Ask Capiva TWAgTech / circular economy · SAFE note · UAE · direct investment · first invested Mar 2022
The Waste Lab
ActiveInvested$200kat cost · 2 tickets
Current mark$960kworkbook · 8 Sep 2025
MOIC4.80xon paper
Ownership11.7%issued common before conversions
Next roundSeedmodelled, not closed
IRR57.4%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.
Entry memo on fileInvestment Memo - The Waste Lab.docx · Mar 2022. Its claims have not been extracted, so nothing is tracked against it yet. Not tracked
Latest company figures · Oct 2024
Operating expenses 2024 total — includes forecast months; line items with pay are not extracted
Watch & flags
What to keep an eye on
NoteThe Waste Lab: workbook dates and cost basis differ from the deal documents
NoteThe Waste Lab: $400,000 of advisory shares is counted as invested cost
Our position
PositionIncubayt's tickets and marks come from the IRR workbook; the legal entity from the company's cap table or registers.
InstrumentsSAFE note $150k (Mar 2022) · SAFE note $50.0k (Apr 2022)
Company valuation$8.00mm · workbook
BoardNot recorded
Legal entityNot recorded