Capital Cell • Aspivix
Equity crowdfunding
Aspivix
Aspivix is modernizing gynecology with carevix®, the only clinically proven, non-traumatic alternative to the cervical tenaculum used during intrauterine device (IUD) procedures.
Key project data
Target amount
0.68 MEUR
Equity
2.48%
Valuations
26.32 MEUR
Potential Returns
x7
Expected Exit Year
2029
Would AI invest?
73/100
1
100
AI-Generated Overview
AI project overview
Condensed summary based on project data
<h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Aspivix SA — Crowdfunding Investor Memo</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>A medical-device company selling a gentle, suction-based tool (carevix®) that doctors use to hold the cervix steady during coil (IUD) fittings and similar procedures — replacing a sharp clamp that often causes pain.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: </strong>Medical devices (women’s health) · <strong>Stage: </strong>Series B2, first closing · <strong>HQ: </strong>Epalinges, Switzerland · <strong>Raise: </strong>€675,545 target (max €3,999,998)</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Snapshot</span></span></h2> <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:227px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:397px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 / 5</span></strong><span style="color:black"> — stretched. The €26.3M asking value is about 80 times last year’s revenue, while the similar businesses the company lists were sold at about 6.9 times revenue. Not supported by the exit benchmarks we could find.</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:227px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 · Can they reach an exit stage? ⭐</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:397px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 73 / 100 — Good</span></strong><span style="color:black"> — the building blocks for reaching a sale are largely in place (approved in five markets, real sales, named buyers with a track record of similar purchases); the main gap is that sales are still small and cash runway was not in the pack.</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:227px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 · If they do, what could it pay? 🎯</span></strong></span></span></p> </td> <td style="background-color:#f0f4f8; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:397px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Target 4x–7x over ~2–3+ years (the company’s own plan). If reached, that implies a sale of roughly €105M–€185M — within the range of past sales recorded in this sector ($44M to $1.6B). Illustrative only, before fees and future dilution.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>How to read the score</strong></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#d9ebc2; 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">85–100 · Excellent</span></strong></span></span></p> </td> <td style="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">All key building blocks for reaching a sale are evidenced and strong — rare at this stage.</span></span></p> </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><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">70–84 · Good</span></strong></span></span></p> </td> <td style="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">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 #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">50–69 · Average</span></strong></span></span></p> </td> <td style="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">Meaningful building blocks missing or only weakly evidenced.</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:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">30–49 · Weak</span></strong></span></span></p> </td> <td style="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">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 #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">1–29 · Critical</span></strong></span></span></p> </td> <td style="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">Fundamental building blocks are not visible in the evidence.</span></span></p> </td> </tr> <tr> <td colspan="2" style="background-color:#f0f4f8; 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">What we could check. </span></strong><span style="color:black">We verified the medical approvals in five countries, the TIME 2024 award, the Bayer collaboration and the company’s earlier funding rounds against public sources — all hold up. The revenue, profit-margin and ownership figures come from the company’s own materials and could not be checked independently, and the exact rules for splitting proceeds if the company is sold were not in the pack we reviewed. See the questions section before investing. </span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Three answers, one honest note. </strong>The <strong>fairness score</strong> says whether the entry price is supported by the sector benchmarks we could find. The <strong>AI Score</strong> is our read on whether the company has the building blocks in place to reach a stage where a sale or other return event can happen — it checks readiness on the disclosed evidence; it is not a probability of success, and even companies with every building block in place fail more often than they succeed, which is why crowdfunding only works as a small part of a spread-out portfolio. The <strong>potential returns range</strong> is an illustration of what a successful sale could pay, drawn from named past sales in this sector — not a forecast. Where something was not in the pack, 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 (Capital Cell) before going live. Nothing here is a recommendation.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">At a glance</span></span></h2> <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:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Three reasons for caution</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The device is approved in five markets — cleared by the US FDA, CE-marked in Europe, and authorised in the UK, Switzerland and Brazil — all confirmed in public sources, not just claimed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The benefits were shown in a proper clinical trial (pain down up to 73%, bleeding down up to 83%) and written up in two 2025 medical journals.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The exit plan is backed by real evidence: 14 past sales of similar women’s-health businesses to the very buyers named here (CooperSurgical, Hologic, Organon), at a middle price of about 6.9 times revenue.