FunderNation • V21 GmbH
Aktien-Crowdfunding
V21 GmbH
The thermal insulation of the future – we've flattened the thermos flask.
Key project data
Target amount
1,0 MEUR
Potenzielle Rendite
5.49x
Enddatum
2026-07-04
Would AI invest?
61/100
1
100
KI-generierte Übersicht
AI project overview
Condensed summary based on project data
<p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>V21 GmbH</strong></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>ZeroCoreVac — coreless stainless-steel vacuum insulation panels ("the thermos flask, flattened")</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Sector / stage</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">DeepTech / GreenTech hardware (high-performance vacuum thermal insulation), licensing-led — pre-seed / early stage (TRL 5 prototype, pre-revenue)</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Headquarters</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Hamburg, Germany (HRB 161001)</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Raise</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Up to EUR 1,000,000; minimum threshold EUR 100,000; minimum ticket EUR 100</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Profit-participating subordinated loan (partiarisches Nachrangdarlehen) — NOT equity</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Platform</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">FunderNation</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">AI Score</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <p style="text-align:center"> </p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Why this score </span></strong></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <h1 style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">AI Score</span></span></span></h1> <p style="text-align:center"> </p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">independently validated technology (Fraunhofer ISE tested the TRL 5 prototype) and real non-dilutive support (DBU Green-Startup EUR 125,000 grant), with patents stated as granted in EU, USA, Japan and China.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:26.0pt"><span style="color:black">61 / 100</span></span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Experienced, named founding team with a credible deeptech profile — but no full CVs or verified prior exits are in the materials, and the cap table differs from older public records without explanation.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Pre-revenue with an unproven licensing model: no signed licence agreements are disclosed, and the financial plan assumes a very steep adoption ramp from a prototype.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p style="text-align:center"> </p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Last-year accounts show negative equity, planned pre-raise cash falls to a few thousand euros, and this is a subordinated loan that ranks behind all other creditors — total loss is an explicit possibility.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ This is not investment advice.</span></strong><span style="color:black"> 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.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key goal</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target basis</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Company-provided — V21 states its own return targets, so the platform's default ~10x educational benchmark does not apply here.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Target case: 33% internal rate of return (IRR) per year over a ~5-year period, equivalent to a 5.49x return on the amount invested.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Base case: 21% IRR per year, equivalent to 3.03x.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">IRR means the average annual percentage growth rate of the investment if everything goes to plan. These are company projections, not guarantees, and are offset by the explicit risk of losing the entire amount invested.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Return horizon</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Loan term to 30 April 2031 (~5 years). If no sale of the company happens before then, the principal is repaid in 12 equal monthly instalments from 1 May 2031.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What drives the return</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Because this is a loan, the return comes from three contractual interest components tied to the company's profit, its end-of-term value, and any sale of the business — not from owning shares. See "Instrument & investor terms" below.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Path to target — company methodology</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">V21's headline returns are set by the company, not derived from a sector heuristic. The company presents two scenarios from its financial plan, both assuming positive business development:</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The return is realised through the loan's interest mechanics rather than a share sale. Annual "success interest" depends on the company posting a net profit; "bonus interest" at the end of the term depends on the company's value at that point (measured by the most recent financing round within 12 months, or otherwise by the last year's revenue); and "exit interest" applies only if more than 50% of the company or its key assets are sold during the term. On the company's own figures, the base case shows losses through 2028 and the target case shows a first profit only in 2027 — so most of the projected return depends on the value and exit components, not on annual interest in the early years.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Comparable exits</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">None provided in the materials. No third-party valuation benchmark for V21 was found, although comparable vacuum-insulation companies exist (va-Q-tec, Vaku-Isotherm, Panasonic, Concept Group, Elevate).</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Milestones (company-stated)</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">2021–2022: ZeroCoreVac concept developed; patents stated as granted in EU, USA, Japan, China.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">2023: first TRL 5 prototype built; measured by Fraunhofer ISE.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">2024: industry/research partnerships; recognition in funding programmes (DBU Green-Startup, EIC Seal of Excellence, Fraunhofer Way4Better, EUSAFE).