Ask Capiva WIConsumer hardware (water) · Shareholding + Convertible Note · UAE / USA · incubated by Incubayt · first invested Mar 2020
Wisewell
Incubated · activeInvested$1.75mmat cost · 2 tickets
Current mark$6.80mmworkbook · 8 Sep 2025
MOIC3.89xon paper
Ownership48.0%–57.5%across 4 cap-table states
Next roundEquity round 2025modelled, not closed
IRR51.1%workbook, per ticket dates
Thesis vs. reality · what we underwrote at entry, measured against now
What must be trueEach claim is what the company said would be true, checked against the filed accounts and later updates. A claim with no second source stays on watch.
2023 gross revenue of $688,000, up 200% on 2022Wisewell Trading LLC filed sales of AED 1,915,248 in 2023 and AED 436,388 in 2022. The letter's dollar figure is not that sales line. Watch
ARR of $450,000 by the end of 2023Stated in the year-end letter. The 2023 profit and loss has no recurring-revenue line. Watch
Marketing cut by more than half, and CAC from $200 to $100Advertising and marketing was AED 737,003 in 2023, up from AED 136,637 in 2022. Watch
Model 2 launches at $399 and KSA becomes the lead marketThe letter still had Model 2 in prototyping, with 24 units sent to KSA for testing and a 90-unit Fitzrovia order. No later sales split is on file. Watch
Users more than double, to 2,025The letter reports 1,432 new users. Nothing else in the data room confirms the count. Watch
Latest founder update · Dec 2023
“We welcomed 1,432 new Wisewell users, bringing our total to 2,025. Gross revenue for 2023 reached $688,000 and ARR closed at $450,000. Seb stepped back from daily operations in October; Sami Khoreibi became CEO.”
Watch & flags
What to keep an eye on
ActionWisewell owes Incubayt a USD 286k shareholder loan that the IRR workbook does not carry
Our position
PositionIncubayt's tickets and marks come from the IRR workbook; the legal entity from the company's cap table or registers.
InstrumentsShareholding $400k (Mar 2020) · Convertible Note $1.35mm (Oct 2023)
Company valuation$16.00mm · workbook
BoardSami Khoreibi · director
Legal entityWisewell Holdings