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The asking price is stretched: a €26.3M value is roughly 80 times last year’s revenue, while the company’s own comparison sales went at about 6.9 times revenue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sales are still small — about USD 330k in 2025, against a USD 1.5M goal for 2026, so revenue needs to roughly quadruple in a year.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Public databases show a 2015 founding by two people; the platform document gives 2018 and names only the CEO — a mismatch worth asking about.</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:#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">Deal terms. </span></strong><span style="color:black">No terms were identified in the reviewed documents that would prevent a crowdfunding investor from sharing in the upside. Note that the exact rules for splitting proceeds if the company is sold — how much is paid out first, and how the rest is divided — were not in the pack we reviewed, so this all-clear rests on what was disclosed. Those items are in the questions section. 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: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 Information, not investment advice. </span></strong><span style="color:black">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> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🏢 What the company does</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Aspivix is a Swiss company that makes a single-use medical device called carevix®. During common gynaecological procedures — most often fitting a coil (an IUD, a long-lasting contraceptive) — a doctor needs to hold the cervix steady. The standard tool for this is a sharp, clamp-like instrument (a tenaculum) that often causes pain and bleeding, and the company reports that fear of that pain stops more than 30% of women from choosing a coil at all. carevix grips using gentle suction instead. Its customers are clinics and hospitals, and because the device is thrown away after each use, buyers reorder it — the company reports a 21% repeat-order rate in Switzerland and a profit margin of 88% on US sales. The company reports it is selling in the US and 13 other countries, reached about 10% of the Swiss market, and earned about USD 330k in 2025 with a target of about USD 1.5M in 2026. Third-party databases record the company as founded in 2015 by Julien Finci and Mathieu Horras, while the platform document gives a 2018 registration and names only CEO Mathieu Horras. This round is the first part of a larger “Series B2” fundraising and is intended to pay for sales expansion in Europe and the US and to develop a next-generation device, carevix evo.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📈 The returns picture</span></span></h2> <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 target</span></strong></span></span></p> </td> <td style="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">4x–7x your money (the company’s headline figure is 7x) over roughly 2–3+ years. This is the company’s own target, not a standard figure we applied. For comparison, the usual expectation for a company at this stage (Series B and later) is 3–5x over 3–5 years — so the company is aiming above the normal range, on a shorter timetable.</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">How the company plans to get there</span></strong></span></span></p> </td> <td style="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">By being bought by a larger women’s-health company. It names Bayer, CooperSurgical, Organon and Hologic as potential buyers, with a sale expected somewhere between 2027 and 2029. Unusually for a crowdfunding campaign, it backs this up with a list of 14 past sales of similar businesses to those same buyers. Some examples:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Teva’s Paraguard copper coil — the closest match, since it is also an IUD product — sold to CooperSurgical for $1.1B, at 6.5 times revenue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Gynesonics, a fibroid device business, sold to Hologic for $350M, at 7 times revenue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Acessa Health, also fibroid treatment, sold to Hologic for $161M, at 12.4 times revenue.</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Across the full list the price paid ranges from about 3 to 16 times revenue (with one unusual 200x case), and the middle value is about 6.9 times revenue. These figures describe what buyers paid for other companies; they are not the price you pay to invest today.</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 has to be true</span></strong></span></span></p> </td> <td style="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">Against about USD 330k of revenue in 2025, the company must grow sales many times over within a few years to justify a sale several times today’s €26.3M value, and a buyer must actually come forward. A sale is not guaranteed, and the 2027–2029 timing is the company’s own estimate.</span></span></p> </td> </tr> <tr> <td rowspan="3" 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">If reached — potential returns</span></strong></span></span></p> </td> <td style="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">On the company’s own 4x–7x target and the €26.3M entry value, a successful sale would correspond to a company value of roughly €105M–€185M. That sits within the range of past sales recorded in this sector ($44M to $1.6B, from the company’s own list), so the target is not off the map — but it would require Aspivix to grow into the kind of business those buyers pay for. Illustrative only, from named past sales; not a forecast.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>These figures do not include dilution from future fundraising rounds, which would reduce an early investor’s share and actual returns — see the dilution section for how this works.</em></span></span></p> </td> </tr> <tr> <td style="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"><em>These figures do not include dilution from future fundraising rounds, which would reduce an early investor’s share and actual returns — see the dilution section for how this works.</em></span></span></p> </td> </tr> <tr> <td style="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">One more thing to weigh: because the entry price is high relative to current revenue (see the fairness score above), a high starting price compresses every return outcome — you are paying more now for the same eventual sale.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A note on what the score does and does not say: a “Good” readiness score does not make a good outcome likely. Most early-stage companies return little or nothing, whatever their evidence looks like today. That is precisely why targets at this stage are set at several times your money — the occasional winner has to make up for the many that do not work out.