EarnOS — Investor Due Diligence

Lead Investor Thesis

Why 1kx is leading this round.

$6M round at $60M equity valuation ($90M implied FDV), led by 1kx alongside Circle Ventures and Coinbase Ventures.

01 — ADVERTISING IS THE PRIZE

$1T market. 1% = $2.5B net take.

EarnOS turns brand budgets into brand stablecoins — spendable, programmable dollars that only unlock on verified human actions. As AI spam erodes ROI, verifiable human attention becomes the scarcest asset.

02 — THE "ACCIDENTAL SUPER APP"

Brand-funded user acquisition loop.

Brands, not EarnOS, fund user acquisition via USDC-paid missions, creating a self-financing onboarding loop. Add save/spend/trade to capture lifetime value. A borderless, brand-funded on-ramp to digital finance.

03 — VERIGRAPH MOAT

Data gravity compounds.

Each verified action feeds a decentralised, user-owned data graph. VeriGraph becomes the canonical registry of verified digital behaviour — an API for truth.

04 — EXCEPTIONAL TRACTION

Blue-chip brands. Real revenue.

20+ agencies influencing $10B+ in spend. Betas converted to recurring: Kraken ($4.8M annual), Uber (APAC rollout), Virgin Wines, Lotus Cars. Flywheel compounding.

05 — REPEAT FOUNDERS

Deep adtech & consumer DNA.

Phil George (ex-Uber AU), Wayne Hughes (20+ yrs adtech, early Google Premier Partner), Tom Riordan (ex-BCG DV), Reece Johnson (ex-Aave/Lens, zkTLS leader).

The Problem

The $1 trillion advertising
industry is fundamentally broken.

The programmatic advertising industry is noisy, overrun with bots, and built on broken trust. Up to 28% of performance ad spend is wasted on bots and fraud. For every $1 a brand spends, just $0.06 reaches a verified human.

Brand spends

100% $1.00 enters the ad ecosystem

After DSPs

70% Platform fees, data brokers −30¢ lost

After fraud

42% Bots, click farms, ad fraud −28¢ lost

Reaches human

~6% Verified

$280B

Lost to fraud annually

94%

Of spend doesn't reach humans

0%

Paid to users for their data

The Solution

Stop renting attention.
Start rewarding action.

EarnOS inverts the model. Powered by zkTLS, stablecoins, and chain/wallet abstraction, we enable verifiable brand–user engagements with surgical precision. All wrapped in a familiar web2 user experience.

Brands Get Verified Outcomes

Pay only for verified human actions, not impressions or clicks. zkTLS proves users actually did what the mission required — ran 30 miles, watched 150 hours, traded $5,000+.

Users Earn Real Money

Instant USDC rewards for completing brand missions. Users economically benefit from their data and attention instead of giving it away for free.

EarnOS Captures the Margin

33% take rate on gross ad spend (GMV) with 75% gross margin after partner splits. EarnOS nets ~25% of every dollar flowing through the platform.

The Flywheel

Brand funds mission → Cash rewards attract users → Users & creators share → More verified outcomes → Better ROAS for brands → Loop compounds ↻

Two Products

Land with Connect.
Expand with Missions.

EarnOS captures brand spend across two complementary products — a low-friction entry point that builds the verified audience graph, and a deep engagement layer that monetises it.

EarnOS Connect

Entry Point · From $0.20/user

Pooled missions where users connect an existing platform account — Spotify, Amazon, Strava, Coinbase — and EarnOS generates a verified insight. Low friction for users, low cost for brands, and every connection enriches the audience graph.

Verified account ownership✓

Aggregated anonymised audience data✓

Builds verified user graph at scale✓

EarnOS Missions

Deep Engagement · From $3/user

Brand-specific campaigns with custom verification flows. Competitor targeting, cross-platform intelligence, lifestyle proofs — every mission is a verified outcome that brands pay premium for. Completion rates from 55–85%.

Competitor intelligence ($5–15 CPA)✓

Cross-platform compound proofs ($8–20)✓

Lifestyle + action + verification missions✓

Land & Expand

Connect — $0.20/user → Brand sees verified audience data → Upgrades to targeted Missions → Missions — $3–40+/user

Connect lowers the barrier for brands to start. Every connection enriches the audience graph that makes Missions more precise — creating a compounding data moat.

