Payeload
On-Demand Delivery Platform for Construction & Industry · Liberty Hill, TX
GSV INVESTMENT
$11.2M
6 tranches · Fund II
BLENDED VALUE
$25.3M
As of Dec 2025
BLENDED MOIC
2.28x
On $11.1M deployed
LQ ARR
$18.2M
+77.6% CAGR
GSV OWNERSHIP
29%
FD post-Series A
FINANCIAL ASSESSMENT
Revenue & Profitability — 2021–2025 (USD)
Source: Payeload P&L 2021, P&L 2022, Clean Financials 2025, GS Value Tracker
| LINE ITEM | 2021 | 2022 | 2025 |
|---|---|---|---|
| Total Revenue | $2,175,349 | $3,174,308 | $14,954,386 |
| Cost of Revenue | — | — | $8,385,295 |
| Gross Profit | $2,175,349 | $3,174,308 | $6,569,091 |
| Operating Expenses | $1,924,050 | $3,116,383 | $3,279,235 |
| Net Income | $79,594 | $(30,368) | $3,349,211 |
ANNUAL REVENUE TREND (USD)
GROSS MARGIN
25%
Per Value Tracker
ARR GROWTH (CAGR)
+77.6%
LQ ARR $18.2M
'26 EBIT TARGET
$10M+
Per DPI Overview
INVESTMENT STRUCTURE
Deal Terms & Cap Table
Source: GSV Term Sheet (Feb 2022), Secured Advancing Promissory Note (May 2025), Cap Table
SERIES SEED PREFERRED (NOV 2022)
SecurityPartner Preferred Stock
Amount$2,000,000
Pre-Money$12,000,000
Dividend8% cumulative
Liq. Pref.1x + participating
Warrants$200K at OIP strike
Board3 seats (1 common, 1 pref, 1 mutual)
Anti-DilutionBroad-based WA
CONVERTIBLE NOTE (MAY 2025)
SecuritySecured Conv. Prom. Note
Principal$2,000,000
Interest Rate18.0% per annum
MaturityMay 8, 2027
Origination Fee1.5%
SecurityAll assets (first priority)
ConversionGross Margin × 15 / FD Cap
CAP TABLE (PRE-GSV EQUITY UNITS)
| HOLDER | UNITS | FD % |
|---|---|---|
| HWD Acquisitions LLC (Bobby Noyola) | 70,000 | 67.96% |
| Dana Takeshta (CTO) | 10,000 | 9.71% |
| K Belle LLC (Kelly Barttels) | 7,000 | 6.80% |
| Peter Krutz | 5,000 | 4.85% |
| Jared Galanis | 5,000 | 4.85% |
| Eirikr LLC (Ian Erickson) | 3,000 | 2.91% |
| Michelle Revoner | 3,000 | 2.91% |
| Total FD | 103,000 | 100% |
INVESTMENT HISTORY
Investment Timeline
Source: GSV Fund II Record (Sep 2025), GS Value Tracker (Dec 2025)
Nov 2022
Series Seed Preferred + Warrants
$2,499,998
208,958 shares @ $11.96/sh + 33,434 warrants
Feb 2024
Common Stock
$1,500,000
36,864 shares @ $40.69/sh
Mar 2024
Common Stock
$200,000
17,500 shares @ $11.43/sh
Apr 2024
Series A Preferred
$4,999,395
122,867 shares @ $40.69/sh
May 2025
Secured Conv. Note (18%)
$2,000,000
Due May 2027
Dec 2025
Current Valuation
$25.3M Blended
MOIC 2.28x · LQ ARR $18.2M · Tier: Green
| # | DATE | INSTRUMENT | SHARES / PRINCIPAL | COST | VALUE | GAIN/LOSS |
|---|---|---|---|---|---|---|
| 1 | Nov 28, 2022 | Common Stock Warrants | 33,434 | $0 | $1,252,032 | +$1,252,032 |
| 2 | Nov 28, 2022 | Series Seed Preferred | 208,958 | $2,499,998 | $7,825,035 | +$5,325,036 |
| 3 | Feb 20, 2024 | Common Stock | 36,864 | $1,500,000 | $1,380,479 | −$119,521 |
| 4 | Mar 6, 2024 | Common Stock | 17,500 | $200,000 | $655,338 | +$455,338 |
| 5 | Apr 29, 2024 | Series A Preferred | 122,867 | $4,999,395 | $4,601,109 | −$398,286 |
| 6 | May 9, 2025 | Secured Conv. Note 18% | $2,000,000 | $2,000,000 | $2,000,000 | $0 |
| Total GSV Investment | $11,199,393 | $17,713,992 | +$6,514,599 | |||
Blended Value$25,267,230
MOIC2.28x
LQ ARR$18,197,898
ARR CAGR+77.6%
Portfolio TierGreen
StrategyCash Flow
PRODUCT & COMPANY
On-Demand Delivery for Industry Professionals
Source: Company Overview, Bobby Bio, Questions & Answers
Payeload is a software-based on-demand delivery platform purpose-built for the construction and trades industry. The platform connects businesses needing materials delivered to job sites with a network of professional drivers, eliminating the need for companies to maintain their own delivery fleets.