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📊 Score breakdown</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Score = each category’s score weighted by its importance; weights sum to 100%.</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:204px"> <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:67px"> <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:67px"> <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:287px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clinical & regulatory status</span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">88</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20%</span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:287px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Excellent</span></strong><span style="color:black"> — for a regulated device this is the gating requirement, and it is fully in place: approvals in five markets, a completed clinical trial and two 2025 journal publications, all confirmed in public sources.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Commercial traction & business model</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:67px"> <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="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">24%</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:287px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Average</span></strong><span style="color:black"> — real sales in 14 markets with repeat orders and high reported margins, but revenue is small and cash runway was not in the pack, so the funded path to the next stage cannot be confirmed.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit pathway</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:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">74</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">14%</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:287px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Good</span></strong><span style="color:black"> — a clear sale route to named buyers, backed by 14 documented past purchases of similar businesses by those same buyers — far better evidenced than most campaigns, though no sale is assured.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product & technology / IP</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:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">74</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">16%</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:287px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Good</span></strong><span style="color:black"> — a mature, in-market device that slots into existing practice without retraining; the 5 patents cannot yet be checked in public registries (recent filings publish later).</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & governance</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:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">72</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">14%</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:287px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Good</span></strong><span style="color:black"> — a women’s-health board with former Johnson & Johnson and Bayer people and a prior device sale, set against a founder/registration record that does not match public databases and a director who leads a competitor.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & competition</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:67px"> <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="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</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:287px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Good</span></strong><span style="color:black"> — a large market with a well-documented pain problem and real market access in 14 countries, though the company’s own market-size figures differ between documents.</span></span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">❓ Questions to ask before investing</span></span></h2> <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"><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 scores above are 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 #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"><span style="color:black">If the company is sold, what is the exact order of who gets paid, and how are the remaining proceeds split between the different share types? (This decides how much of any sale actually reaches you.)</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:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What type of share is being offered, and who owns what percentage before and after this round? How large is the employee share pool?</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:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What kind of protection against future dilution is offered, which shareholders receive it, and does it apply to crowdfunding investors?</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:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What share of votes can force all shareholders to sell, and can crowdfunding investors join future rounds to protect their percentage?</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:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the current monthly cash burn and how many months of cash remain? Does this raise — at both the target and the minimum — fund the company to its USD 1.5M revenue goal and a plausible next round?</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:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What supports the €26.3M company value, and how does it bridge from the 2022 round and the 2024–25 round?</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:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What are the patent numbers, filing dates and countries for the 5 patents?</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:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Can you reconcile the 2018 registration and CEO-only listing on the platform with public databases showing a 2015 founding by two people?</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:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Can</span> <span style="color:black">you reconcile the differing figures across documents — the funding target (€675,545 against €400k–800k), the procedures performed (over 1,300 against over 10,000), and the market size ($4B against $3.5B)?