Rider walking a horse across the arena of a modern equestrian centre at golden hour
Digital investment memorandum

Building the operating system for the equestrian industry

Horse360 brings school operations, horse management, payments and customer experience into one connected platform—starting with riding schools and equestrian clubs.

A €100bn+ European industry, ~13,000 core organisations, and a sector that is moving from cash to traceable payments.

Raising €100,000 to complete commercial validation and accelerate early go-to-market.

The problem

A sophisticated industry still runs on fragmented tools

WhatsApp groups
Spreadsheets
Paper calendars
Bank transfers
Manual invoices
Disconnected software
Knowledge held by individual employees
Repetitive administrative work

Complex physical operations are still coordinated through disconnected, manual processes.

What it costs the organisation

  • Administrative overload
  • Scheduling mistakes
  • Poor payment visibility
  • Lost or delayed revenue
  • Weak communication
  • Limited operational traceability
  • A fragmented customer experience
  • Processes that are difficult to scale
Complexity

One organisation. Many stakeholders. No single source of truth.

Every riding school coordinates people with different needs, different information and different tools. Today that coordination happens between them, not inside a system.

Owners and managers
Administrative teams
Teachers
Stable staff
Riders and students
Parents and guardians
Horse owners
External service providers
Horse360 becomes the connecting layer between all of them.
The solution

One platform to run the entire equestrian organisation

Horse360 connects every rider, horse, class, payment and operational workflow in one system.

01
School management
Groups, levels, attendance and academic progression.
02
Students and families
Profiles, guardians, billing relationships and communication.
03
Teachers
Schedules, class rosters, evaluations and horse assignments.
04
Horses and ponies
Records, workload, care and ownership.
05
Stable operations
Daily tasks, staff coordination and traceability.
06
Calendar and scheduling
Day, week and month planning across the organisation.
07
Billing and payments
Invoices, collections, balances and online payment.
08
Camps and events
Public registration pages with online checkout.
09
Progress and performance
Rider development, skills and achievements.
10
CRM and communications
Clients, notifications and structured follow-up.
11
Reporting and administration
Financial and operational reporting by organisation.

The product today

Interface views from the current Horse360 build. Click any view to enlarge.

Product architecture

The operational layer of the organisation

Horse360 is not another booking tool. It is the operational layer connecting the entire organisation.

Horse360
core
OperationsSchoolStableFinanceCustomersEventsPaymentsProgressCommunicationData
Value proposition

What changes for each stakeholder

Operational visibility
Financial control
Standardised workflows
Reduced administrative dependency
Better decision-making
Differentiation

Purpose-built for the realities of the equestrian sector

  • Designed specifically for equestrian organisations
  • Covers the entire operation, not only bookings
  • Connects business, sport and stable management
  • Supports multiple user roles
  • Combines operational and financial workflows
  • Built for multi-organisation scalability
  • Modular and expandable
  • Modern and intuitive user experience
  • Structured data foundation for automation and AI
  • Potential to connect the wider equestrian ecosystem
Competitive landscape

A market with incumbents — and a clear gap

Equestrian management software already exists. That validates demand. Our opportunity is not to be first, but to be the most complete operating platform for riding schools, built for the Spanish market first.

Horse360Booking-first toolsStable/horse-record toolsFrench-market incumbents
School management (groups, levels, progression)partial
Stable operations and horse workloadpartialpartial
Families, guardians and billing relationshipspartialpartial
Integrated invoicing, collections and online paymentpartialpartialpartial
Built for Spanish operations and languagepartialpartial
Multi-role (owners, admin, teachers, stable staff, families)partialpartialpartial

Examples of existing providers include Kavalog, Equimondo, Anolla, Equicty and EC Pro. Comparison based on publicly available product information and our own assessment.

How we win

Whole operation, one system

School, stable, billing and families connected, not a booking tool with add-ons.

Spain first, done properly

Local language, local invoicing and payment workflows, founder-led sales with sector access.

Fast onboarding

Standardised implementation and data migration so a club is operational in days, not months.

Market

A €100bn European industry still running on paper, WhatsApp and cash

Horse360 starts in Spain to validate and scales into Europe's two largest equestrian markets, France and Germany. The addressable core is about 13,100 commercial equestrian organisations, or 20,300 including Germany's riding clubs.

