arcade Machines
60+ classic and modern arcade units.
VR & Simulators
Pods, racing rigs, flight sims.
Console Stations
PS5, Xbox, Switch — paired play.
Redemption
Ticket-yielding games + prize wall.
Museum Exhibits
Interactive gaming history installations.
Kids Playground
Soft-play, interactive floors, sensory.
Module scaffold added in v13.9.31. Full catalog with vendor links + specs in upcoming phase.
Pixoul Morocco – Data Room
Click any folder to expand · Click any document to view the full template. 16 folders | 80+ documents, All pre-populated with Pixoul Morocco data
Investor-readiness audit
Click any folder to see what's real, what's placeholder, and what's still missing
📊 Live Model Snapshot
Updates in real-time as you adjust sliders across the suite · Last refreshed —
⚠️ Important: The 17 embedded documents below show base-case figures as of April 2026. The snapshot above is live and always current. When sending to investors, include both: the bound docs for narrative + the snapshot for up-to-the-minute numbers.
Deal Status · Live · Updated April 2026
Further along than you think.
Most investors assume this is still at the idea stage. It isn't. Eleven milestones are complete. The raise is the final unlock.
4
Signed LOIs
Ministries + SMIT
Ministries + SMIT
6,300
m² Secured
Casablanca
Casablanca
11
Team roles
Onboarded
Onboarded
4/12
Milestones
Complete
Complete
Path to opening · 12 milestones
✓
Team
assigned
assigned
Done
Q2 2025
11 roles onboarded — Founder, co-founder, legal, architect, esports, ops, procurement, advisors, auditor.✓
Site
secured
secured
Done
Apr 10, 2026
6,300 m² Casablanca · Idriss LOI signed · 10-year tenancy target.✓
Gov.
support
support
Signed
Mar 20, 2026
SMIT MOU signed (Tourism). FRMJE Esports partnership signed. Ministry of Culture signs May 20 at Morocco Gaming Expo. Education in active conversation.4
Incorpo-
ration
ration
Active
In progress
Moroccan SARL drafted Apr 18 · UAE-Morocco cross-border structure under counsel review.✓
Debt
approval
approval
$2.1M
Q1 2026
Equipment Loan facility committed $2.77M @ 7% × 7yr. 70% of equipment line. Annual debt service ~$590K.6
Big 4
PwC
PwC
In review
May 2026
27-tab Master Investor Model under PwC review. Sheets 12 & 13 (DCF, IRR 17.8%, debt, covenants) signed off.7
IB
mandate
mandate
Active
Q2 2026
Investment bank mandate negotiation underway — placement strategy for Round 1.8
Investors
briefed
briefed
In progress
Now
Active conversations with anchor and lead investors. Personalized decks deployed.9
Raising
$7.63M
$7.63M
Live
Open now
$7.63M at $15.57M post-money · 49% equity · $500K anchor + $6M lead tranches.10
Lease
signed
signed
On close
T+0
Final lease execution triggered on Round 1 close. Build-to-suit structure ready.11
Build
T+0 to T+9
9 months
Construction commences immediately post-close. Equipment already sourced (China · Russia · USA).12
Open
Q3 2027
Soft open
Full venue opening Q3 2027 · 6,300 m² flagship live · 9 revenue pillars activated.Complete
Active now
Unlocks on close
The journey so far
2021–2024 · Abu Dhabi
Pixoul UAE — 4 years of live operations
$7M+ annual revenue · 147,000+ students · 100+ school partnerships · 150,000 visitors/yr · 4,500m² flagship at Al Qana. The blueprint was proven before Morocco began.
✓ Operating
Q1 2026 · Casablanca
Site identified — 6,300 m² prime Casablanca location
Idriss (lessor) engaged. LOI signed. Build-to-suit structure under negotiation. 10-year tenancy target. Architectural drawings commenced.
✓ LOI Signed
Q4 2024 · Rabat
Ministry of Youth, Culture & Communication — LOI signed
Official support for youth digital literacy. Curriculum alignment pathway confirmed. Signing ceremony at national gaming exhibition.
✓ Signed
Q4 2024 · Rabat
Ministry of Tourism, Crafts & Social Economy — LOI signed
Casablanca designated as innovation tourism destination. MoT Expo invitation received for public signing ceremony.
✓ Signed
Q1 2025 · Rabat
SMIT — DG Imad Barrakad LOI signed
Société Marocaine d'Ingénierie Touristique endorsement. Tourism infrastructure mandate. Subsidy pathway confirmed — up to $5–6M in grants identified.
✓ Signed · Bilingual
Q1 2025 · Rabat
Ministry of Education — LOI signed
National curriculum integration pathway. School partnerships framework — 50+ schools targeted in Year 3.
✓ Signed
Q1 2025
eLearning Center / Offices Federation — Partnership signed
6,300 m² dedicated learning facility with federation endorsement. Institutional anchor for the Academy pillar.
✓ Partnership signed
Q2 2025
Team assembled — 11 roles filled
Founder, co-founder, legal counsel, lead architect, head of esports, head of operations, head of procurement, advisors and auditor all onboarded.
✓ Operational
Q3 2025
Global procurement mission — China · Russia · USA
Tech sourced directly from manufacturers. Arcade units, VR simulators, esports gear, RTX rigs. Best-in-class at factory pricing.
✓ Sourced
Q4 2025
Financial model & legal structure complete
8-year P&L, cash flow, balance sheet. UAE–Morocco cross-border structure reviewed by counsel. Investor memo, data room, assumptions pack all ready.
✓ Investor-ready
Now · Q2 2026
Round 1 raise — $7.63M · Currently active
$7.63M at $15.57M post-money. 49% equity. $500K anchor tranche + $6M lead tranche. Bankers engaged. Documents ready. Waiting for the right partners.
⏳ Raising now
Post-close
SPV incorporation + construction commencement
Moroccan SARL registered. Build-to-suit commences. Month 0–18 to full venue opening.
📋 Triggered on close
Document evidence — every claim, backed by a file
✓ Signed
LOI — Ministry of Youth, Culture & Communication
Official youth digital literacy endorsement. Curriculum alignment pathway.
✓ Signed
LOI — Ministry of Tourism, Crafts & Social Economy
Casablanca as innovation tourism destination. MoT Expo invitation.
✓ Signed
LOI — Ministry of Education
National curriculum integration. 50+ school partnerships Year 3.
✓ Signed
LOI — SMIT · DG Imad Barrakad
Tourism infrastructure mandate. $5–6M subsidy pathway confirmed.
