Seed Round — Open Now

$1M in.
$20M out. 12 months.

The platform is built. The inspectors are identified. The insurer ROI is documented. Three enterprise contracts flip this into a $20M ARR business before Series A closes. Consumer growth is organic upside. Enterprise is the plan.

Request deck → 5-year model One-page PDF

How You Get to $20M

Three contracts. $15M of the $20M right there.

Consumer growth gets you to $5M. Enterprise contracts get you the other $15M. Each one is achievable inside 12 months with relationships we can open today.

Contract 1 Target: BCBS, Aetna, or regional Blue — signed by Month 6

Insurer-Sponsored Testing Program

Health insurer pays $500/test for their highest-cost asthma and allergy members. No patient cost, no patient CAC. The insurer’s math: uncontrolled asthma costs them $4,615/patient/year. A $500 Canary inspection + $3,500 remediation eliminates that cost. Payback in under 12 months. Every major insurer’s innovation team has this exact RFP open. We approach with the pilot data from our first 500 consumer inspections — even preliminary ER reduction data is enough to open a pilot.

20,000 sponsored tests × $500 = $10M — and the insurer bears every dollar of acquisition cost.

$10M

Year 1 revenue
from this contract

Contract 2 Target: L&Q, Clarion, or Peabody (UK) — signed by Month 5

UK Awaab’s Law — Housing Association Compliance Platform

Awaab’s Law (Social Housing Act, October 2024) mandates UK landlords investigate mold within 3 days and fix it within 14. Housing associations face legal liability and unlimited fines for non-compliance — and they have no platform to manage inspections, document outcomes, or prove compliance. L&Q alone manages 110,000 homes. At a $100 per-inspection platform fee (Canary takes the booking fee + generates the compliance report), one housing association is a $2M+ contract. They are actively looking for this right now. UK entity formation: 4 weeks. Platform localization: 3 weeks. Inspector credentialing: RICS-qualified surveyors (same gig model as US).

30,000 mandated inspections × $100 platform fee = $3M — compliance demand, not sales demand.

$3M

Year 1 revenue
from this contract

Contract 3 Target: 20,000-person remote-first tech employer — signed by Month 4

Employer-Sponsored Home Health Benefit

Remote-first employers spend $15,000+/year per employee on health benefits. Home air quality testing costs them $299/employee/year — and it’s a benefit no competitor offers yet. 60M+ remote workers in the US. HR and benefits teams are actively building out “whole-person wellness” packages. Canary is the only home health inspection product with clinical documentation, HSA processing, and doctor integration — the three things a corporate benefits team needs to justify it to their CFO. First target: a single self-insured employer. Self-insured employers pay the claims directly, so they have direct financial incentive for a Canary program that reduces ER utilization.

15,000 employees × $100 Canary take = $1.5M + remediation referrals from elevated findings.

$2M

Year 1 revenue
incl. referrals

$15M

from 3 contracts

+

$5M

consumer marketplace
(direct bookings + kits)

=

$20M

Year 1 revenue
Series A at $150–200M

Growth Ramp

Slow start. Step functions at Month 5, 6, and 9.

Consumer revenue is linear. Enterprise contracts are vertical.

Month Inspections Consumer Rev Enterprise Rev Monthly Total Key Event
M1 300 $76K — $76K NYC + Austin launch. 50 inspectors.
M2 700 $176K — $176K Add Chicago + LA. 120 inspectors.
M3 1,400 $353K — $353K DC + Boston + Houston. 200 inspectors. Employer contract signed.
M4 2,200 $554K $500K $1.05M ▲ Employer program live. 15K employees queued.
M5 3,500 $882K $750K $1.63M ▲ UK contract signed. First housing association.
M6 5,500 $1.39M $1.5M $2.89M ▲ Insurer pilot signed. 20K patients queued. UK running.
M7 7,000 $1.76K $1.5M $3.26M National. 450 inspectors. Insurer program running.
M8 8,500 $2.14M $1.5M $3.64M 2nd employer contract. Remediation referrals scaling.
M9 10,000 $2.52M $1.5M $4.02M 10K inspections/month milestone. Data layer activated.
M10 11,500 $2.90M $1.5M $4.40M 2nd insurer pilot begins. Data licensing conversations open.
M11 13,000 $3.28M $1.5M $4.78M Series A materials prepared. 2nd UK housing association.
M12 15,000 $3.78M $1.5M $5.28M Series A closes. $150–200M valuation.
FY Total 79,100 $12M $8M $20M 15K inspections/mo run rate

Consumer revenue calculated at $252 blended/inspection (booking fee + LMN + remediation referral + clearance). Enterprise revenue is fixed-fee contract payments from insurer, employer, and UK housing association programs.

