Ledgr NLT Labs
PE Score: 7.1/10 — FUND Issue #4 · March 2026 · Software

Ledgr — Investor Overview

AI bookkeeping built specifically for trade businesses — snap receipts, track jobs, know your taxes without touching a spreadsheet. $99–$249/mo versus $200–$400/mo for a human bookkeeper.

What Ledgr Is

Ledgr is AI bookkeeping built for trade businesses — plumbers, electricians, HVAC, roofers. Snap a receipt and it categorizes by job. Connect your bank and Ledgr does the rest. See which jobs make money. Get your quarterly tax estimate automatically. No accountant needed.

1.73M
US Trade Businesses
ESTIMATE — Market Researcher, Issue #4 (plumbers, electricians, HVAC, landscapers, painters, roofers, GCs)
13.5:1
LTV:CAC Ratio
ESTIMATE — derived, Financial Modeler, Issue #4
72%
Gross Margin
ESTIMATE — Financial Modeler, Issue #4

Why Now

QuickBooks raised prices 6x in recent years and still can't track jobs. Bench — the managed bookkeeping service — shut down in December 2024, displacing ~35,000 small business customers overnight. AI now makes "AI categorizes your bank feed by job" technically feasible at 96%+ accuracy (Digits production data, cited). Nobody has built this for trades specifically. The 18–24 month window is open.

PE Scorecard (7.1/10 FUND)

Market Opportunity
8
🟢 Optimist
Competitive Position
7
🔴 Skeptic
Technical Feasibility
8
🟡 Pragmatist
Financial Viability
6
🔴 Skeptic
Regulatory/Legal Risk
7
🔴 Skeptic
Differentiation
7
🟢 Optimist

Financial Viability scored 6/10 — trial-to-paid conversion uncertainty. Budget disconnect: true seed is $30K–$50K (not $5K) when GLBA/CFPB compliance costs are included.

Traction & Status

✓ Market validated — PE score 7.1/10 FUND
✓ POC built and live at ledgr.nltlabs.ai
✓ Competitive research completed — white space confirmed
○ 500 waitlist signups OR 10 paid beta commitments at $99/mo
○ Plaid production access application (Day 1 priority)
○ GLBA security program + fintech attorney (Week 1)
○ MVP launch — React Native + Plaid + bank sync
○ 10 paying beta users, NPS > 40 after 30 days

Status as of March 2026.

Sources & Methodology

1.73M US trade businesses
ESTIMATE — Market Researcher report, Issue #4. Covers plumbers, electricians, HVAC, landscapers, painters, roofers, GCs based on BLS NAICS data.
SAM: ~$230M ARR potential
ESTIMATE — derived: ~1.077M software-viable trade businesses × $42/mo avg ARPU × 12 = ~$542M TAM. SAM = segment with real willingness to pay. Market Researcher, Issue #4.
96% AI categorization accuracy
Cited — Digits production data from Feasibility Analyst report, Issue #4. Not an estimate — this is a live production number.
QuickBooks pricing (Essentials $37.50/mo, Plus $57.50/mo)
Verified March 2026 — Intuit QuickBooks pricing page. Promotional rate; full rate is $75/mo (Plus) after 3-month intro period.
FreshBooks Premium: $54/mo (annual) / $60/mo (monthly)
Cited — Capterra FreshBooks pricing page, November 2025 data.
Bench shutdown, December 2024, ~35K customers displaced
Cited — Competitive Analyst report, Issue #4. Bench shut down December 2024 after abrupt closure.
LTV:CAC 13.5:1, payback 2.4 months, gross margin 72%
ESTIMATE — Financial Modeler report, Issue #4. Based on $42/mo blended ARPU, $5.20 COGS, $90 blended CAC.
True seed: $30K–$50K (GLBA compliance included)
ESTIMATE — Regulatory Analyst report, Issue #4. Financial Modeler cited $5K (too low). True seed includes GLBA security program, fintech ToS/privacy policy ($16K–$32K compliance costs).

Data as of March 2026. All estimates clearly labeled. Sources linked where available.