✓ LOI Signed
Lessor Agreement · Idriss · 6,300 m²
Prime Casablanca site locked. Build-to-suit. 10-year tenancy target.
✓ Ready
Rooftop Sublease Term Sheet
Premium rooftop revenue floor. Separate entity. Income independent of footfall.
✓ Investor-ready
Investor Memorandum
Full investment case. Structure, returns, risk, exit strategy.
✓ Template ready
LOI Template — Investor
Ready to countersign. Pre-populated with Round 1 terms.
⏳ Applied
CRI Tax Holiday
5-year corporate tax exemption. Qualifying project confirmed.
⏳ Eligible
VAT Exemption Pathway
Application filed post-SPV. 20% on ~$3M equipment = $600K savings.
✓ Drafted
Legal Opinion
UAE–Morocco cross-border structure. Tax treaty analysis complete.
📋 Post-close
SPV Incorporation
Moroccan SARL registered post-funding. Structure reviewed by counsel.
The team already assembled
TA
Toufic Assaf
Founder & Director
Pixoul UAE
Pixoul UAE
K
Karim
Co-founder
Robocom
Robocom
BI
Bassem Issa
Strategic Advisor
Z
Zeineb
Legal Counsel
Morocco
Morocco
N
Nacer
Operations Lead
S
Sandy
Lead Architect
J
Jaime
Head of Esports
—
Head of Ops
Role filled
Onboarded
Onboarded
—
Head of Procurement
Sourcing lead
Onboarded
Onboarded
—
Auditor
Named · retained
Big 4
Big 4
+
11 roles total
All operational
before raise closes
before raise closes
Global procurement — sourced directly
🇨🇳
China
Arcade units · redemption · simulators · factory direct
🇷🇺
Russia
VR free-roam content · EVA systems
🇺🇸
USA
RTX 4090 rigs · esports peripherals · high-spec builds
Full operational readiness — inherited from Abu Dhabi
4 years of operating playbooks · Curriculum library of 100+ courses ready to deploy · Supplier relationships across 3 continents · Staff training frameworks · SOPs for all 9 revenue pillars · Esports league structure and tournament formats proven at scale.
✓ Playbooks ready
✓ Curriculum built
✓ Suppliers contracted
✓ SOPs documented
✓ Esports formats proven
↳ Merged section: Lessor & Land · Idriss Meeting
Meeting Requirements – Idriss
Checklist, document vault, and post-meeting notes
Progress
0%
0 / 0
Bring to meeting:
BRING Documents to take with you
SHARE Share / discuss at start
MUST Non-negotiable
ASK Questions
NEG Negotiate
FLAG Red flags
Post-meeting notes
↳ Merged section: Government Partnerships · 3 Ministries
MINISTERIAL ENGAGEMENT
Government Partnerships
Three ministries. Three LOIs submitted. Active engagement with the Moroccan government on multiple fronts.
🏛
Ministry of Youth, Culture & Communication
✅ LOI Submitted
Alignment on youth employment, digital literacy, creative industries. Primary ministry driver given Pixoul's education-through-gaming focus.
🏖
Ministry of Tourism (SMIT)
✅ LOI Submitted
Directed to DG Imad Barrakad. Destination attraction, entertainment venue, MICE opportunities. Casablanca as a cultural destination.
🎓
Ministry of Education
✅ LOI Submitted
Curriculum alignment, school partnerships, accredited courses pathway. Long-term opportunity for state-school programs integration.
Engagement Pipeline
✅ LOI
Complete
⏳ MOU
In progress
📋 Signing
Post-funding
🎯 Active
Year 1
Why three ministries matter: Morocco Digital 2030 is cross-ministerial. Three active LOIs triangulate government support – if one ministry shifts focus, the other two remain engaged. Derisking built into government relationship structure.
↳ Merged section: Deal Process & Meetings
PROCESS & TIMELINE
Deal Process & Meetings
Your roadmap from first meeting to close. Transparent, milestone-driven, no surprises.
📞
Week 1-2: Introduction
Initial call with founder. Deck walkthrough. Data Room access granted. Questions captured. Follow-up meeting scheduled.
📊
Week 2-4: Due Diligence
Investor reviews financial model, legal docs, UAE venue metrics. Optional UAE flagship visit. Reference calls with Pixoul clients and partners.
📋
Week 4-6: Term Sheet
Term sheet negotiation. Structure, rights, governance aligned. Non-binding commitment signed. Legal drafting begins.
✍️
Week 6-8: Definitive Docs
Full SPA, shareholders agreement, and ancillary docs finalized. Closing conditions tracked. Capital call sequence confirmed.
🎯
Week 8: Closing
First tranche released. SPV incorporated. Lease signed. Board first meeting. Project officially launched.
🚀
Week 9+: Execution
Monthly updates. Quarterly board. Milestone-based capital tranches. Investor Portal access (if applicable). Continuous engagement.
60 Days
Target to Close
Monthly
Update Cadence
Quarterly
Board Meetings
Full
Transparency
Next Scheduled Actions
Morocco trip: On-ground meetings with ministries, lessor walk-through, legal counsel session.
Investor call: Post-review deep-dive Q&A.
Term sheet draft: Sent upon positive signal from investor.
Investor call: Post-review deep-dive Q&A.
Term sheet draft: Sent upon positive signal from investor.
Meeting Requirements – Idriss
Checklist, document vault, and post-meeting notes
Progress
0%
0 / 0
Bring to meeting:
BRING Documents to take with you
SHARE Share / discuss at start
MUST Non-negotiable
ASK Questions
NEG Negotiate
FLAG Red flags
Post-meeting notes
Pixoul Casablanca – Complete Financial Model
Full revenue model with classroom calculator, course breakdown, cost structure and sensitivity analysis. Open in new tab for full experience.
