Investment Briefing

Strictly Private & Confidential

Introduced by Tukeer Hussain

Feed Me Light Ltd · London

Founded 2013

Feed
Me Light

The creative production layer of Vision 2030.

For the attention of

Mr Moosa Raza

Saudi National Bank

11 May 2026 · London & Riyadh

شركة فيد مي لايت · لندن

تأسست عام ٢٠١٣

فيد مي
لايت

طبقة الإنتاج الإبداعي لرؤية ٢٠٣٠.

لعناية

السيد موسى رضا

البنك الأهلي السعودي

٢٤ ذو القعدة ١٤٤٧ · لندن والرياض

Thirty million dollars, structured as equity plus productive working capital, against Vision 2030 receivables.

Structure

A

$10–12M · SNB Capital equityCombined minority into Feed Me Light Ltd (UK IP & creative-pedigree vehicle) and capitalisation of FML Creative Arabia (Riyadh, RHQ-eligible). Single Mudaraba / Musharaka instrument, Sharia-screened, AAOIFI SS 13 / SS 12.

B

$18–20M · SNB Bank Sharia-compliant revolving facilityOrganised Tawarruq under AAOIFI SS 30. Secured by assignment of named PIF and giga-project receivables under Movable Property Security Law and SS 5 + SS 7. Productive working capital absorbing Vision 2030 payment-cycle friction.

C

KPI-gated, 36-month buildEquity drawn at signing. Revolver available from Q3 2026, drawn against verified receivables. Renewable 364-day. Optional Kafalah Programme credit enhancement (SME bracket).

Use of Proceeds

Productive working capital · revolverSAR 67.5M · receivables-secured · drawn-as-deployed

$18M

KSA build-out · Riyadh studio & senior teamSAR 22.5M · Saudi-resident leadership

$6M

Global Out of Home platform & IP localisationSAR 15.0M · STMap library, Arabic LoRAs, MCP layer

$4M

Deal, Sharia, RHQ structuringSAR 7.5M · legal · scholar opinion · RHQ activation

$2M

Fifty months remain. The bottleneck is working capital, not capability.

Vision 2030 has commissioned the largest cluster of cultural, sporting, and entertainment infrastructure in modern history. Capital is not the constraint at the commissioning bodies. It is the constraint at every supplier underneath them.

Saudi government and PIF-adjacent commissioning bodies pay on 12 to 24 month cycles. Sharia practice strikes out FIDIC sub-clause 14.8 late-payment interest, leaving contractors with no recourse on the float. Only counterparties with deep balance sheets survive the wait. That is why the global holdcos win, and craft is squeezed out. FML closes that gap.

Statutory KSA payment floor

60–90 days

Article 109 floor (60–70d) · Saudi MoF "on-time" benchmark is 99% within 90 days · documented practice exceeds both

KSA projects with cashflow disputes

31.6%

HKA CRUX 6th Annual Report (Oct 2023) · highest in GCC · n=2,200+ projects, $2.43tn CapEx

PIF spending-cut directive · Dec 2024

20–60%

Board-approved cuts across 100+ portfolio cos · AGBI (Mar 2025) cites agencies on delayed/partial payments

Creative industries share of GDP target

3% by 2030

From sub-1% baseline · Ministry of Culture · the demand side is unambiguous

Ten quiet years. The inflection has already started.

FML revenue, 2015 to 2030, USD millions. Family-owned and operated by Denis Bodart and Kiri Haggart since 2013; the studio has run profitably on average across a decade. The 2024 dip reflects a deliberate investment year, with capacity directed into GOOH platform R&D against a lighter delivery slate. 2024–2025 alone: 2.5x growth, Sales Overseas +960% YoY. Forward five-year model under NDA.

An AI-native studio. Built for what comes next.

Feed Me Light is a thirteen-year-old creative studio that rebuilt itself around generative AI before the market knew it had to. We sit at the intersection of brand storytelling, real-time technology, and machine-learning-native production.

Founded and family-owned by Denis Bodart and Kiri Haggart since 2013. Feed Me Light Group sits as the holding entity above three operating arms: Feed Me Light Ltd (UK creative production, Shoreditch HQ, Companies House #08338373), FML Creative Arabia (KSA-resident operating company, MISA-licensed), and GOOH Inc (technology platform, registration in progress). Presence also in Auckland and Los Angeles.

We are now building creative tools and AI products, including a SaaS platform focused on the out-of-home advertising sector, dynamically displaying content across screens at once. Denis Bodart, Founder · Arab News, 2025

Selected clients

FIFA

AFC

Riot Games

Apple TV+

Royal Enfield

Chanel

Netflix

Warner Bros

Qiddiya

MBC

PIF

SAFF

UK Companies House #08338373 · Riyadh entity active · 30+ team across four time zones

Cumulative audience: billions.