Founded in October 2020 by Bobby Noyola, a construction industry veteran, Payeload addresses a $1.3 trillion delivery market experiencing 15.6% annual growth. The platform offers real-time delivery tracking, optimized fleet options (cars, trucks, XL trucks), and an average pickup time of 45 minutes.
In February 2026, Payeload completed a corporate restructuring to isolate EBIT by splitting out Little Daddy Trucks (LDT), its trucking subsidiary, allowing clearer financial reporting and positioning for exit.
BUSINESS MODEL
Marketplace — delivery fee per request, cashless pre-paid system. Revenue from delivery fees charged to businesses.
TAM
$1.3 trillion U.S. delivery industry with 15.6% expected annual growth. Massive driver shortage across America.
CUSTOMERS
Construction companies, material suppliers, trades businesses. All deliveries 100% insured.
HEADQUARTERS
14001 W. State Hwy 29, Suite 102, Liberty Hill, Texas 78642
MARKET & COMPETITION
Logistics & Last-Mile Delivery Landscape
Source: Company Overview, DPI Overview
The U.S. last-mile delivery market for construction materials is severely underserved. Industry professionals lose productivity leaving job sites to pick up materials, pay for round-trip delivery (labor + fuel), and suffer from unreliable timelines. Driver shortages compound the problem nationwide.
Payeload differentiates through its construction-specific focus, one-way pricing model (vs. round-trip competitors), 22-second average order entry time, real-time GPS tracking, and multi-vehicle options. Unlike general freight platforms, Payeload is purpose-built for material runs under 100 miles, making it the de facto standard for short-haul construction logistics.
MONTHLY REVENUE TREND 2025 (USD)
INVESTMENT THESIS
Why We Invested
Source: DPI Overview, Value Tracker, Term Sheet
Exceptional Revenue Growth. Revenue grew from $2.2M (2021) to $15.0M (2025), a 7x increase in four years. ARR CAGR of 77.6% demonstrates strong product-market fit and scalable demand in the construction delivery vertical.
Path to Profitability Proven. Payeload achieved $3.3M net income in 2025 standalone, demonstrating unit economics work at scale. 2026 EBIT target is $10M+, positioning the company for premium exit multiples.
Active Strategic Interest. Briarwood Partners and Bluestem SBIC have engaged with term sheets. UVL ($300M logistics company) showed strong strategic fit after meeting Bobby. Multiple pathways to liquidity.
Downside Protection. GSV holds Series Seed Preferred (1x liq pref + participating), Series A Preferred, warrants, and a secured convertible note with first-priority lien on all assets. Multi-layered protection across the capital stack.
DPI In Process — HIGH Likelihood. $25M DPI target with expected realization by Q4 2026. Bridge repayment model strong through July 2026. Jim (Statesman banker) is finalizing the sale book for a strategic process.
Massive Underserved Market. $1.3T delivery industry with 15.6% growth. Nationwide driver shortage creates structural demand. Payeload’s construction-specific niche has minimal direct competition.
RISK ASSESSMENT
Key Risks & Mitigants
Source: DPI Overview, Clean Financials 2025, Questions & Answers
HIGH
Bookkeeping & Financial Controls. Value Tracker notes “currently working on improving bookkeeping processes.” Inconsistent COGS classification across years (2021–2022 show no COGS vs. 2025 with proper breakdown). Quality of earnings work is essential before exit.
HIGH
Debt Load & Repayment Risk. $11.1M deployed across 6 tranches including an 18% secured convertible note. Bridge repayment requires $2.6M by July 2026. Any revenue softness could strain cash flow and trigger covenant issues.
MED
Revenue Seasonality. Monthly revenue data shows significant seasonality — Nov/Dec/Jan volumes drop 25–35% from summer peaks. 2025 revenue ranged from $710K (Feb) to $1.72M (Sep). Cash flow management through winter months is critical.
MED
Corporate Restructuring Complexity. Feb 2026 LDT/Payeload split may create integration and operational challenges. Both entities must be sustainable independently post-split for DPI to succeed.
LOW
Driver Supply & Insurance Costs. Contractor-based delivery model depends on driver availability. Insurance costs were $2.1M in 2025 (14% of revenue). Rising insurance premiums could pressure margins.
