Héméra

<h1><span style="font-size:15pt"><span style='font-family:"Times New Roman",serif'>HEMERA — Crowdfunding Investor Memo</span></span></h1>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><em>Operator that converts character buildings in south-west France into premium, flexible workspaces (offices, coworking, events, catering).</em></span></span></p>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong>Sector: </strong>Flexible office / coworking (NACE 55.90)   ·   <strong>Stage: </strong>Development capital (Cap Dev)   ·   <strong>HQ: </strong>Bordeaux, France   ·   <strong>Raise: </strong>€500K–€1,500K (equity)</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong>Why this score:</strong></span></span></p>
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<p style="text-align:center"><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">AI SCORE</span></strong></span></span></p>
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<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Operating model is validated: 9 sites, ~13,370 m², 212 hosted companies, ~1,100+ coworkers and 27-month average tenure at end-2025 (per deck), with revenue up to €5.0M (+45% vs 2024).</span></span></li>
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<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">65 / 100</span></span></strong></span></span></p>
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<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>But 2025 was the first loss-making year despite record revenue: operating result €(82k), net result €(135,071) — growth has not yet reached the bottom line.</span></span></li>
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<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>
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<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Valuation rests on a normative 2031 EBITDA the company itself states is higher than its accounting EBITDA; entry pre-money €5.5M is ~18x trailing accounting EBE.</span></span></li>
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<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Crowd holds ordinary shares via a nominee SPV with no liquidation preference, ranks last on insolvency, and gets narrower reporting than the SPV.</span></span></li>
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<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Strong founder track record (a prior IPO) and institutional backers (BPI, Crédit Mutuel Arkéa, Caisse d'Épargne/Expanso, CIC) present since 2017.</span></span></li>
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<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:#000000">The purpose of this overview is to help potential investors preselect crowdfunding projects quickly without making a final investment decision.  Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform. AI can make mistakes, so you need to double-check data.</span></span></span></p>
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<p><span style="font-size:15pt"><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'>HEMERA is a Bordeaux-based operator (SAS, RCS Bordeaux 818 141 459) that identifies, transforms and runs character buildings as premium flexible workspaces combining private offices, coworking, events and catering on short, no-commitment contracts. The company was incorporated in 2016 and opened its first site in 2019; public sources (Rue89 Bordeaux) confirm an earlier ~€2M raise in 2017. By end-2025 the company reports 9 operating sites across five cities in Nouvelle-Aquitaine (~13,370 m², 212 hosted companies, ~1,100+ active coworkers, 27-month average tenure). Revenue reached €5.0M in 2025 (+45% versus 2024) per the FICI, though the year closed with an operating loss of €82k and a net loss of €135,071. The business is structured as an OpCo/PropCo split: HEMERA (the company you invest in) operates the sites, while a separate founder/family-controlled property company (SAS Parrou-Duboscq) owns the buildings, carries the bank debt and the heavy works, and leases to HEMERA — keeping HEMERA capital-light but creating a related-party rent. The €500K–€1.5M round is raised via Tudigo to fund new-site openings (57%) and to absorb each new site's ramp-up phase (43%); founders are Julien Parrou-Duboscq (a serial entrepreneur who took ConcoursMania to an IPO) and Benoît Droulin (ex-DG of ORSYP, co-founder of Azendoo).</span></span></p>
<h1><span style="font-size:15pt"><span style='font-family:"Times New Roman",serif'>🎯 Potential Returns</span></span></h1>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Target return</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Time horizon</span></strong></span></span></p>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">AI view on reaching this goal</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong>🎯 2.5x</strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong>⏱ 3–5 yrs</strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong>Company-provided</strong> — the company set its own 2.5x / 5-year target (Middle scenario), built on a forward EBITDA multiple and comparable transactions.</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Plausible only if multiple new sites open and ramp to a normative (not yet realised) margin; the 2025 net loss and related-party rent dependence make it uncertain.</span></span></p>
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<h2><span style="font-size:13pt"><span style='font-family:"Times New Roman",serif'>📈 Path to target return</span></span></h2>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Company methodology</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Market multiples applied to projected 2031 normative EBITDA (the margin sites are assumed to reach at maturity), cross-checked against comparable transactions. Middle scenario: exit at 6.9x normative EBITDA of €1.9M ⇒ ~€16.2M exit valuation ⇒ 2.5x on a €5.5M pre-money entry.</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Comparable exits cited</span></strong></span></span></p>
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<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Industrious acquired by CBRE for $800M (2025)</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Knotel acquired by Newmark for $330M (2021)</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>The Office Group acquired by Blackstone for £500M (2022)</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Argyll acquired by Crosstree for £330M (2025)</span></span></li>
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<td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><em>Sample (n=5) VE/EBITDA: mean 6.39x, median 6.90x; multiple retained 6.90x. Sources: CFNews, PitchBook.</em></span></span></td>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Milestones expected</span></strong></span></span></p>
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<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Cognac opened May 2026; Angoulême lease signed (opening Dec 2027).</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Roadmap to 15 sites (Middle) / 18 sites (Management) by 2031; revenue €10.1M (Middle) to €12.8M (Management).</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Each new site assumed to reach &gt;20% EBITDA at maturity within ~18 months.</span></span></li>
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<h1><span style="font-size:15pt"><span style='font-family:"Times New Roman",serif'>💶 Valuation</span></span></h1>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>€5.5M (on a non-fully-diluted basis, per the LOI).</span></span></p>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>€6.0M at the €0.5M floor; €7.0M at the €1.5M cap.</span></span></p>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Equity — ordinary shares at €40/share (€1 nominal + €39 premium), held via the Tudigo nominee SPV.</span></span></p>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Forward multiple (6.9x) on 2031 normative EBITDA plus comparable transactions. The normative EBITDA is, by the company's own statement, higher than its accounting EBITDA because sites are assumed at full maturity in 2031.</span></span></p>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Comparable office-flex exits cited at $330M–$800M for far larger operators; used to justify the 6.9x exit multiple rather than to set the pre-money directly.</span></span></p>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Entry pre-money €5.5M is ~18x trailing 2025 accounting EBITDA (€301k); 2025 net result was a loss. Tax relief available (IR-PME 18%, PEA/PEA-PME, 150-0 B ter), requiring a 5-year (or 7-year) hold.</span></span></p>
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<p><span style="font-size:15pt"><span style='font-family:"Times New Roman",serif'>📜 Instrument &amp; investor terms</span></span></p>
<h3><span style="font-size:11.5pt"><span style='font-family:"Times New Roman",serif'>What you own</span></span></h3>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>You buy ordinary shares — the most basic form of company equity, ranking behind any preferred shares — but you do not hold shares in HEMERA directly. Instead you hold shares in a nominee vehicle, TUDI HOLDING 163 (an SPV, or special-purpose vehicle: a company created solely to pool crowd investors and hold the HEMERA stake on their behalf). Inside the SPV one share carries one vote, but the SPV as a single block is what votes at HEMERA's level, so your influence over HEMERA itself is effectively nil. The historic institutional investors hold preference shares with priority rights; the crowd does not. Exit decisions are therefore made by HEMERA's board and major shareholders, with the SPV bound to follow the shareholders' agreement — including a clause that can force the crowd to sell (see Exit mechanics).</span></span></p>
<h3><span style="font-size:11.5pt"><span style='font-family:"Times New Roman",serif'>Dilution and future rounds</span></span></h3>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>The company's fin…</span></span></p>