Selected work for the largest tentpoles on earth. Cinematic film, anamorphic OOH, stadium screens, opening ceremonies, gaming reveals.

2022 · Doha

FIFA World Cup Qatar

Ceremony & activationsCumulative reach 5bn+. Direct FIFA client. 3D mascot, OOH projection, stadium-screen film integrated into opening ceremony.

2024 · Doha

AFC Asian Cup 2023

Kelileh & Demneh28 nations as anthropomorphic animals from the centuries-old fable. With Katara Studios. Houdini VFX milestone.

2025 · Doha

FIFA U-17 World Cup Qatar

BOMA the Desert OwlOfficial mascot ownership. Character design, rig, animation, narrative film, print.

2025 · London

Royal Enfield 125 Years

Anamorphic OOH LondonAnniversary integrated campaign. Anamorphic OOH at landmark sites. Validates the Global Out of Home thesis.

2020 · Global

Riot Games Valorant

Reveal teaserFirst-ever Elastic + FML collaboration. Game now 30M+ MAU. Andy Hall (Elastic) credited FML with creative ownership.

2023 · Global

Dead Island 2 opening

Cinematic title sequenceGame sold 1M+ copies in three days. Co-directed with Elastic.

2021 · Global

Apple TV+ Truth Be Told

Season 2 opening titlesStreaming prestige. Editorial title sequence design.

2020 · Paris

Chanel New Year

Animated filmWith director Jo Ratcliffe. Luxury credential.

Global Out of Home. A platform, not a service.

A unified database of digital out-of-home inventory worldwide, paired with an AI-native generation pipeline. Content is created inside the platform, or piped in from external agents (Claude, ChatGPT, Gemini, Sora) via an open Model Context Protocol layer. Then deployed at scale through the platform's CMS bridges.

01 Inventory

Screen database

Hundreds of thousands of screens worldwide. Geometry, owner, CMS, resolution, anamorphic mesh. The supply layer.

02 Generate

ComfyUI + LoRA

Brand-tuned models. Arabic-localised. Per-venue STMap warp. Model-agnostic across Luma, Veo, Seedance, Runway.

03 MCP Layer

Open protocol

Claude, ChatGPT, Gemini, Sora connect via MCP. Agents query inventory, brief campaigns, ship to screen.

04 Deliver

Native CMS bridge

Broadsign, Daktronics, Hivestack, Liveboard. No bespoke install. Content goes live anywhere.

Why this is defensible

The inventory database is the moat. Screen geometry, CMS endpoints, anamorphic meshes per venue. Compounds with every site mapped. AI models are rented; the supply graph is owned. The MCP layer makes FML the default execution rail for any AI agent doing brand work at scale.

Validated & in pipeline

Shipped: Royal Enfield 125 Years anamorphic OOH, London, 2025. Mapped venues: Piccadilly Circus (Ocean Outdoor / Landsec), Outernet London, COEX K-Pop Square Seoul, Shinjuku 3D Cross Tokyo. KSA target inventory: KAFD, Qiddiya entry plaza, Diriyah Gate, Boulevard City, Riyadh Front, 2034 World Cup stadium curtain LED.

Eight programmes. One addressable creative production market.

Indicative addressable creative production market across Vision 2030 commissioning programmes, USD billions per year (1–3% of programme spend). FML's projected capture overlaid: $30M by 2030, ~2% of the stack.

Global Out of Home is a category. KSA is a beachhead.

Global Out of Home market projected at $58.7bn by 2030 (11.6% CAGR). KSA outdoor advertising growing ~10% CAGR to $1.7bn by 2031. FML's projected 2030 capture: ~5% of the KSA premium segment (~$43M). The category breaks into four operational tiers — FML targets the top.

I · Iconic Hero Sites

Where craft is the moat.

Piccadilly Circus · Times Square · COEX K-Pop Square · Shinjuku 3D Cross · Sphere Las Vegas · Outernet London · Burj Khalifa

Limited-inventory premium sites priced at $20–500k per daily slot. Forced-perspective, anamorphic, narrative formats. Brand-event creative wins; commodity tools do not.

FML home ground

II · Premium Urban LED

High-volume agency inventory.

City-centre LED towers · transit hubs · spectacular freestanding · stadium LED rings

Programmatic and fixed buys at scale. Mid-tier creative bar. Format-correct content matters more than auteur craft. Reach economics, not iconic economics.

Scalable second tier

III · Retail + Experiential

Captive audience, attribution data.

