Investor Presentation · July 2026
LINX
Where your experience is your asset.
Stein Retzlaff · Founder
The Thesis
Travel is inspired by content. The post-trip infrastructure doesn’t exist. We’re building it:
A trip becomes a memory.
A memory becomes a storefront.
A share becomes a booking.
An experience becomes an asset.
The Founder
The network is built. Now the platform scales it.
Stein Retzlaff · Since 2016Ten years building a network in the luxury experiential travel industry
Expeditions
Continents
Polar Trips
Operators
Stein Retzlaff
Founder, LINX · CEO, Stein Studios
Production House
Ten Years → One Platform · The Next Phase
The LINX Vision
One platform connecting every vertical and every continent
The evolution
Stein Retzlaff
Founder, LINX · CEO, Stein Studios Production House
Ten years building a network in the luxury experiential travel industry.
120+
Expeditions
7
Continents
44
Polar Trips
100+
Operators
One platform connecting every vertical and every continent.
Every vertical, every continent, one platform: LINX
The Problem
Booking the trips you trust is broken.
WEEKS
It takes too long to book.
You see the trip in a friend's memory, then it's weeks of DMs and quotes to book it. Or it never happens.
$0
The people who drive value aren't rewarded.
84% of luxury bookings come from personal referrals. Only 12.9% are tracked. Travel's most trusted channel is invisible.
NOISE
You can't tell what's real.
Trusted recommendations get buried under sponsored placements. At $25K+, choice fatigue produces hesitation, not bookings.
57% plan trips on social, yet converting that into a booking is the industry’s known gap. Phocuswright
The Opportunity
A $776 billion market, driven by referrals almost no one tracks.
Peers, not influencers, drive travel: 55% vs 18% (Phocuswright).
84%
trust word of mouth
12.9%
actually captured
87.1%
unmeasured, unrewarded
untracked referral value in luxury travel
Sources: Grand View Research (Global Luxury Travel Market), Nielsen Global Trust in Advertising (2012), Knight Frank 2025, UBS Global Wealth Report 2024, McKinsey, RulerAnalytics 2024
The Solution
LINX is the AI-powered infrastructure for luxury experiential travel.
Every operator gets a white-labeled Memory Engine: our proprietary AI turns every trip into a bookable memory, under their brand.The content that sells the next trip, now attributed and rewarded.
The Operator Engine
Every experience becomes a storefront
White-labeled to the operator. Powered by LINX.
Ice Axe
Expeditions
Antarctic Peninsula · 2026
A Memory, for the Hansens
Thirteen days at the bottom of the world.
Crafted by LINX
The trip ends. The memory arrives, under your brand.
Ice Axe
The memory ends.
The next trip begins.
Antarctica Peninsula Ski Cruise · $38,000 per guest
Booking lives inside the memory.
Ice Axe Expeditions
A Memory, for the Hansens
Share this memory
Every recipient sees the trip, the operator, and the way to book it.
“You have to see this. Best trip of our lives.”
The Hansens · to 12 friends
Shared with 12 friends
Attribution follows every share
Your guest shares it. Their trust does the selling.
Ice Axe Expeditions
Memory analytics
A Memory, for the Hansens · 30 days
Booked from this memory
Curator reward $2,280 · paid on completion
Full attribution. You see which memory sold which trip.
Discovery
Discover experiences through verified people
LINX
Chris Davenport
LINX Legend · Since 2026Pro skier · Ski Mountaineering Hall of Fame · Descents on all seven continents.
7
Continents
32
Countries
47
Followers
Discover a trusted traveler's world
Antarctic Peninsula · 2025
Skiing Antarctica
“More people have summited Everest than have skied in Antarctica. Best ski trip on the planet.”
Read this chapter →
Open a real, lived memory
Antarctic Peninsula · Ice Axe Expeditions
Antarctica Peninsula Ski Cruise
An award-winning trip to the remote wilderness of the Antarctic Peninsula.
Antarctic Peninsula · 13 days · Oct–Nov
Book the exact trip, through the person who lived it
The trip is complete
Antarctica Peninsula Ski Cruise
10% commission on booking
$3,800
on the $38,000 booking
Chris is paid once the guest completes the trip.