</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">This round: develop technology from TRL 5 to TRL 7; run first pilot projects; start licence revenues from 2027.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company description</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">V21 GmbH, founded in Hamburg in December 2019, develops ZeroCoreVac — a vacuum insulation panel made of two thin stainless-steel sheets held apart by high-strength aramid fibres, evacuated and welded so that almost no heat passes through, working on the same principle as a thermos flask but in a flat form. The company reports a thermal conductivity below 0.008 W/mK, roughly 3 cm of panel matching the insulating performance of up to 25 cm of mineral wool, plus non-combustibility, mechanical robustness (up to 60 t/m²) and a 50+ year lifespan.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The business model is licensing-led: V21 makes small batches at its Hamburg R&D facility for pilot projects now, and from 2027 plans to license production partners who pay a per-square-metre fee. Stated pilot partners are ConRail (refrigerated containers), MobilConcept (modular buildings) and EcoWorks (façade renovation). Initial target markets are modular/container construction and serial façade renovation, with later expansion to refrigerated logistics, seasonal heat storage, EV battery thermal management and conventional new-build.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The technology has been independently tested by Fraunhofer ISE (Freiburg) at the prototype stage and supported by a DBU Green-Startup grant of EUR 125,000. The product is currently at TRL 5 (a working prototype validated in a relevant environment); this raise funds development toward TRL 7.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">The ask</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Up to EUR 1,000,000 via a profit-participating subordinated loan; minimum threshold EUR 100,000; minimum ticket EUR 100; maximum 10,000 loans.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">EUR 2,750,000 (set by the company, before the campaign). Maximum post-campaign basis up to EUR 3,750,000 if fully subscribed.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Participation basis</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Each EUR 100 lent corresponds to a participation quota of 0.002667%; investors in the first 31 days receive a roughly 9% valuation bonus, giving 0.002857% per EUR 100. This quota is the basis for calculating interest — it is not a shareholding.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Methodology</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Not disclosed. The pre-money figure is issuer-set; no discounted-cash-flow, comparables, or venture-method derivation is provided in the materials.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Benchmarks</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">No third-party valuation benchmark for V21 was found. Comparable vacuum-insulation manufacturers exist but none is used in the materials to anchor the valuation.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Instrument & investor terms</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You are not buying shares. This investment is a profit-participating subordinated loan (in German, a partiarisches Nachrangdarlehen) — you lend money to V21, and in return you receive interest linked to the company's profit, its value, and any sale of the business. There is no share class because no shares are issued to crowd investors. You hold the loan directly with the company, but a pooling arrangement run by FunderNation Support UG coordinates investors collectively — for example, to handle a buy-out offer or to negotiate a sale of the company on investors' behalf.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">As a lender you have no shareholder voting rights. You cannot vote at shareholder meetings, and you cannot individually influence company decisions — including the decision to sell the company. Exit and sale decisions are made by the company's actual shareholders; investors act only collectively through the FunderNation pooling procedure.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company's financial plan assumes a further EUR 2,000,000 equity round in 2027, and the loan terms themselves refer to future financing rounds. Because you hold a loan rather than shares, you are not "diluted" in the way a shareholder would be — your participation quota is fixed by contract when you sign. However, the value used to calculate your end-of-term "bonus interest" and any "exit interest" depends on the company's valuation at that future point, so future rounds still affect what you ultimately receive.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Worked example (standard mechanics, not advice). If you lend EUR 1,000 in the first 31 days, your participation quota is about 0.0286% of the company's reference value; against the maximum post-campaign basis of EUR 3,750,000 that quota tracks a notional value of roughly EUR 107. If the company's value rises to about EUR 11,250,000 by a successful 2027 round (roughly 3x the current basis), that same quota would track a notional value of about EUR 321. If instead the company is worth only about EUR 2,250,000 at the relevant date (a down-case at roughly 0.6x), the quota would track a notional value of about EUR 64 — a fall of around 40%. (At the standard, non-early-bird quota of 0.002667% per EUR 100, every figure is proportionally lower.) These figures illustrate how the value basis moves; they are not the actual payout, which also depends on profit, the interest formulas, and whether a sale occurs.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No ESOP (employee option pool) expansion is disclosed, and no pre-emption rights are disclosed — meaning the materials do not state whether you could participate in future rounds to maintain your position. Because the instrument is debt, the usual equity protections (anti-dilution provisions) do not apply to you and are not relevant to a loan.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation order is unfavourable for this instrument and is clearly disclosed: the loan carries a qualified subordination with a pre-insolvency enforcement block. In plain terms, if the company is wound down or becomes insolvent, you are paid only after all other (non-subordinated) creditors have been paid in full — and payments to you can be blocked even before formal insolvency if paying you would trigger an insolvency. You rank at or near the very back of the queue, and there is no collateral securing your repayment.