The Model

The Equilateral Triangle
of Shared Prosperity

Every dollar that enters EarnOS creates value for all three participants simultaneously. Hover each vertex to see what flows through the network.

USERS

Earn from existing data

Connect accounts you already have and earn real money by proving they exist. No new behavior — just monetize who you already are.

BRANDS

Access impossible data

Target verified users of competitor platforms. Prove someone has Spotify Premium, then offer them Apple Music. This data didn't exist before.

CREATORS

Monetize real influence

Distribute missions to dispersed audiences. Followers earn real money — building loyalty deeper than likes. Creator-cohort distribution scales without geography.

Mobile First

Native apps launching
Q1 2026.

EarnOS iOS and Android apps meet users where they are — providing world-class UX to seamlessly connect digital lives via zkTLS, optimise referral flows, and drive re-engagement through push notifications.

Native iOS & Android

Built natively for performance. TestFlight closed testing before public release.

Push Notifications

Real-time mission alerts and reward notifications drive daily engagement and retention.

Seamless zkTLS

Native deep-linking for platform connections. One-tap verification of digital identity.

How It Works

Missions replace ads.

Instead of interrupting users with ads, brands create missions — verifiable tasks that reward real people for real actions. Powered by zkTLS cryptographic proofs.

01

Brand creates mission

Sets objectives & budget

02

User discovers mission

Via creators & app feed

03

zkTLS verifies action

Cryptographic proof

04

Instant USDC reward

Straight to wallet

Uber

Connect competing platforms via zkTLS

Earn $10

✓

Connect Bolt account via zkTLS

Verify you have 5+ rides on competing platform

✓

Verify ride frequency

Prove you are a frequent rider — zero-knowledge proof

Join UberOne membership

Start your free trial with exclusive EarnOS benefits

Privacy Preserved

zkTLS reveals only that user qualifies — Bolt never sees personal data

Supercharged Money

Brand-powered stablecoins.
The evolution of rewards.

First there was cash, then coupons and cashback. Then stablecoins — instant, composable, global. Now comes supercharged money: all the power of stablecoins with all the incentives of coupons.

How It Works

When a brand runs a campaign on EarnOS, they can offer additional benefits as all rewards land as branded stablecoins.

"Spend your Nike dollars anywhere or purchase anything from Nike for a 25% discount."

Zero friction — brands create their own stablecoins automatically within the EarnOS platform.

Evolution of Rewards

Cash & Coupons

Physical, limited, expirable

Cashback & Points

Digital but locked in ecosystems

Stablecoins

Instant, composable, global

Supercharged Money

Stablecoin power + brand incentives

EarnOS Debit Card — Q1 2026

Self-Custody Spend Rail

Links directly to a user's reward balance, enabling instant real-world spend anywhere cards are accepted. Collapses reward friction into a single loop: Earn → Spend.

Transforms EarnOS from a mission platform into a daily-use product. Verified identity + rewards balance + payments = higher engagement frequency.

Card-Led Revenue Stack

● Interchange revenue share from card spend

● FX / cross-border fees as EarnOS scales globally

● Merchant-funded offers & spend-triggered missions

● Premium tiers — boosted earn rates & exclusive access

● Balance retention — "sticky stored value"

● DeFi yield kickback on reward balances

○ Future: credit, advances, financing primitives

The Technology

Cryptographic proof of
anything behind a login.

zkTLS (Zero-Knowledge Transport Layer Security) enables users to prove facts about their accounts without exposing raw data. Generated on the user's device — platforms can't block it.

Step 1

User Authenticates

Logs into their account (Spotify, Strava, Coinbase, etc.) on their device

Step 2

Proof Generated

zkTLS creates a cryptographic proof that the user meets the mission criteria

Step 3

Verified & Rewarded

Proof verified on-chain. Instant USDC reward to user's wallet. Zero personal data exposed.

Supported Platforms (Sample)

Spotify Netflix Amazon Uber Strava Coinbase Robinhood Reddit DoorDash Airbnb Tesla Apple Music

zkTLS Protocol Partners

Opacity Network Reclaim Protocol TLSNotary zkPass Chainlink DECO

zkTLS proofs are generated by the user, on their device. Platforms can't block it without harming their own UX. Privacy-preserving by design.