The curator earns. Trust, rewarded.
Value Proposition
Value to Our Users
One AI-powered platform. The operators are the heroes; the value flows in every direction.
For Operators
- Qualified guests, not cold leads.
- Your bookings and content engine, white-labeled to your brand.
- Turn your guests into your sales team, with full referral visibility.
AI features in LINX: paste your site, our crawler drafts your experiences to edit, and supply grows without a sales army. You always see who referred each booking and exactly how the payout was calculated.
For Travelers
- World-class experiences, verified by people who've actually been there.
- Book the exact trip through the memory of someone who lived it.
- AI builds your next itinerary from the people you trust.
AI features in LINX: your phone roll becomes a cinematic memory, built on-device at near-zero cost. Every recommendation comes from someone you trust, and you can see who.
The Market
The Luxury Travel Market
Global Travel
$1.59T
Total Addressable Market
Experiential (>$500/day)
$58.9B
Serviceable Addressable Market
LINX Commission Pool
$6-9B
5-15% paid to intermediaries
Y3: ~150 Operators
$4.75M
Serviceable Obtainable Market
Source: Grand View Research, Knight Frank 2025, UBS Global Wealth Report 2024, Mordor Intelligence
Why Now
Trust Converts
Paid Channels
1-3%
conversion rate
Trust-Based Referral
9.5%
conversion rate
3x higher conversion rate
Source: Ruler Analytics, Travel Marketing Benchmark
Creator commerce trained everyone to buy through content. LTK alone drives ~$5B. AI now makes memory-creation nearly free. Experiential travel is the last high-value category without a rail.
Strategic Moats
Our First-Mover Advantage
The Trust Graph
- Every referral, booking, and review compounds into proprietary data
- Every booking traces back to the person who shared it — the whole chain is visible, nothing hidden
The AI Engine
- The Memory Engine turns a phone roll into a cinematic memory
- The crawler drafts an operator's storefront from a URL; supply grows without a sales army
- Suggests experiences and itineraries from each member's preferences, compounding with every action
Network Effects
- More curators bring more operators bring more curators
- More memories make a richer feed, more members, more memories
Operator Lock-In
- Bookings, content engine, and memory library live inside LINX
- Switching cost grows with every booking, memory, and stored asset
The Team
Built by the leaders of the industry
Advisors
Ben Lyons
Advisor
CEO, EYOS Expeditions
Doug Stoup
Advisor
CEO, Ice Axe Expeditions
Roy Kim
Technical Advisor
Early Engineer at Expedia, Principal at SoFi
Jay Patry
Advisor
Founder & Owner, Patry Group
Traction
Our next 100 days.
Jul 1
MVP V1.0 Live
Desktop
Jul 12
Our First Revenue
$30,000 GMV · $3,000 revenue
Jul 20
Six Operators Signed
Day 100
20 operators signed · $30K revenue path · Mobile beta live
Founding Operators
Customer Acquisition
Cost to Acquire a Customer
Operator Onboards
Operators share memories and experience cards with their existing clients instead of just sending website links.
Clients Become Referrers
Clients share those memories organically within their communities and networks.
Geometric Scale
Each operator brings 10-50 new members at $0 marginal cost.
Operator Invite Credit
$250
Each credit can generate $3,000+ in annual revenue from the referrals it unlocks.
Blended Operator CAC
$350
Blended across founder network ($0), referral credits ($250), and trade shows ($1,500+). B2B SaaS industry average is $1,200+.
Blended Member CAC
$42
Most members arrive free. Operators invite their existing clients. Some via $50 invite credits. We don't pay to find wealthy people. They're already the operator's clients.
Go-to-Market
Prove the Loop, Then Scale the Network
LINX Legends + Monaco Activation
50 Hall-of-Fame icons. Adventure & expedition is the wedge (Davenport × LINX skiing). Yachts layer the premium GMV.
Performance-based distribution. Approval-gated. Reputation-staked.
