Spreds • Kolizé
Aktien-Crowdfunding
Kolizé
The AI-powered community manager for professionals
Key project data
Target amount
1,07 MEUR
Valuations
3,5 MEUR
Would AI invest?
50/100
1
100
KI-generierte Übersicht
AI project overview
Condensed summary based on project data
<h1><span style="font-size:15pt"><span style="font-family:Calibri,sans-serif">Kolizé — Crowdfunding Investor Memo</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Kolizé is a subscription app that automatically plans and schedules social-media posts for small businesses, shops, freelancers and self-employed professionals who need to be visible online but lack the time, budget or skills to do it themselves.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong>Sector: MarTech / SaaS (AI social-media automation) · Stage: Seed (services business pivoting to software) · HQ: Auderghem, Belgium · Raise: €120K target (up to €870K), on Spreds</strong></span></span></p> <h2><span style="font-size:13pt"><span style="font-family:Calibri,sans-serif">Snapshot</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:227px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">1 · Is the price fair? 💶</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:397px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">2 / 5 — The €3.5M maximum price is above the marketing-software benchmarks we could find (private software sales typically 4–5x yearly revenue; traditional marketing-tech around 3.8x). It sits roughly at 5.8x the company's recent revenue, and that revenue is almost all from the older services business, not the new app.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:227px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">2 · Can they reach an exit stage? ⭐</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:397px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">AI SCORE 50 / 100 — Average. Strongest evidenced point: a real, operating business with paying customers and a working product used inside a communications agency. Biggest gap: the software itself is effectively pre-revenue, and the older services revenue is flat and slipped into small losses in 2024–2025.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:227px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">3 · If they do, what could it pay? 🎯</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:397px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Target 5–10x over 5–7 years (the company's own stated aim; the standard Seed expectation is about 10x). If an exit is reached, illustratively 4–8x before fees and future dilution, based on typical software sale multiples applied to the entry price. Software sales of this kind do occur, but reaching the size required is a minority outcome.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong>How to read the score</strong></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Three answers, one honest note. The price score says whether the entry price is supported by the marketing-software benchmarks we could find. The AI Score is our read on whether the company has the building blocks in place to reach a point where a sale (and a payout to you) could happen — it looks at what the evidence shows, not the odds of success, and even a company with every building block in place fails more often than it succeeds, which is why this kind of investment only makes sense as a small part of a spread-out portfolio. The returns range is an illustration built from named industry sale multiples, not a forecast. Where something was not in the pack we reviewed, it did not lower any score — it appears in the questions list instead, so you can ask the company directly. The listing was reviewed by a licensed crowdfunding platform (Spreds) before going live. Nothing here is a recommendation.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">85–100 · Excellent</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">All key building blocks for reaching a sale stage are evidenced and strong — rare at this stage</span></span></p> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">70–84 · Good</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Building blocks largely in place, with specific gaps — named in the questions section</span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">50–69 · Average</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Meaningful building blocks missing or weakly evidenced</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">30–49 · Weak</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Several core building blocks absent, or the evidence points against them</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">1–29 · Critical</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Fundamental building blocks are not visible in the evidence</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">What we could check. We confirmed the legal entity exists on the Belgian company register and that the competitors named by the company are real, active products. Almost everything else — the company's revenue and customer figures, the €120,000 said to be already raised from earlier investors, and the founders' track records — rests on the company's own materials and could not be independently verified. See the questions section.</span></span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:Calibri,sans-serif">At a glance</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">✅ Three reasons to look closer</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">⚠️ Three reasons for caution</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">A real operating business, not a pure idea: it reports about €560,000 of revenue in 2025 from an existing professional client base, and a working product already used inside a Belgian communications agency.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The founder is putting in €120,000 of his own money into the same round, on the same terms as the crowd (per the KIIS).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Simple, clean deal terms: one class of ordinary shares, no special preference for other investors ahead of the crowd, no anti-dilution rights held against you (per the KIIS).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The software itself is effectively pre-revenue: paying customers shown are service contracts, and the revenue was flat 2023–2025 and turned to small losses in 2024 (−€35,346) and 2025 (−€21,648) (per the KIIS financials).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The €6.3M software-revenue figure for Year 3 in the financial plan has no bottom-up build behind it in the pack, and the plan was prepared by a trainee accountant on the company's own figures, with a no-responsibility disclaimer.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The founders' track record could not be verified in public sources, and the €120,000 said to be raised from earlier investors could not be found on any public record.