Empower Local, Inc.
AdTech / Marketplace / Studio · Nashville, TN · Delaware C-Corp · USD
GSV INVESTMENT FII
$639,973
Cash deployed $550K · Note + Seed
CURRENT VALUE FII
$1,719,789
Fund II Record · Sep 2025
BLENDED MOIC BL
2.39x
On $550K deployed · Blended value $1,315K
TIER DPI
Yellow
Active · Trying Series A raise
LQ ARR VT
$3,654,745
Gross billings annualized
FINANCIAL ASSESSMENT
Revenue & P&L Summary — FY Jun 2022–May 2023 (USD)
Source: EmpowerLocal P&L FY2023, TTM P&L Jul 2022–Jun 2023, GS Value Tracker Dec 2025
| LINE ITEM | FY 2022–2023 (USD) |
|---|---|
| Digital Advertising / Ext Net | $898,136 PL |
| Network Ads & Sponsorships | $329,375 |
| Programmatic & Affiliate | $902,631 |
| Total Revenue | $2,128,833 PL |
| Media Buys | $975,071 |
| Sales Commissions | $73,580 |
| Creative Production | $61,486 |
| Total COGS | $1,110,137 PL |
| Gross Profit | $1,018,696 (47.8%) |
ANNUALIZED REVENUE TRAJECTORY (USD) — VALUE TRACKER
LQ ARR (GROSS BILLINGS)
$3,654,745
Value Tracker · Dec 2025
GROSS MARGIN
47.8%
FY Jun 2022–May 2023
CASH (JUN 2023)
$633,080
TTM Balance Sheet · Incl. ERC
TOTAL ASSETS (JUN 2023)
$1,383,734
Incl. $357K ERC receivable
INVESTMENT STRUCTURE
Deal Terms & Cap Table
Source: Executed Note & Warrant (Jun 2023), Series Seed Docs (Sep 2025), GSV Fund II Record Sep 2025, Pro Forma Cap Table
CONVERTIBLE NOTE (JUN 2023)
SecurityConvertible Promissory Note CN
Principal$500,000 USD CN
Interest Rate8% per annum CN
Valuation Cap$8,000,000 CN
Discount20% on qualified financing
Note DateJune 21, 2023 VT
LenderGSV Investors II LP
StatusConverted → Series Seed-2
WARRANT
Coverage5% of Fully Diluted WC
Shares795,998 CT
Exercise Price$0.6823 WC
Term10 years
ExpiryJune 2033 VT
HolderGS Holdings, LLC
Exercise StatusWill not exercise CT
SERIES SEED (SEP 19, 2025)
Pre-Money Valuation$17,000,000 CT
Post-Money Valuation$21,761,758 CT
Price / Share$1.6393 CT
New Money Raised$3,000,000 CT
GSV Note Conversion1,018,599 shares @ $0.5792 FII
GSV New Money30,500 shares @ $1.6393 ($50K) FII
GSV Total Shares1,049,099 FII
GSV Cost Basis$639,972.60 (incl. $89,973 interest) FII
GSV Ownership6.59% FD CT
CAP TABLE — PRO FORMA POST-SERIES SEED
| HOLDER / CLASS | SHARES | % |
|---|---|---|
| Common Stock (all holders) | 8,070,022 | 50.69% |
| SAFE Conversions (14 investors, $5.5M cap) | 1,280,759 | 8.04% |
| Conv. Notes 2022 ($157.5K + int.) | 337,075 | 2.12% |
| Conv. Notes 2023 ($387.5K + int.) | 805,503 | 5.06% |
| Conv. Notes GSV Jun 2023 ($589,973) | 1,018,599 | 6.40% |
| Series Seed New Money ($3M) | 1,830,049 | 11.50% |
| Options (pool) | 1,308,089 | 8.22% |
| Warrants — GS Holdings (5% FD) | 795,998 | 5.00% |
| Advisors | 473,872 | 2.98% |
| Total Fully Diluted | 15,919,966 | 100% |
INVESTMENT HISTORY
Investment Timeline
Source: GSV Fund II Record Sep 2025, Executed Note & Warrant Jun 2023, Series Seed Docs Sep 2025, GS Value Tracker Dec 2025
2020
SAFE Investment Round
Empower Local raises $510,000 via post-money SAFEs from 14 investors at a $5,500,000 valuation cap. These SAFEs later convert to equity at the Series Seed in September 2025.
