Bevz, Inc.
B2B SaaS Platform for Food & Beverage Operations — POS, Ordering & Brand Partnerships · Los Angeles, CA
GSV Total Invested
$1,774,372
Fund II, 6 tranches
Blended Value
$2,940,406
GS Value Tracker Dec 2025
MOIC
1.66x
Blended
LQ ARR
$740,148
CAGR -35.0%
GSV Ownership
~40.0%
FD per LP Presentation
INVESTMENT HISTORY
GSV Investment Timeline
Source: LP Presentation Fund II, Carta, Convertible Note Register
August 2022
Convertible Note 1
Cap $5M, 8% interest. Initial investment into Bevz (then a beverage delivery/SaaS platform).
$250,000
May 2023
Convertible Note + Warrant
Cap $7M, 8% interest. Included common stock warrant for 316,000 shares. Bevz expanded into SaaS for restaurants/bars.
$399,372
September 2023
Convertible Note 3
Cap $12M, 8% interest. Follow-on during growth phase.
$250,000
September 2024
Secured Promissory Note
Cap $14.5M, 10% interest. Secured note with enhanced protections.
$500,000
August 2025
Recapitalization — Note 5
Post-recap, Cap $850K, 8%. Part of GSV-led recapitalization that gave GSV control via preferred stock.
$300,000
October 2025
Recapitalization — Note 6
Post-recap, Cap $850K, 8%. Additional follow-on under recap terms.
$75,000
CUMULATIVE DEPLOYMENT
DEPLOYMENT SUMMARY
| DATE | INSTRUMENT | AMOUNT |
|---|---|---|
| Aug 2022 | Conv. Note | $250,000 |
| May 2023 | Conv. Note + Warrant | $399,372 |
| Sep 2023 | Conv. Note | $250,000 |
| Sep 2024 | Secured Note | $500,000 |
| Aug 2025 | Conv. Note (Recap) | $300,000 |
| Oct 2025 | Conv. Note (Recap) | $75,000 |
| Total | $1,774,372 |
PORTFOLIO STATUS
Tier: Yellow
Strategy: Cash Flow
Next Steps: Merging with Tango (Fund I)
Health: Yellow
Financial Assessment
Revenue & Projections
| 2025F | 2026F | 2027F | 2028F | |
|---|---|---|---|---|
| Revenue | $1,003K | $1,431K | $3,003K | $4,957K |
| SaaS | $718K | $490K | $275K | $67K |
| POS (New) | — | $845K | $2,617K | $4,767K |
| Brand/Other | $285K | $96K | $111K | $122K |
| COGS | $450K | $783K | $1,051K | $1,283K |
| Gross Profit | $553K | $648K | $1,952K | $3,674K |
| Gross Margin | 55% | 45% | 65% | 74% |
| OpEx | $1,810K | $1,003K | $1,517K | $2,126K |
| Net Income | -$1,257K | -$355K | +$435K | +$1,548K |
Team: 9 → 9 → 17 → 20
Cash: $475K → $123K → $561K → $2.1M
Break-even: 2027
Revenue Mix (Stacked)
LQ ARR
$740,148
CAGR -35.0%
Investment Structure
Deal Terms
Early Notes (2022–2024)
InstrumentConvertible Notes + 1 Secured Note
Interest (Notes 1–3)8%
Interest (Secured Note)10%
Total Early Investment$1,399,372
MaturityVarious (expired/converted)
Recapitalization (2025)
ConversionSeries Seed-1, Seed-3, Seed-4 Preferred
Post-Recap Notes$375,000 at $850K cap
Post-Recap Interest8%
Board ControlGSV gained via preferred stock
Conversion DateJan 23, 2026
Capitalization
Cap Table — Post-Recap Pro Forma (Jan 2026)
| Holder | FD % |
|---|---|
| GSV Investors II LP | ~40.0% |
| Dynamism Capital | ~15.4% |
| Jason Vego (CEO) | ~14.5% |
| Joseph Tapiro (COO) | ~8.0% |
| Kukus LLC | ~4.2% |
| IrishAngels (IA Bevz) | ~2.3% |
| Other Investors | ~10.6% |
| Option Pool (Available) | ~5.0% |
| Total | 100% |
Note: Cap table reflects post-recap, post-conversion pro forma as of Jan 2026. GSV ownership per LP Presentation; detailed cap table available on Carta.