€100bn+

Annual economic impact of the horse sector in Europe

European Horse Network

13,100–20,300Estimate

Riding schools, clubs and equestrian centres in our five core markets

Horse360 analysis, 2026

€7bn+

Economic activity of the equestrian sector in Spain (direct + indirect), 722,158 horses

MAPA, II Estudio de Impacto, 2022

$177bn

Value added by the US equine industry, 6.6M horses

American Horse Council, 2023

Market by country

Spain
Organisations
827 federated clubs (2024); 1,500–2,500 centres incl. livery yards Estimate
Riders
61,294 licences (2024)
Horses
722,158
Role in our plan
Validation market, Years 1–3
France
Organisations
5,444 clubs teaching riding (2024); ~9,500 equestrian establishments
Riders
560,052 riders in those clubs
Horses
—
Role in our plan
Scale market, Years 3–5
Germany
Organisations
~3,350 commercial equestrian centres + ~7,200 riding clubs
Riders
~663,000 club members
Horses
—
Role in our plan
Expansion, Years 5+
United Kingdom
Organisations
~1,497 licensed riding schools (2023)
Riders
1.82M regular riders
Horses
~850,000
Role in our plan
Expansion, Years 5+
Sweden
Organisations
~800 clubs
Riders
~140,000 members
Horses
—
Role in our plan
Expansion, Years 5+
Netherlands
Organisations
~1,500 local KNHS associations
Riders
—
Horses
—
Role in our plan
Future
Portugal
Organisations
To be validated
Riders
—
Horses
—
Role in our plan
Proximity market, Years 2–5
United States
Organisations
—
Riders
—
Horses
6.6M
Role in our plan
Long-term option

Sources: CSD 2024, RFHE 2025, MAPA 2022, IFCE 2025, FN 2025, British Equestrian 2023, BETA 2023, SvRF 2026, KNHS 2026, American Horse Council 2023.

How we size the core

Organisations by country

Core ≈ 13,100Extended core ≈ 20,300Spain: Estimate

Italy, Belgium, Netherlands, Ireland, Portugal, Austria and Switzerland are excluded and raise the ceiling.

Sources: CSD 2024, RFHE 2025, MAPA 2022, IFCE 2025, FN 2025, British Equestrian 2023, BETA 2023, SvRF 2026, KNHS 2026, American Horse Council 2023.

Spain: small in licences, big in spend

France has about 9x Spain's licensed riders, yet Spain's equestrian sector generates over €7bn a year. Ideal to validate, not the final market.

France and Germany are the prize

5,444 French clubs with riding schools and about 10,500 German clubs and centres.

Demand exceeds capacity

UK riding schools are closing, yet most report waiting lists of 50+ clients. Operational efficiency is the bottleneck Horse360 removes.

Sources: IFCE 2025, CSD 2024, MAPA 2022, FN 2025, British Equestrian 2023.

Realistic share, market by market

Each funding scenario is expressed as a share of a defined universe, so ambition can be judged against the market.

Organisations at Year 5 by geography

By funding scenario

Lean
Year-5 organisations
200
Implied share
Spain ≈10% of ~2,000 centres
Scale-Up
Year-5 organisations
704
Implied share
Spain ≈16% · France ≈6%
International
Year-5 organisations
1,353
Implied share
Spain ≈17% · France ≈11% · Germany + UK commercial centres ≈7%

Portugal: no share shown. To be validated

Stage theses

  1. 01
    Spain as the lab (Years 1–3)

    Win 5–10% of Spanish centres (100–200) to validate product, pricing and payment conversion.

  2. 02
    France as the scale market (Years 3–5)

    3–5% of France (160–270 clubs) is worth as much as 10–15% of Spain.

  3. 03
    European core (Years 5–10)

    The strategic base case of 4,500 organisations is about one in five of the extended core: vertical-leader level.

Reference points: Clubessential + foreUP serve about 3,000 golf courses and clubs; Lightspeed about 1,000 golf courses; Playtomic reported about 95% share in Finland after acquiring its local rival.

Sources: Horse360 investor financial model v5 (Lean restated to Spain only); market denominators as above; company disclosures 2019–2025.