VeriGraph

A verified, portable
knowledge graph.

Each completed mission enriches the user's VeriGraph with privacy-preserving data. Brands and developers query the API — paying both EarnOS and users for access. If data is the new oil, we are mining rare earth metals.

Strava ✓ VERIFIED

48km

Distance Ran

Last 30 days

AMEX ✓ VERIFIED

$19,320

Total Spend

Last 90 days

Tesla ✓ VERIFIED

2,847 mi

Electric Miles

This Year

Netflix ✓ VERIFIED

156 hrs

Watch Time

Last 6 months

Uber ✓ VERIFIED

324 trips

Rides Taken

All time

DoorDash ✓ VERIFIED

43 orders

Food Delivered

This Year

Airbnb ✓ VERIFIED

181 stays

Bookings Made

Since 2016

Reddit ✓ VERIFIED

12.42k

Total Karma

All time

Robinhood ✓ VERIFIED

$24,580

Trade Volume

Last 90 days

API Monetisation

Any developer can implement a single line of code to query the VeriGraph or ask users to prove new information. Every query pays both EarnOS and the user.

const proof = await verigraph.query('strava.distance > 30mi');

Network Effect

More missions → more credentials → more valuable graph → more brands → more missions. Each zkTLS proof is reusable across campaigns — the next brand doesn't need to rerun the same mission.

Finance Travel Social Lifestyle Entertainment Health & Fitness

Distribution

Creators are the distribution layer.
Agencies multiply the effect.

EarnOS sits as an orchestration layer above all social platforms — where users are the distribution engine. Distribution becomes organic, unstoppable, and zero-upfront cost.

Creator-Led Distribution

Each mission generates a referral link. Creators share because they earn a lifetime revenue share on every conversion they spark. In beta, this loop delivered 60% of sign-ups.

Mission matching: Algorithmically match creators to missions their audiences actually complete

Two-tier virality: After a user earns, they're prompted to share with friends who also qualify

No vanity rewards: Payouts trigger only on verified outcomes — real value, not clicks

Agency GTM Engine

20+ elite agency professionals working for EarnOS at no upfront cost — actively bringing new brands and building campaigns daily. Revenue-share turns them into margin-accretive channels.

300+ brands accessible through agency partnerships at zero sales headcount

$10B+ in influenced spend across agency network

Self-leveraging: Agencies incentivised to onboard other agencies → viral agency loop

World App Distribution

333,000+ verified users in 4 weeks

Live on World App Store. Delivered 118,000 users to World App for World ID creation. Received substantial reward from World's $1.5M program for top applications. Achieved #1 ranked app (2,000+ apps).

As of May 1st, World is now available in the USA — unlocking a huge free distribution channel into a key market.

Geographic Breakdown

Asia

52.6%

Europe

23.5%

N. America

10.4%

Africa

9.9%

S. America

3.6%

Market Opportunity

A $1 trillion industry.
Ripe for disruption.

Digital advertising is the largest pool of programmable capital online — yet increasingly riddled with opaque metrics and fraud. Verifiable human attention is becoming the scarcest asset. EarnOS supplies it first at scale.

$1T+

Global Digital Ad Spend

$100B

Performance Segment

$2.5B

EarnOS at 1% Capture

Campaign Structure

Full-funnel campaigns.
Like Google Ads for verified outcomes.

Brands run multiple simultaneous campaigns targeting specific user cohorts — from awareness through to cash-back — with AI-driven dynamic reward bidding optimising spend in real-time.

Top of Funnel

Virality through user-generated content and storytelling

Acquisition

Kraken targeting high-value traders from competitors

Retention

Uber One subscription activities within missions

Cash-back

Purchase triggers instant reward — ADIDAS → Strava → $10

AI-Powered Mission Builder — Q2 2026

Self-serve at 10,000+ brands

Translates brand assets, copy, and campaign objectives into optimised mission templates. Analyses prior campaigns across verticals to continuously refine reward structures, verification types, and creative CTAs.

Key Capabilities

Dynamic reward bidding based on competition & user quality

Mission chaining — each proof unlocks next targeted mission

Winning campaigns clone into new regions in minutes

Think: Meta's Ad Manager, but for verifiable outcomes

Revenue Model

33% take rate.
75% gross margin.

