Tudigo โข My Hospital
Equity crowdfunding
My Hospital
The platform that helps hospitals relieve pressure on their services while reducing their costs
Key project data
Target amount
0.6 MEUR
Valuations
4.1 MEUR
Potential Returns
x8.9
Expected Exit Year
2033
Would AI invest?
55/100
1
100
AI-Generated Overview
AI project overview
Condensed summary based on project data
<p><span style="font-size:18pt"><span style="font-family:Arial,sans-serif"><strong>My Hospitel — Crowdfunding Investor Memo</strong></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><em>"Hôtel hospitalier": a platform that lets hospitals move non-medical overnight stays to partner hotels, freeing up beds.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong>Sector: </strong>Health-tech / HTNM SaaS (regulated) · <strong>Stage: </strong>Early-stage (deck labels “Série A”; ordinary shares) · <strong>HQ: </strong>Lyon, France · <strong>Raise: </strong>€300K–€600K via Tudigo (part of a €1.7M round)</span></span></p> <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:227px"> <p> </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:397px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong>Why this score:</strong></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:227px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">AI SCORE</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:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Equity reported negative across 2023–2025 and the going-concern depends on this raise; the company flags possible default if the ramp-up is under-funded.</span></span></li> </ul> </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:227px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong><span style="font-size:26.0pt"><span style="color:black">55 / 100</span></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:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Financials cannot be independently verified — annual accounts are filed confidentially and Tudigo states it performed no independent audit.</span></span></li> </ul> </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:227px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong><span style="font-family:"Segoe UI Emoji",sans-serif"><span style="color:black">โ ๏ธ</span></span><span style="color:black"> Caution</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:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Investors hold SPV (nominee) shares, not company shares: no direct voting or information rights at My Hospitel, and they rank last in an insolvency.</span></span></li> </ul> </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:227px"> <p> </p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Revenue €417K (2025) with ~+124% CAGR and 12–13 hospital groups signed, but a 12–24 month gap between signing and revenue, and a 9.7x valuation multiple drawn from large US healthcare-IT M&A.</span></span></li> </ul> </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:227px"> <p> </p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Public records contradict the deck’s claim that competitor OTEO is the only direct rival lacking billing/interoperability (OTEO publicly lists AP-HP across 24 hospitals).</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">โน๏ธ This is not investment advice.</span></strong><span style="color:black"> The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:15pt"><span style="font-family:Arial,sans-serif">๐ฏ Key goal</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:120px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Target return</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:120px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Time horizon</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:204px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Target basis</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:180px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">AI view on reaching this goal</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:120px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">๐ฏ x4.2 (range x1.6–x8.9)</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:120px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">โฑ 5–7 yrs</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:204px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong>Company-provided</strong> — the company set its own target multiple and horizon, derived from a 9.7x VE/EBITDA multiple on projected 2031 earnings.</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:180px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Plausible only in the upper scenarios; it depends on unverified projections and converting signed contracts into revenue over 12–24 months.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:Arial,sans-serif">๐ Path to target return</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Company methodology</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:424px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">The company applies a 9.7x enterprise-value/EBITDA multiple (EBITDA = earnings before interest, tax, depreciation and amortisation, a proxy for operating profit) to its projected 2031 earnings, cross-checked against comparable transactions. In its Middle scenario this implies a €24.2M resale valuation and an x4.2 gross return on a €4.1M pre-money entry.</span></span></p> </td> </tr> <tr> <td rowspan="2" 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:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Comparable exits cited</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:424px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">CVS Health / Signify Health — acquired for $8bn (2022).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">UnitedHealth / Change Healthcare — acquired for $7.8bn (2021).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Appriss Health / PatientPing — acquired for $500M (2021).</span></span></li> </ul> </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:424px"> <p style="margin-left:36px"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">(Sample: 10 deals, target revenue €1M–€193M, worldwide, M&A/LBO; median 9.7x VE/EBE.)</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Milestones expected</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:424px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Reach operating break-even in 2028 (Middle/Management) or 2029 (Conservateur).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Grow from ~42 to 293–498 subscribed hospitals by 2031.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Reach €13.5M (Middle) to €26.2M (Management) revenue by 2031.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Second funding tranche of €0.7M–€1.0M in 2027.