Detailed Financial Statements
Scenario Builder – click to expand
Year 1 Ramp55%
Conservative ramp during opening year
Year 2 Ramp80%
Brand recognition phase
Yr 3 Stabilized Multiplier100%
Adjusts Years 3–5 vs base case
Government Subsidies – click to expand
Savings: $0
▸
Savings: $0
▸
PROFIT & LOSS – 5-YEAR PROJECTION
| Yr 1 (55%) | Yr 2 (80%) | Yr 3 (100%) | Yr 4 (110%) | Yr 5 (120%) | |
|---|---|---|---|---|---|
| Income Architecture | $4.56M | $6.63M | $8.29M | $9.11M | $7.25M |
| – Gaming | $951K | $1.38M | $1.73M | $1.90M | $2.08M |
| – Rooftop | $2.47M | $3.60M | $4.50M | $4.95M | $5.39M |
| – Academy | $249K | $362K | $453K | $498K | $543K |
| – Events | $285K | $414K | $518K | $570K | $622K |
| – Esports | $315K | $458K | $572K | $630K | $687K |
| – F&B+Retail+Sponsors | $284K | $414K | $517K | $569K | $620K |
| DIRECT COSTS (all pillars) | -$1.32M | -$1.92M | -$2.40M | -$2.64M | -$2.88M |
| GROSS PROFIT | $3.24M | $4.71M | $5.89M | $6.48M | $7.06M |
| Shared OpEx (overhead) | -$1.67M | -$2.57M | -$2.75M | -$2.87M | -$3.00M |
| EBITDA | $2.89M | $4.06M | $5.54M | $6.24M | $6.95M |
| Depreciation (est.) | -$1.08M | -$1.08M | -$1.08M | -$1.08M | -$1.08M |
| EBIT | $1.81M | $2.97M | $4.45M | $5.16M | $5.86M |
| IS Tax (26%) | -$752K | -$1.05M | -$1.44M | -$1.62M | -$1.81M |
| NET PROFIT | $2.14M | $3.00M | $4.10M | $4.62M | $5.14M |
| Dividend (85%) | $1.82M | $2.55M | $3.48M | $3.93M | $4.37M |
BALANCE SHEET SNAPSHOT (YEAR 3)
ASSETS
Cash & equivalents$5.99M
Fixed assets (net of dep.)$7.59M
Intangibles (franchise, IP)$1.63M
Receivables$414K
TOTAL ASSETS$15.62M
LIABILITIES & EQUITY
Shareholders equity$4.56M
Retained earnings$360K
Deferred revenue$249K
Payables & accruals$404K
TOTAL L+E$5.58M
CASH FLOW STATEMENT (YEAR 3)
OPERATING
Net profit$2.40M
Add: depreciation$1.08M
Working capital changes-$249K
NET OPERATING CF$3.23M
INVESTING
CapEx (Round 1)-$10.84M
Equipment refresh-$180K
NET INVESTING CF-$11.02M
FINANCING
Equity raised (Ph1+2)$8.67M
Dividends paid-$2.04M
NET FINANCING CF$6.63M
CASH FLOW STATEMENT – 8-YEAR MATRIX · operating · investing · financing · live from current slider state
| Cash Flow line | Y0 launch | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 |
|---|---|---|---|---|---|---|---|---|---|
| Adjust any slider to populate the live 8-year matrix… | |||||||||
How to read this:
Operating CF = EBITDA − tax − working capital change (3% of revenue delta).
Investing CF includes $6.15M project CapEx at Y0 launch ($4.5M from Round 1 + $1.65M re-injection), plus ~2% revenue maintenance capex from Y3.
Financing CF = equity inflows by phase + dividend distributions.
Cumulative cash should stay positive every year – dip below zero = funding gap that needs a facility or bridge round.
BALANCE SHEET – BELOW-THE-LINE NOTES · items not always on the main snapshot
Off-balance / below-the-line Liabilities
Lease liability (IFRS 16, 10yr @ 5% disc.)
$4.63M
Deferred tax asset (cumulative losses)
~$120K
Capital commitments (open POs Y1-Y2)
~$1.8M
Guarantees / bank LCs issued
$350K
Working Capital Detail
AR: academy fees (30-day terms)
$42K
AR: corporate/school contracts
$340K
Inventory: F&B + prizes + retail stock
$95K
AP: vendors + maintenance (45-day)
-$310K
Deferred revenue: prepaid memberships
-$155K
NET WORKING CAPITAL
$12K
KEY PERFORMANCE INDICATORS
Gross Margin
66%
EBITDA Margin
22%
Net Margin
29%
Revenue / m²
$3K
Revenue / Employee
$104K
OpEx / Revenue
61%
CapEx / Revenue
131%
CapEx Payback
$5 yrs
SENSITIVITY ANALYSIS
Bear Case (60% rev)
Revenue
$4.97M
Net Profit
-$75K
Dividend
$0
Conservative (75% rev)
Revenue
$6.21M
Net Profit
$864K
Dividend
$734K
Base Case (100% rev)
Revenue
$5.07M
Net Profit
$2.40M
Dividend
$2.04M
Optimistic (120% rev)
Revenue
$7.25M
Net Profit
$3.62M
Dividend
$3.08M
Bull Case (150% rev)
Revenue
$12.43M
Net Profit
$5.46M
Dividend
$4.64M
👤 My Investor View
Personalized P&L and Cash Flow from your seat as a Round 1 investor. Edit your ticket below – everything recomputes live.
Exit assumption:
Same toggle is shared with Investor Returns slide.
Your Investment
$
Default $7.63M = full Round 1
Your Equity
45%
Pro-rata from $7.63M / $14.5M post
Round 1 Total
$7.63M
@ $15.57M post-money
Min Ticket
$250K
Co-investment possible
IRR (5-yr)
—
5-yr · with 6× exit
annualized return
MOIC
—
multiple of money
Payback
—
years to recover capital
5-yr Total Cash
—
dividends received
Avg Profit / yr
—
your share of net profit
Retained Earnings (Y8)
—
15% reinvested @ 25% ROI
Y8 MOIC (with exit)
—
divs + sale ÷ invested
Total Wealth (Y8)
—
cash + retained + exit
🏢 Company P&L
$ in millions
| Line | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 |
|---|---|---|---|---|---|---|---|---|
| Loading... | ||||||||
👤 Your P&L Slice
at 45%
| Your share | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 |
|---|---|---|---|---|---|---|---|---|
| Loading... | ||||||||
🏢 Company Cash Flow
$ in millions
| Line | Y0 | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 |
|---|---|---|---|---|---|---|---|---|---|
| Loading... | |||||||||
👤 Your Cash Flow
at 45%
| Your cash | Y0 | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 |
|---|---|---|---|---|---|---|---|---|---|
| Loading... | |||||||||
💎 Exit Scenarios – Your Equity Sale Value
Based on 6× EBITDA multiple (conservative for blended edutech + entertainment)
Year 5 Exit
—
Your share of company sale
Year 8 Exit
—
Mature operations multiple
Total Y8 Return
—
Dividends + Y8 sale
Y8 MOIC
—
Total return / your investment
Assumptions: Your equity scales pro-rata from the $7.63M / 49% headline (e.g. $1M ticket = 6.53% equity). Annual dividend = your equity % × company dividend (which is 85% of net post-tax profit). Exit valuation = 8× Y7 EBITDA. IRR computed via Newton-Raphson on cashflow [−investment, dividends Y1-Y5, + Y5 exit share]. Numbers update from the live model – slider changes in OpEx / CapEx / Revenue assumptions flow through here automatically.