JAN 2023
Convertible Note Term Sheet
Term sheet executed for a convertible note financing round with multiple investors. GSV evaluates the opportunity and proceeds with the investment.
JUN 21, 2023
GSV Convertible Note — $500,000
GSV Investors II LP issues $500,000 convertible promissory note to Empower Local, Inc. 8% interest, $8M valuation cap, 20% discount on qualified financing. Separate warrant for 5% FD shares issued to GS Holdings at $0.6823/share exercise price.
JUN 2022 – MAY 2023
FY Revenue: $2,128,833
Empower Local reports $2.1M in annual revenue across Digital Advertising ($898K), Programmatic ($903K), and Network Ads ($329K). Gross margin 47.8%. Two-sided marketplace with 800+ publisher partners.
SEP 19, 2025
Series Seed — Note Conversion + $50K New Money
GSV’s $500K note converts to 1,018,599 Series Seed-2 Preferred shares at $0.5792/share ($589,972.60 incl. $89,973 accrued interest). GSV also invests $50,000 new money for 30,500 Series Seed-1 Preferred at $1.6393/share. Total round: $3M new money at $17M pre-money.
DEC 2025
Current Status — Active (Yellow)
LQ ARR $3,654,745. Blended MOIC 2.39x. Status: Active, Yellow tier. Company trying to raise Series A. On a path to free cash flow. Strategy under review for potential secondary liquidity.
| DETAIL | VALUE |
|---|---|
| Instrument (Original) | Convertible Promissory Note FII |
| Instrument (Current) | Series Seed Preferred FII |
| Note Date | June 21, 2023 VT |
| Conversion Date | September 19, 2025 FII |
| Total Shares | 1,049,099 FII |
| Cost Basis | $639,972.60 FII |
| Cash Deployed | $550,000 VT |
| Current Value | $1,719,789 FII |
| Unrealized Gain | +$1,079,817 FII |
| GSV Ownership | 6.59% FD CT |
PORTFOLIO STATUS
Blended Value
$1,314,861
$1,314,861
Blended MOIC
2.39x
2.39x
LP Tier
Yellow
Yellow
LP Status
Achieving
Achieving
PRODUCT & MARKET
Empower Local — Two-Sided AdTech Marketplace
Source: EmpowerLocal Pitch Deck, P&L FY2023, GS Value Tracker LP Presentation
Empower Local operates a two-sided marketplace connecting national brands and advertisers with a network of 800+ local media publishers. The platform enables brands to reach hyper-local audiences at scale through premium local news and media sites, driving higher engagement and conversion than generic programmatic channels.
The publisher network reaches 250M+ monthly pageviews and 18M+ email subscribers. Revenue streams include direct-sold branded content, programmatic/affiliate partnerships, and network advertising & sponsorships. The company is headquartered in Nashville/Franklin, TN.
PRODUCT SUITE
Local Action Unit (Display)
Sponsored Content
Email & Social Distribution
Programmatic & Affiliate
Network Ads & Sponsorships
Creative Studio Services
MARKETPLACE METRICS
| METRIC | VALUE |
|---|---|
| Publisher Partners | 800+ DK |
| Monthly Pageviews | 250M+ DK |
| Email Subscribers | 18M+ DK |
| LQ ARR (Gross Billings) | $3,654,745 VT |
| FY Revenue (Net) | $2,128,833 PL |
| Gross Margin | 47.8% PL |
REVENUE BREAKDOWN (FY 2022–2023)
Programmatic & Affiliate
$902,631 (42.4%)
Digital Advertising / Ext Net
$898,136 (42.2%)
Network Ads & Sponsorships
$329,375 (15.5%)
INVESTMENT THESIS
Why Golden Section Invested
Source: EmpowerLocal Pitch Deck, Deal Memo, GS Value Tracker LP Presentation
Two-Sided Marketplace Network Effects: 800+ local media publishers create a defensible supply-side moat. Each new publisher increases value for advertisers, and vice versa. Local media is fragmented, creating aggregation opportunity.
