VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

DAP3

In diligence

IN MOTIONCarbon inventories

Dapple Room

If you read one Carbon inventories company this quarter, make it this one.

Milan is not a backdrop. It is the city where the customer can be called on a recorded line.

Dapple Room — A ledger of energy certificates (GOs, RECs) for producers and offtakers who already sit in a national registry. It moves the event faster. It does not invent a green token for Twitter.

In a 14-day diligence sprint (day 2). This is when the story, the customers and the legal path get written down — or the file stops.

Most Carbon inventories applications this quarter were declined. You are looking at one that was not.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Inventory ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/8

Sprint

Our cut

Of any proceeds

Plate Meridian · 7160

DAP3

The plate

Meridian. Edition 7160.

A unique plate for Dapple Room. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

DAP3 · Milan · Carbon inventories

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 2 of 14

Milan

Producers

Sells

Producer

Producer seat

Markets

Milan

Years

Founded 2022

Surfaces

Inventory ledger

Complete

File readiness

The wedge

Producer seat

Dapple Room shortens retirement, it does not invent a tonne.

Why the desk took it

A real job, not a ticker.

They did not lead with climate Twitter.

Traction

One named pilot (redacted).

Founded 2022, headquartered in Milan. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 84/100. Sprint day 2 of 14. Two licensed PSPs on a paid pilot — identities off the public file. Architecture says keys / title / NAV liability sit with a named licensed party — not Dapple Room.

Next 12 months

Still dual-record with the registry.

A public carbon coin is a commodity or a security. This pad will not sell it. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

The decline pile in Carbon inventories is not a rumour. It is how this board stays readable. Dapple Room is what survived. That is the sell.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

US traffic was taken off the public surfaces in the first working session. Dapple Room did not argue. Adult companies do not costume a US offering.

From the pilot

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

From the screen

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From the founder

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

The window

Miss this and you read the archive.

You can read twelve thinner companies. Or this one, once, while the window is open.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 5
Counsel hours on file: 70
Asks / week: 12
Our cut: 0% of proceeds

Kill the public sentence in an hour or do not list us. We can do the hour.
Mei Vogel, Chief executive

This company

Dapple Room

Not the incumbent brand. Dapple Room sells the job the brand will not staff.

In the same conversation

National GO registries
Xpansiv
Not a public carbon coin

The bet

Why this company exists.

Dapple Room shortens retirement, it does not invent a tonne.

Corporate offtakers are being asked to prove what they bought. Registries lag. A dual record that the registry still owns is sellable.

GO and REC markets are measured in tens of billions. Ops software is a thin slice with high switching costs.

Versus the field

The incumbent brand sells the relationship. Dapple Room sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.

Named: Milan. Off-limits: Global public. A US person hearing an offering communication is a US problem even if the company sits in Milan. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01A certificate that exists in a registry is evented here
02Delivery and retirement are visible to the offtaker
03The registry remains the legal source
04No public ‘carbon token’ sale on this pad
05Delivery and retirement are visible to the offtaker; the registry remains source
06A named counterparty verifies; Dapple Room does not attest to its own facts.

In the same conversation as

National GO registries
Xpansiv
Not a public carbon coin

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Certifications & adapters
34%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
26%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
17%
A counsel memo that can survive a later reader.
Named operators
23%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell: Producer seat
Who pays: Two licensed PSPs on a paid pilot — identities off the public file.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: Dual-record: the registry still owns the legal fact.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: A public carbon coin is a commodity or a security. This pad will not sell it.
Why we listed it: They did not lead with climate Twitter.

Next twelve months

What has to be true.

Still dual-record with the registry.

Architecture says keys / title / NAV liability sit with a named licensed party — not Dapple Room.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for Inventory ledger
No token contract listed as a public sale
Named founder; customer still a conversation
Milan is the operating centre
The waitlist, if any, is a product list — not a book
RCA Pad does not take a cut of proceeds

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product38
Customers40
Legal path62
Tech maturity48
Demand26
Market access44

Risks

What can kill it.

The one that actually kills it

The unit of account becomes a token

Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.

Double count

If the registry and this ledger can both be sold, the product is a liability.

Green token

A freely traded climate token is usually a commodity or a security. This pad will not sell it.

Registry cooperation

Without the registry, this is a shadow certificate.

Policy

GO rules move. The product has to move with them, not ahead of them.

Double count

If the registry and this ledger can both be sold, Dapple Room is a liability. Dual-record or nothing.

Token relapse

A later round that wants a public token puts Dapple Room in a different perimeter. The file treats that as a hard stop.

Ask these next

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02What does renewal look like if no round ever happens?
03Is the waitlist demand for a product, or a queue for a coin?
04What happens if a founder later wants a public token?
05Who is the first named paying customer — not a letter of intent?
06Has counsel written the perimeter in a memo you can file?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Dapple Room Ltd
Path on file: Not offering — locked
Posture: Private only
Pack: Sprint

Where they can operate

Named vs off-limits.

Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.

Milannamed
Global publicrestricted

Team

Who runs it.

Mei VogelChief executive
Elena ParkFinance

Stack

Inventory ledger
Carbon inventories
Disclosure templates
Takedown SLA

Named with them

Meridian Tax

Who can decide

Mei Vogel came in named. The team is not a handle. Dapple Room Ltd exists, founded 2022, headquartered in Milan. Anonymity would have been an automatic decline.

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Dapple Room does not sell a token to the public on this pad	Posture lock	live
The product is carbon inventories sold to institutions	Architecture + customer type	live
Inventory ledger is the method — not a listed asset	Desk snapshot	live
Retail buyers are out of scope	Named markets lock	live
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	live
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Milan	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 16:37
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.

Launch your own How an RCAICO works

Other companies

VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.