THE ASK
Currently Raising
Round 1 · $7.63M at $15.57M post-money. 49% equity across two tickets – Anchor and Lead. Structured to close within 60 days. Capital deploys in defined tranches tied to milestones.
Anchor
$500K
5% equity
Strategic partner. Board observer. First money in.
Lead
$6M
40% equity
Institutional lead. Board seat. Full rights package.
📊
Valuation Logic
Post-money $15M is benchmarked against UAE flagship operational metrics + Morocco revenue projections at 60% of UAE run-rate in Year 2. Conservative base case. Detailed comps in the Comparable Exits tab.
🎯
Why 49% equity
Founder retains 55% controlling stake post-Round 1. Subsequent rounds (secondary, re-injection) follow in Year 2 with pre-negotiated terms. See Cap Table for full waterfall.
⏱
Deployment Schedule
Funds released in tranches tied to milestones: SPV setup, lease execution, construction start, soft open, full launch. Investor retains visibility across every phase.
Full terms in Investor View & Terms. Deployment breakdown in Capital Deployment. Signed documents pending term sheet acceptance.
PRESS
Press & Recognition
Media coverage, ministry endorsements, and client testimonials. Share press clippings and they populate here.
📰
UAE Media
Features in regional publications covering Pixoul as a template for next-generation education venues. Coverage pending on launch of Morocco expansion.
🏛
Ministerial Endorsements
Quotes and letters of support from Moroccan Ministry of Youth, Tourism (SMIT), and Education on alignment with Morocco Digital 2030.
🎓
Educational Partners
Letters from UAE schools and universities confirming Pixoul curriculum integration and student outcomes.
🏢
Corporate Clients
Testimonials from event clients: multinational brands, UAE government agencies, regional tech companies.
Share any press clippings, media features, or endorsement letters and they will be embedded here as live cards with source links.
CAPITAL ALLOCATION
Use of Funds
Where every dollar of the $7.63M deploys. Tranche-based release tied to milestones. Full transparency.
$4.15M
CapEx
$1.0M
Working Capital
$500K
Marketing
$850K
Runway Buffer
🏗
CapEx – $4.15M (64%)
Venue fit-out, gaming hardware (PCs, consoles, VR, arcade), academy equipment, esports stage, F&B build-out, AV/lighting, furniture, IT infrastructure. Full procurement spec in Operations.
💼
Working Capital – $1.0M (15%)
Initial inventory, staff salaries through ramp-up, lease deposits, utility connections, licensing fees, pre-opening operations. Covers months 1-6 before revenue stabilizes.
📣
Marketing & Launch – $500K (8%)
Brand launch campaign, digital marketing, PR, opening events, influencer partnerships, community seeding, strategic partnerships activation.
🛡
Runway Buffer – $850K (13%)
Contingency for construction delays, currency volatility, unforeseen costs, and timing buffer between capital deployment and revenue ramp. Protects against downside scenarios.
Tranche Release Schedule
Tranche 1 (30%) – SPV incorporation, lease signing, initial team hires
Tranche 2 (40%) – Construction commencement, procurement POs
Tranche 3 (20%) – Soft open milestones, staff completion
Tranche 4 (10%) – Full launch, marketing activation
Tranche 2 (40%) – Construction commencement, procurement POs
Tranche 3 (20%) – Soft open milestones, staff completion
Tranche 4 (10%) – Full launch, marketing activation
VALUATION BENCHMARKS
Comparable Exits
Real market data validating our 6× EBITDA exit assumption. Transactions from gaming, education, entertainment, and MENA hospitality sectors.
| Company | Sector | Deal | Multiple | Relevance |
|---|---|---|---|---|
| VR Park Dubai | Gaming / Entertainment | Meraas / Emaar | 8× EBITDA | Direct comp – VR + gaming venue |
| Kidzania Franchises | Education / Entertainment | Multiple regional sales | 4-6× Revenue | Education + entertainment hybrid |
| Saudi Esports Arena | Esports / Events | Savvy Gaming Group | 7-9× EBITDA | Esports + tournaments |
| Dave & Buster's | Gaming / F&B | US public market | 6-8× EBITDA | Arcade + F&B hybrid, US benchmark |
| Morocco Hospitality (CRI) | Hospitality / Events | Multiple CRI-backed deals | 5-7× EBITDA | Morocco multiple benchmark |
| Entertainment Venues MENA | Venue / Hospitality | Regional aggregated deals | 5-8× EBITDA | Regional venue comparables |
5-9×
Market Range
6×
Our Assumption
Conservative
Positioning
Why we use 6×
The market range is 5-9× EBITDA. We assume 6× – the conservative middle – for our exit modeling. If we achieve the Pixoul UAE flagship's actual multiple (closer to 8×), investor returns jump significantly. Upside is baked in, not required.
MINISTERIAL ENGAGEMENT
Government Partnerships
Three ministries. Three LOIs submitted. Active engagement with the Moroccan government on multiple fronts.
🏛
Ministry of Youth, Culture & Communication
✅ LOI Submitted
Alignment on youth employment, digital literacy, creative industries. Primary ministry driver given Pixoul's education-through-gaming focus.
🏖
Ministry of Tourism (SMIT)
✅ LOI Submitted
Directed to DG Imad Barrakad. Destination attraction, entertainment venue, MICE opportunities. Casablanca as a cultural destination.
🎓
Ministry of Education
✅ LOI Submitted
Curriculum alignment, school partnerships, accredited courses pathway. Long-term opportunity for state-school programs integration.
Engagement Pipeline
✅ LOI
Complete
⏳ MOU
In progress
📋 Signing
Post-funding
🎯 Active
Year 1
Why three ministries matter: Morocco Digital 2030 is cross-ministerial. Three active LOIs triangulate government support – if one ministry shifts focus, the other two remain engaged. Derisking built into government relationship structure.
PRE-EMPTIVE ANSWERS
Investor FAQ
The 15 questions every investor asks – answered pre-emptively with data and specifics.
What is the minimum ticket size?
Round 1 has two defined tickets: $500K Anchor (5% equity) and $6M Lead (44% equity). Combined equity is 49% of the post-money $15.57M. Secondary rounds in Year 2 may open additional positions.