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Deal terms. No terms were identified in the reviewed documents that would prevent a crowdfund investor from sharing in the upside. There is one thing to understand well: fees and a profit-share take a slice of any exit (a 5% joining fee, a 20% performance fee on gains above a 5%-per-year priority return, and up to 20% of the sale price in exit costs). Full mechanics are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">ℹ️ Information, not investment advice. Capital at risk — you could lose the full amount invested. Full notes are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:Calibri,sans-serif">🏢 What the company does</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Kolizé (the legal entity is VLAF BV/SRL, a Belgian company registered in 2020) sells an app that acts as an automated “community manager” for social media. The company reports that the app looks at a business's activity and automatically decides what to post, when, and in what tone, adjusting for the sector, location, season and current events, then guides the user to publish. Its customers are small, non-technical professionals — shops, artisans, freelancers, liberal professions — who the company says need to be visible on Instagram, Facebook and Google but cannot afford an agency or spare the time. It plans to earn money through a monthly subscription (the company reports a price of €29.99 per user per month) in a self-service model, moving away from its older, hands-on services business. It operates first in French- and Dutch-speaking markets (Belgium, France, Luxembourg, the Netherlands) with later expansion to Germany and beyond. So far the company reports around €560,000 of 2025 revenue from its existing services clients, a waiting list of roughly 400 professionals from a pre-launch campaign, and internal use of the tool inside a Belgian communications agency. This raise (a €120,000 minimum, up to €870,000) is earmarked for business development (30%), marketing (25%), product and AI development (20%), infrastructure (15%) and administration (10%).</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:Calibri,sans-serif">📈 The returns picture</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">The target</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">5–10x over 5–7 years. This is the company's own stated aim (via the platform scorecard), where it names a strategic sale as the plan. For context, the standard expectation for a Seed-stage company is about 10x over 5–7 years, because most early companies fail and a few winners must carry the rest.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">How the company plans to get there</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The company plans to grow the subscription app into a scalable software business and then be bought by a larger buyer — it names martech platforms, other software companies, media groups and digital agencies as possible acquirers. It did not provide a list of specific comparable past sales (companies, buyers, prices) to support the 5–10x figure — that was not in the pack we reviewed; it states the range is “based on comparable SaaS and martech acquisition multiples” without naming deals.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">What has to be true</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The company has to actually make the jump from a small services business to a software business with meaningful, recurring subscription revenue — its own plan implies scaling app revenue from near zero to several million euros. A buyer then has to pay a healthy multiple of that revenue. Today the app is effectively pre-revenue, so almost all of this is still ahead.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">If reached — potential returns</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Illustratively 4–8x before fees and future dilution. Method: typical software sale multiples (private software companies have sold at a median of about 4.7x yearly revenue, up to ~8x for the best; AI-focused marketing-tech has reached ~7.8x — sources: Aventis Advisors Sep 2025; SaaSrise MarTech M&A 2025–26) applied to the disclosed €3.5M entry price. This is an illustration, not a forecast, and most early-stage investments return little or nothing. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section. Because the entry price is above the benchmarks we could find, a high entry price also compresses every return outcome.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#fbf1dc; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">⚠️ Why aim for this target? Startup investing is high risk. Most early-stage companies fail or return little. A small number of winners must make up for the losers, so each investment is typically aimed at roughly 10x over 5–7 years. This company's own 5–10x aim sits at or just below that standard Seed hurdle.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:Calibri,sans-serif">📊 Score breakdown</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Score = each category's score weighted by its importance; weights sum to 100%.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:331px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Team capability</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">55</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">25%</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:331px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Average — A six-person team with defined C-level roles and a founder committing his own €120,000; the company reports 50 cumulative years of prior C-level experience, but no CVs were in the pack and the founders' history could not be verified publicly. 100% founder ownership before the round concentrates key-person risk, which the company itself flags.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Product-market fit</span></strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">48</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">20%</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:331px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Weak — A working product used inside an agency and a ~400-person waiting list show interest; but there is no evidence yet of paying software subscribers or of waiting-list sign-ups converting to paid — the app is effectively pre-revenue.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Traction & growth</span></strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">42</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">20%</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:331px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Weak — The older services business is real and verifiable, but revenue was roughly flat (€577K → €512K → €562K) and turned to small losses in 2024–2025, and the paying customers shown are service contracts, not app subscriptions. That is what the evidence shows, scored as-is — not a penalty for missing data.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Market size</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">60</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">15%</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:331px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Average — The market for social-media tools for small businesses is real and active, with several funded competitors. The company's own market-size figures (€25B / €4B / €120M) are top-line and carry no independent source in the pack.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Business model</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">50</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">10%</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:331px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Average — A clear subscription model at €29.99/month with a sensible use-of-funds split; but the jump to €6.3M app revenue by Year 3 has no bottom-up build behind it, and the plan rests on assumptions (5% churn, 8–12% conversion) rather than measured results.