500–5K
LINX Legends
~25
Transacting ops
$200K
Y1 Revenue Target
Vertical Programs
Long-Term Value
Each operator returns $2,100+ over three years
NA High-End Wedge
Scale operator cascade across North America. Every new vertical multiplies the referral network. The best travel advisors join as LINX curators, a proven acquisition channel (Fora).
5K–100K
Members
300–800
Operators
Operator Verticals
Product
Memory-led discovery feed, social graph with degree-of-separation, CuratorOS, Operator SaaS dashboards.
Global Scale-Out
Extend the rails. Let others build on TrustOS. The trust graph crosses borders.
100K–1M
Members
Global
Operators
Scale
- ●International operators across all 7 continents
- ●Global safaris, expeditions, yachts, lodges, wellness resorts
- ●Card programs, HOAs, and private clubs licensing TrustOS
Product
Global APIs. White-label TrustOS. B2B2C integrations for clubs, cards, and platforms.
Operators bring the members. Memories drive the loop. Attribution from day one.
Business Model
The LINX Business Model
10% closes the booking and pays the curator who drove it. A peer referral is a referral, not an agent’s 15–25%.
Commission Splits
How the 10% booking fee is divided.
Free
Invite-only
60%
30%
10%
Pro
$59 / month
50%
40%
10%
Elite
$149 / month
30%
60%
10%
Splits favor the curator as they commit.
LINX vs the Agent
Yacht
Adventure
Lodge
Safari
Wellness
Agent
15-20%
15-25%
15-25%
20-25%
15-25%
LINX
10%
10%
10%
10%
10%
5% floor grandfathered for founding operators (EYOS, Ice Axe).
SaaS Subscriptions
Curators
$0 - $149
per month
Free (invite-only) / Pro $59 / Elite $149
Operators
$0 - $1,499
per month
Free / Professional $349 / Premium $749 / Enterprise $1,499
Three engines: the memory is the free hook, the 10% rail earns on every booking, storage keeps the assets.
The Money Flywheel
Who gets paid, and how.
Where the money flows: one $50,000 booking around the loop, in three tiers.
The curator’s tier changes the split
Traveler → Operator
paid direct, LINX never holds it
Operator → LINX
10% invoice after close
LINX → Curator
30% payout (Free)
LINX → Traveler
credit toward the next trip
Today: the client pays the operator directly. LINX invoices its 10% after the booking closes, and is not paid until the experience is delivered.Next: payments run through LINX itself. Wallets and credits on the platform, and LINX pays the operator.
Unit Economics
The path to profitability.
>6:1
LTV : CAC
< 6 mo
CAC Payback
+$2M
Net · Year 3
Gross Booking Volume · GMV
Total volume booked on the platform · to scale
Year 1
2027
$200K
Revenue
−$515K net
Year 2
2028
$2.2M
Revenue
−$200K net
Year 3
2029
$11M
Revenue
+$2M net
Where The Revenue Comes From
Commission today · SaaS & storage take over at scale
Year 1
25 operators
SaaS $20K
Comm. $180K
Year 2
220 operators
SaaS $0.5M
Comm. $1.7M
Year 3+
~1,500 operators
SaaS $10M
Comm. $8M
Net −$515K → −$200K → +$2M · profitable in Year 3 · SaaS & storage become the durable majority as the platform scales
The Human Truth
“The most transformative trip of my life didn’t come from a search engine. It came from a friend.”
Kara Brenholt
“When you’ve skied the entire planet, people ask you where to go. Now there’s finally a way to make that count, and there’s infrastructure for attribution.”
Chris Davenport
Pro Skier, 2x World Champion
“The value in selling experiences comes from those who are sharing stories. There is no platform that captures that until now with LINX.”
Doug Stoup
CEO, Ice Axe Expeditions
Uber, your car is your asset.
Airbnb, your house is your asset.
LINX, your experience is your asset.
Trust beats advertising. Memories beat marketing. The people are the proof.
Thank you.
LINX
The AI-Powered Trust Network for Luxury Travel
Stein Retzlaff
Founder, LINX
530-386-5371