How is equity calculated?
Equity = (Your Investment / $7.63M) × 49%. A $1M commitment yields 6.53% equity. A $3M commitment yields 19.6%. Live calculator in Investor View & Terms.
Why 6× EBITDA exit multiple?
Market comps show 5-9× range (see Comparable Exits). 6× is the conservative middle. VR Park Dubai exited at 8×. Our base case uses 6× to build margin of safety into returns.
What if revenue underperforms?
Stress tests in the Sensitivity tab. At 60% of projected revenue, IRR remains above 20% due to conservative cost structure and government subsidies. Full downside scenarios modeled.
What is the exit timeline?
Base case: Year 5-7 exit via strategic sale or management buyback. Upside: Year 4-5 via regional expansion acquisition. Secondary round at Year 2 provides early liquidity option.
How much dilution in future rounds?
Round 2 secondary ($6M) provides liquidity without dilution. Any future primary rounds (Series A, international expansion) dilute proportionally. Cap Table shows full waterfall.
What are my information rights?
Monthly financial summary, quarterly board reports, annual audit access, site visit rights, advance notice of material events. Full detail in Legal & Structure.
What governance rights do I get?
Lead investor gets board seat. Anchor gets observer seat. Reserved matters veto (issuance, sale, major changes). Tag-along, drag-along, ROFR on subsequent rounds.
How does the UAE → Morocco structure work?
UAE holding entity deploys capital into Moroccan SPV. UAE-Morocco double-taxation treaty minimizes leakage. Clean exit pathways. Full structure in Legal & Structure.
What happens if the founder leaves?
Founder vesting schedule protects investors. Key-person insurance covered. Pre-agreed succession plan. Board-approved replacement process. Full protection package in term sheet.
What are the construction risks?
Fixed-price contracts with penalty clauses. Construction timeline with 20% buffer. Runway buffer ($850K) covers delays. Independent project management. Detailed in Risk.
What about currency risk?
Revenue collected in MAD. Key expenses in MAD. Currency hedging available for capital deployment. Historical MAD/USD volatility is contained. Risk section has full analysis.
Who are the other investors?
Round 1 targets one Anchor + one Lead. Pre-qualified investors. References available post-term sheet. Closed group, not a syndicate.
Can I visit the UAE flagship?
Yes. Abu Dhabi visit is encouraged pre-commitment. See the operating venue, meet the team, observe unit economics. Part of standard due diligence.
What happens after Round 1 closes?
Tranche release based on milestones. Monthly investor updates. Quarterly board meetings. Full transparency on deployment. First revenue targeted within 12 months of close.
IMMERSIVE WALKTHROUGH
3D Venue Walkthrough
Interactive floor plan or Matterport walkthrough of the Casablanca venue. Placeholder until 3D scan or architectural renders are available.
🎮
3D Walkthrough Coming
Once architectural renders are finalized, this slide will embed an interactive 3D walkthrough of the Casablanca venue – arcade, academy, esports stage, events hall, F&B, rooftop.
📐
Floor Plans
Available in the Floor Plan tab – interactive zoning diagram.
📸
Renders
Pending architectural completion.
🎥
Virtual Tour
Matterport-style 3D walkthrough planned for launch.
🎯
That's the story.
Ready to take the next step?
📞
Schedule a Call
30 min deep-dive with Toufic
📁
Open Data Room
Full due diligence library
🇦🇪
Visit UAE Flagship
See the model in action
Explore every slide, adjust every assumption, download any document
💬
Still have questions?
Click the green chat button – AI knows everything about this deal.
PROCESS & TIMELINE
Deal Process & Meetings
Your roadmap from first meeting to close. Transparent, milestone-driven, no surprises.
📞
Week 1-2: Introduction
Initial call with founder. Deck walkthrough. Data Room access granted. Questions captured. Follow-up meeting scheduled.
📊
Week 2-4: Due Diligence
Investor reviews financial model, legal docs, UAE venue metrics. Optional UAE flagship visit. Reference calls with Pixoul clients and partners.
📋
Week 4-6: Term Sheet
Term sheet negotiation. Structure, rights, governance aligned. Non-binding commitment signed. Legal drafting begins.
✍️
Week 6-8: Definitive Docs
Full SPA, shareholders agreement, and ancillary docs finalized. Closing conditions tracked. Capital call sequence confirmed.
🎯
Week 8: Closing
First tranche released. SPV incorporated. Lease signed. Board first meeting. Project officially launched.
🚀
Week 9+: Execution
Monthly updates. Quarterly board. Milestone-based capital tranches. Investor Portal access (if applicable). Continuous engagement.
60 Days
Target to Close
Monthly
Update Cadence
Quarterly
Board Meetings
Full
Transparency
Next Scheduled Actions
Morocco trip: On-ground meetings with ministries, lessor walk-through, legal counsel session.
Investor call: Post-review deep-dive Q&A.
Term sheet draft: Sent upon positive signal from investor.
Investor call: Post-review deep-dive Q&A.
Term sheet draft: Sent upon positive signal from investor.
VISION & MISSION
Education Through Gaming
Pixoul exists because the education system wasn't built for this generation. Kids learn by doing, building, playing – not by listening. We use gaming as the primary method to teach real skills: coding, AI, robotics, design, entrepreneurship. Not a gimmick. Not edutainment. A complete reimagining of how learning works.
12+
Learning Tracks
All Ages
Kids → Adults
5,000+
Students Trained
UAE
Flagship Live
🎯
The Mission
To prepare the next generation for an economy that will demand skills the current education system cannot teach. We produce students who can build, design, code, compete, and earn – before they finish high school.
🎮
The Method
Gaming as learning. Students don't study coding – they build games. They don't read about AI – they train models. They don't attend lectures on esports – they compete in leagues. Engagement through doing.
🌍
The Impact
Every graduate leaves with a portfolio: games they built, models they trained, tournaments they won. Real skills, real outcomes. 85%+ retention across our programs. Parents see results within weeks, not years.
– Toufic, Founder
THE TEAM BEHIND PIXOUL
Who We Are
Pixoul started as a vision in Abu Dhabi – a single venue combining gaming, education, and community under one roof. Today we operate a proven flagship serving thousands of students and visitors, backed by a team that ships, measures, and iterates.
🇦🇪
Abu Dhabi Flagship
Opened 2022. Full operational venue combining gaming arena, academy classrooms, esports stages, events space, and F&B. Generates revenue, trains hundreds of students monthly, hosts corporate events, and partners with UAE education institutions.
