Conda AI Overview on 09/2025

CONDA Overview

CONDA is Austria’s first crowdinvesting platform (founded 2013) for startups, SMEs and even real estate. It connects retail investors (from as little as €100) with companies issuing equity or subordinated debt. The group reports financing 380+ projects (2013–2025) and nearly €72M raised in 2024 alone. Advantages include a diverse dealflow and (as of 2024) an EU-wide crowdfunding license (ECSP) under FMA supervision, enabling cross-border offerings. ⚠️ Risks: investments are usually subordinated loans or equity with no guarantees – default or insolvency can mean total loss. There is no deposit insurance or buyback. (See below for full risk list.)

CONDA Product (Investments)

Types: Mainly partiarische Nachrangdarlehen (subordinated profit-participation loans) and similar debt; some equity or bond issues.

How it works: Companies set a funding target and timeline. Investors commit funds via the platform. If the target is met, the capital is released and investors receive fixed interest (e.g. ~4–9% p.a. in examples) or dividends/bonuses. (All details, rights and risks are documented in the investment contract and ECSP “Key Investor Information Sheet.”)

Legal structure: Investments are contractual claims or securities issued by the company (or SPV) under Austrian/German/Swiss law. Historically CONDA operated under local crowdfunding laws; now its ECSP-licensed entity (CONDA Capital GmbH) can cross-border issue bonds, shares, Genusscheine etc..

Geography/Sectors: Focus on DACH-region companies (Austria, Germany, Switzerland) and now Europe-wide via ECSP. Sectors span tech, consumer goods, energy, etc. Many recent projects are sustainable-energy or innovation-led (e.g. Green Bonds, e-mobility).

Metrics: Typical loan terms are multi-year (often 3–10 years). Campaigns often advertise interest in the 4–10% range (for example a 6-year bond at 9%). Min. investment is ~€100 (no formal max, subject to issuer caps).

Risks: Principal at high risk. All loans are junior/subordinated – if a company nears insolvency it may halt interest or fail to repay. There is no secondary market, so invested capital is illiquid. Investors face credit risk (default), business risk (startups often fail) and no state protection. Currency risk is minimal (EUR business).

CONDA Company (Team & Regulation)

CONDA Crowdinvesting Austria GmbH (FN 477829s, Vienna) leads the platform. Co-founder Daniel Horak remains Managing Partner/CEO, alongside Dirk Littig (Managing Director, Germany focus). A management buy-out in 2022 made the founding team principal owners. CONDA also operates in Germany and Switzerland (via affiliates), and offers white-label tech for partners. Notable partners include Erste Bank (via the FundNow platform) and tech firms like NYALA Digital Asset AG (for digital securities). Legally CONDA is a GmbH; its EU ECSP license (from 22 Sep 2023) is held by CONDA Capital GmbH, authorising pan-European security offerings under FMA (Austria) supervision. The platform also adheres to national crowdfunding rules (Austrian AltFG) and anti-fraud/KYC standards. In sum, CONDA is fully regulated as a crowdfunding provider with oversight by the Austrian Financial Market Authority.

CONDA Volumes & Results (2024–2025)

2024 figures: Total funded ~€71.9M (including white-label projects). About 70 companies financed last year. Over 24,000 investment transactions were made, by ~21,000 active investors. (Most common investment amounts were €10k, €20k and €5k.)

Capital Market (new EU arm): Raised €6.3M in its first year (10 new issuances, 4 closed), with 4,272 registered investors. Highlights included Rapid Wien’s campaign (~€4.7M).

DACH platforms: Austria/Germany/Switzerland campaigns raised ~€10.6M in 2024, with 3,700 investors and 8,000 new sign-ups.

Cumulative (2013–2024): About 380+ projects have been funded, totaling well over €160M. The investor base is ~60–78k registered users (per CONDA reports).

Defaults/Losses: Specific default rates are not published. Crowdinvestors on Conda have reported mixed outcomes (some returns, some losses). The platform warns that higher yields come with risk of “Invest futsch” (total loss) if companies fail. (Investors should assume some projects will default.)

Investor returns: CONDA offers fixed interest (as above) plus occasional bonus interest or equity upside. Historical actual returns vary; some projects have repaid fully, others have struggled. No guaranteed yields; investors often cite advertised 5–10% p.a. (For example, one 6-year loan offered 9%.) Maximum return is the company’s success; worst case is zero.

CONDA Risk Management & Due Diligence

CONDA states that due diligence is performed by its team on each funding campaign. Only established corporates (e.g. GmbH/AG in EU with proven market traction) are accepted. All offerings come with detailed risk disclosures. While CONDA does not publish an internal credit rating, it emphasizes principal risks (subordination, insolvency) upfront. The ECSP-regulated arm requires standardized key info sheets and investor questionnaires for higher-risk projects. Sector or region filters are minimal – the focus is simply on high-potential SMEs/innovators (recently with an ESG tilt).

Project selection: CONDA evaluates business plans, team and finances. Companies usually must have multi-year track records (3+ years) and audited accounts.

