Kepplair Evolution converts the certified ATR 72 regional aircraft into the KEPPLAIR 72, a 7,500-litre multi-role water bomber (firefighting, cargo, medical evacuation), selling conversion kits and recurring maintenance to governments, civil-security agencies and aircraft operators, with EASA STC
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<p><span style="font-size:28pt"><span style="font-family:"Times New Roman",serif"><strong>Kepplair Evolution — Crowdfunding Investor Memo</strong></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Kepplair Evolution converts an existing, certified passenger-and-cargo aircraft (the ATR 72) into a firefighting water bomber and sells the conversion kits to governments, civil-security agencies and aircraft operators.</span></span></p>
<p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector: <strong>Aerospace / civil security (deeptech)</strong> · Stage: <strong>Series A</strong> · HQ: <strong>Toulouse, France</strong> · Raise: <strong>€9,000,000 total; €3,000,000 tranche open to individuals on Sowefund (min. €500)</strong></span></span></p>
<h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Snapshot</span></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">1 · Is the price fair? ๐ถ</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">3 / 5</span></strong><span style="color:black"> — Stretched but arguable. The €60M price could not be matched against any disclosed valuation from a comparable funding round (none are public in this niche); the one public reference we found — Bridger Aerospace, a US aerial-firefighting operator with $122.8M revenue, valued by the stock market at roughly $97–131M — suggests €60M is a full price for a company with no revenue yet, though that comparison is imperfect.</span></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">2 · Can they reach an exit stage? โญ</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 SCORE 65 / 100 — Average.</span></strong><span style="color:black"> The strongest evidenced precondition is external validation: a €5M French-state and EU grant, a letter of interest from the French civil-security directorate, and letters of intent covering 18 aircraft. The biggest gap the evidence shows: the modified aircraft has not yet flown, and everything — orders, revenue, the business itself — waits on one certificate expected in March 2027.</span></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">3 · If they do, what could it pay? ๐ฏ</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Target <strong>5–7x</strong> over <strong>4–6 yrs</strong> — the standard expectation for a Series A investment; the company states no target of its own. If reached, illustratively <strong>5x–7x</strong> before fees and future dilution. Method: on the disclosed €60M entry price, that requires the company to be worth roughly €345–483M at exit; at the 2–4x revenue multiples typical for hardware businesses bought by larger industrial groups, that means roughly €86–242M of annual revenue — the company’s own projection of ~€167M by 2030 sits inside that band. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>How to read the score</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">85–100 · Excellent</span></strong></span></span></p>
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Equity crowdfunding
