Assume that 24sessions sold a 20% equity stake to Capital Mills.
Then 24sessions is valued at €1M / 20% = €5M post-money.
24sessions labels this round as Series A.
Assume however that, given its size, this was a seed round
And that Capital Mills wants to make 10x on its investment.
And that there will be an option pool and 2 follow-up rounds of 20% each.
Then 24sessions must have a €5M * (10 / (1 – 20%) ^ 3) = €98M exit value for its €5M valuation.
Assume that 24sessions trades at 4x trailing 12 months revenue at exit.
And that there will be no cash and debt.
Then 24sessions must have an average €98M / 4 / 12 = €2M in monthly revenue for its €5M valuation.
24sessions charges small businesses €49 per user – or subscription per month.
Then 24sessions must invoice small businesses €2M / €49 = 42,000 subscriptions per month for its €5M valuation.
For context: the Netherlands had 42,000 small businesses in 2018, employing 1,040,000 people.