Initial beachhead market

  • Riding schools
  • Equestrian clubs
  • Training centres
  • Stables with school operations
  • Multi-service equestrian organisations

Potential future adjacencies

FederationsHorse ownersTrainersCompetition organisersService providersInsurance partnersVeterinary and farrier servicesEquestrian commercePayments and financing
Can it go digital?

Traditional sports have gone digital before — and created large companies

Facility-based sports with recurring customers and payments at the front desk have already been digitised. The winners combine club software, integrated payments and an end-user app: Horse360's design.

Playtomic
Padel & tennis

€250M valuation (Mar 2025) · 6,000 clubs in 63 countries · €240M bookings in 2024

Club software + player app + payments. Started in Spain with about 600 clubs that booked by phone and collected at reception.

Mindbody
Fitness & wellness

Acquired by Vista for $1.9bn (2019); later acquired ClassPass, valued at $1bn

Management software becomes a marketplace once it owns the calendar and the payment.

Lightspeed Golf (Chronogolf)
Golf

Acquired in 2019 · about 1,000 courses · golf software and payments revenue nearly doubled in a year

A niche vertical is valuable when payments are monetised.

Clubessential + foreUP
Golf & private clubs

Battery Ventures-backed · about 3,000 courses and clubs

Club verticals consolidate: there are natural strategic and private-equity buyers.

Investment is already flowing into equestrian

  • The FEI took an equity stake in ClipMyHorse.TV, which acquired ShowNet (2020) and invested in Show Management System (2022).
  • Equine Network (US) is a private-equity-backed platform built through acquisitions.
  • The Spanish Federation (RFHE) is rolling out a digital licensing and competition platform for the 2027 season. It does not run club operations: an integration opportunity, not a competitor.

Sources: Reuters/Global Banking & Finance 2025, The Motley Fool 2018, Fitt Insider 2021, The Logic 2021, Golf Inc 2021, SportBusiness 2022, RFHE 2026.

Fragmented, local and sub-scale

LocalPan-EuropeanReachBookings onlyDepthAnollaGeneric bookingEC ProUKKavalog / Equimondo / CélérisFranceEquictyMulti-country, smallStablebuzz / BarnManager / StillHorseStable-focused, USHorse360Target position

Vertical axis: Bookings only → Full school + stable + payments + suppliers

No pan-European player combines school, stable, payments and a supplier marketplace. In Spain no dominant specialist appears in software directories. France's local incumbents prove clubs pay for software.

Source: Horse360 analysis of public websites and software directories, 2026.

Payments & cash

We don't need the sector to stop using cash. We need about a third of each club's revenue to flow through Horse360.

Cash is a risk to the payments layer, not to the business. Subscription is about two-thirds of Year-5 revenue, and regulation and payment habits are moving towards traceable payments.

Share of in-store payments made in cash, 2024

Euro area fell from 59% to 52% in two years.

Source: ECB SPACE 2024.

30.6M

Bizum users in Spain (2025), €67.8bn processed (+53%). In-store NFC payments launch in 2026. Bizum is traceable.

Bizum 2025

15.8% vs 14.2%

Shadow economy as % of GDP, Spain vs France (2022). The equestrian gap with France is about sector design, not national culture.

Universidad de Murcia / CES, 2022

€1,000

Spain's cash payment limit whenever a business is involved.

Law 11/2021

Why French clubs get paid on the books — and what Spain can copy

  • Low VAT: French equestrian centres apply 5.5% on teaching and facility use. In Spain, a professional horse sale carries 21%.
  • Annual membership paid upfront by direct debit, cheque or instalments.
  • State-linked payments (holiday vouchers, Pass'Sport subsidy) only work for declared clubs.
  • Club software is already standard (e.g. Kavalog, Equimondo).

To be validated We are measuring the share of cash in Spanish and French clubs during the pilot.

Sources: Assemblée nationale (5.5% VAT), asesorexcelente.com (VAT on horse sales), IFCE 2025.

Why now

  1. In force

    €1,000 cash limit with professionals (Spain)

  2. 2026

    Bizum in-store NFC payments

  3. 1 Jan 2027

    VeriFactu mandatory for companies: tamper-proof, traceable invoicing software

  4. 1 Jul 2027

    VeriFactu for the self-employed

  5. 10 Jul 2027

    EU-wide €10,000 cash cap; ID checks from €3,000 (Regulation 2024/1624)

  6. 2027 season

    RFHE digital licensing platform

Horse360 will be VeriFactu-compliant: clubs need compliant invoicing software anyway.

