Raise Target
$1.5M
SAFE note instrument
Current Cap
$10–11M
⚠ 25–35% below median
Market Median Cap
$15M
Q1 2026 comparable raises
Discount
15–20%
Future equity conversion
Recommended Cap
$12–13M
Confirm with Harrison
Active Investors
Stuart McClure
Vested Equities
They approached Otetto — position as selective exploration
Abdul Khan
Vested Equities
Active conversation — aligned with Stuart
Munro Stewart (Serena Stewart) — Mandate $3.5M debt + $5M equity = $8.5M total. Fees: 4.5% equity / 1% debt. DO NOT sign until Harrison + lawyer review.
SAFE vs Equity Comparison
| Factor | SAFE Note | Equity Round |
|---|---|---|
| Speed to close | Fast | Slow |
| Legal cost | Low | High |
| Valuation now | Deferred | Required |
| Dilution | Deferred | Immediate |
| Investor rights | Minimal | Governance |
| Cap table impact | Low | Significant |
| Fit for LC stage | ✓ Ideal | Premature |
Raise Timeline
-
Apr 29, 2026Solomons call — $3.5M bundled SAFE across two entities confirmed. Positive conversation.
-
Apr 29–30, 2026Munro Stewart Agreement received — Serena Stewart raise mandate $8.5M total. Under review.
-
May 2026Graeme Sparshott (The Navigators) — needs response. Teams or face-to-face.
-
PendingCap review with Harrison. Ecotone and Nelson Mears approach to run simultaneously post-call.
-
Target: Q3 2026Close $1.5M SAFE note. Begin drawdown for FRL certification pathway.
Other Funding Opportunities
| Contact / Entity | Type | Status | Notes |
|---|---|---|---|
| EnergyLab | Grant / Accelerator | Awaiting Response | Interview Apr 21 went well. Atlas tracking. |
| BHP Mt Arthur | Site Opportunity | Site Visit Pending | Positive Apr 16. Site visit being arranged. |
| Karina Tyler | Grant — Invest Regional NSW | Identified | BHP bridge contact. |
| Clean Finance Corporation | Debt Facility | Future Target | Not yet approached. |
Cap Table — Pre-Money
| Founder | Ownership | Role |
|---|---|---|
| Harrison | ~44% | Co-founder, Manufacturing & Execution |
| Christo Ball | ~28% | Co-founder, Executive Chairman |
| Partner C | ~28% | Co-founder |
Australia's first certified prefab hempcrete panel system. Carbon-negative construction. 100% Australian hemp supply chain. NCC 2025-compliant pathway in progress.
Wall Thickness
280–300mm
SIP panel system
Carbon Profile
Negative
Sequestered > emitted
FRL Cert Cost
$600–700k
Major barrier — needs pathway
NCC Mandate
May 2026
Voluntary now, mandatory 2027/28
Named Home Designs
Corymbia
Named for the Sydney Red Gum. A compact, efficient form suited to bush and coastal settings.
Mulloway
Named for the estuary fish. Open living, cross-ventilation, coastal site optimised.
Lomandra
Named for the native grass. Bushfire-resilient design. BAL-rated. Rural and peri-urban.
Panel Performance Specifications
Wall System
Hempcrete SIP (Structural Insulated Panel)
Wall Thickness
280–300mm
Thermal Performance
Superior to conventional framing — high thermal mass + insulation
Acoustic Rating
Enhanced — hempcrete natural mass damping
Bushfire Attack Level
BAL rated — specifics per design. Lomandra optimised.
Carbon Profile
Carbon-negative (sequesters CO₂ through hemp growth)
Supply Chain
100% Australian hemp (iHemp NSW + domestic growers)
Prefab Method
Factory-built panels, site-assembled
Certification Status
| Certification | Status |
|---|---|
| OzHemp CodeMark | Pursue Now — Window Closing |
| FRL (Fire Resistance Level) | Not Achieved — $600–700k pathway |
| NCC 2025 Embodied Carbon | Voluntary May 2026 |
| NCC Mandatory Compliance | 2027/2028 |
| BAL Rating | Design-integrated |
NCC 2025 — Embodied Carbon Opportunity
Voluntary from May 1, 2026. Mandatory 2027/2028. Living Canvas panels are structurally positioned as the low-embodied-carbon alternative. The window to establish market position as the certified solution is now.