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Competition</span></strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">45</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">10%</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:331px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Weak — The company competes against well-funded, established products (Buffer, Hootsuite, Later, Sprout, plus free native tools from the platforms themselves), several of which now offer AI content features to the same small-business audience. Its stated edge — automation plus sector-specific intelligence — is plausible but not yet proven in the market.</span></span></p> </td> </tr> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">AI Score</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">50</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">100%</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:331px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Average — a real business with a working product, held back by an app that is still pre-revenue and a services base that is flat and slightly loss-making.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:Calibri,sans-serif">❓ Questions to ask before investing</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:697px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">These are facts the company holds and can supply on request. They were not in the materials we reviewed — they may well exist in interviews, webinars or the company's data room. The score above is based on what was available — these questions are how you close the gap.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:697px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">How many paying app subscribers do you have today (not waiting-list, not services clients), and what is the current monthly subscription revenue?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:697px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Of the roughly 400 waiting-list sign-ups, how many have converted to paid subscriptions, and over what period?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:697px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">What is your measured monthly cancellation rate on live subscribers? (The 5% figure appears to be an assumption in the financial plan, not an actual result.)</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:697px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">The financial plan projects €6.3M of app revenue by Year 3 — can you show the build behind it (subscriber numbers × €29.99 × how many stay) that adds up to that number?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:697px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Your services revenue was flat and slipped into losses in 2024–2025 — what caused that, and how long does your cash last if the move to software is slower than planned?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:697px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Can you provide the founders' CVs and any past company sales, so the 50 years of senior experience can be checked?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:697px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Who invested the €120,000 said to be raised from earlier professional investors, when, and on what terms?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:697px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">What is the existing share count before this round, and the full ownership table, so the exact share bought per euro can be worked out?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:697px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Are there founder share vesting or leaver rules, and can you share the shareholders' agreement (or the parts that bind the crowd's holding vehicle)?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:697px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">What is the source for your market-size figures (€25B total / €4B reachable / €120M target)?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:697px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">At a sale, what total costs would be taken off before I am paid — the 5% joining fee already paid, the 20% performance fee above a 5%-per-year return, and up to 20% in exit costs — can you show net proceeds on a sample €10,000 stake at a given sale price?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:697px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Why do the investment sheet and the terms & conditions show different subscription-period dates (17 June–17 Sept 2026 vs 11 March–11 Sept 2026), and which one governs?</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:Calibri,sans-serif">📜 What you own</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">You would not own shares in Kolizé directly. You buy a “participatory note” from a holding vehicle set up by the platform (Spreds Finance), which in turn holds ordinary shares in the company on your behalf — the note passes the same economic outcome to you as if you held the shares. You do not get normal shareholder voting rights; the holding vehicle votes the shares, and you only vote on limited matters (for example, approving a sale of the shares needs 75% of note-holders to agree). If the company is sold, the proceeds flow back through the holding vehicle to you, after fees and a performance share. Full mechanics are in the reference section below.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><em>Everything below is reference detail for readers who want to go deeper.</em></span></span></p> <h2><span style="font-size:13pt"><span style="font-family:Calibri,sans-serif">🔍 Detailed review</span></span></h2> <h3><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Team capability</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The company reports a six-person team with clear roles — CEO, CTO, COO, CMO, a digital account manager, and an administrator described as holding the highest signature authority — and 50 cumulative years of prior senior experience across the founders. The CEO owns 100% of the company before this round and is investing €120,000 of his own money on the same terms as the crowd. No CVs were in the pack we reviewed, and we could not verify the founders' track records or prior company sales in public sources; the company also flags that relying on one key person is a risk.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Full C-level team with distinct roles (per the org chart).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Founder invests €120,000 of his own money alongside the crowd (per the KIIS).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Company reports 50 years of cumulative senior experience.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">No CVs in the pack; founder track record could not be verified publicly.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">100% pre-round ownership by one person concentrates key-person risk (company-flagged).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Senior-experience figures are self-reported sums, not independently checked.