EXIT SCENARIOS
Path to Liquidity & DPI
Source: DPI Overview (Mar 2026), LP Presentation Fund II
| SCENARIO | EXIT VALUE | GSV PROCEEDS | MOIC |
|---|---|---|---|
| Takeout Loan (Base) | $25M | $25.0M | 2.26x |
| Strategic Sale (Target) | $80M+ | $23.2M | 2.10x |
| Status Quo (Hold) | — | $25.3M blended | 2.28x |
DPI PATHWAY
Stage: In Process
DPI Target: $25.0M
Expected Date: October 31, 2026
Likelihood: HIGH
DPI Target: $25.0M
Expected Date: October 31, 2026
Likelihood: HIGH
TIMELINE TO LIQUIDITY
Feb 2026: LDT/Payeload split completed; EBIT isolated
Feb 2026: $500K bridge; repayment starts March
Mar 2026: Bluestem term sheet; UVL strategic intro
Q3–Q4 2026: Takeout loan or strategic exit via Jim’s sale book
Feb 2026: $500K bridge; repayment starts March
Mar 2026: Bluestem term sheet; UVL strategic intro
Q3–Q4 2026: Takeout loan or strategic exit via Jim’s sale book
LEADERSHIP
Management Team
Source: Bobby Bio, Cap Table, Company Overview
BN
Bobby Noyola
CEO & FOUNDER
Serial entrepreneur. Previously grew WCMHI from $1.5M to $10M+ in 7 years. Acquired 5+ companies (SoCal Stone, The Tradesmen, Home Design Center, Certified MHS, B Parker Supply). Deep construction industry expertise. Founded Payeload Oct 2020. Controls 67.96% via HWD Acquisitions LLC. Active board member.
DT
Dana Takeshta
CTO & CO-FOUNDER
Active CTO since inception. Received 20,000 equity units at founding, elected to bring sweat equity team at 1/2 units. Active board member overseeing all technology development and platform architecture. Owns 9.71%.
MR
Michelle Revoner
VP MARKETING
Active VP Marketing since Payeload’s conception. Only team member paid consistently from day one. Oversees all marketing and brand strategy. Equity comp plan grant (3,000 units, Aug 2021). Owns 2.91%.
EN
Engineering Team
SOFTWARE DEVELOPMENT
Peter Krutz (Sr. Software Engineer, 4.85%) and Jared Galanis (Sr. Software Engineer, 4.85%) handle core platform development. Ian Erickson (Eirikr LLC, 2.91%) manages driver portal operations. Kelly Barttels (K Belle LLC, 6.80%) handles financial services.
GP RECOMMENDATION
Verdict: PROCEED
Payeload represents one of Fund II’s strongest DPI candidates with HIGH likelihood of achieving the $25M target by Q4 2026. The company has demonstrated exceptional revenue growth (77.6% CAGR to $18.2M ARR), reached profitability ($3.3M net income in 2025), and is actively pursuing multiple exit paths including takeout loans from Bluestem/Bigfoot and strategic interest from UVL ($300M logistics company). Bobby has secured contracts locking in 2026 EBIT of $10M+, and the Feb 2026 corporate restructuring isolating Payeload from LDT positions the company cleanly for a sale or refinancing event. The primary risks center on bookkeeping quality (being addressed) and seasonal cash flow management against the $2.6M bridge repayment schedule. GSV’s multi-layered position across preferred equity, common stock, warrants, and a secured note with first-priority lien provides strong downside protection. The founder’s target of an $80M+ exit at $8M EBIT is ambitious but supported by the revenue trajectory and strategic buyer interest.
BLENDED MOIC
2.28x
On $11.1M deployed
DPI TARGET
$25.0M
Expected Oct 2026 · HIGH
2026 EBIT TARGET
$10M+
Contracts secured per DPI
NEAR-TERM CATALYST
Takeout loan from Bluestem or Bigfoot
Bluestem term sheet received Mar 2026
KEY MILESTONE
Jim to finalize sale book
Statesman banker — Q2–Q3 2026
KEY CONCERN
Bookkeeping & financial controls
Currently being improved per Value Tracker
Document Index
12 source files referenced in this memo
GSV Term Sheet — Feb 2022
Partner Preferred Stock, $2M at $12M pre-money
Secured Advancing Promissory Note — May 2025
$2M principal, 18% interest, due May 2027
Cap Table
103,000 FD units, pre-GSV equity breakdown
Payeload Company Overview
Platform overview, mission, how it works
Payeload LLC — 2021 Profit & Loss
Monthly P&L Jan–Dec 2021, $2.18M revenue
Payeload LLC — 2022 Profit & Loss
Monthly P&L Jan–Dec 2022, $3.17M revenue
Payeload & LDT Clean Financials 2025
Standalone & consolidated P&L, $14.95M revenue
GSV Fund II Record — Sep 2025
Per-tranche cost, value, shares, FMV per share
GS Value Tracker — Dec 2025
Blended value, MOIC, ARR, CAGR, portfolio tier
GSV Fund II DPI Overview — Mar 2026
DPI target $25M, stage In Process, likelihood HIGH
Bobby Noyola Bio — 2021
CEO background, construction industry experience
Questions & Answers
Product concerns, growth vs. capacity challenges
Prepared by Derek · March 2026 · Sources: GSV Term Sheet, Secured Promissory Note, Cap Table, Company Overview, P&L 2021–2025, Fund II Record, GS Value Tracker, DPI Overview