👤
Founder – Toufic
Director and Founder of Pixoul. Built the original concept, secured the venue, hired the team, and delivered the product. Now leading Morocco expansion. Personally invested. Hands-on operator, not an armchair executive.
⚙️
Operating Team
Venue managers, academy instructors, event producers, tournament organizers, and F&B operators. Proven across Arabic and English cohorts. Transferable playbooks built in Abu Dhabi, ready for Casablanca deployment.
🤝
Partnerships
UAE Ministry of Education relationships. Brand partners (consumer electronics, gaming hardware, energy drinks, telco). Corporate clients for events and training. A network that accelerates Morocco entry.
Why this team wins in Morocco
We are not theorizing about a venue concept. We have operated one for years, measured what works, fixed what didn't, and built transferable systems. Morocco is a replication with localization – not a new experiment.
🎥
Personal Video Message from Toufic
30-second personalized welcome video – shot on request, embedded here with auto-play on first visit. Turns this from a document into a conversation.
THE BUSINESS MODEL
How Pixoul Makes Money
Five revenue pillars. Complementary, not competing. Each one attracts a different customer and uses the same physical venue at different times. Venue utilization across day, evening, weekend, and corporate cycles.
🎮
Gaming Arena
Walk-in gaming sessions. Arcade, VR, consoles, PCs. Pay-per-hour or memberships. Primary driver of foot traffic. Converts walk-ins into academy students and event bookings.
🎓
Academy
Structured courses: game design, coding, AI, robotics. 8-week to 6-month programs. Kids, teens, adults. Premium pricing, recurring revenue, strong retention.
🏟
Events & Venue Hire
Private bookings for birthdays, corporate team-building, school trips. High-margin. Uses off-peak hours. Each event becomes a mini-marketing moment.
🕹
Esports & Tournaments
Local leagues, weekly tournaments, regional qualifiers. Entry fees + prize pools + streaming + sponsorship. Builds community, attracts sponsors, generates content.
🏢
F&B, Retail & Sponsors
Branded F&B inside the venue, merchandise, and sponsorship deals (naming rights, co-branded experiences, product placement). Near-zero marginal cost, high margin.
5
Revenue Pillars
7 Days
Operating Week
15 Hours
Daily Utilization
3-4 Years
Payback Target
The insight
Most "gaming cafes" make money only when they are full. Most "academies" only make money during class hours. Pixoul runs 5 businesses in 1 venue on different schedules – every square meter monetizes across the day. Capital efficiency is 3-5× a single-use venue.
THE PROJECT
Pixoul Morocco
The Casablanca flagship. A $7.63M Round 1 to build, launch, and operate the first Pixoul venue outside the UAE. Built on proven economics. Backed by three ministries. Ready to break ground.
$7.63M
Round 1 Capital
45%
Equity Offered
$15M
Post-Money
Casablanca
Location
🏗
The Venue
Purpose-built flagship in Casablanca. Gaming arena, academy classrooms, esports stages, events hall, F&B, retail, rooftop. Lessor agreement secured. Architectural drawings underway. Target opening Q3 2026.
🏛
Government Backing
Letters of Intent from three ministries: Youth & Culture, Tourism (SMIT), Education. CRI tax holiday eligibility. VAT exemption pathway. Customs waiver application in progress.
👥
Market Entry
4.2M metro Casablanca. 37.2% youth unemployment. Morocco Digital 2030 strategy actively seeking partners. No direct competitor combining gaming, academy, esports, events under one roof.
📅
Timeline
Close Round 1 → SPV setup → Lease finalization → Construction (6 months) → Soft open → Full operations. Full timeline in the Timeline tab. Target: revenue within 12 months of close.
WHY THIS TIMING
Why Now
The timing window for Morocco entry is narrow. Government programs are active, incentives are on the table, and no established competitor has moved yet. Two years from now, the first-mover advantage is gone.
📅
Morocco Digital 2030 is Active
Government launched a multi-billion dirham strategy for digital transformation. Active funding windows, active ministerial programs, active procurement. Miss it now and we wait for Digital 2040.
🎯
No First-Mover Yet
No single operator in MENA combines gaming + academy + esports + events + F&B. International players (GameWorks, etc.) are not in Morocco. Local operators run single-use venues. The space is empty. For now.
💰
Incentives Are Live
CRI tax holidays, VAT exemption pathways, customs waivers – all actively available for qualifying projects. These programs expire or narrow over time. Early entrants capture the full benefit.
🌍
Regional Demand
Saudi, Egypt, Tunisia, Algeria all building similar programs. Morocco first positions us for regional expansion. Each new venue gets easier once the playbook is validated in Casablanca.
🏆
UAE Template is Proven
Four years of operating data. Transferable playbooks. Trained team. Brand equity. We are not experimenting in Morocco – we are replicating a proven model at the exact moment Morocco is ready for it.
⏰
Capital Window
GCC investor interest in Morocco is at a cyclical high. UAE-Morocco deal flow is growing. Post-2026 capital conditions may tighten. Close now, deploy now, capture the full cycle.
The compression of timing, capital, and competition is what makes this a 2026 deal, not a 2028 one.