</span></span></span></p> </td> </tr> </tbody> </table> <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 would own newly issued shares in Aspivix. You can hold them directly, by signing a form giving the platform authority to represent you, or — more commonly — through a holding vehicle the platform runs on investors’ behalf (a “nominee” or “SPV”). Either way your vote is pooled and exercised through the platform, so your individual say over company decisions, including a decision to sell, is very small. The type of share, and the exact terms deciding how money from a sale would reach you, were not in the pack we reviewed. The full mechanics we do have are in the reference section below.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Everything below is reference detail for readers who want to go deeper.</em></span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🔍 Detailed review</span></span></h2> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clinical & regulatory status</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">For a regulated medical device this is the gating requirement, and it is fully met. The device is cleared by the US FDA, CE-marked in Europe and authorised in the UK, Switzerland and Brazil, and the benefits were demonstrated in a proper clinical trial with results published in medical journals. Independent public sources confirm these points.</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:312px"> <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> <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:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Approvals in five markets — US, Europe, UK, Switzerland and Brazil — all confirmed in public sources.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A clinical trial showed pain reduced by up to 73% and bleeding by up to 83%.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two studies published in 2025 (BMJ Sexual & Reproductive Health, and the International Journal of Gynecology & Obstetrics).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named in TIME’s Best Inventions of 2024, independently confirmed.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The bleeding figure appears as 83% in current materials and as 78% in an earlier source.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The number of procedures performed is quoted two ways — over 1,300, and separately over 10,000.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The next-generation device (carevix evo) still needs its own FDA clearance, expected 2027–2028.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Commercial traction & business model</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports a working commercial operation — sales in 14 markets, repeat orders and high margins — but revenue is small, and one key building block, the cash runway to the next stage, was not in the pack. These figures come from the company and could not be checked independently.</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:312px"> <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> <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:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports an 88% profit margin on US sales and a 21% repeat-order rate in Switzerland.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">It reports reaching about 10% of the Swiss market and selling in the US plus 13 other countries.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A single-use device means customers reorder over time rather than buying once.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Revenue of about USD 330k in 2025 is small, and the 2026 target of about USD 1.5M requires it to roughly quadruple in a year.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Cash burn and runway were not in the pack we reviewed, so it cannot be confirmed this raise funds the company to its next milestone.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sales are concentrated in Switzerland and the Netherlands.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Parts are made in Malaysia, with noted exposure to US import tariffs.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">It must persuade doctors to give up a cheap, familiar tool.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit pathway</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The plan is a sale to a larger women’s-health company, and it is supported by a list of 14 comparable past sales to the exact buyers named — considerably better evidence than most crowdfunding campaigns offer. A sale is still neither guaranteed nor time-certain.</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:312px"> <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> <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:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">14 documented past sales provided, all to CooperSurgical, Hologic or Organon.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The middle price across those sales is about 6.9 times revenue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The closest match — a copper coil business sold to CooperSurgical — went at 6.5 times revenue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Regulatory approvals and existing partnerships are the kind of assets these buyers have paid for before.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The price paid across those sales ranges widely, from about 3 to 16 times revenue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Most of those businesses were substantially larger than Aspivix is today.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 2027–2029 timing is the company’s own estimate and depends on a buyer choosing to act.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No valuation model for Aspivix itself was in the pack we reviewed.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product & technology / IP</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">carevix is a mature, in-market device that replaces a sharp clamp with gentle suction, needing no new equipment or change in technique. The patents behind it cannot yet be checked in public registries, which is normal for recent filings rather than a negative.</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:312px"> <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> <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:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A different, in-market technology that fits into existing practice with no retraining or new equipment.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A stated portfolio of 5 patents, and a €2.3M Swiss innovation grant funding the next-generation device through 2027.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Recent US medical guidance encouraging pain reduction during coil fitting supports adoption.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 5 patents could not be checked — recent applications publish about 18 months after filing; ask for the numbers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Long-term protection depends on successfully defending those patents.