Torsten Thiel

About us

The Customer Value Finance (CVF) 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 for B2B acquisition funnels 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