Sources: Law 11/2021, Bizum 2025, AEAT / Maldita 2025, Regulation (EU) 2024/1624, RFHE 2026.

Digitise the easy flows first

Camps & events
Who pays
Families
Cash propensity
Hypothesis
Low
Horse360 tactic
Online checkout (live today)
Licences & competitions
Who pays
Riders
Cash propensity
Hypothesis
Very low
Horse360 tactic
Federation integration
Monthly school fees
Who pays
Families
Cash propensity
Hypothesis
Medium-low
Horse360 tactic
SEPA direct debit, Bizum, automatic reminders and retries
Livery (pupilaje)
Who pays
Horse owners
Cash propensity
Hypothesis
Medium-high
Horse360 tactic
Direct-debit fee + all extras on one monthly invoice
Farrier, vet, feed
Who pays
Horse owners
Cash propensity
Hypothesis
High
Horse360 tactic
Supplier marketplace for invoicing professionals; logged even if paid outside
Horse sales
Who pays
Private & professional
Cash propensity
Hypothesis
Very high
Horse360 tactic
Out of initial scope
  • Subscription is paid even if the club collects outside the platform: scheduling, horses and riders have value on their own.
  • Clubs can record cash receipts inside Horse360: usage first, payment rail second.
  • Gate KPI: % of club revenue processed through Horse360.

Stress test: what if cash wins? (Lean, Year 5)

€16.2M (model)
Payments revenue (1%)
€162k
Total revenue
€479k
Change
—
€8.1M (−50%)
Payments revenue (1%)
€81k
Total revenue
€398k
Change
−17%
€0 (no payments)
Payments revenue (1%)
€0
Total revenue
€317k
Change
−34%

Illustrative school: 100 riders × €150/month × 10 months + 20 livery horses × €450/month ≈ €258k revenue a year. The model's ~€81k payment volume per organisation is about 31% of that.

Sources: ECB SPACE 2024, Bizum 2025, Universidad de Murcia / CES 2022, Law 11/2021, AEAT VeriFactu 2025, EU Regulation 2024/1624, Assemblée nationale; Horse360 model v5 (Lean restated).

Validation

Why we believe the market is ready

  • Comparable sports (padel, golf, fitness) have produced platforms valued from hundreds of millions to $1.9bn.
  • Regulation is pushing towards traceable payments: VeriFactu (2027), Spain's €1,000 cash limit and the EU €10,000 cap (2027).
  • The product is based on real operating workflows
  • The founders have direct access to an initial equestrian environment
  • The sector has recurring administrative and payment needs
  • Multiple stakeholder groups experience the same fragmentation
  • Clubs require frequent, high-retention operational usage
  • The product supports a recurring SaaS model
  • Structured operational data creates future expansion opportunities

Validation roadmap

  1. 1Launch the production-ready pilot
  2. 2Validate weekly user adoption
  3. 3Measure administrative and payment improvements
  4. 4Validate willingness to pay
  5. 5Secure the first paying organisations
  6. 6Build customer references and case studies
  7. 7Standardise onboarding and acquisition

Where the product stands today

Current capabilities
  • Multi-tenant school and user structure
  • Students, families, teachers and horses
  • Classes, groups and calendar
  • Invoicing, collections and balances
  • Camps with public registration and online payment
In development
  • Production hardening and security review
  • Onboarding and implementation flow
  • Reporting depth and exports
  • Notifications and communication
Future vision
  • Ecosystem integrations
  • Benchmarking across organisations
  • Automation and AI-assisted decisions
  • Marketplace and partner services
Business model

Recurring software revenue with expansion potential

Core revenue

  • Monthly or annual SaaS subscription
  • Pricing based on organisation size, active riders or selected modules

Expansion revenue

  • Premium modules
  • Onboarding and implementation
  • Payment and transaction-related revenue
  • Advanced reporting and automation
  • Multi-site management

Long-term ecosystem potential

  • Partner services
  • Marketplace commissions
  • Federation or institutional agreements
  • Integrated third-party products