OzHemp CodeMark is the compliance benchmark LC needs to pursue immediately. This is the fastest path to NCC-compliant status for hempcrete as a building material in Australia.
iHemp NSW senate hearing — flag to Harrison. Potential regulatory tailwind. Atlas to track.
Supply Chain Notes
| Supplier | Category | Status | Notes |
|---|---|---|---|
| iHemp NSW | Hemp hurd / fibre | Active | Australian supply chain anchor. |
| Rubisco (Carrfields) | Hurd supply at scale | Exploring | Christchurch. DO NOT disclose binder R&D until IP solved (George). |
Architect partnerships are the primary route to market. Each approved design relationship creates a pipeline of repeatable projects using Living Canvas panels. Priority is to formalise design endorsement and build project precedents.
Active Partners
| Firm | Contact | Status | Notes |
|---|---|---|---|
| SAHA | — | Active Partner | Primary architecture partner. Design integration underway. |
| Elliot Marsh Architecture | Elliot Marsh | Active Partner | Internal relationship. Head of Construction at MTM. Dual role. |
| Other Architects | Various | Outreach Stage | Pipeline being built. Architect network via MTM to be leveraged. |
Active Leads
| Project | Location | Status | Notes |
|---|---|---|---|
| Mulloway — 103 Moray St | New Farm, QLD | Warm | Active HubSpot deal. |
| Blacktown City Council | Blacktown, NSW | Warm | Active HubSpot deal. |
| Leichhardt — Senena Hoft | 29 North Ave, Leichhardt | Awaiting Reply | Called Apr 25. Call not yet confirmed. |
HubSpot Pipeline Summary HubSpot
Total Deals
72
As of Apr 18
Pipeline Value
$51.3M
Combined deal value
Warm Deals
2
Active conversations
Reactivation Pool
9
On Hold deals
Contacts
782
Bulk import
Amanda (amanda@otetto.au) owns virtually all LC HubSpot contacts. LC pipeline is Harrison/Amanda lane only. Do not surface to Christo for day-to-day management.
Partnership Strategy
Primary hook
Carbon-negative certification for NCC compliance conversations
Value prop
Offer architects a spec-ready, certified product that solves their NCC 2025 embodied carbon requirement
Route to market
Named designs (Corymbia, Mulloway, Lomandra) as architect reference projects
Leverage point
MTM architect network (harbour, coastal suburbs) creates warm intros
A2A (Atlas-to-Harro) integration is NOT yet built. Cross-stack automation is on the critical path (B6.5). Patrick-Atlas protocol must be established before LC agent automation can fire without manual handoffs. Both Christo AND Harrison must approve external comms from Kurra before sending.
Operating Rules
Rule 1: Kurra manages the LC investor pipeline. External comms require BOTH Christo AND Harrison approval before sending. No exceptions.
Rule 2: Major LC funding decisions require Harrison's input before Christo commits.
Rule 3: HubSpot LC pipeline is Harrison/Amanda lane only. Do not surface to Christo.
Christo Stack — LC-Relevant Agents
Atlas
OS + Orchestrator. Tracks all LC threads, flags risks, routes to correct agent.
● LIVE
Kurra
LC investor pipeline. Manages outreach sequences, tracks investor status, drafts comms.
● LIVE
Einstein
Research + knowledge. NCC standards, market comparables, hempcrete science.
● LIVE
Ozlem
Legal intelligence. SAFE note terms, Munro Stewart agreement review, IP flagging.
● LIVE
Elon
Strategic sparring. Raise strategy, positioning, investor narrative pressure-testing.
● LIVE
Flux
Content + brand. LC investor materials, one-pagers, narrative assets.