The Supply Side

15,000 inspections/month needs 750 active inspectors. Here’s why that’s achievable.

The supply already exists

1,175 licensed mold assessment contractors in NYC metro alone. 2,370 statewide in NY. The inspectors exist — they just don’t have a platform that sends them verified, pre-screened, HSA-ready bookings. Canary is better for them than Angi or a cold call. Conversion from outreach to active inspector will be high.

Gig model — zero fixed labor cost

Inspectors are independent contractors. Canary pays nothing until a booking completes. They keep 80% of the inspection fee. Canary earns the 20% booking fee + the LMN fee + the remediation referral on top. No payroll, no benefits, no geographic ops headcount per city.

43 states: no mold license required

Only 7 states + DC require a specific mold assessment license. In the other 43, any CIH, industrial hygienist, or ACAC-certified professional qualifies. National launch is a software problem, not a regulatory problem. A new market can be live in under a week.

20 inspections/month per active inspector

At 20 inspections/month (realistic for a part-time supplemental income), 750 inspectors = 15,000 inspections/month. NYC alone has enough licensed contractors for 500. Add Chicago, LA, Houston, Boston — the inspector supply side is not the constraint. Platform adoption is.

Month Active Inspectors Markets Capacity (inspections/mo)
M15021,000
M320084,000
M6400208,000
M96003512,000
M12750National + UK15,000+

Capital Allocation

$1M builds the platform and the first two markets.
Enterprise contracts fund the rest.

$380K

Engineering — 3 FTE

Platform + booking + LMN + HSA checkout · Mobile iOS (patient + inspector) · AI report generation + risk scoring. Ship the core marketplace in 6 weeks. Enterprise portal and compliance reporting (UK) by Week 10.

$220K

Inspector + Remediation Ops

1 inspector-success lead + onboarding tooling + credentialing automation + remediation contractor vetting. Goal: 50 inspectors in NYC + Austin by Day 30. 200 by Month 3. Self-sustaining gig model after that — ops headcount does not scale linearly with inspectors.

$200K

Enterprise Sales

1 senior enterprise AE (OTE $180K, base $120K) who can close a self-insured employer + a UK housing association + initiate an insurer pilot. These three contracts alone produce $15M revenue. This is the highest-ROI dollar in the budget.

$130K

Legal + Partnerships

HIPAA compliance counsel · Truemed LMN integration · Lab agreements (EMSL/Eurofins, 48h SLA) · IRS HSA eligibility opinion letters for remediation categories · UK entity + RICS inspector credentialing framework.

$70K

Growth + Infra

SEO content (“mold testing near me” = 200K+ monthly searches) · Doctor partnership outreach (allergists, pediatricians) · GCP infrastructure + HIPAA-compliant hosting · Background check vendor · DIY kit seed inventory (500 units).

Self-funding by Month 5

At 3,500 consumer inspections/month ($882K) + first enterprise contracts live ($750K): monthly revenue exceeds monthly burn. The $1M seed lasts 18+ months at this ramp. Series A closes before we need it.

Series A metrics at Month 12

$20M LTM revenue · $18M+ ARR run rate · 15,000 inspections/month · 3 enterprise contracts signed · UK foothold · Insurer outcomes data published. Series A: $20–30M at $150–200M valuation.

Why Competitors Can’t Copy This

The HSA for repairs is the moat.
Not the inspector network. Not the app.

THE INNOVATION

Doctor → Inspector → HSA pays for the $15,000 remediation

IRS Publication 502 allows HSA/FSA for medically-necessary home remediation when prescribed by a physician. Mold remediation for asthma: eligible. PFAS filtration for lead exposure: eligible. Radon mitigation: eligible. Canary automates the LMN that makes this happen at checkout. No competitor — Angi, Thumbtack, HomeAdvisor, or any new entrant — can offer this without a full clinical integration layer and HIPAA compliance.

Truemed used this exact mechanism for gym equipment and processed $200M+ in HSA transactions. The average Canary remediation is 20× larger than a Peloton.

Patient savings on a $12,000 mold job

Without Canary

$12,000

out of pocket

With Canary + HSA

$8,400

after 30% tax savings

$3,600 saved. Canary earns $1,440 in referral fees on the same job.

The referral fee compounds with scale

At 15,000 inspections/month, 30% find actionable problems = 4,500 remediation referrals/month. Average referral fee $600. $2.7M/month in referral revenue alone by Month 12 — from patients who saved $3,600 each. This alignment is the flywheel.

$1M in. $20M out.
Series A at $150–200M.

The platform is built. The inspectors are identified. The insurer ROI is a 12-page sourced document. The only thing missing is the capital to execute the three enterprise contracts that drive $15M of the $20M.

Request the deck → Insurer ROI data One-page PDF