Initial pricing hypothesis — subject to pilot validation

Long-term vision

From management software to the digital infrastructure of the sector

01
Management platform
Classes, users, horses, schedules, tasks and billing.
Operational today
02
Transaction layer
Payments, subscriptions, camps, services and registrations.
Partly live · expansion opportunity
03
Connected ecosystem
Clubs, riders, professionals, owners, federations and partners.
Expansion opportunity
04
Intelligence layer
Automation, benchmarking, recommendations and AI-assisted decision-making.
Expansion opportunity

The long-term opportunity is not only to digitise clubs, but to become the infrastructure through which the equestrian ecosystem operates.

Go-to-market

A focused path from validation to scalable distribution

Phase 1
Product validation
  • Complete the stable production version
  • Deploy the initial pilot
  • Observe real weekly workflows
  • Validate usage and willingness to pay
  • Refine the implementation process
  • Produce measurable evidence of value
Phase 2
Founder-led acquisition in Spain
  • Target independent riding schools and mid-sized clubs
  • Conduct direct product demonstrations
  • Leverage sector relationships and referrals
  • Secure the first paying customers
  • Create strong customer case studies
Phase 3
Sector partnerships
  • Federations
  • Associations
  • Recognised trainers
  • Equestrian consultants
  • Payment providers
  • Insurance and service partners
  • Ambassador and referral programmes
Phase 4
International expansion
  • Multilingual product
  • Standardised onboarding
  • Local payment and operational adaptation
  • Selected European markets
  • Local commercial partners or resellers

International expansion is a staged strategy that follows validation, not an immediate step.

Financial case

A capital-efficient path from validated product to recurring infrastructure revenue

Horse360 is a subscription business with a transactional layer on top. The model is built bottom-up from organisations acquired, blended subscription pricing, payment volume processed through the platform and a small premium services line. Below is the fifth-year outcome of each funded scenario. The Lean scenario covers Spain only.

Complete the production platform, run the first pilots and prove repeatable demand in Spain only, founder-led, with a minimal team.

Geography at Year 5: Spain 200

Organisations · Year 5
200

≈10% of Spanish centres

Revenue · Year 5
€479k

Total recognised revenue in the twelfth-to-sixtieth month

Exit ARR · Year 5
€382k

Year-end monthly recurring revenue annualised

EBITDA · Year 5
€113k · 24%

Operating result after all internal and platform costs

GMV processed · Year 5
€16.2M

Payment volume flowing through the platform

Initial runway
18 months

Months of operation funded before follow-on capital

EBITDA break-even
Month 41

Point at which monthly EBITDA turns positive

Follow-on requirement
€150k

Additional capital modelled to bridge to self-funding

How much of the case depends on payments?

Payments are an expansion layer on top of subscriptions. We show the Lean case at different net take rates so investors can judge the subscription business on its own.

Lean scenario · Year 5
Net take rateRevenueEBITDAEBITDA margin
1.0% (model)€670k€269k40%
0.5%€557k€156k28%
0%€444k€43k10%

Illustrative sensitivity holding all other revenue and costs constant. Net take rate is after processor costs. The pilot phase will validate how much clubs and families accept a payment service fee.

Organisations on the platform

Paying organisations at each year end

Revenue and EBITDA

Annual recognised revenue against operating result

Exit ARR trajectory

Year-end recurring revenue, annualised

Revenue mix at Year 5

Subscription, payments and premium services

Scenario selection will be agreed with the incoming investor. The Lean scenario is the current reference case.

Scale-Up and International figures are taken from the Horse360 investor financial model v5 (Sep 2026 – Aug 2031). The Lean scenario has been restated to Spain only (200 organisations) using the model's unit economics. Forward-looking projections, not guaranteed outcomes.

Capital scenarios

Three funding levels, three growth trajectories

The same product and the same unit economics, funded at three different levels. More capital buys earlier hiring, faster acquisition and a longer runway — not a different business.

