Ask Capiva Capiva thesis · recommendation, you decide Capiva score 77.5 · CONDITIONAL PROCEED. Mandate hard-pass on the facts in this company's deal folder (config/mandate.yaml); you decide.
● scoredCapiva score · mandate hard-pass (config/mandate.yaml) on deal-folder facts; missing checks omitted
Signal read
DimensionScoreEvidenceConfidence
50Named in the documents: Maxim Haartsen (Co-founder, CEO), Menna Shahin (Co-founder, COO).● Computed
50Founders named; no team list or org chart is on file.● Computed
75Suppliers use eJaby as an extra sales channel for slow-moving stock; the deck sizes UAE overstock at $700M a year.● Computed
80B2C app selling suppliers' premium overstock and near-expiry products at discounted prices, with eJaby handling delivery across the UAE.● Computed
75Revenue, Q2 vs Q1 2025: +50% (self-reported (board pack)).● Computed
From the data room
Traction & metrics
Revenue, Q2 vs Q1 2025+50%self-reported (board pack) · Jun 2025
Customer acquisition cost$79 in Q2 2025 (Q1: $450)self-reported (board pack) · Jun 2025
Net loss, Jan–Jul 2025260,531.55 (currency not stated)management accounts · Jul 2025
Income, July 202511,219.22 (currency not stated)management accounts · Jul 2025
2 named in the documents
Founders
MHMaxim HaartsenCo-founder, CEO
MSMenna ShahinCo-founder, COO
● 50 founder
From the documents
Watch-items · 3
CheckThe board pack says order growth is stagnant.source cited
CheckRetention: cohorts churn 50% by month 2; orders per customer fell from 4.3 to 2.2 in Q2 2025.source cited
CheckAlmost all income is booked as 'Other Income' (411003); the 'Revenue' account (411001) is near zero. Confirm how sales are recognised.source cited
No raise on file
The round
EntityTekeya Application LLC
RegionUAE
Incubayt Investments Ltd
Our position
OpportunityNone · company review
How it reached Incubayt
Access path
● Incubayt engagedGoogle Drive · eJaby · Board pack in DD folder (Jun 2025)
Google Drive
Data roomThe company's folder in Incubayt's Drive. Capiva reads what it may and cites every figure; sensitive files are withheld.
Company review
Next step
No opportunity yet. Adding the company to the pipeline creates one, owned by Incubayt.
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