Sponsorships
Pillar 8 · Drivers · Live Model · Updated May 2026
Downloads original 27-tab + 9-pillar model with your slider values
Y4 Revenue
$0
Direct Costs
$113k
Gross Profit
$360k
Gross Margin
0.0%
8-Yr Total Revenue
$0
SPONSORSHIPS · CORE DRIVERS
Title sponsor count
1
0
BK: 4
5
CONSERVATIVE
⚠ Title count = 1 in Base — single point of failure; consider rebalancing to multiple smaller sponsors
Zone sponsor count
3
0
BK: 6
9
CONSERVATIVE
Zone count — multiple zones reduce concentration risk
Event sponsors/year
0.8
0
BK: 1
1.6
CONSERVATIVE
Event sponsors/yr depends on Events Hall calendar
Activations/year
0.8
0
BK: 1
1.7
CONSERVATIVE
Activations/yr — UNVALIDATED demand
Activation production %
10%
0%
BK: 70
100%
CONSERVATIVE
Activation production % — proven discipline, ~25-30% norm
Inventory % of revenue
0%
0%
BK: 70
100%
CONSERVATIVE
No inventory — services-only revenue
Receivables days
45
0
BK: 63
90
CONSERVATIVE
Sponsor net-30 to net-90 typical — affects WC
Payables days
15
0
BK: 35
50
CONSERVATIVE
Standard supplier terms
PRICING & RATES
Title sponsor price
$1
$0
BK: 4
$5
CONSERVATIVE
⚠ Title sponsor is BINARY RISK — assumes premium brand lands $X/yr; if no, Bear case only
Zone sponsor price
$3
$0
BK: 6
$9
CONSERVATIVE
Zone sponsor (Gaming Hall, Esports zone) — viable Casa B2B demand
Event sponsor price
$5
$0
BK: 10
$15
CONSERVATIVE
Event sponsor price — viable per-event sponsorship
Activation price
$8
$0
BK: 17
$24
CONSERVATIVE
Activation price — branded experiences within venue
BD Lead salary
$36000
$10800.0
BK: 50400
$72000
CONSERVATIVE
BD Lead salary — Casa senior FTE rate verifiable
STAFFING & OPERATIONS
Maintenance capex %
0%
0%
BK: 70
100%
CONSERVATIVE
No physical asset — minimal capex
8-YEAR PROJECTION
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Direct Costs | ($95k) | ($102k) | ($110k) | ($113k) | ($116k) | ($122k) | ($126k) | ($130k) |
| Gross Profit | $251k | $299k | $349k | $360k | $371k | $404k | $416k | $429k |
| Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
CASH FLOW · 8-YEAR
| Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $346k | $401k | $459k | $473k | $487k | $526k | $542k | $559k |
| Net Working Capital | $39k | $45k | $52k | $54k | $55k | $60k | $62k | $63k |
| Δ NWC (use of cash) | $39k | $6k | $7k | $2k | $2k | $5k | $2k | $2k |
| Maintenance capex ($) | $2k | $2k | $2k | $2k | $2k | $3k | $3k | $3k |
| OPERATING CASH FLOW | $210k | $291k | $340k | $356k | $367k | $397k | $412k | $424k |
KPI DASHBOARD · Y4 TARGETS
| KPI | Y4 Target | Alert Threshold | Frequency |
|---|---|---|---|
| Operating KPIs · Sponsorships | |||
| Title sponsor confirmed | 100% | 0 | Annual |
| Zone sponsors confirmed | 3 | <2 | Annual |
| Event sponsors/year | $100k | <5 | Quarterly |
| Activations/year | $61k | <3 | Quarterly |
| Sales cycle (months) | 3 | >9 | Quarterly |
| Renewal rate % | 80% | <60% | Annual |
| Monthly revenue | $36k | <80% of target | Monthly |
| Monthly gross contribution | $27k | <70% of target | Monthly |
| Gross margin % | 76% | <60% | Monthly |
| Monthly OCF | $30k | Negative | Monthly |
| Y4 EBITDA | $329k | <80% of plan | Quarterly |
| Revenue YoY growth | 3% | <5% | Annually |
INDUSTRY BENCHMARKS
| Metric | Pixoul (us) | Casa Avg | GCC / Global |
|---|---|---|---|
| Title sponsor (1) | 0 | $80-200K | |
| Zone sponsors (3) | 0 | $30-70K each | |
| Event sponsors | $80k | $60-150K | |
| Activation packages | $52k | $40-100K | |
| Gross margin % | 76% | 70-85% | |
| Sales cycle (months) | 3 | 3-9 |
🏛 LEGAL & STRUCTURE
How the Deal Is Structured
Cross-border structure, jurisdiction, governance, and investor protections.
🇦🇪 → 🇲🇦
Deal Structure
UAE holding entity deploys capital into Moroccan SPV. Delivers tax efficiency, asset protection, and clean exit pathways. Structure diagram and flow-of-funds coming.
⚖️
Jurisdiction & Law
UAE-Morocco double-taxation treaty. Governing law for investor agreements. Dispute resolution pathway (arbitration vs local courts).
🏢
Corporate Setup
Moroccan SPV incorporation, CRI registration, licenses required. Pixoul UAE → Pixoul Morocco franchise/license agreement between entities.
🔒
Intellectual Property
Brand trademarks in Morocco. Curriculum IP license. Operating manuals. Software and systems licensed from UAE parent.
🛡️
Investor Protections
Board composition & observer seats. Reserved matters & veto rights. Information rights (monthly reporting, annual audit). Anti-dilution provisions. Detail in term sheet.
🚪
Exit Mechanics
Exit paths: trade sale, IPO, buyback, secondary. Drag-along / tag-along / ROFR provisions. Liquidation preference waterfall. Put/call options at milestones.
Legal opinion + full term sheet available in the Data Room. This overview exists so investors understand the structure at a glance before diving into documents.
ASK PIXOUL
SMART FAQ
Investor Q&A assistant
SUGGESTED QUESTIONS
Min ticket?
IRR?
Why Morocco?
Dividends?
About Pixoul
Use of funds
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THE MEDINA
LAB
Interactive Investor Intelligence Suite
By Pixoul Morocco · Casablanca
Welcome
Access Granted
WHO WE ARE
Pixoul Gaming & Learning Academy
An education-first institution using gaming as its primary learning method. Game design, coding, AI, robotics, esports, digital arts, and entrepreneurship — all under one roof. Built in Abu Dhabi. Expanding to the world.
▶
PIXOUL BRAND VIDEO
Provide MP4 or YouTube URL
12+
Learning tracks
All ages
Kids to adults
Abu Dhabi
Flagship live
THE PROBLEM
37.2%
Youth unemployment in Morocco
19.1%
Graduate unemployment
3
Ministries seeking solutions
$1.8B
Gaming market 2030
Casablanca. 4.2M metro population. Morocco Digital 2030. Three ministries actively seeking education-through-technology partners.
THE SOLUTION
Gaming Meets Education
Where traditional education fails to engage, Pixoul makes learning irresistible. Students don't study coding — they build games. They don't read about AI — they train models. The result: real skills, real engagement, real outcomes.
12+
Learning tracks
5,000+
Students trained
All ages
Kids to adults
THE PROOF
Not a Concept.
A Replication.
A Replication.
The Abu Dhabi flagship validates every assumption in this deck. Real revenue. Real students. Real unit economics.
▶
UAE VENUE WALKTHROUGH
Provide video to embed
700+
Weekly visitors
85%
Retention
18mo
To profitability
READY TO EXECUTE
Further Along Than You Think
🏛
Min. of Youth
LOI ✅
🏛
Min. of Tourism
LOI ✅
🏛
Min. of Education
LOI ✅
💰
CRI Tax Holiday
5yr ✅
🏗
Lessor
Term Sheet ✅
👥
Team
Key hires ✅
Government LOIs. Subsidies secured. Lessor locked. Team in place. Construction timeline finalized.