Ownership Distribution
Company Overview
Company & Product
Bevz operates a B2B SaaS platform serving restaurants, bars, and nightlife venues. Originally a beverage delivery platform, the company pivoted to POS (point-of-sale) technology. The POS pivot is the growth catalyst — projected to drive $4.8M of the $5.0M 2028F revenue.
Business Model: SaaS subscriptions (declining) + POS transaction revenue (growing) + brand partnership fees + revenue share agreements.
Tango Merger: Merging with Tango (a Golden Section Fund I portfolio company) to deliver a more compelling product suite. Rollout described as "thriving" per LP notes.
Platform Metrics
~549
Subscribers (2025F)
F&B
Industry Focus
POS
Growth Engine
Revenue Mix Shift
Legacy SaaS revenue declines from $718K (2025) to $67K (2028) as the company transitions to POS transaction revenue, which grows from $0 to $4.77M over the same period — a complete business model transformation.
Investment Thesis
Why This Investment
Board Control: GSV's recap gave 40% FD ownership and board control via preferreds — rare downside protection for a seed-stage investment.
POS Pivot: The POS product line is projected to grow from $0 to $4.8M by 2028, fundamentally changing the revenue mix and unit economics.
Tango Synergy: Merger with Tango (Fund I co.) creates cross-portfolio value and stronger product offering.
Path to Profitability: Model shows break-even in 2027 and $1.55M net income by 2028, with cash growing to $2.1M.
SaaS Decline Risk Mitigated: While legacy SaaS revenue declines from $718K to $67K, POS more than compensates — total revenue grows 5x.
Risk Assessment
Key Risks & Concerns
▲ HIGH
SaaS Revenue Declining: Legacy SaaS drops from $718K to $67K by 2028. Entire growth thesis depends on POS adoption.
▲ HIGH
Execution Risk on Tango Merger: Integration of two portfolio companies adds operational complexity. Success not guaranteed.
MEDIUM
Cash Runway: Ending cash of $123K in 2026 is dangerously low. Requires flawless execution or additional funding.
MEDIUM
ARR Declining: LQ ARR of $740K with -35% CAGR. Current direction is negative.
MEDIUM
Concentration: ~549 subscribers. Loss of key accounts could materially impact revenue.
LOW
Market: F&B tech is competitive with established POS players (Toast, Square, Clover).
Leadership
Team
JV
Jason Vego
CEO & Co-Founder · 14.5% FD
Led company through pivot from beverage delivery to POS platform. Driving the Tango merger. Email: jason@bevz.com
JT
Joseph Tapiro
COO · 8.0% FD
Operations leader. Previously held common stock and options.
VD
Valeria De Leon
Key Employee · 4.5% (post-grants)
Key employee contributing to platform development and operations.
VG
Victor Grayr
Advisor · 2.5%
Common stockholder and advisor.
GSV Team: Dougal Cameron (Manager, led recap negotiation)
GP Recommendation
Recommendation: MONITOR — $1.77M Invested, Recap Complete
Bevz represents a unique position in Fund II where GSV's recapitalization strategy transformed a struggling SaaS investment into a controlled asset. With 40% FD ownership and board control, GSV has significant influence over outcomes. The POS pivot is the critical thesis — if it works, the company reaches profitability in 2027 and generates significant returns on the $1.77M invested. The Tango merger adds cross-portfolio synergy. Key concern: the 2026 cash position ($123K) is extremely tight, and the legacy SaaS business is in terminal decline. Monitor closely, support the Tango integration, and be prepared to provide bridge funding if the POS ramp is slower than projected.
Investment Summary
$1,774,372 across 6 tranches (Fund II). Recap completed Jan 2026. GSV controls board via preferred.
Key Milestones
POS revenue launch & ramp
Tango merger execution
2027 break-even
Cash runway management
Tango merger execution
2027 break-even
Cash runway management
Priority Actions
Monitor 2026 cash position
Support Tango integration
Track POS adoption metrics
Prepare bridge if needed
Support Tango integration
Track POS adoption metrics
Prepare bridge if needed
Document Index
6 source files referenced in this memo
Bevz Financial Model
Oct 2025 — Revenue projections & P&L
Cap Table Pro Forma
Jan 2026 — Post-recap ownership
Convertible Note Agreements
2022–2025 — All note instruments
Secured Promissory Note
Sep 2024 — $500K secured note
Board Consent
Jan 2026 — Recap approval
Common Stock Warrant
316,000 shares warrant certificate
Derek AI
Bevz Deal Intelligence