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:15pt"><span style="font-family:Arial,sans-serif">๐ข Company description</span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">My Hospitel operates a digital platform for “hébergement temporaire non médicalisé” (HTNM) — the practice of housing patients who need to be near a hospital but require no overnight medical care in partner hotels instead of hospital beds. The platform identifies eligible patients, books partner hotels, and automates administration and billing to France’s Assurance Maladie, which funds €80 per night. The company was founded by Vincent Boisset (ex-Orange, ~20 years in financial control), Valérie Loisel (marketing/patient experience) and Arthur Seconds (biomedical engineer); materials state 2020, while the public registry records creation in 2019. The company reports €417K revenue in 2025 (up from €83K in 2023, ~+124% CAGR), 12–13 hospital groups signed, around 1,500–2,000 partner hotels, and roughly 4,900 nights booked in 2025. It charges hospitals ~€1,200/month, hotels €250/month plus €10/night, and books the €80 Assurance Maladie reimbursement as pass-through revenue when patients book directly. The current €1.7M round (€300K–€600K via Tudigo) is earmarked 75% for commercial scale-up and 25% for an AI patient-pathway module. The company reports equity has been negative every year since 2023 and that reaching critical scale depends on this fundraising.</span></span></p> <p><span style="font-size:15pt"><span style="font-family:Arial,sans-serif">๐ถ Valuation</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-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:1px solid #cccccc; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">€4.1M (non fully-diluted basis); ~€5.12M on a fully-diluted basis including BSPCE founder options.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-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:424px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Up to ~€5.80M at the €600K maximum raise.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-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:424px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Equity — ordinary shares of My Hospitel, held indirectly via an SPV (TUDI HOLDING 174). Price €152.18/share.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-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:424px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">9.7x enterprise-value/EBITDA multiple applied to projected 2031 earnings, plus a sample of comparable transactions.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-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:424px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">No independent third-party valuation was provided. The cited comparables are large US healthcare-IT M&A deals ($500M–$8bn) applied to a French SaaS at ~€0.4M revenue — a wide gap in size and stage.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-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:424px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Investor fees include entry fees (2.5% at a €10k ticket), a 1%/yr follow-up fee (5% provisioned upfront), a 2% refundable provision, and a 20% carry above a 1.2x net hurdle. Headline multiples are gross of these fees.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:15pt"><span style="font-family:Arial,sans-serif">๐ Instrument & investor terms</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">What you own</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">You would own ordinary shares in an investment vehicle (an SPV called TUDI HOLDING 174), and that vehicle in turn owns ordinary shares in My Hospitel. You do not own My Hospitel shares directly — this is a nominee structure. Inside the SPV, one share equals one vote, but at the level of the operating company your individual voting power is effectively nil; the SPV (or Tudigo) exercises any company-level rights. After the round, My Hospitel has a single class of ordinary shares with identical rights, so there is no preferred class ranking above you at the company — but there is also no preference protecting you. Exit decisions are made by the company’s shareholders and its strategic committee, and can be forced on you through a drag-along clause (explained below); you have no direct say in whether or when the company is sold.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Dilution and future rounds</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Dilution means your ownership percentage shrinks when the company issues new shares. The company has stated it intends to raise further money — a second tranche of roughly €0.7M–€1.0M is planned for 2027 — and the deck itself warns that later raises increase dilution and reduce return potential. The pact does include an anti-dilution right (the right to maintain your fully-diluted percentage), but in practice you can only use it by putting in more money in future rounds; it does not shield you from a lower share price in a down-round, and it does not apply to employee option (BSPCE) issuance.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Worked example (standard cap-table mechanics, not advice): if you invest €1,000 today at the ~€5.8M post-money valuation, your economic exposure to My Hospitel is about 0.017% of the company. If the company then raises €3M at a €12M pre-money valuation (a successful Series A), your stake dilutes to about 0.014%. If instead the next round is priced lower — a down-round at €4M pre-money — your stake dilutes to about 0.010% and the implied value of your €1,000 falls to roughly €690, a drop of about 31%.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">No specific employee option-pool expansion tied to this round is disclosed beyond the existing BSPCE pool (~19.9% on a fully-diluted basis, which already dilutes all shareholders). On pre-emption: at the SPV level you have a legal preferential subscription right to buy into future SPV capital increases to defend your percentage, but exercising it again requires committing more capital, and your effective rights at the operating-company level run through the SPV rather than to you directly.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Exit and liquidation mechanics</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Liquidation preference is the order in which people get paid if the company is sold or wound down. Here, no preference shares exist at the company level, so there is no investor class ranking ahead of you — but in an insolvency the Tudigo vehicle (and therefore you) ranks last, in rank 4, paid only after super-privileged creditors (employees, tax, social security), secured creditors, and unsecured creditors. In a low-value exit or wind-down, that means investors may receive little or nothing.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Drag-along is a clause that lets a majority force everyone else to sell on the same terms. Here, a bona-fide third-party offer for at least 95% of the shares, accepted by holders of at least 65% of capital and votes, obliges all shareholders — including you, via the SPV — to sell. Tag-along is the mirror right that protects you: if shareholders sell more than 51% of the company to a third party, you may join the sale on the same terms rather than being left behind as a minority.