Founderpath is the world's largest operator of portable toilets.
The portable toilet flywheel.
- 1
- 2Acquire the platformInvest or acquire the portable toilet management software.
- 3Source the operatorsOwning the software gives us the relationships and live data on every operator — so we know exactly who to buy and roll up, starting in Austin.
- 4Roll up the operatorsCombine 10 Austin rental companies — $20M combined revenue, 13,800 portable toilets worth $20.7M. Then replicate across Texas, then North America.
- 5Lend against the assetsLend against the assets out of Founderpath SPV 1. Duplicate the strategy across North America.
- Capital compounds into the next platform.
The return on one toilet.
Every dollar of the installed asset base is a real, financeable machine — and each one underwrites a return that beats the stock market and most venture funds. Here is the schedule on one of each.
A lower-risk way to generate a 68% IRR.
Toilet economics
Unit economics
One truck covers about 115 toilets — roughly $10 each a month.
One truck covers about 115 toilets. Its $140K cost spread across them is roughly $10 per toilet per month — about 7% of the $135 that toilet earns.
Per-truck throughput is an estimate pending diligence. The fleet runs about 1,200 restroom services a week; splitting the 23–25 vehicles roughly in half (fence trucks vs. vacuum trucks) implies about 11 service trucks at 470 services each.
Two funds fuel the flywheel.
Private equity buys the software and rolls up the operators. Private credit lends against the hard assets they create. Each fund feeds the other — compounding equity and debt into local monopolies.
Lends against the hard assets the roll-ups create — secured and high-yield.
Yield compounds and feeds the equity fund.
Buys the software platforms and rolls up the operators underneath them.
Returns recycle into the next wedge — step 1, again.
They feed each other. Equity builds the collateral → private credit lends against it at secured yield → repayments and exits recycle into the next platform.
The path to $10B.
$100M private credit (live) + $100M private equity (launching).
Portable toilets — financeable hard assets from the first roll-up.
Taco, coffee, waste management — one flywheel per industry.
As equity and debt recycle across industries, the flywheel scales to institutional size.
Our wedge is lending.
We already have deep relationships with software platforms that help run physical services businesses.
We're already in
Founderpath has funded thousands of software companies. We hold the founder relationships and the data — so we see what to buy before anyone else does.
We buy at the right price
The software shows us exactly which operators are best-run and most acquirable, and the founder trust means we transact fast and fairly.
Equity and debt feed each other
Equity acquires the platform and the operators. Their hard assets unlock debt at high IRR. That debt funds the next roll-up — one compounding loop.
The prize is local monopolies
Consolidating a fragmented, asset-heavy industry behind its own software creates durable, defensible, cash-generative local monopolies.
Billions in private vehicles, deployed one flywheel at a time.
We're raising the capital to buy more software, roll up more operators, and lend against more hard assets. If you build, operate, or back these businesses, we want to talk.