EarnOS monetises through a take rate on verified outcomes. Brands spend to fund user rewards, EarnOS keeps ~33% of gross ad spend, and nets ~25% after agency and creator rev-shares.

33%

Take Rate on GMV

75%

Gross Margin

~25%

Net Platform Margin

Example: Uber Campaign Flow

Uber spends

$750K

→

Users earn

$500K

+

EarnOS fee

$250K

Creators: $36.25K

Agencies: $36.25K

Net Revenue: $177.5K

Interactive Revenue Calculator

Verified Users

1,000,000

$36M

EarnOS Net / Year

4.0M

Missions / Month

$108M

To Community / Year

667

Active Brands

Traction

Built and proven.
Not a concept.

Real people. Real brands. Real rewards. Real outcomes. In real-time. This is the verifiable internet.

3M+

Onboarded Users

65M+

Brand Outcomes

20M+

Verified Connections

~60%

Referral Rate

Testnet vs Beta Phase 2 — Growth Velocity

Metric	Testnet (per month)	Beta Phase 2 (per month)	Acceleration
Users	70,000	1,000,000	~14.3×
Mission Completions	220,000	3,000,000	~13.6×
Brand Outcomes	700,000	8,533,333	~12.2×
Referral Rate	40%	85%	+128%

Testnet: June–Oct 2024 · Beta Phase 2: Feb 10–Mar 25, 2025

115+ Live Brand Partners

ADIDAS Uber Amazon Kraken Coinbase EA Sports Disney+ Apple Music Microsoft Minecraft The North Face Bolt Call of Duty L'Oréal IBM LEGO Samsung DoorDash BMW Marriott Bonvoy New Balance Mont Blanc Logitech Tinder HSBC Barbie Cadbury Burger King GAP Paramount Aperol Peroni Squarespace Baskin Robbins Xbox Temu KFC + 80 more

Brand Pipeline

$35M committed GMV.
Path to $100M+ in 9–15 months.

61 brands already committed, 300+ in pipeline via 20+ agency partnerships. The existing live brands alone can reach $100M+ GMV ($25M net take) in year one.

$35M

Committed GMV (Annualised)

$11.7M

Gross ARR

300+

Pipeline (via 20+ agencies)

Recent Brand Highlights

K

Kraken

$4.8M / 12 months

$100k/week over 12 months. Using EarnOS's zkTLS verifications to onboard high-value users from competitor fintech platforms.

"I am very keen to harness the cool tech from EarnOS to gain as many of my competitor clients as we can. These are very exciting times in marketing."

— Mike Swisher, Head of Growth, Kraken

Uber

$150K/mo · 3 regions

Expanding to global audience across both Eats and Rides. Using zkTLS to verify competing ride-share usage and convert high-intent users to UberOne membership.

"This is a really exciting new growth channel to acquire new users — and we can't wait to roll it out across multiple countries."

— Harrison Kennedy, Rider Growth and Strategy Lead, Uber

L

Lotus Cars

$800k/mo current digital spend. Locked $100k/mo initial with rapid scale intentions across global org.

Virgin Wines

$500k/mo digital spend, $50k/mo to EarnOS. Introducing us to the wider Virgin Group shortly.

W

West Ham Utd

$50k/mo. Direct CEO relationship. Introducing to Bet365 sponsor.

Path to Profitability

Break-even at month 10.
800K verified users.

Unit Economics

CAC (current) $0.02

LTV (estimated) $25–$35

LTV/CAC ratio 1,250×+

Referral rate ~60%

Avg missions/user (90 days) 4.4

Revenue Path

Break-even Month 10 (Apr 2026)

Users needed at break-even 800K verified

Beta efficiency $40K → 2M users

Year-one growth budget $5.1M

Creator network seed cost $3.2M

Team

Repeat founders.
Deep adtech & consumer DNA.

PG

Phil George

CEO & Co-founder

Ex-Uber AU, Bamboo. Serial entrepreneur in advertising & fintech.

WH

Wayne Hughes

CMO & Co-founder

20+ years adtech. Early Google Premier Partner.

TR

Tom Riordan

Product & Co-founder

Ex-BCG DV. Transparency tools for WWF/Nespresso.