Strong Revenue Growth Trajectory: Annualized gross billings grew from ~$1.9M to peak ~$4.5M. Company achieved “Achieving” status per LP presentation with Green tier rating. Multiple revenue streams across direct, programmatic, and sponsored content.
Hyper-Local Targeting Advantage: 250M+ monthly pageviews across premium local news sites offer advertisers authentic, trusted environments for brand messaging. Higher engagement vs. generic programmatic channels.
Path to Free Cash Flow: Per Value Tracker, the company is on a path to free cash flow. FY gross margin of 47.8% demonstrates unit economics viability. Operating leverage expected as publisher network scales.
Downside Protection: $17M pre-money Series Seed valuation with 1x liquidation preference. GSV holds 6.59% FD with cost basis of $640K. Blended MOIC already 2.39x at current valuation. Warrant (5% FD) provides additional upside optionality.
Local Media Secular Trend: National advertisers increasingly shift budgets to local media for authentic engagement. Empower Local provides scalable access to this fragmented market without individual publisher relationships.
RISK ASSESSMENT
Key Risks & Concerns
Source: GS Value Tracker Dec 2025, TTM P&L, Balance Sheet, F2 DPI Analysis
HIGH
Revenue Deceleration: Annualized gross billings declined from peak ~$4.5M to $3.65M (LQ ARR), a ~19% decline from peak. While still above early levels, the negative trajectory raises concerns about sustainable growth and ability to raise Series A at attractive terms.
HIGH
Margin Compression: TTM data shows gross margin declining from ~43% to ~24% range. Media buy costs ($975K, 46% of revenue in FY2023) create a structurally high COGS burden. Publisher obligations and media costs may squeeze margins further as competitive pressure intensifies.
HIGH
Series A Uncertainty: Company is “currently trying to raise Series A, tbd on success” per Value Tracker. Failure to raise could constrain growth, limit cash runway, and delay liquidity for existing investors. DPI strategy is “Secondary?” with “Wait for raise” instruction.
MED
Working Capital Pressure: Balance sheet shows $297K AR and $246K current liabilities (May 2023). Publisher obligations ($118K) and credit card debt ($84K) suggest tight working capital management. ERC receivable ($357K) was a one-time COVID benefit.
MED
Negative EBITDA Trend: TTM P&L shows mostly negative EBITDA, deepening to −$54K in June 2023. While the company reports a path to free cash flow, sustained operating losses increase dependency on external financing.
LOW
Key Person Risk: Founding team led by CEO Steven Buhrman with significant common stock concentration. Large shareholder base (Steven Ludwig 1.69M shares, Buhrman 1.67M shares) provides alignment but also creates potential governance complexity.
EXIT SCENARIOS
Return Analysis — GSV $550K Cash Deployed
Source: Pro Forma Cap Table (Sep 2025), GS Value Tracker Dec 2025 (F2 Blend, F2 DPI)
| SCENARIO | EXIT VALUE | GSV RETURN | MOIC |
|---|---|---|---|
| Write-Off | $0 | $0 | 0.0x |
| Current Blended | ~$21.8M post | $1,315K | 2.39x |
| Fund II Record | ~$21.8M post | $1,720K | 3.13x |
| Series A ($40M) | $40M | ~$2,636K | 4.8x |
| Growth ($75M) | $75M | ~$4,943K | 9.0x |
| Home Run ($150M) | $150M | ~$9,885K | 18.0x |
GSV returns computed on 6.59% FD ownership (1,049,099 / 15,919,966 shares). MOIC on $550K cash deployed basis. At larger exits, preferred converts to common for pro-rata participation. Liq. pref. provides $640K floor.