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The business depends on one product until the next-generation device arrives.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & governance</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The board brings senior women’s-health, regulatory and finance experience, including former Johnson & Johnson and Bayer executives. Two things need reconciling: the founder and registration record does not match public databases, and one director leads a company listed elsewhere as a competitor.</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:312px"> <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> <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:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The board includes a former Johnson & Johnson executive as chair and a former Bayer chief digital officer as adviser.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Investor representatives from established backers, and a founder-director who previously built and sold a medical-device consultancy.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The lead investor (formerly HEMEX) reports €3.49M invested since an earlier round and is investing €270k again here.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The platform document gives a 2018 registration and names only the CEO; public databases (Tracxn, Crunchbase, Dealroom) record a 2015 founding by Julien Finci and Mathieu Horras.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A director leads OCON Therapeutics, which databases list as a competitor — a possible conflict of interest.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder share-vesting and what happens if a founder leaves were not in the pack we reviewed.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & competition</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">carevix targets a large market with a well-documented pain problem, and the company already has real market access in 14 countries. Its own market-size figures are not consistent between documents.</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:312px"> <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> <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:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Large market: contraception is a multi-billion-dollar field, and the company reports over 30% of women avoid coils because of pain.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Real market access already — selling in the US and 13 other countries.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Recent US medical guidance encouraging pain reduction during coil fitting supports the timing.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market-size figures differ across the company’s own materials ($4B in the current campaign, $3.5B in the 2025 one).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named competitors include Daré Bioscience, OCON Medical and Femasys.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Adoption requires changing long-standing clinical habits.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">💶 Valuation detail</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Valuation fairness (1–5)</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">2 / 5 — stretched. The only sector benchmarks we could find are the company’s own list of 14 past sales, which went at about 6.9 times revenue; the €26.3M asking price is about 80 times last year’s revenue. No independent set of comparable funding rounds with named valuations was found, so this rests on the exit benchmarks in the pack.</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:187px"> <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="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€26.3M (€26,318,641.92) — the value placed on the company before this new money comes in.</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:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not stated as a single figure. The first part of this round targets €2M–€4M, which would imply roughly €28M–€30M once it closes (our arithmetic, shown alongside the company’s own figures).</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:187px"> <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="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Shares priced at €0.873 each. The share type — whether ordinary shares or a class with special rights (“preferred”) — was not in the pack we reviewed.</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:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Ownership % offered</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">2.48% per the campaign. Without the full ownership breakdown, the exact stake per euro invested cannot be checked independently.</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:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Method not in the pack we reviewed. The campaign links the value in general terms to clinical results, growing adoption and partnerships.</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:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Public databases (Tracxn, Crunchbase, Dealroom) record past funding of about $7.0M–$7.55M, the largest being a roughly $5M round in 2022. No independent current valuation was found. The company’s own comparable sales averaged about 6.9 times revenue at the point of sale.</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:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A downside-protection feature for first-close investors; the investment does not qualify for tax relief; platform fees of 7% of any profit and 6% on a resale (paid by the seller); payment settled in Swiss francs at the exchange rate on the day.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🚩 Red flags & integrity checks</span></span></h2> <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:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — The ownership breakdown (a link only, no figures), share type, the size of any priority payout and how remaining proceeds are split, the type of dilution protection, the employee share pool, founder vesting, lock-up, and cash burn and runway were not in the pack we reviewed. Recorded as questions, not as concealment.</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:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — Funding target given as €675,545 in the platform document and €400k–800k in the campaign text; bleeding reduction as 83% and elsewhere 78%; procedures performed as over 1,300 and separately over 10,000; market size as $4B and $3.5B.