RJ

Reece Johnson

CTO & Co-founder

Ex-Aave/Lens Protocol. Leading zkTLS with Opacity/Reclaim.

Current Round

$6M round led by 1kx.

$60M equity valuation · $90M implied FDV · Alongside Circle Ventures and Coinbase Ventures

Round Lead & Strategic Co-Investors

1k(x) — Lead

● Circle Ventures

◆ Coinbase Ventures

Seed Investors — $5M Previously Raised

EV3 (Escape Velocity) — Seed Lead

Animoca Brands

Mysten Labs

GD1 Ventures

Finality Capital

Laser Digital (Nomura)

Mentat Group

Angels: Hersh @Opacity · Burnt Banksy @XION · Mustafa @Pivot

Ecosystem Partners

Opacity Network

World

Sui / Mysten Labs

Monad

XION

Bridge

EigenLayer

TurnKey

50%

Growth Incentives

Creators, agencies, growth team expansion. Seeding the influencer network and scaling distribution.

50%

Product Development

AI mission builder + mobile app + SDK + VeriGraph + product team expansion.

Investor FAQ

Questions & answers.

How does EarnOS make money?

+

EarnOS has a 33% take rate of gross ad spend (GMV) with a 75% gross margin after partner splits with agencies and influencer distribution. Additional revenue comes through the user lifecycle: spend, save, trade, bet & borrow products, debit card interchange, and VeriGraph API queries.

How do users discover missions?

+

Creators and users syndicate mission links across their digital properties with each referral baking in a lifetime revenue share. Add in-app discovery and embeddable EarnOS widgets, and every digital surface becomes a mission storefront.

How is your CAC so low ($0.02)?

+

Referral-driven growth (currently ~60%) fuelled by a two-tier referral model keeps upfront acquisition spend close to zero. With our high referral rate, marginal CAC stays negligible even at millions of users rapidly onboarding.

What's the path to $100M ARR?

+

$35M GMV ($11.7M ARR) is signed and growing weekly. The existing 61 brands alone can reach $100M+ GMV ($25M Net Take) in year one. Pipeline of 300+ brands via 20+ agencies will accelerate further. $100M GMV is obtainable in 9–15 months.

How do you stop bots and fake accounts?

+

Rewards release only to verified users via zkTLS, KYC, or World ID. Unverified accounts can engage with missions but will not be entitled to claim rewards — meaning there is no economic upside to fraud or gaming the system.

Can platforms block EarnOS from accessing their data?

+

No. zkTLS proofs are generated by the user, on their device. Platforms can't block it without harming their own UX, and in practice, it's smarter to run campaigns against their competitors on EarnOS than try to censor users.

Why now?

+

Advertisers face bot inflation and AI-generated spam; verifiable human attention is becoming the scarcest asset. EarnOS supplies it first at scale. We are building the verifiable internet.

How does EarnOS create its moat?

+

A compounding zk-verified data graph (VeriGraph), a self-reinforcing agency and creator distribution flywheel, and deep user relationships through wallet infrastructure. Each mission launched attracts more users globally, giving each new mission more reach. At scale it becomes the default platform brands cannot afford to ignore.

Why deal with agencies instead of brands directly?

+

Agencies own the budget and the relationship. Giving them a rev-share turns EarnOS from a threat into a margin-accretive channel. One agency contract provides dozens of brands at zero sales headcount — our 20+ partnerships give us access to 300+ global brands.

What about data privacy compliance?

+

EarnOS is built with privacy preservation at its core. User information is captured and stored with their permission using zkTLS. Users remain in control of their information and EarnOS does not directly retain any user-owned data.

Is this venture scale?

+

Capturing 1% of current global digital advertising spend would produce $2.5B net take with our existing business model. The data graph and referral loop reinforce each other exactly like Google Ads circa 2004, but with verified outcomes and proof of humanity baked in.

What happens when incentives taper off?

+

Incentives are front-loaded to accelerate early momentum. But even as EarnOS-funded incentives taper, EarnOS continues to share revenue with creators and agencies on every campaign — keeping them motivated to promote, onboard users, and grow the ecosystem. It's rocket fuel to kickstart the flywheel, not a crutch to sustain it.

The incentive layerof the internet.