Risk controls: Each project page includes explicit “risk notice” sections. ECSP rules demand transparency, so investors see the downside (no collateral, junior status). CONDA advises diversification (see FAQ).

Monitoring: Issuers must report progress. Investors receive regular updates and “success reports” by email after investment. Each project page has a Q&A section so investors can ask the founders questions. CONDA also logs all transactions with a regulated custodian (payments via Lemonway/CIC Bank).

Risk scoring: Not public. CONDA relies on legal structure (subordination) and its own vetting instead of numeric scores.

Key management: ECSP licensing by FMA imposes oversight: CONDA Capital GmbH must abide by EU transparency, AML and governance rules. White-label clients (e.g. FC St. Pauli) undergo similar reviews.

CONDA Platform Functionality

Investment process: No auto-invest or secondary market – each investment is one-off. After funding, capital is transferred directly to the company. Early exit is generally impossible (there is currently no liquid trading platform).

Dashboard & Tools: Registered investors get a personal account showing their active investments and portfolio (profile page). Project pages include detailed descriptions, financials, and FAQs. No external analyst ratings are provided (CONDA relies on issuer data). Email notifications inform investors of new campaigns and updates.

Currencies/Languages: All investments are in EUR (EUR-zone focus). The website is primarily German (with German-language materials). English content exists for the EU-wide CONDA Capital Market. (No multi-currency option is currently available.)

Diversification: Investors can spread capital over many projects. There is no platform-offered auto-pool or fund, so diversification is manual.

Security & Custody: Funds are held via a licensed PSP (Lemonway) – CONDA does not touch investor funds until campaign success. Investment contracts remain valid even if the platform shuts down (registered on investors and issuer boards).

No Guarantees: There is no insurance, buyback or capital protection scheme. Investors assume issuer credit risk.

CONDA Platform Pricing

Investor fees: Free. CONDA charges no fees to invest. There is no platform fee, no management fee and no exit commission for investors. (Bank transfer fees are borne by the investor.)

Issuer fees: Companies pay a one-time listing/setup fee plus a success fee (a percentage of raised capital). The exact rates depend on financing type and volume. All costs for issuers are communicated upfront (CONDA promotes transparency).

Transparency: The pricing model is clear on the company side. For investors, the platform is entirely cost-free apart from customary bank charges. No hidden “spread” or performance fee is taken from investor payouts.

Other charges: None to investors. (Notably, unlike some P2P sites, CONDA does not charge annual account or inactive fees.)

Negative publicity about CONDA Crowdinvesting

So far CONDA has no major scandals in press or official alerts. Online ratings are mixed: on Trustpilot (65 reviews) it scores 2.9/5. Positive reviews praise the professional process; negative reviews mention frustrations (e.g. delayed payouts or total loss of invested capital). A typical complaint: “Ich habe in rund 10 Startups investiert… 4 x Invest futsch” (four projects lost). Forum discussions caution that crowdinvesting itself is high-risk – but no unique CONDA fraud cases are documented. No regulatory fines or sanctions have been reported. In summary, the platform’s worst “publicity” is that investors may lose money if issuers fail, which CONDA duly discloses. No evidence of systemic misconduct or legal action against CONDA was found in credible sources.

CONDA Success Stories

FC St. Pauli (Germany): The fan-owned club’s 2024 cooperative share issue raised ~€17 million using CONDA’s white-label platform. This high-profile campaign (17k investors) showcased CONDA’s tech for engaging fan communities.

SK Rapid Wien (Austria): In 2024 the football club issued shares via CONDA Capital Market, mobilizing ~€4.7M. This was among the first major equity deals on the new EU-regulated platform.

Neon (Switzerland): A digital banking app raised CHF ≈8.6M (~€8M) on CONDA’s Swiss site.

Weingut Dürnberg (Austria): An established winery secured a €6M capital raise (5,200 investors) through a stock issuance on CONDA.

Falkensteiner Group: The hotel chain repeatedly crowdfunded via white-label, raising nearly €100M since 2017.

Milestones/Awards: CONDA secured one of the first ECSP licenses in Europe (Sept 2023). It launched the licensed CONDA Capital Market in Feb 2024. It also partners with major banks (Erste’s FundNow) and industry groups, underscoring credibility. (No specific award plaques found, but media call it “pioneer in alternative financing.”)

Is CONDA safe and regulated?

Yes, the new CONDA Capital Market platform is licensed under the EU Crowdfunding Regulation and supervised by the Austrian FMA. However, crowdfunding has no deposit guarantee: your money is at risk if companies default.

What returns can I expect?

Campaigns typically offer fixed interest (~4–9% p.a. in examples) or equity upside. Realized returns vary; there are no guaranteed yields. (Historically some projects paid full interest, others failed.)

What are the main risks?

Primary risks are credit/business risk and illiquidity. If a funded company goes bankrupt, you could lose all your principal (subordinated lenders are paid last). No insurance or safety net exists. Other risks include no trading market and legal/regulatory changes. CONDA’s site and ECSP paperwork emphasize: “total loss is possible”.