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along and tag-along rights are not disclosed as such. A drag-along right normally lets a defined majority of shareholders force everyone to sell on the same terms; a tag-along right normally lets smaller holders join a sale on the same terms as a larger seller. Neither is described for crowd investors here. What is described is that a sale of more than 50% of the company triggers your "exit interest" and repayment, and that the FunderNation pooling vehicle may negotiate a sale on investors' behalf.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Lock-up and liquidity: treat this as illiquid until the term ends on 30 April 2031 (about 5 years). There is no ordinary right to terminate early for either side — only extraordinary termination for good cause — and no secondary market for reselling the loan is described in the materials.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No voting rights — as a lender you cannot influence company decisions, including whether or when the company is sold.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deep subordination plus a pre-insolvency enforcement block — you rank behind all other creditors, and payments to you can be legally blocked before insolvency; total loss is an explicit, stated possibility.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No security or collateral, and no independent funds-use controller (no Mittelverwendungskontrolleur) is appointed to oversee how the money is spent.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Returns depend on profit and future value that may not materialise — annual "success interest" needs the company to be profitable, which its own base case does not show until after 2028.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No secondary market and a fixed ~5-year term — your money should be considered locked in until at least 30 April 2031.</span></span></li> </ul> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The following were not disclosed in the provided materials. Absence of disclosure means you cannot assess these before investing:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Tag-along rights for investors.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting schedule (whether founders' equity is tied to them staying).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Employee option pool (ESOP) size or expansion plans.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pre-emption rights (whether you could join future rounds to defend your position).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The valuation methodology behind the EUR 2,750,000 pre-money figure.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The detailed terms of the planned 2027 EUR 2,000,000 equity round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Specific patent identifiers for the stated EU/US/Japan/China patents.</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Score breakdown</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:93px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Reason</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Team & founder track record</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">62</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">28%</span></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:93px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Moderate</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Experienced, named team with corroborated backgrounds (CEO logistics/industry; CIO physicist and prior clean-tech co-founder). No full CVs or verified prior exits; cap table differs from older public records without explanation.</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Technology & product validation</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">70</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">22%</span></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:93px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Moderate</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Independently tested by Fraunhofer ISE at TRL 5; patents stated as granted in four major jurisdictions; DBU grant. Still a prototype (TRL 5), no patent numbers given, and panels cannot be cut on site.</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Market & demand</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">60</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">13%</span></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:93px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Moderate</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Large, regulation-driven need (Europe loses >EUR 110bn/yr to poor insulation) with clear pilot segments. Market is only sized qualitatively ("tens of billions"); no bottom-up demand evidence.</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Competition & differentiation</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">66</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">10%</span></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:93px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Moderate</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Clear, corroborated differentiation versus cored VIPs and foam incumbents (support-free steel, recyclable, non-combustible). Incumbents are large and well-capitalised, and the not-cuttable limitation remains.</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Traction, partnerships & grants</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">58</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">12%</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:93px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Caution</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Real grants/recognition (DBU, EIC Seal of Excellence) and live campaign traction. Pilot partners are not contractually evidenced, and the EIC "Seal of Excellence" means the proposal was not actually EIC-funded.</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Business model & route to revenue</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">48</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">8%</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:93px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Caution</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Licensing model is capital-light and scalable in theory, with a stated EUR 50/m² target price. No signed licence agreements disclosed; revenue depends entirely on partners adopting the technology from 2027.