Capital deployed
€100,000
Lean
Founder-led validation
Geography at Year 5: Spain 200
Organisations · Year 5
200
Revenue · Year 5
€479k
Exit ARR · Year 5
€382k
EBITDA · Year 5
€113k
EBITDA margin · Year 5
24%
GMV processed · Year 5
€16.2M
Initial runway
18 months
Internal team · Year 5
4
Capital deployed
€250,000
Scale-Up
Structured commercial engine
Geography at Year 5: Spain 320 · Portugal 60 · France 324
Organisations · Year 5
704
Revenue · Year 5
€1.68M
Exit ARR · Year 5
€1.35M
EBITDA · Year 5
€922k
EBITDA margin · Year 5
55%
GMV processed · Year 5
€56.4M
Initial runway
19 months
Internal team · Year 5
7
Capital deployed
€500,000
International
Multi-market expansion
Geography at Year 5: Spain 330 · Portugal 70 · France 600 · Germany + UK 353
Organisations · Year 5
1,353
Revenue · Year 5
€3.15M
Exit ARR · Year 5
€2.62M
EBITDA · Year 5
€1.74M
EBITDA margin · Year 5
55%
GMV processed · Year 5
€105.3M
Initial runway
26 months
Internal team · Year 5
10

Reading the scenarios

Lean proves the model in Spain with the least capital, but reaches break-even later (month 41) and needs about €150k of follow-on: about €250k in total. Scale-Up deploys a similar total from day one, adds Portugal and France, and reaches 704 organisations. The reference round remains €100k, with deployment beyond it gated on the metrics below.

Scale-Up and International figures are taken from the Horse360 investor financial model v5 (Sep 2026 – Aug 2031). The Lean scenario has been restated to Spain only (200 organisations) using the model's unit economics. Forward-looking projections, not guaranteed outcomes.

Unit economics

The economics that make the model work

Modelled unit economics at Year 3. These are the assumptions the pilot phase is designed to validate — they are inputs to the model, not results already achieved in the market.

Blended subscription ARPA
€149

Monthly, across Starter, Professional and Business plans

Annual churn
10%

Modelled organisation churn, improving with maturity

Customer acquisition cost
€750

Sales and marketing cost per organisation won

Fully loaded acquisition cost
€950

CAC plus onboarding and implementation

CAC payback
5.1 months

Months to recover fully loaded acquisition cost

LTV / CAC (modelled)
17x subscription only · 24x incl. payments

Model assumption. Highly sensitive to churn — see sensitivity below.

Gross margin
92%

After payment processing and platform delivery costs

Payment take rate
1%

Net rate on processed volume, after processor costs

Stress test · LTV / CAC
9x

Under stressed assumptions — higher churn and no payment revenue — the subscription business alone still clears the 3x LTV/CAC gate.

LTV / CAC sensitivity — subscription revenue only, before payments

Annual churnAvg. customer lifetimeLTV / CAC
10% (model)10 years~17x
20%5 years~9x
30%3.3 years~6x

Based on €149 blended ARPA, 92% gross margin and €950 fully loaded acquisition cost. Excludes payment revenue. Even at three times the modelled churn, LTV/CAC remains above the 3x investment gate.

The thresholds that unlock the next stage of capital

Each gate is a measurable condition. Capital deployment beyond the initial phase is conditioned on real, customer-verified performance, not on modelled outputs.

Annual churn below target
Target
< 10%
In model
10% modelled
To be validated in pilot
CAC payback under 12 months
Target
< 12 months
In model
~5 months modelled
To be validated in pilot
LTV / CAC above 3x
Target
> 3x
In model
Above target in model
To be validated in pilot
Onboarding cost per organisation
Target
< €250
In model
€200 modelled by Y3
To be validated in pilot
Digital revenue capture
Target
≥15% of club revenue processed (pilots) → ≥25% (Year 3) → ~30% (Year 5)
In model
~€81k payment volume per organisation (~31%)
To be validated in pilot
Referenceable paying customers
Target
Multiple referenceable customers
In model
Pilot phase
To be validated in pilot

Scale-Up and International figures are taken from the Horse360 investor financial model v5 (Sep 2026 – Aug 2031). The Lean scenario has been restated to Spain only (200 organisations) using the model's unit economics. Forward-looking projections, not guaranteed outcomes.

Investment

The capital requirement

Horse360 is raising growth capital to complete commercial validation and build a repeatable acquisition engine. Three funded scenarios are modelled; the reference case is the lean round. Structure, instrument and terms are discussed directly with interested investors and formalised in definitive documentation.