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Product-market fit</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">There is genuine early evidence of need: the company reports a working product already used inside a Belgian communications agency in real conditions, and a waiting list of around 400 professionals from a pre-launch campaign. What is missing is proof that this interest turns into paid software use — there is no disclosed count of paying app subscribers and no conversion figure from the waiting list. This is a gap in the pack, not a proven negative, and it is the single most useful thing to ask about.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Working product in real use inside an agency (per the company).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">~400-person pre-launch waiting list (per the company).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Clear, specific target user: small non-technical professionals.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">No disclosed paying-subscriber count for the app.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">No waiting-list → paid conversion figure in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Internal agency use is not the same as external paying demand.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Traction & growth</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The older services business is real and its figures are specific: revenue of €577K (2023), €512K (2024) and €562K (2025) — roughly flat — with net results turning from a €54K profit in 2023 to losses of €35K (2024) and €22K (2025), and rising debt relative to equity. The paying-customer numbers the company provides (rising from 31 to 42 over twelve months) are service contracts, not app subscriptions. Scored on what it shows: this is a stable-to-declining small services business, with the software growth still to come.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Specific, verifiable multi-year financials disclosed (per the KIIS).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">A real revenue base of ~€560K, not a pure concept.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Modest but real customer growth on service contracts (31 → 42).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Revenue flat and net result negative in 2024 and 2025 (per the KIIS).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Net-debt-to-equity rose to 4.52 in 2025 (per the KIIS).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">App itself is effectively pre-revenue; recurring software metrics not disclosed.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Market size</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The broad market — social-media and content tools for small businesses — is real, active and growing, with several well-funded players, and AI features are spreading fast across it. The company puts the total market at €25B, the reachable part at €4B and its target at €120M, but these figures carry no independent source in the pack. The opportunity is credible in direction; the specific numbers are the company's own.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Large, active market with multiple funded competitors (confirmed publicly).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Clear geographic beach-head (French/Dutch-speaking Europe).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">AI adoption in the sector is a real tailwind.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Company's €25B/€4B/€120M figures have no named source in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">“Reachable” and “target” slices are assertions, not sourced estimates.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">A large market also means more, better-funded competitors.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Business model</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The plan is a clean, scalable subscription model at €29.99 per user per month, self-service, with a sensible split of how the raise is spent. The financial plan projects revenue rising to €7.05M by Year 3 (of which €6.3M from the app) with fat margins. The weakness is that this jump has no bottom-up build in the pack — no subscriber-count-times-price-times-retention working — and it rests on assumptions (5% monthly cancellation, 8–12% conversion) rather than measured results, in a plan the accountant explicitly prepared on the company's own figures without taking responsibility.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Simple, scalable subscription model at a clear price point.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Reasonable use-of-funds split across growth, product and operations.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Recurring-revenue model improves with scale if it works.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">€6.3M Year-3 app revenue has no bottom-up build in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Key inputs (churn, conversion) are assumptions, not results.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Financial plan prepared on company figures with a no-responsibility disclaimer.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Competition</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">This is a crowded field. Public research confirms established, well-funded competitors — Buffer, Hootsuite, Later, Sprout Social, Metricool and others — many of which now bundle AI caption and content generation aimed at the same small-business and creator audience, alongside free native tools from Instagram, LinkedIn and TikTok. The company's claimed edge is full automation plus sector-specific intelligence for non-expert users; that is a plausible angle but not yet proven to win customers in the market.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">A clear, differentiated angle (automation + sector intelligence for non-experts).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Targets an underserved, non-technical user the big tools serve less well.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Lean, automation-first operating model.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Established, better-funded competitors already add AI features (confirmed publicly).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Free native platform tools compete for the same users.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Differentiation is stated, not yet demonstrated with paying customers.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:Calibri,sans-serif">💶 Valuation detail</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">€3.5M maximum (stated as the ceiling for this round in the KIIS).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Roughly €3.6M at the minimum raise to about €4.6M at the maximum round (derived from the KIIS ownership table).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">A “participatory note” (a contract that mirrors the economics of ordinary shares held for you by a platform holding vehicle) — not shares held directly.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Ownership % offered</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The crowd's holding vehicle would represent 3.31% of the company at the minimum scenario, up to 19.04% at the maximum round (per the KIIS).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Methodology not in the pack we reviewed. The platform states it did not verify the valuation and “aligns with the terms negotiated with the co-investor(s)”.