In-mall LED · retail media networks · airport · pop-ups · festival and sport activations

Closer to point-of-purchase, higher attribution clarity, deeper activation depth. Bundles naturally with brand work; agency briefs often combine.

Cross-sell with brand

IV · KSA Vision 2030 Assets

New premium inventory coming online.

Riyadh Boulevard · NEOM · Qiddiya · Diriyah Gate · AlUla · King Salman Park · Haramain corridors

Built for content from inception. Operator partnerships still forming. The premium tier where FML's craft moat translates one-for-one into the kingdom.

Anchor-partner ambition

We are not building a service. We are building a vault.

Four compounding layers. Trade secrets, custom code, branded LoRAs, registered trademarks. Localised in KSA via SAIP filings and Riyadh-resident infrastructure.

Trade secrets

Validated venue mesh library. Empirical, requires physical site access. Compounds with every shipped venue.

Custom code

FML STMap nodes, copyrighted, delivered via SaaS to manage GPL. Two custom nodes shipped, more in pipeline.

Branded LoRAs

Per-client recurring asset. Sharia-compliant ijarah-style royalty structure. Localised Arabic LoRAs in development.

Trademarks & KSA

UKIPO + SAIP via Madrid Protocol. Classes 35, 41, 42. RHQ-resident, PDPL-compliant data residency in Riyadh.

Same revenue. A fraction of the headcount.

Revenue per head versus gross margin. FML's trajectory, 2023 to 2030, between two clouds: traditional creative studios, and AI-native operators.

Prime contractor. Curated network underneath.

FML is in the driving seat of the head contract with the commissioning body and absorbs the receivable on its own balance sheet. Underneath, a curated network of high-craft producers and creative companies delivers on FML's quality terms, against bilateral subcontracts, on Net 30 to 60 payment cycles FML controls.

The model is proven at FML in the Ducati consortium architecture published at ducati.feedmelight.com. We are the operating example of what Vision 2030 commissioning bodies have been asking for: a single quality-graded counterparty that delivers like a holdco at the cost base and creative pedigree of an indie.

A

FML as principal

Head contracts in FML's name. Bilateral subcontractor agreements, FML the counterparty. Genuine commercial & delivery risk. Commercial activity, not financial intermediation. SAMA perimeter respected throughout.

B

Curated network underneath

Vetted producers and studios admitted under FML standards. IP-licensed delivery via FML LoRAs and STMap pipeline, under QA gates. Quality-graded tiering, performance scorecards, step-in rights.

C

Capital efficiency

FML own-team delivery for hero work at AI-native cost base. Curated network handles capacity overflow at 15–30% pass-through margin. Blended 35–45% gross margin on consortium revenue. Institutional benchmarks: WPP Production (10,000+ creators across 40+ locations, Feb 2026); Stagwell ($750M revolver + $129M trade receivables factoring, Q1 2025); Cinesite ($235M NatWest/Barclays syndication, Dec 2022); Buck/Residence (Gemspring Capital, Mar 2025).

Convertible pipeline · 24-month horizon

Counterparty	Programme	Stage
Qiddiya City	Anchor · attractions launch	Live
Savvy Games Group	Scopely-adjacent creative	Warm
MBC Group	PIF-acquired Sept 2025	Warm
PIF portfolio	Cross-asset creative	Warm
NEOM	Trojena · Asian Winter Games	Cold
RC AlUla	Cultural & tourism	Cold
Diriyah Gate	Gateway activations	Cold
Roshn	Lifestyle real estate	Cold
Expo 2030 Riyadh	Pre-roll campaign cycle	Pre-mandate
2034 World Cup KSA	FML existing FIFA partner	Position

FML internal commercial assessment · May 2026 · subject to NDA · consortium architecture at ducati.feedmelight.com

A team in place. A board being built.

FML's operating leadership is already split across UK and KSA. Post-investment, the advisory board formalises with Saudi-resident and institutional voices. SNB Capital is invited to nominate one observer seat.

Operating Leadership

Denis Bodart

Group Founder · ECD · KSA General Manager

Founded Feed Me Light 2013. Belgian, London-resident, Riyadh-active. Prior: Saatchi & Saatchi, Electric Theatre Collective, Nexus Studios. Runs creative direction across both entities; on the ground GM for FML Creative Arabia.

I.

Kiri Haggart

CEO · Feed Me Light UK

Runs the UK mothership end-to-end: commercial, finance, ops, client delivery. Twelve years inside FML's growth from founding to today's £2.5M revenue base.

II.

