Mjolnir Capital
M02 · Diagnostic · US$5,000
Everything a first call will flag.
The same grade card, sourced against the materials provided. For each gap: how it would be treated, and what “addressed” looks like, so the team can tell when they are finished.
01 / Outreach eligibility
The file has a named team, a consumer app, named partners, and a substantial token paper. It does not have live payments. The whitepaper states that payments are not activated. The one-pager states that fiat is live. A first investor meeting would open on that contradiction, and on GMV of zero. The grade total is 50. Eligibility for introductions follows the gates, not the total.
The file is not ready for a first investor meeting until the payments line is the same in every document, the instrument is in the folder, and the round is named once. Those are the team’s next jobs. This register is complete either way.
02 / Grade card (same object, sourced)
Identical weights to the Grade. Diagnostic writes every score below 4, and any 4 with a condition. Here every row is below 4.
| Category | Wt | Score | Pts | Treatment |
|---|---|---|---|---|
| Market | 18 | 2 | 7.2 | Correct TAM language. Disclose that SOM is modeled. |
| People / entity | 16 | 3 | 9.6 | Correct: one entity tree vs ACRA. Disclose family overlap (Voss). |
| Product | 12 | 3 | 7.2 | Correct: payments status in every document. Leave open: wallet go-live date. |
| Traction | 10 | 2 | 4.0 | Correct: users as registered. Disclose GMV = 0. Remove “2,500+ daily venue reach” as if it were Halyard volume. |
| Mechanism | 10 | 3 | 6.0 | Correct: 4% vs OTA 15–30% is the wrong comparable. Disclose Phase 1 fee split vs Phase 2. |
| Token | 10 | 3 | 6.0 | Correct: executed unlock table. Disclose 18% TGE float is a target, not a contract. |
| Financials | 8 | 2 | 3.2 | Correct: Year-4 US$48M as a scenario. Refer grants to a letter or drop “unlocks US$1.3M.” |
| Ownership | 8 | 2 | 3.2 | Correct: cap table and signed SAFE+T in the materials. |
| Legal | 8 | 2 | 3.2 | Refer: PSP, custody, Reg D/S for Investor Nodes. Do not opine. |
| Total | 100 | — | 50 | Hold. Coverage 100%. |
03 / Gap register
| # | Issue | Claim in the materials | What the materials support | Addressed looks like |
|---|---|---|---|---|
| G1 | Payments live | One-pager 90-day plan: “Now: Fiat payments live at first partner venues.” | Whitepaper §3: “Payments / Transactions — Not yet activated — wallet and payment infrastructure in development.” | Correct. One sentence in every document. Either a PSP print for seven days, or “not live.” |
| G2 | QR codes | One-pager: 266 QR codes deployed at LX Cowork. | Whitepaper: 266 QR codes planned across 250 rooms and 16 common areas. | Correct. Photo of deployed codes, or “planned.” |
| G3 | Round name | One-pager: Pre-Seed US$400k. Deck footer: “THE ASK · $450K PRE-SEED.” Deck header: Seed / Series A. | Three labels. One cheque size. | Correct. One name, one number, every page. |
| G4 | Founder capital | One-pager: US$100k+ personally invested. Deck: US$125k. | No bank statement or cap-table line. | Correct. One figure, sourced. |
| G5 | TAM | US$2.4T “total borderless workforce economy.” SAM US$320B = 30–40M people × US$8k. | No source cited. US$2.4T is not a usable TAM. SOM US$150M GMV / 24 months is the figure an investor can test. | Correct. Lead with SOM. TAM as a footnote or cut. Score cannot sit at 2 while US$2.4T is the headline. |
| G6 | OTA comparable | Merchants pay 4% vs OTAs 15–30% “for the same.” | OTA take-rate is on bookings, not on coffee. Payment networks (Visa 2.5%, GrabPay, local QR) are the comparable. | Correct. Drop the OTA line or move it to a different product (if you ever take booking commission). |
| G7 | Users vs venue reach | “2,500+ daily venue reach” next to “800+ organic app users.” | 2,500 is partner foot traffic, not Halyard users. Deck: “Controlled, no mass users yet.” | Disclose. Chart registered users, MAU, transacting users (zero), separately from partner capacity. |
| G8 | Entity tree | Northpoint Payments Pte Ltd (deck). Halyard Pte Ltd OpCo + Foundation (token paper). | No ACRA extracts. No which entity signs the SAFE. | Correct. One tree. Extract. Signer matches the SAFE party. |