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Private software companies have sold at a median of about 4.7x yearly revenue (up to ~8x for the best); traditional marketing-tech around 3.8x; AI-focused marketing-tech around 7.8x (Aventis Advisors, Sep 2025; SaaSrise MarTech M&A, 2025–26). €3.5M is roughly 5.8x the company's recent revenue, which is almost all services, not app revenue.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Valuation fairness (1–5)</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">2 / 5 — above the benchmarks we could find. It rests on two named independent benchmarks: the ~4.7x private-software median and the ~3.8x traditional marketing-tech figure. It is arguable if you credit the AI angle (~7.8x), but today's revenue is not yet software revenue.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The founder invests €120,000 on identical terms; one class of ordinary shares; no liquidation preference and no anti-dilution in this round (per the KIIS).</span></span></p> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:Calibri,sans-serif">🚩 Red flags & integrity checks</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:40px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:584px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Missing critical data — Founder CVs and prior-sale history, the full shareholders' agreement and existing share count, and app subscription metrics (subscribers, cancellation rate, conversion) were not in the pack we reviewed. Each appears as a question above.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:40px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:584px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Internal inconsistencies — The entity is named “VLAF BV/SRL” in the investment sheet and terms but “Kolizé SRL” in the financial plan and org chart. The subscription-period dates differ: 17 June–17 Sept 2026 (investment sheet) vs 11 March–11 Sept 2026 (terms & conditions). The waiting list is described as both “nearly 400” and “more than 400”. Recorded, not resolved.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:40px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:584px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">External discrepancies — None found. No public source was found that contradicts a company claim. (Where we could not confirm a claim, that is recorded as “not found”, not as a contradiction.)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:40px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:584px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Negative public information — None found in public registries or news searches (no litigation, insolvency or regulatory action located).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:40px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:584px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Prior fundraises — The company reports €120,000 already secured from earlier professional investors, but no prior round could be found on any public record, so no milestone track record can be assessed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:40px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:584px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Valuation reasonableness — €3.5M maximum pre-money is roughly 5.8x recent (mostly services) revenue, above the ~3.8–4.7x benchmarks for traditional marketing-tech and private software, and below the ~7.8x seen for AI-focused marketing-tech (sources named in Valuation detail). Comparison recorded; the fairness score is 2/5.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:Calibri,sans-serif">📜 Instrument & investor terms — full mechanics</span></span></h2> <h3><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">What you own — in full</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">You buy a “participatory note” (a contract whose payout mirrors owning a share) issued by a holding vehicle the platform runs (Spreds Finance), which holds ordinary shares in the company for you. You do not hold the shares directly and do not get ordinary shareholder voting rights — the holding vehicle votes the shares. You vote only on limited matters affecting note-holders; notably, selling the underlying shares normally needs 75% of note-holders to agree, though a “drag-along” (see below) can force a sale without that vote. A decision to sell the company therefore reaches you through the holding vehicle, not by your own vote.</span></span></p> <h3><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dilution — how your share can shrink</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The company says it is likely to raise money again, which would dilute early investors (your slice of the company gets smaller each time new shares are issued). There is no anti-dilution protection for the crowd in this round, and the platform's holding vehicle — not you individually — holds the right to join future rounds. Worked example, illustrative: if you hold an effective 1% today and the company later issues 25% more shares in a new round, your 1% would fall to about 0.8% before any other effects. The exact figures depend on the pre-money price of that future round, which is unknowable now.</span></span></p> <h3><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">If the company is sold or wound down</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Payout order in plain words: lenders and creditors are paid first, then shareholders. In this round there is no special class with a right to be paid ahead of the crowd (no “liquidation preference”), and there is a single class of ordinary shares, so proceeds are shared in proportion to shares. Before you are paid, though, fees apply: a 20% performance fee goes to the platform on gains above a 5%-per-year priority return, and up to 20% of the sale price can be taken as exit costs. A “drag-along” right means holders of 50%+1 of shares can force everyone (including the crowd's vehicle) to sell on the same terms; a “tag-along” right lets the vehicle join a sale by others on the same terms. Shares can be locked up for up to five years, and there is no market to sell your note early — you must find your own buyer, which may not be possible.</span></span></p> <h3><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Terms not in the pack we reviewed</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">These exist in the shareholder documents and could have been disclosed — a genuine gap, unlike day-to-day operating figures. Each also appears as a question above.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The method used to set the €3.5M valuation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The existing share count and full ownership table before this round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Whether an employee share pool exists and whether it grows before the next round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Founder share vesting and what happens if a founder leaves.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The full shareholders' agreement text (only a summary was provided).</span></span></li> </ul> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:100.0%"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Segoe UI Emoji",sans-serif"><span style="color:black">ℹ️</span></span><span style="color:black"> This is not investment advice. The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Spreds BE
Mindestinvestition
EUR 100
Finanziert
EUR 50,0M