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">There is a lock-up: shareholders agreed not to transfer shares until 13 July 2026, and more importantly there is no secondary market — the shares are unlisted, Tudigo provides no custody, and resale is legally constrained. You should treat this investment as illiquid for at least 5–7 years, and possibly longer; the company’s own “liquidity horizon” is only an agreement to examine options by 2028, not a committed exit. Tax wrappers (PEA-PME / IR-PME / 150-0 B ter) also impose multi-year holding obligations.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Key risks specific to this instrument</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Nominee/SPV structure — you own SPV shares, not company shares, so you have no direct voting or information rights at My Hospitel and cannot influence the decision to sell.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Last in line on insolvency — in a wind-down, investors (via the SPV) sit at rank 4, behind all creditor classes, and may recover little or nothing.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Drag-along at 95%/65% — a qualifying majority can force you to sell on terms you did not choose.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Fee and carry drag — entry fees, a 1%/yr follow-up fee (5% upfront), a 2% provision, and a 20% carry above a 1.2x hurdle all reduce your net return below the gross headline multiples.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Full information rights only at the SPV level and only if the maximum raise is reached — if the SPV ends up below 10%, individual investors receive only quarterly summaries posted on the platform.</span></span></li> </ul> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Items not disclosed</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Absence of disclosure means you cannot assess these before investing:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Founder vesting schedule and leaver provisions — not disclosed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Whether the SPV will hold a voting seat or only an observer seat on the strategic committee — conditional on the final amount raised, and unresolved at the offer date.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Full SPV (TUDI HOLDING 174) statutes and the precise preference-share economics beyond the 20%/1.2x carry summary — not provided.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Individual prior-investor identities and exact percentages within the 74.02% historic-investor block — not disclosed.</span></span></li> </ul> <p><span style="font-size:15pt"><span style="font-family:Arial,sans-serif">๐ Score breakdown</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-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:73px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-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:73px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-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:277px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-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:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Team & execution</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:73px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="color:black">58</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:73px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">20%</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:277px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong>Caution</strong> — Complementary founders and a credible hospital expert committee, but a first-time CEO not from the hospital world and dependence on a few key profiles.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Market & demand</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:73px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-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:73px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">17%</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:277px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong>Moderate</strong> — Real structural driver (bed shortages, HTNM funded since 2021), but adoption is slowed by long public-sector cycles.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Traction & commercial KPIs</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:73px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="color:black">55</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:73px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">20%</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:277px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong>Caution</strong> — €417K revenue (~+124% CAGR) and 12–13 groups signed, but revenue is unverifiable and a 12–24 month signing-to-revenue lag persists.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Business model & unit economics</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:73px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="color:black">62</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:73px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">12%</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:277px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong>Moderate</strong> — Clear three-sided model with operating leverage, but margins are partly inflated by an EBITDA-neutral €80/night pass-through.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Competition & differentiation</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:73px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="color:black">48</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:73px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">11%</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:277px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong>Caution</strong> — Genuine feature breadth and RESAH access claimed, but public records contradict the “only direct competitor” framing of OTEO.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Financials & funding trajectory</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="color:black">38</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:73px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">20%</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:277px"> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong>Weak</strong> — Negative equity 2023–2025, going-concern reliant on this raise, and accounts filed confidentially so nothing is independently verifiable.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong>Why these weights? </strong>This is an early-stage company despite the “Série A” label, so Traction and Financials carry the most weight (20% each) alongside Team (20%), reflecting that execution and cash survival dominate the outcome. Market gets 17% because the structural demand is real but adoption is slow. Because the company operates in a regulated healthcare setting, the financial and execution evidence matters more than headline market size, so Business model (12%) and Competition (11%) are weighted lower. All six categories were evaluable, so no weight redistribution was needed; weights sum to 100. Financials is capped at 70 (LIMITED data quality — unverifiable accounts) and the five MODERATE categories are capped at 85.