</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:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — The platform document records a 2018 registration and names only Mathieu Horras; public databases (Tracxn, Crunchbase, Dealroom) record a 2015 founding by Julien Finci and Mathieu Horras. A mismatch to reconcile with the company.</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:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — <em>None found in public registries or news searches</em>. Separately, and not negative news: a director leads OCON Therapeutics, listed by databases as a competitor — recorded as a possible conflict of interest.</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:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — A roughly $5M round in 2022 led by HEMEX; a CHF 500k innovation loan in 2024; and a 2024–25 crowdfunding round of about €2.6M from 315 investors. The move from clinical proof to early sales is corroborated by public sources. Specific targets set at those earlier rounds were not in the pack, so performance against them could not be checked.</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:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — On the exit side, the 14 documented sales (middle value about 6.9 times revenue; closest match 6.5 times) support the 4x–7x target multiple. On the entry side, the €26.3M value is far above the 2022 and 2024–25 rounds, was set by a method not in the pack, and equates to roughly 80 times 2025 revenue — reflected in the 2/5 fairness score above.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📜 Instrument & investor terms — full mechanics</span></span></h2> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What you own — in full</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would own newly issued shares created when the company increases its share capital, priced at €0.873 each. You can hold them directly by signing a form that authorises the platform (Capital Cell) to act for you, or you are placed into a holding vehicle the platform runs — a “nominee” or “SPV”, here Capital Cell Stichting Administratiekantoor in Amsterdam — with the same rights as other investors in it. The platform document records a right to attend the shareholders’ meeting, but votes are pooled and cast through the platform, so an individual investor’s influence is very small. A decision to sell the company would be taken by the founders, the board and the larger shareholders, and would reach you through the payout rules described below. The share type itself was not in the pack we reviewed.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution — how your share can shrink</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Dilution” means your slice of the company gets smaller when new shares are created to raise more money. The company has said it will raise more: this is the first of two phases in the current round, with a further major round or a sale expected afterwards. The platform document records that protection against dilution exists (“anti-dilution”) and that first-close investors are offered a downside-protection feature (a “ratchet”), but the type of protection and which share classes receive it were not in the pack we reviewed — so how much it would help an ordinary crowdfunding investor cannot be judged. Illustration only, since the full ownership breakdown was not disclosed: if €1,000 buys roughly 0.0037% of the company today, a later fundraising at a higher price might reduce that to about 0.0034%, while one at a lower price might reduce it to about 0.0030% and cut the value of your holding at the same time. The right to join future rounds to defend your percentage (“pre-emption”) may be waived when the round is implemented, so do not assume you will have it.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">If the company is sold or wound down</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">If the company is sold or closed, the money is paid out in an order: lenders and creditors first, then any shareholders holding a right to be paid back ahead of others (a “liquidation preference”), and finally whatever remains is shared among the rest. The platform document confirms such priority rights exist for investors and for other shareholders, but the size of the preference, whether those holders also share in what is left over, and the exact split between share classes were not in the pack we reviewed — and those are precisely the terms that determine how much of a sale price reaches you, particularly in a smaller sale. A defined majority can require all shareholders to sell (“drag-along”), though the percentage needed was not disclosed; you also have the right to join a sale on the same terms as a large shareholder (“tag-along”). There is no fixed lock-up period, but selling early depends on the platform making a noticeboard available and the company approving the transfer, with a 6% fee paid by the seller. In practice, treat this as money committed until the company is sold.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Terms not in the pack we reviewed</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>These exist in the company’s shareholder documents and could have been disclosed — a genuine gap, unlike day-to-day operating figures. Each also appears as a question above.</em></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The size of any priority payout, and how remaining proceeds are split between share classes.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The share type being offered (ordinary, or a class with special rights).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The type of dilution protection and which share classes hold it.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The full ownership breakdown, before and after this round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The employee share pool size, and whether it grows before the next round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder share-vesting and what happens if a founder leaves.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The percentage of votes that can force all shareholders to sell, and any standing right to join future rounds.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">How the €26.3M valuation was arrived at.</span></span></li> </ul> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>ℹ️ This is not investment advice. </strong>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></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>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.</em></span></span></p>
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Platform offering this project
Capital Cell ES
Risk Level
High
Return Level
Very High
Risk Return Level
Good
Min. Investment
EUR 100
Total Funded
EUR 144.0M