</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Financial plan & assumptions</span></strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">38</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">7%</span></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:93px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Weak</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Two scenarios provided. Negative equity at last year-end, period labels inconsistent across plan tabs, very steep volume ramp, and thin pre-raise cash make the projections fragile.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed review</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & founder track record</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Data quality: Moderate (score 62)</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Named, complete founding team across the needed disciplines: CEO Roland Wiedenroth (15+ years logistics/shipping/aviation), CTO Dr.-Ing. Tom Marr (materials engineering, laser welding, deep drawing), CFO Kristina Rübenkamp (startup finance/controlling/IR), CIO Dr. Jens Struckmeier (physicist, IP holder).</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">CIO previously co-founded a clean-tech company (Cloud&Heat), corroborated publicly, supporting the deeptech profile.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Founder and family-office-style holdings are invested in the equity, aligning some interests.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">No full CVs or independently verified prior exits are in the materials — the "successful foundings, scalings and exits" claim is not evidenced.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The current cap table (founder at 6%, four holding entities) differs materially from an older public profile (founder 15%, two co-founders 35% each, family offices 50%) with no reconciliation provided.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Limited independent validation of individual founders' operating track records.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technology & product validation</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Data quality: Moderate (score 70)</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Independently tested by Fraunhofer ISE (Freiburg) at the prototype stage — third-party validation, not just company claims.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Patents stated as granted in the EU, USA, Japan and China; clear technical differentiation (coreless, support-free stainless-steel construction).</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Strong claimed performance: thermal conductivity below 0.008 W/mK, ~3 cm matching up to 25 cm of mineral wool, non-combustible, 50+ year life, up to 60 t/m² load.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Still only TRL 5 (a validated prototype); this round funds the move to TRL 7, so industrial readiness is not yet proven.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Specific patent numbers are not provided, so the scope and strength of protection cannot be checked.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">An acknowledged limitation remains: panels cannot be cut on site without destroying the vacuum, requiring factory-made formats.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & demand</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Data quality: Limited (score 60)</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Large, regulation-driven need: the company cites over EUR 110bn lost annually in Europe to poorly insulated buildings, with tailwinds from Fit for 55, EU taxonomy, CO2 pricing and EPBD.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Clear, standardised pilot segments (modular/container construction, serial façade renovation) suited to a prefabricated product.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Multiple credible expansion markets identified (refrigerated logistics, heat storage, EV batteries).</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Market size is given only qualitatively ("tens of billions"); no bottom-up sizing or serviceable-market estimate is provided.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">No independent demand evidence (e.g. purchase commitments) beyond named pilot intentions.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Data quality on this category is limited, capping the score at 70.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competition & differentiation</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Data quality: Moderate (score 66)</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Differentiation versus both foam incumbents (Kingspan, Knauf, BASF, Huntsman) and cored vacuum panels (va-Q-tec) is specific and corroborated: support-free steel shell, recyclable, non-combustible, robust.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Public sources confirm the incumbent VIP approach (silica core, foil wrap) and its known weaknesses, supporting V21's framing.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The steel construction plausibly addresses the fragility and ageing-seal problems of conventional VIPs.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Incumbents are large, well-capitalised and established, with existing certifications and distribution.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The not-cuttable limitation persists and constrains some use cases.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Other stainless-steel-wrapped vacuum approaches exist in the field, so the differentiation is not absolute.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction, partnerships & grants</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Data quality: Moderate (score 58)</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Real, non-dilutive support: DBU Green-Startup grant of EUR 125,000, independently confirmed.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">EIC Accelerator "Seal of Excellence" and Fraunhofer Way4Better / EUSAFE recognition; member of the EIC ACCESS+ community.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Live campaign traction at the snapshot (180 investors, EUR 855,134 of the EUR 1,000,000 maximum, above the EUR 100,000 threshold).</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Named pilot partners (ConRail, MobilConcept, EcoWorks) are not evidenced as signed contracts; the VIB puts the project's realisation level at 15% with few supplier contracts concluded.