Reference round
€100,000
Modelled capital scenarios
€100k · €250k · €500k
Initial runway by scenario
18 – 26 months
Instrument and structure
Discussed with investors

Lean follow-on modelled: ~€150k

No terms, structure or ownership arrangement is offered or implied on this page. Any investment would be subject to due diligence, definitive agreements and applicable law.

Contact the founders
Use of funds

Where the capital goes

Allocation of the reference round. The capital is designed to convert a functional product into a commercially validated, production-hardened SaaS business.

Product and engineering
€60,000 · 60%
Go-to-market and acquisition
€20,000 · 20%
Infrastructure, legal and security
€8,000 · 8%
Pilot deployment and customer support
€7,000 · 7%
Contingency
€5,000 · 5%
Total round€100,000

Runway and follow-on requirement vary by scenario — see the financial case above.

Scale-Up and International figures are taken from the Horse360 investor financial model v5 (Sep 2026 – Aug 2031). The Lean scenario has been restated to Spain only (200 organisations) using the model's unit economics. Forward-looking projections, not guaranteed outcomes.

Long-term vision

The ten-year opportunity

Beyond the five-year model, Horse360's addressable outcome is defined by how much of the European equestrian ecosystem operates on the platform. Three long-term scenarios, expressed at Year 10.

Conservative
€6.3M
Annual revenue
Organisations
2,500
EBITDA
€1.26M
Mature EBITDA margin
20%

≈19% of the ~13,100 core commercial organisations

Strategic base case
€14.2M
Annual revenue
Organisations
4,500
EBITDA
€4.25M
Mature EBITDA margin
30%

≈22% of the ~20,300 extended core

Category leader
€28.1M
Annual revenue
Organisations
7,500
EBITDA
€9.84M
Mature EBITDA margin
35%

≈25% of an extended Europe of ~30,000 organisations

To be validated

For reference, golf's leading club-software groups serve 1,000–3,000 courses each.

At scale, the value is not the management software. It is the payment rail, the data layer and the network of clubs, riders, horses and professionals that run on it.

Year 10 scenarios are strategic illustrations of scale, not forecasts. They are not part of the five-year funded plan.

Milestones

What €100,000 is designed to achieve

Intended milestones, not guaranteed outcomes.

Production-ready core platform
Stable and secure product architecture
Successful deployment with the initial pilot
Validated onboarding process
First paying organisations
Initial proof of retention and recurring usage
Validated pricing model
Early customer case studies
Repeatable founder-led sales process
Qualified commercial pipeline
Stronger foundation for a subsequent funding round
Timing

The opportunity to enter before commercial validation

  • A functional product foundation already exists
  • The initial sector and user problem are clearly defined
  • The next stage is focused and capital-efficient
  • The company is entering the most important validation period
  • Early investment captures more upside but also carries higher execution risk
  • Capital is directly connected to specific commercial milestones
  • Strategic investors can add value through sector access, distribution or operating experience
Execution

Key execution priorities

Product adoption
Approach: Pilot-led development and direct observation of real workflows.
Sales-cycle uncertainty
Approach: Founder-led selling, targeted customer profile and strong sector references.
Operational complexity
Approach: Modular rollout and standardised implementation.
Limited early-stage resources
Approach: Milestone-based capital allocation and focused initial geography.
International differences
Approach: Validate Spain first and adapt market by market.
Team

Built at the intersection of technology, operations and equestrian expertise

Technology and product

Product, engineering and design are led by Sobit Labs, a Madrid-based technology consultancy and product studio that has designed and built the current Horse360 platform.

Equestrian operations

Direct access to an operating equestrian environment, where the platform's workflows were defined and where the first pilot is deployed.

Commercial and financial

A dedicated partner responsible for financing and commercial development, focused on founder-led sales and sector relationships in Spain.

Full founder profiles and track records are shared with interested investors.

Contact the founders
Advisors and partners

Advisors, sector partners and technology partners will be listed once confirmed.

FAQ

Investor questions

Contact

Help build the digital infrastructure of the equestrian industry

We are speaking with investors and strategic partners who can contribute capital, sector access, commercial expertise or technology experience.

Sources