</span></span></p> <p><span style="font-size:15pt"><span style="font-family:Arial,sans-serif">๐ Detailed review</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Team & execution</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">The three founders are complementary across finance, marketing/patient experience, and biomedical engineering, and the company reports an expert committee including a former operations director of Hôpital Fondation Rothschild. The dossier notes this is founder Vincent Boisset’s first venture and that the team is not drawn from the hospital world, in a market with long public procurement cycles. Commercial hires are planned after the raise.</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:Arial,sans-serif"><strong><span style="color:black">โ 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:Arial,sans-serif"><strong><span style="color:black">โ ๏ธ Gaps</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:Arial,sans-serif">Complementary founder skill set (finance, CX, biomedical engineering).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Hospital-sector expert committee adds domain credibility.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Founders and committee corroborated in public press.</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:Arial,sans-serif">First-time CEO; team not from the hospital world.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Dependence on a small number of key profiles.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Key commercial hires still to be made, post-raise.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Market & demand</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">The company addresses a genuine structural problem: France has lost tens of thousands of hospital beds since 2013 while roughly one bed in three is occupied without clinical need. HTNM has been nationally funded by Assurance Maladie (€80/night) since 2021, which the dossier corroborates publicly. The company reports a €513M addressable market rising to €687M by 2030, built bottom-up from its own assumptions.</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:Arial,sans-serif"><strong><span style="color:black">โ 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:Arial,sans-serif"><strong><span style="color:black">โ ๏ธ Risks</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:Arial,sans-serif">Structural demand: bed shortages plus the ambulatory shift.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Regulatory tailwind — HTNM funded since 2021, corroborated publicly.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Transparent bottom-up market sizing method.</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:Arial,sans-serif">Adoption gated by long public-sector decision cycles.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Market size rests on the company’s own assumptions (4.7M nights, €1,200/hospital/month).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Facility-by-facility rollout limits pace.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Traction & commercial KPIs</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">The company reports €417K revenue in 2025 (up from €83K in 2023, ~+124% CAGR), 12–13 hospital groups, more than 70 medical services, and roughly 4,900 nights in 2025 with over 3,000 already in Q1 2026. The figures are internally consistent but cannot be independently verified, and there are minor cross-document inconsistencies. The dossier highlights a 12–24 month lag between signing a hospital and generating night-based revenue.</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:Arial,sans-serif"><strong><span style="color:black">โ 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:Arial,sans-serif"><strong><span style="color:black">โ ๏ธ Gaps</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:Arial,sans-serif">Revenue roughly doubling year on year off a low base.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Multiple hospital groups and >70 services signed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Reported NPS of +72 and rising average subscription value (>€1,500/month).</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:Arial,sans-serif">Revenue unverifiable — accounts filed confidentially.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">12–24 month signing-to-revenue lag.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Minor inconsistencies (hotels ~2,000 vs ~1,500; nights 2023 stated 1,600 vs ~2,800).</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Business model & unit economics</span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">The model has three revenue legs: hospital subscriptions (~€1,200/month), hotel subscriptions (€250/month) plus a €10/night commission, and the €80/night Assurance Maladie reimbursement booked as revenue when patients book directly. The company reports operating leverage as the network densifies, with overhead falling from 59% to 14% of revenue by 2031. However, part of reported revenue is an EBITDA-neutral pass-through that inflates the top line without adding profit.</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:Arial,sans-serif"><strong><span style="color:black">โ Advantages</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:Arial,sans-serif"><strong><span style="color:black">โ ๏ธ Risks</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:Arial,sans-serif">Recurring subscription base plus per-night commission.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Operating leverage as nights-per-hospital rises.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Multiple payer types reduce single-customer dependence.</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:Arial,sans-serif">€80/night pass-through inflates revenue but is EBITDA-neutral.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Gross margin declines (~54% to ~45%) as pass-through grows.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Profitability depends on hitting aggressive deployment targets.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Competition & differentiation</span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">The company positions itself as the only turnkey HTNM platform, claiming unique IS interoperability, automated Assurance Maladie billing, patient-led booking, and direct RESAH (public purchasing) access as a sole awardee. The dossier flags a material contradiction: competitor OTEO’s own website states it was selected by AP-HP across 24 hospitals plus regional sites with centralised billing, which conflicts with the deck’s portrayal of OTEO as lacking those capabilities.