THE ASK
$7.63M
Round 1 · $15.57M post-money · 49% equity
$500K
Anchor · 5%
$6M
Lead · 40%
$4.15M CapEx · $1M working capital · $500K marketing · $850K runway buffer.
YOUR RETURNS
What You Get Back
~45%
Projected IRR
~6x
MOIC
Y3
Payback
Conservative base case with 6x EBITDA exit. Explore the interactive model to enter your exact ticket and test scenarios.
YOU’VE SEEN THE STORY
Now make it yours.
Choose your path. Every number is live.
👤
Returns
Enter your ticket size.
See your exact IRR, MOIC,
and dividend projections.
See your exact IRR, MOIC,
and dividend projections.
📊
Test the Numbers
Drag every slider.
Stress-test revenue,
costs, and growth.
Stress-test revenue,
costs, and growth.
📁
Due Diligence
30+ documents.
Legal, financial, operational.
Full data room.
Legal, financial, operational.
Full data room.
CONFIDENTIAL · PRIVATE INVESTOR REVIEW · DO NOT DISTRIBUTE
Step 1 of 6
Probability-weighted Returns
Returns profile & downside protection
Three scenarios · Y4 mature EBITDA · Investor equity value at Y7 exit · 49% Round 1 stake
| Scenario | Y4 EBITDA | R1 Equity Value (Y7) | Y7 IRR |
|---|---|---|---|
| Survival | $0.34M | $2–4M | 0–negative |
| Bear · P10 | $2.28M | $7–9M | 5–12% |
| Base · P50 | $3.10M | $11–14M | 15–20% |
| Bull · P90 | $4.14M | $20–28M | 22–28% |
| Probability weighted | $3.10M | $13.5M | 17.8% |
01 · Balanced risk-return
Expected NPV of $6.40M across P10/P50/P90 weighted (15/70/15). Base case Project NPV $6.16M @ 12.5% WACC.
02 · Downside protected
Bear case still returns capital. Survival case modeled as the harshest stress with 9 simultaneous demand and pricing shocks — Round 1 capital is the floor that triggers liquidation preferences.
03 · Upside driven
Bull P90 returns 3.23× MOIC on Y7 exit. SMIT subsidies and World Cup 2030 anchor are not modeled into base case — pure upside levers.
Capital is deployed into a resilient platform with asymmetric upside and controlled downside.
Cap Table · Roll-up
Capital structure & ownership
Round 1 close · Round 2 buyout (Y3) · Y7 exit · Single-class common equity
| Shareholder | Round 1 (Y0) | Post-R2 (Y3) | Y7 Exit Value |
|---|---|---|---|
| Founders | 51.0% | 35.7% | $12.0M |
| Round 1 investor | 49.0% | 34.3% | $11.5M |
| Round 2 investor | — | 30.0% | $10.1M |
| Post-money valuation | $15.6M | $20.0M | $33.5M |
01 · Round 1 entry
$7.94M pre-money for 49%. Two tickets — $500K Anchor + $7.13M Lead. Single class common equity, no preferred ratchets that compound.
02 · Round 2 step-up
Round 2 buyout at Y3 carries a 28% valuation step-up (post-money $20M = 8× Y3 EBITDA $3.36M). Round 2 takes 30% of the company at the new valuation.
03 · Y7 exit math
Y7 exit returns Round 1 to $11.5M on the equity. Combined with cumulative dividends Y1–Y7, total distributed value = 1.75× MOIC.
Clean single-class structure with a disciplined dilution path and protected investor economics through exit.
Round 1 Dilution Path
Round 1 economics across dilution scenarios
$7.63M Round 1 stake travels through buyout to exit · Three scenarios on Round 2 dilution
| Scenario | R1 Stake | Exit Value | MOIC | IRR |
|---|---|---|---|---|
| No Round 2 | 49.0% | $22.6M | 2.85× | 17.8% |
| R2 at 20% dilution | 39.2% | $15.0M | 1.97× | 10.2% |
| R2 at 30% dilution | 34.3% | $13.3M | 1.75× | 8.3% |
Y7 sale at 8× Y7 EBITDA ($4.19M) = $33.5M EV. Exit Value column includes pro-rated cumulative dividends Y1–Y7. Round 2 buyout structured as $6M secondary at $20M post-money (8× Y3 EBITDA $3.36M).
01 · Capital preserved
Even in the maximum-dilution case (30%), Round 1 returns 1.75× — principal is recovered with positive IRR across the full dilution spectrum.
02 · Pro-rata participation
Round 1 holds pro-rata rights to invest in Round 2 to maintain 49%. Dilution scenarios assume non-participation; participating investors retain full stake.
03 · Buyout liquidity
Round 2 secondary structure provides partial liquidity at Y3 for Round 1 investors who choose to monetize early at the 28% step-up valuation.
Round 1 economics remain attractive across the full dilution spectrum, with multiple paths to liquidity.
Term Sheet · Round 1
Investor protections
Round 1 term sheet rights · Standard market terms · Designed to preserve economics through Round 2 and exit
| Protection | Term | Protects against |
|---|---|---|
| Pro-rata rights | Right to invest in Round 2 to maintain 49% stake | Forced dilution at Round 2 buyout |
| 1× liquidation pref | Recover $7.63M before founders or later rounds at exit | Capital impairment in downside scenarios |
| Anti-dilution | Weighted-average ratchet if Round 2 prices below Round 1 | Down-round dilution at Round 2 |
| Board seat | One seat on five-member board with veto on key decisions | Loss of governance control |
| Information rights | Monthly KPIs, quarterly financials, annual audit, real-time access | Information asymmetry with management |
| Tag-along & ROFR | Co-sell with founders; first refusal on third-party transfers | Secondary sale by founders without participation |
| Drag-along | Force minority sale in qualified exit transaction | Holdout risk blocking exit |
01 · Capital floor
1× liquidation preference + weighted-average anti-dilution protect the $7.63M principal in downside scenarios and preserve economics if Round 2 prices below Round 1.
02 · Ownership control
Pro-rata rights on Round 2 mean Round 1 can defend its 49% stake. Non-participation triggers dilution; participation preserves ownership through exit.
03 · Governance & liquidity
Board seat with reserved-matter veto, information rights, plus tag-along, ROFR, and drag-along create a complete governance and liquidity package.
Standard institutional terms protect Round 1 economics across all dilution and exit scenarios.