Real companies. Real cash flow. Really bought.
Strip away the token for a moment: what is actually here? Think of Napkin as a playlist. Every deal adds a real company with real revenue, real EBITDA, and real bank accounts: acquired, integrated, and streamed into one consolidated portfolio. 15 acquisitions completed since 2021 , and the architecture maps the ambition directly: 10,000 deals at 100,000 tokenized shares per deal.
The purchasing engine.
There is no Bloomberg terminal for a profitable sitework contractor in a secondary city. You find them, or you don't. We built the terminal.
Asking-price value is gross opportunity flow on the platform, not committed volume. We make that distinction ourselves before anyone else has to.
Behind the pipeline sits the marketplace: 22,369+ live deals representing $41.4 billion in deal value on platform across 50+ countries, with 119,694+ deals analyzed by the sourcing stack. In the sub-$50M market, deal flow is the moat.
Every acquisition the machine closes starts here: sourced, screened, and ranked algorithmically against the company's values, underwriting buy boxes, and strategies: before a human ever opens the deal. We have analyzed a hundred and ten thousand of them.
Fifteen acquisitions. Actively pruned.
From PV Labs in December 2021 to Creative Concrete & Excavating in April 2026, and here is the texture most acquirers hide: several early digital acquisitions were divested back to their sellers for stock, sold, dissolved, or written off along the way.
More than a dozen completed transactions (divestitures included ) is an honest scoreboard most acquirers never publish. We publish it because pruning is what disciplined capital allocation looks like from the inside.
Asset-heavy, cash-generative, succession-driven.
The move from sub-scale digital agencies to U.S. construction is the platform's defining capital-allocation decision. Equipment-heavy operators carry tangible collateral, and collateral is bankable: exactly what makes the bond financeable and every subsequent acquisition cheaper to fund.
Closed Q2 2026
Expected Q2/Q3 2026 boundary
The flywheel working
The sector sits squarely inside the AI CapEx Supercycle: power, fiber, cooling, and water/sewer infrastructure for data-center build-out is grading, trenching, and underground-utilities work, precisely what the portfolio now does. And the targets are operator-led, succession-driven businesses: the exit wave made real, one retiring founder at a time.
The screening funnel behind the pivot processed 60,000+ opportunities against a hard buy box (tangible assets, durable cash flow, LBO-serviceable economics) and produced four signed construction transactions. The funnel monetizes what it rejects and buys only what survives.
Run-rate configurations, not GAAP results.
Instead of a dated projection table, here is the staircase: labeled clearly. Stage 1 is closed; Stages 2 and 3 depend on financing and closing, and we publish every close so you can score us in real time rather than take our word annually.
Historical actuals are modest, and we publish them anyway: FY2025 consolidated revenue of $6.64M CAD at a 50% gross margin, with the operating companies EBITDA-positive at +$0.58M before holdco overhead (consolidated EBITDA -$0.51M). Small, real, and (for the first time) configured to inflect. At the time of writing the platform sits at roughly 15% of its initial $1B revenue ambition, and for the first time the machinery to close the gap: capital, collateral, origination, exists.
62 AI employees. 8 departments. Zero marginal diligence cost.
The reason a platform this young can run at this cost structure. Built on the AAA framework: APIs, AI, Algorithms. Real infrastructure, not slideware: NATS JetStream event streaming, Supabase, and Claude-powered bots doing the document-heavy work that mid-market M&A drowns in.
The cost of evaluating deal number 117,866 approaches zero, the entire economic argument for buying small companies at scale.
Investment banks can't touch a $3 million EBITDA business profitably. Software can.
EUR 500M, Vienna-listed, senior secured.
Signed December 25, 2025; subscription opened 15 December 2025; issue date 16 February 2026. The terms, in full, because a capital structure you cannot read is a capital structure you cannot trust.
| Program | EUR 500,000,000 senior secured asset-backed ETN |
| Listing | Vienna Stock Exchange (Vienna MTF), private placement |
| Initial series | ~EUR 150,000,000 |
| Coupon | 8% fixed, deferrable to maturity without event of default |
| Maturity | 15 February 2033-7 years, plus two optional 5-year extensions |
| ISIN | XS3265939077 |
| Issuer | PM Alpha DAC (Ireland) |
| Sub-arranger | Plurimi Wealth (Monaco / Dubai) |
| Trustee | Waystone |
| Paying agent | BNY Mellon (Dublin) |
| Investment sub-advisor | IDC (Delaware) |
| Security | First-ranking liens over operating assets; sponsor equity fully subordinated |
| Eligible investors | Professional and qualified non-U.S. purchasers, Reg S |
| Drawdown | Auto-draw to Napkin in EUR 10,000,000 tranches as each fills |
The capital arrives on a conveyor, not in one cliff: subscriptions accumulate with the arrangers and auto-draw in EUR 10M tranches as each fills. Every filled tranche buys companies; every company adds attested cash flow; every dollar of cash flow feeds the Engine. The long-run ambition, as distribution matures across future series, is EUR 2 billion, ambition, never current program size, and we will always label it that way.
The honest framing, because we would rather you hear it from us: the Vienna MTF is exchange-regulated, not a full regulated market, and a bond listing is not an audit anchor. What the program gives us is real credit-market history: institutional trustee, paying-agent, and arranger relationships. What the token gives you is stronger: contractual disclosure covenants that exceed the venue's requirements. We don't oversell the bond. We out-covenant it.
Belief is priced into the deal algorithm.
Consideration ranges from 25% to 75% cash, and Napkin is amenable to 100% cash for strategic targets it likes, and equally to 100% equity. The current average across the record:
Seller's notes: financing under which the seller effectively mortgages the business to Napkin: skin in the game, and lower day-one cash requirements.
Napkin prefers the equity component to be greater than zero, and gives preference, ranking, and onus to sellers who pledge their value with strong equity considerations. Those who show more faith rank higher, pro rata, in the acquisition queue. A seller who takes equity is not exiting; they are joining , with their net worth riding on the portfolio they just strengthened. In a market where only 20–30% of listed businesses ever sell, we show up as the buyer who closes and makes the seller a partner.
15 → 100 → 10,000.
Any serious reader will raise the comparison, so we will: Constellation Software (TSX:CSU) spent three decades acquiring 1,100+ vertical software companies and compounded famously by doing small deals, permanently, with discipline. That is the genus we belong to.
Now the attack: Constellation closed thousands of transactions over 30 years. You have 15, and you have already had to prune. Correct. Which is why our published intermediate milestone is 100 closed acquisitions, and why the Engine's economics step up on cumulative attested free cash flow, not deal count. You cannot game audited cash.
Judge us era by era. The moat isn't the code. It's the balance sheets.
The machine predates the token.
Section 4 of the white paper carries the full record. Every acquisition, every divestiture, every number, labeled honestly.