● LIVE
Harro Stack — LC-Relevant Agents
Patrick
Harro OS. Routes all Harro-side tasks including LC ops and product work.
● LIVE
Mason
GP Ops Manager. Bridges Otetto/LC to construction ops. Key cross-entity agent.
● LIVE
Blueprint
Technical reference. NCC standards, building codes, certification requirements.
● LIVE
Mavis
LC marketing (Amanda). Brand, home designs, group branding, Smackbang liaison.
● LIVE
Lisa Core
Document custodian + governance. LC filing, SAFE docs, compliance records.
● LIVE
A2A Integration — Cross-Stack Automation
Status: NOT BUILT — B6.5 critical path. Atlas is PLANNED on Harro system. Patrick-Atlas protocol required before any cross-stack automation can run.
| Integration | From | To | Status | Blocker |
|---|---|---|---|---|
| Atlas — Patrick | Christo Stack | Harro Stack | Planned | Protocol not built (B6.5) |
| Kurra — Mavis | Investor Pipeline | Marketing | Blocked | A2A prerequisite |
| Mason — Atlas | GP Ops | LC Reporting | Blocked | A2A prerequisite |
5 open actions. 3 are P1 (stop-the-world). Review with Harrison weekly. Do not advance investor conversations until the SAFE cap is resolved.
P1 — Critical
P1
SAFE Cap Review — Harrison + Christo
Owner: Christo
Current $10M–$11M cap is 25–35% below market median ($15M, Q1 2026). Adjust to $12M–$13M before engaging Vested Equities or Munro Stewart formally. This needs a call with Harrison. Do not advance any investor conversation until this is resolved.
P1
OzHemp CodeMark / NCC Compliance Pathway
Owner: Harrison
OzHemp CodeMark is the fastest path to NCC-compliant status for hempcrete. NCC voluntary embodied carbon starts May 1 2026 — mandatory 2027/2028. The window to establish certified market position is now. Blueprint (Harro Stack) should own the compliance research. Christo to confirm owner and set deadline.
P1
Munro Stewart Agreement — DO NOT SIGN
Owner: Christo + Harrison
Serena Stewart raise mandate $8.5M total (4.5% equity / 1% debt). Solomons AFSL wrapper. Pushback points: non-circumvention clause (push 2yr to 12mo), post-term clause (push 12mo to 6mo), purpose clause ($3.5M not $8.5M), fee cap, no performance obligation, "introduced investor" definition. Harrison + lawyer review required before any signature.
P2 — High Priority
P2
iHemp NSW Senate Hearing — Flag to Harrison
Owner: Atlas (tracking)
Potential regulatory tailwind for hemp building materials. Atlas to monitor and brief Harrison when hearing date confirmed. Could support both CodeMark pathway and investor narrative.
P2
FRL Certification Cost Pathway
Owner: UNASSIGNED
Fire Resistance Level certification estimated at $600–700k. This is a major commercial barrier. A pathway and funding strategy must be defined. Recommend assigning to Blueprint + Christo for scoping. Consider whether FRL grant funding is available through iHemp NSW or government channels.
Tracking
Additional Items to Watch
| Item | Status | Next Step |
|---|---|---|
| EnergyLab accelerator response | Awaiting | Atlas tracking. Interview Apr 21 positive. |
| BHP Mt Arthur site visit | Arranging | Confirm date with BHP contact. |
| Graeme Sparshott (The Navigators) | Response Needed | Teams or face-to-face w/c May 11. Overdue. |
| Post-call one-pager (T019) | Not Built | Flux to build after SAFE cap resolved. |
| Leichhardt — Senena Hoft | Follow Up | hoftfamily@gmail.com. Call not yet confirmed. |
| Rubisco IP disclosure | HOLD | DO NOT disclose binder R&D until George (IP Solved) engaged. |
| Panel FAQ v2 | Sent | Sent May 7. |
| Smackbang / brand naming | Pending | Amanda response awaited. Assembly/Ground/Site Projects names need stronger alternative. |