| G9 | Instrument | SAFE+T @ US$3.5M cap. Investor Nodes as Reg D/S security. | Described, not executed. No cap table file. | Correct. Signed SAFE+T. Cap table with names and %. Refer Node securities language to counsel. |
| G10 | Year-4 fees | US$100M+ monthly GMV → US$48M protocol fees. | Whitepaper: funnel rates are hypotheses. Wallet conversion “critical unknown.” | Disclose as scenario. Do not put US$48M on the one-pager as if it were a run-rate. |
| G11 | Singapore grants | One-pager: “Unlocks US$1.3M Singapore grants.” | No letter, scheme name, or condition. | Refer. Attach the grant letter or remove the line. |
| G12 | Deck as evidence | 21-slide investor brief. | Almost every evidence box is empty. Headlines without numbers. | Complete the slides before circulation, or do not circulate this deck. |
04 / Claim to evidence
| Claim | Locator | Class | Status |
|---|---|---|---|
| 800+ organic app users, US$0 CAC | One-pager; whitepaper §3 | C6 / C4 | Partial. No export. Consistent across two docs. |
| 15 confirmed partners, 30+ pipeline | One-pager named list | C6 | Named. No letters of intent in the materials. |
| 266 QR codes at LX Cowork | One-pager “deployed”; WP “planned” | C6 | Contradicted. |
| Fiat payments live now | One-pager 90-day plan | C6 | Contradicted by WP §3. |
| iOS & Android shipped | Deck roadmap “DONE” | C6 | Unsupported here (no store URL in the materials). |
| SAFE+T US$3.5M cap | One-pager header | C6 | Described. Not executed in folder. |
| 100M $HYD, 40/15/15/12/10/8 | Tokenomics §4.1 | C6 | Internal paper only. No contract. |
C1 public explorer · C4 first-party export · C6 issuer materials. No C1 source in this set.
05 / Questions a first call will ask
- Is any dollar of GMV real this month, and through whom?
- Who signs the SAFE — Northpoint or Halyard Pte Ltd — and can I see ACRA?
- Show me the 800 users as an export, not a headline. How many opened the app this week?
- Why is 4% cheaper than Booking.com the line, when you are not taking a booking?
- What happens to the SAFE+T if TGE is delayed past 18 months?
- Family: two Voss operators as CEO and COO. Who is independent on the board?
- Investor Nodes as Reg D/S — whose memo?
06 / Seat types (not names)
| Type | Why this ask might fit | Why not yet |
|---|---|---|
| SEA / India consumer fintech seed, US$250k–1m cheques | Singapore OpCo, Lisbon density, card + wallet story. | No GMV. Pre-seed labelled Series A on the deck. |
| Crypto fund that will do SAFE+T, real commerce, not meme | Stablecoin fee, dual entity written, TGE gated on PMF. | Token paper is Phase 2. They will still ask for the unlock table. |
| Tourism / payments strategic in SEA | Venue list is specific (LX Cowork, Alfama House, Atelier 8). | Partners remain names until letters of intent are in the materials. |
| Generalist US seed focused on headline TAM | The US$2.4T slide would attract this audience. | Not a suitable path while that figure is the headline. |
07 / Recommended next step
Do this before circulating the deck again:
- One sentence on payments in every document, or a payment-processor print covering seven days of settlement. The one-pager and the whitepaper cannot both stand as written.
- Executed SAFE+T and a cap table in the folder, signed by the entity that will actually take the money. One ACRA extract for that entity.
- One round name, one founder-cheque figure, and QR codes either deployed or planned — the same in the one-pager, the deck and the paper.
- Replace US$2.4 trillion with the market you can defend in one sentence (Lisbon and similar hubs). Move TAM, if kept, to an appendix.
- State 800 registered users as registered, partners as signed or LOI, and GMV as zero until a processor record exists.
When those five are in the materials, the file can be read again against this register. Until then, do not send the current deck.
Informational only — not investment advice, an offer, or a solicitation. Issuer-side Diagnostic. The fee does not purchase a meeting or a close. Issued by Mjolnir Capital. Issued 9 September 2026.