</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:Arial,sans-serif"><strong><span style="color:black">โ Edge</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:Arial,sans-serif"><strong><span style="color:black">โ ๏ธ Threats</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:Arial,sans-serif">Claimed breadth: interoperability, billing automation, patient booking.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Claimed sole-awardee RESAH referencing for market access.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Switching reluctance reported once a facility is deployed.</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:Arial,sans-serif">Public records contradict the “only direct competitor” framing of OTEO.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">OTEO publicly claims a large AP-HP footprint (24 hospitals).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Competitive claims rely largely on company statements.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Financials & funding trajectory</span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">The company reports sustained operating losses and equity that has been negative every year from 2023 to 2025 (improving to -€174,832 in 2025), with ~€590K of bank debt. Reaching critical scale depends on this raise, and the dossier notes the company itself flags possible cessation of payments if the ramp-up is under-funded. Crucially, the accounts are filed with a confidentiality declaration and Tudigo performed no independent audit, so none of the figures can be cross-checked.</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:Arial,sans-serif"><strong><span style="color:black">โ 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:Arial,sans-serif"><strong><span style="color:black">โ ๏ธ Risks</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:Arial,sans-serif">Detailed three-scenario plan with cash-flow trajectory disclosed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Part of the round (€487K) reported as already secured.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Light capex model; cash turns positive from 2029 in the Middle case.</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:Arial,sans-serif">Negative equity across 2023–2025; going-concern hinges on this raise.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Accounts filed confidentially — figures unverifiable; no external audit.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Company acknowledges default risk if funding falls short.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:15pt"><span style="font-family:Arial,sans-serif">๐ฉ Red flags & integrity checks</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:47px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:Arial,sans-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:Arial,sans-serif"><strong>Missing critical data</strong> — Founder vesting, full SPV statutes, and individual prior-investor percentages are not disclosed; audited/filer-published financials are unavailable (accounts filed confidentially).</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 style="text-align:center"><span style="font-size:10pt"><span style="font-family:Arial,sans-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:Arial,sans-serif"><strong>Internal inconsistencies</strong> — Partner hotels cited as ~2,000 vs ~1,500; hospital groups 13 vs 12; 2023 nights stated as 1,600 (deck) vs ~2,800 (analyst note).</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 style="text-align:center"><span style="font-size:10pt"><span style="font-family:Arial,sans-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:Arial,sans-serif"><strong>External discrepancies</strong> — Founding year stated 2020 vs registry 2019; the deck calls OTEO the only direct competitor lacking billing/interoperability, while OTEO publicly claims AP-HP across 24 hospitals with centralised billing.</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 style="text-align:center"><span style="font-size:10pt"><span style="font-family:Arial,sans-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:Arial,sans-serif"><strong>Negative public information</strong> — None found in public registries or news searches — the issuer also attests no litigation, management bans, or personal bankruptcy.</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 style="text-align:center"><span style="font-size:10pt"><span style="font-family:Arial,sans-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:Arial,sans-serif"><strong>Prior fundraises</strong> — Press reports ~€700K–€800K raised in 2023 (Holnest, Cercle Lab); the deck states >€2M equity plus €600K non-dilutive since inception, with €487K already secured for this round. Whether prior milestones were met is not independently confirmable.</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 style="text-align:center"><span style="font-size:10pt"><span style="font-family:Arial,sans-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:Arial,sans-serif"><strong>Valuation reasonableness</strong> — The 9.7x VE/EBITDA multiple is drawn from large US healthcare-IT M&A deals ($500M–$8bn) and applied to a French SaaS at ~€0.4M revenue; pre-money €4.1M is set on projected 2031 earnings, so the valuation leans heavily on unverified forecasts rather than current results.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <h1><span style="font-size:15pt"><span style="font-family:Arial,sans-serif">๐ Data quality notes</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong>Categories scored N/A: </strong>None — all six categories were evaluable.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong>Categories with LIMITED data quality: </strong>Financials & funding trajectory — annual accounts are filed confidentially and no independent audit was provided, so the reported figures cannot be verified (score capped at 70).</span></span></p> <p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><strong>Most material missing items that would change the evaluation if obtained:</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Audited or filer-published financial statements to verify revenue, losses, cash runway, and debt.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">An independent valuation or France/EU early-stage comparables appropriate to the company’s size and stage.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Clarification of the OTEO competitive picture and the company’s true market position versus a rival with a large AP-HP footprint.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Founder vesting terms and the SPV’s final governance seat (voting vs observer).</span></span></li> </ul> <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:Arial,sans-serif"><em><span style="color:black">Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></em></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Platform offering this project
Tudigo FR
Risk Level
High
Return Level
High
Risk Return Level
Medium
Min. Investment
EUR 500
Total Funded
EUR 200.0M