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The EIC "Seal of Excellence" specifically means the proposal scored well but did not receive EIC funding — it is a quality label, not investment.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">No paying customers or signed licences yet.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Business model & route to revenue</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Data quality: Limited (score 48)</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Licensing model is capital-light and potentially scalable: partners produce and pay a per-m² fee, with a stated EUR 50/m² target panel price.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Clear sequencing (pilot production now, licensing from 2027) and identified partner-network channels (Fraunhofer clusters, EIC network).</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">B2B direct, high-touch early sales approach is appropriate for a technical product.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">No signed licence agreements are disclosed — the entire revenue model is unproven.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Revenue depends on third parties adopting and scaling the technology, which V21 does not control.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Licence economics (EUR 6.80/m² modelled) rest on volume assumptions that are not yet validated.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financial plan & assumptions</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Data quality: Limited (score 38)</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Two scenarios (target and base) are provided, with explicit revenue, EBIT and cash-flow lines.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Capital use is itemised (40% R&D/pilot production, 25% demos, 20% business development/licensing, 10% marketing, 5% admin).</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Both scenarios are framed as positive-development cases, giving a range rather than a single number.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Negative equity at last year-end: the company's debt ratio could not be computed because of a balance-sheet deficit not covered by equity as of 31.12.2024.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Very steep adoption assumptions — hundreds of thousands to millions of licensed m²/year within a few years of a prototype, with no signed licences.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Period/result labels are inconsistent across the plan's P&L and cash-flow tabs, and pre-raise cash falls to a few thousand euros, making the offering bridge-critical.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Red flags and integrity checks</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Check</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:471px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Finding</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Financial / solvency</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:471px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Negative equity at last year-end — debt ratio uncomputable due to a balance-sheet deficit not covered by equity (31.12.2024). Pre-raise planned cash falls to a few thousand euros, so the raise is bridge-critical.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument risk</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:471px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Deep subordination with a pre-insolvency enforcement block — investors rank behind all other creditors, payments can be blocked before insolvency, there is no collateral, and total loss is an explicit possibility.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Commercial validation</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:471px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Pre-revenue with no signed licence agreements; named pilot partners are not contractually evidenced (project realisation level stated at 15%).</span></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Marketing accuracy</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:471px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">"EIC Accelerator (Seal of Excellence)" denotes a proposal that scored well but was not EIC-funded — not an EIC investment. Worth understanding correctly.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Data consistency</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:471px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Cap table differs from an older public profile without reconciliation; founding year stated as both 2019 and 2020; financial-plan period labels inconsistent across tabs.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Integrity checks</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:471px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Company identity verified (HRB 161001); Fraunhofer validation and the DBU grant independently corroborated; no prior issuer offerings in the last 12 months; public information matched to the correct company. None of these surfaced a concern.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Data quality notes</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Overall confidence is moderate. Company identity, third-party technology validation (Fraunhofer ISE), grant support (DBU), and the legal terms of the instrument are well-evidenced. The least-evidenced and most projection-dependent areas are commercial traction (binding licences or sales) and the basis for the headline returns.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Categories scored on limited data were capped at 70 (Market & demand, Business model, Financial plan); categories scored on moderate data were capped at 85 (Team, Technology, Competition, Traction). No category was unevaluable, so no weight was redistributed.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key gaps carried from the dossier: valuation methodology behind the EUR 2,750,000 pre-money; status of pilot partnerships as binding contracts; ESOP, vesting, pre-emption and tag-along terms; reconciliation of cap-table changes versus older public records; detailed terms of the planned 2027 equity round; and specific patent identifiers.</span></span></p> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">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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Platform offering this project
FunderNation DE
Risk Level
Hoch
Return Level
Hoch
Return Level
Hoch
Mindestinvestition
EUR 100
Finanziert
EUR 80,0M