RETURN BY EXIT SCENARIO (GSV $K)
LEADERSHIP
Team & Key Stakeholders
Source: EmpowerLocal Pitch Deck, Pro Forma Cap Table Sep 2025
SB
Steven Buhrman
CEO & FOUNDER
Founder and CEO of Empower Local. Holds 1,667,914 common shares (10.48% FD). Leads company strategy, advertiser relationships, and fundraising efforts. Based in Nashville/Franklin, TN.
SL
Steven Ludwig
CO-FOUNDER / MAJOR SHAREHOLDER
Largest individual shareholder with 1,692,223 common shares (10.63% FD). Also holds a $8,000 note on the balance sheet. Key stakeholder in company governance and strategic direction.
CL
Corey Little
TEAM / SHAREHOLDER
Holds 850,000 common shares (5.34% FD). Part of the founding/early team with significant equity stake aligned with long-term company success.
GS
GS Coverage Team
GOLDEN SECTION
Isaac Shi (reporting). Fund II holds 1,049,099 shares (6.59% FD). GS Holdings holds warrant for 795,998 shares (5.00% FD). Active monitoring with Series A raise support.
GP RECOMMENDATION
Verdict: HOLD — MONITOR FOR SERIES A
Empower Local is an active portfolio company operating a two-sided AdTech marketplace connecting national advertisers with 800+ local media publishers. GSV Investors II LP deployed $550,000 in cash ($500K convertible note in June 2023 + $50K new money at Series Seed in September 2025), with a total cost basis of $639,973 including accrued interest. The note converted to 1,018,599 Series Seed-2 Preferred shares at $0.5792/share, and the new money acquired 30,500 Series Seed-1 Preferred at $1.6393/share. GSV holds 6.59% of the fully diluted cap table. The current Fund II Record value is $1,719,789 (2.69x on cost basis), with a blended MOIC of 2.39x on cash deployed. The company reached peak annualized gross billings of ~$4.5M before declining to $3.65M (LQ ARR). Tier: Yellow. The company is currently trying to raise a Series A, with the outcome uncertain. On a path to free cash flow per Value Tracker commentary. The recommendation is to HOLD the position, monitor the Series A process, and evaluate secondary liquidity options if the raise materializes. The 5% warrant held by GS Holdings (not being exercised) provides additional optionality.
BLENDED MOIC
2.39x
On $550K cash deployed
FUND II RECORD VALUE
$1,719,789
1,049,099 shares · 6.59% FD
DPI STRATEGY
Secondary? / Wait for Raise
Series A outcome TBD
NEAR-TERM CATALYST
Series A Close
Raise outcome determines trajectory
KEY MILESTONE
Free Cash Flow
Path to FCF per Value Tracker
KEY CONCERN
Revenue Deceleration
LQ ARR −19% from peak
Prepared by Derek · March 2026 · Sources: GSV Fund II Record (Sep 2025), GS Value Tracker (Dec 2025), Executed Convertible Note & Warrant (Jun 2023), Series Seed Documents (Sep 2025), Pro Forma Cap Table (Sep 2025), EmpowerLocal P&L FY2023, EmpowerLocal Balance Sheet, EmpowerLocal TTM P&L, EmpowerLocal Pitch Deck
SOURCE DOCUMENTS
FII GSV Fund II Record — Sep 2025
BL GS Value Tracker F2 Blend — Dec 2025
VT GS Value Tracker — Dec 2025
DPI GS Value Tracker F2 DPI — Dec 2025
LP LP Presentation — Dec 2025
CN Convertible Promissory Note — Jun 2023
WC Warrant Certificate — Jun 2023
SS Series Seed Documents — Sep 2025
CT Pro Forma Cap Table — Sep 2025
PL EmpowerLocal P&L — FY Jun 2022–May 2023
BS EmpowerLocal Balance Sheet — May/Jun 2023
TM EmpowerLocal TTM P&L — Jul 2022–Jun 2023
DK EmpowerLocal Pitch Deck