Ben Leyland

Executive Producer · Technology & AI

Permalancer EP anchoring the AI and platform side. Lead on Kansas City Chiefs (Chiefs Kingdom NFL platform, Supabase / HuggingFace / Vercel stack) and Global Out of Home platform architecture.

III.

Michelle Thorn

Finance · UK

Group finance lead. CT600, VAT, statutory accounts, audit-ready posture. Xero accrual basis. Lloyds Bank relationship.

IV.

Advisory Board · In Formation

Tukeer Hussain

Advisor · GCC Capital Markets

SNB introducer. GCC institutional and family office reach. Bridges UK private capital and KSA strategic capital. Active engagement on the SNB Capital pathway.

i.

David French

Advisor · Asian + GCC Family Offices

Chairman, Harod Associates. Principal, Harwell Capital. Senior advisor, Heligan Group. Career: Met Police, Hong Kong financial services, growth capital. Hong Kong and Gulf SWF reach. Senior advisory relationship with a Gulf SWF.

ii.

Open seat · KSA Chair

Saudi-Resident · To Be Appointed

Vision 2030-fluent senior advisor, Riyadh-resident, with PIF-adjacent network. Recruitment to commence on term sheet exchange. Profile and shortlist available under NDA.

iii.

Observer seat · SNB Capital

Reserved · Post-Investment

One non-voting observer seat reserved for SNB Capital. Standard information rights, quarterly reporting cadence, attendance at all advisory board meetings.

iv.

Sharia opinion

External scholar · Commissioned at term sheet

Independent Sharia scholar opinion commissioned at term sheet, covering the equity instrument (AAOIFI SS 13 / SS 12), the Tawarruq revolving facility (SS 30) and the assignment of receivables as security (SS 5 + SS 7). Shortlist of qualified scholars available under NDA.

v.

Capital absorbs the wait. Revenue compounds the multiplier.

The structural gap is between commissioning speed and payment speed. The capital sits in that gap. Every dollar of revolver headroom supports approximately $1.50–$2.00 of annual revenue at 35–45% blended margin.

The Cash Conversion Cycle

T0

Head contract signed

FML signs as principal with the commissioning body. Bilateral subcontracts with curated network on Net 30–60 terms FML controls.

+30–90d

Work delivered · invoice issued

FML pays curated network on schedule. Revolver drawn against the verified receivable, advance rates 80–85% of face value on quasi-sovereign PIF-tier payors.

+90 to +540d

FML carries the receivable

The 12–18 month payment cycle that excludes most independents is absorbed by the SNB Bank Tawarruq revolver. FML's balance sheet is the only one in the room sized for this.

Day of payment

Receivable settles · revolver redeemed

Capital recycles into the next contract. Revolver headroom is restored. Net margin captured by FML, lighter than holdco run-rate by an order of magnitude.

The Capital Multiplier

$20M

Working capital deployed

SNB Bank Tawarruq revolver · against named PIF / giga-project receivables · 364-day renewable

↓

$30–40M

Annual revenue capacity

At 1.5–2.0x turn · Stagwell runs a $750M revolver + $129M factoring on $2.6bn revenue (Q1 2025 10-Q, factoring +85% YoY)

↓

$10–15M

Annual gross profit

Blended 35–45% margin · 60% on own-team delivery · 15–30% on consortium pass-through · float carry absorbed

Why a bank, not a fund. Equity priced for growth would be diluted by working-capital duty. A Sharia-compliant revolver from SNB Bank is asset-backed against PIF-tier receivables, self-redeems at every settlement, and prices closer to the payor risk than the borrower risk.

Equity from SNB Capital. Revolver from SNB Bank. One house. Two instruments.

$10–12M equity (Mudaraba / Musharaka, AAOIFI SS 13 / SS 12) anchors the cap table. $18–20M revolving working capital facility (organised Tawarruq, AAOIFI SS 30) against assigned PIF receivables (SS 5 + SS 7). Both arms of the same banking group. Standard market architecture: Al Rajhi Bank / Al Rajhi Capital, BSF / Saudi Fransi Capital, SNB / SNB Capital.

Sharia structure

Financing against receivables, not sale of receivables. AAOIFI SS 59 prohibits the latter in the GCC. Independent scholar opinion at term sheet on the equity instrument, the Tawarruq, and the assignment.

Regulatory posture

FML acts as principal under bilateral subcontracts. No factoring, no invoice purchase, no marketing of financing to suppliers. Activity remains commercial trade-credit, clearly outside SAMA's Finance Companies Control Law perimeter. KSA counsel opinion at term sheet.

Security & pricing

Assignment of named receivables under Movable Property Security Law, SNB-controlled escrow collection account, borrowing-base reporting. Indicative pricing 3M SAIBOR + 175–250 bps. Advance rates 80–85% on PIF-tier payors. Optional Kafalah enhancement.

