About us  
The Customer Value Finance (CVF CAC financing) Fund is a specialized financing entity designed for series A and series B startups. We provide non-collateralised financing. We focuse specifically on optimizing customer acquisition spending by treating Customer Acquisition Costs (CAC) as capital expenditures (CapEx), rather than operating expenses. The Fund introduces a financial metric called EBITCAC (EBITDA plus CAC), providing clearer visibility into true profitability and growth potential.  
The Core Thesis  
Late-stage tech companies underinvest in growth  
  
Pressured to show short-term EBITDA  
Constrained by cash reserves  
Ignore high ROI opportunities in CAC  
Solution: Use EBITCAC, not EBITDA  
  
"Think of CAC as CapEx for tech."  
  
Outcome: Drives better long-term equity value  
  
Why EBITDA Fails Tech  
EBITDA misses the point in tech:  
  
No interest → low/no debt  
No tax → operating losses  
No assets → minimal D&A  
EBITDA ≠ actual cash generation in tech  
  
✔️ EBITCAC reflects:  
  
Recurring revenue  
Cash generation after CAC ROI  
CAC as CapEx  
Industrial Companies:  
  
Invest in machines (CapEx)  
Assets = financing = long-term payoff  
Tech Companies:  
  
Invest in CAC (ads, sales, marketing)  
But expense it on P&L