SNB advisory frame

Direct SNB Group precedent: SNB Capital was joint financial advisor on MBC Group IPO (Jan 2024, $222M float, prospectus working capital + content development); SNB Bank was Mandated Lead Arranger on NEOM SAR 10bn revolving Murabaha (Apr 2024); SNB Capital JLA on PIF $7bn Tawarruq syndicate (2025). The structure proposed here is consistent with these precedents at private-company scale.

The risks SNB will ask about. Pre-empted, not dodged.

Counterparty concentration

PIF and giga-project receivables are quasi-sovereign in payment certainty but lengthy in cycle. Risk is timing, not default. The March 2026 NEOM cancellation cascade ($6.85bn terminated for convenience) is instructive: every named contractor disclosed contractual reimbursement of accrued costs. Webuild stated Trojena demob "will be reimbursed by the client, leaving the Webuild Group unharmed." The risk this facility exists to absorb is the cycle length, not the eventual settlement. Mitigations: per-counterparty exposure caps in facility documentation; mandatory diversification across at least four PIF-tier commissioning bodies before second drawdown; named-payor credit tiering; monthly borrowing-base reporting to SNB.Concentration limits hard-coded into the revolver covenants.

Regulatory perimeter

Activity is bilateral prime contracting with subcontractor payment-terms management, not factoring or invoice purchase. Clear of SAMA Finance Companies Control Law on Article 1 / Article 10 reading, and outside the FCA perimeter per the Treasury Committee Greensill Inquiry (July 2021). KSA counsel and UK FCA counsel opinions commissioned at term sheet. FML does not market financing or early-payment services to subcontractors.Commercial activity, not financial intermediation · counsel opinions on file.

Commoditisation

GenAI tooling commoditises rapidly. Defensibility lives in four owned layers: proprietary STMap node and venue mesh library, branded LoRA pipeline maintained per client, holdco-grade studio bench and creative judgement, sticky enterprise client roster (FIFA, AFC, Riot, Apple, Qiddiya). The model layer is rented; the rest is owned.Investment in proprietary IP, not foundation models.

Founder concentration

FML operates with a two-CEO split: Denis (Group ECD and KSA GM) and Kiri Haggart (UK CEO). Ben Leyland anchors tech and the AI platform. The advisory board is being built around the round: Tukeer Hussain (GCC capital), David French (Asian and Gulf family offices), with one Saudi chair seat and one SNB observer seat reserved.Detail on slide 13 · governance package finalised at term sheet.

KSA execution

Foreign indies have failed in KSA when they ran the entity from London. FML Creative Arabia is incorporated, operationally active, MISA-licensed, capitalised, with Riyadh-resident operational presence on the ground. Qiddiya engagement is live. The Ducati consortium architecture (ducati.feedmelight.com) is the production-network template adapted for Vision 2030.Riyadh-resident operations pre-investment · Saudisation roadmap auditable.

Held for the room. Three things SNB will need to hear.

This slide is reserved for diligence post-NDA. KSA institutional capital underwrites maturity of disclosure, not absence of issues.

Runway

As at May 2026, the UK mothership operates on a tight working capital horizon. A UK bridge facility is in active arrangement. Lloyds Bank charge in place since March 2025 (certified by Dentons). SNB Capital diligence sequenced to begin after bridge close, so the investment conversation never operates under cash duress.Bridge in flight · disclosed up front · timeline visible.

Litigation

None pending. None threatened. Clean across UK and KSA jurisdictions.Clean.

IP & regulatory

UK Companies House #08338373 in good standing. CT600 current. VAT current. KSA entity (FML Creative Arabia) incorporated with full ownership disclosure, MISA-licensed, active. Sharia screen passable on cleansed-revenue basis. PDPL compliance roadmap in deck appendix.Auditable on diligence.

Next · Step 01

30-minute introductory call · Mr Raza & Denis Bodart · post-NDA exchange.

Next · Step 02

Riyadh visit · studio walkthrough · Qiddiya engagement demo · Ducati consortium architecture walkthrough.

Next · Step 03

Term sheet exchange · SNB Capital equity + SNB Bank revolver indicative terms · Sharia opinion · KSA & UK counsel sign-off.

End of briefing

شكراً جزيلاً

Worthy of the screen.
Built for the kingdom.

From London craft heritage to Riyadh-resident scale. The decade ahead is creative infrastructure. We are ready to build it.

Denis Bodart

Founder & ECD · Feed Me Light

denis@feedmelight.com

مع وافر الشكر والتقدير

feedmelight.com

FML × SNB Capital