FunderNation • Revo Foods 3
Equity crowdfunding
Revo Foods 3
Industrial 3D food printing: the world's largest facility, with over 1 million products sold
Key project data
Target amount
1.0 MEUR
Valuations
8.0 MEUR
Potential Returns
5.52 x
End Date
2026-09-30
Would AI invest?
53/100
1
100
AI-Generated Overview
AI project overview
Condensed summary based on project data
<h1><span style="font-size:18pt"><span style="font-family:Arial,sans-serif">Revo Foods GmbH</span></span></h1> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><em>Industrial 3D food printing — plant-based seafood and meat alternatives, plus a planned business in licensing the production machines.</em></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Sector: </strong>Food-tech / alternative protein (deeptech hardware + consumer products) | <strong>Stage: </strong>Growth / later-stage (founded 2020, multiple prior rounds, in-market revenue) | <strong>HQ: </strong>Vienna, Austria | <strong>Raise: </strong>Profit-participating subordinated loan via FunderNation — minimum €100,000, maximum €2,000,000 (the public listing shows a €1,000,000 cap; see red flags)</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 #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:173px"> <p style="text-align:center"><span style="font-size:11pt"><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 #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:451px"> <p><span style="font-size:11pt"><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 #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:173px"> <p style="text-align:center"> </p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">This is <strong>debt, not equity</strong>. You become a deeply subordinated lender for roughly five years (locked until 31 May 2031), with no shares, no voting, and last place in line if the company fails. The headline “41–43% per year” is a company target tied to its own projections, not a fixed or guaranteed interest rate.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:173px"> <p style="text-align:center"><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="font-size:28.0pt"><span style="color:black">53 / 100</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">Real commercial traction exists — the company reports more than 1 million units sold, listings in 1,000+ European retail locations (REWE, EDEKA, BILLA, SPAR, ICA), and +110% revenue growth from 2024 to 2025.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:173px"> <p style="text-align:center"><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="font-family:"Segoe UI Emoji",sans-serif"><span style="color:black">⚠️</span></span><span style="color:black"> Caution</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">But almost all of the projected future profit depends on a machine-licensing business that has <strong>sold zero machines</strong> and has no disclosed signed contracts. The 31.12.2024 accounts showed negative equity, and the company says it needs roughly €2 million <em>more</em> after this raise just to reach profitability.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:173px"> <p style="text-align:center"> </p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">The three documents provided disagree with each other on several headline numbers (funding maximum, production capacity, CEO identity), and this raise is at a lower valuation (€8M) than the company’s 2024 campaign (€15M).</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:11pt"><span style="font-family:Arial,sans-serif"><span style="font-family:"Segoe UI Emoji",sans-serif"><span style="color:black">ℹ️</span></span><span style="color:black"> <strong>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></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:14pt"><span style="font-family:Arial,sans-serif">Key goal</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:200px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Targeted return (company-stated)</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:11pt"><span style="font-family:Arial,sans-serif">41–43% per year; targeted multiple 5.25–5.52x over the life of the loan.</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:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Time horizon</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:11pt"><span style="font-family:Arial,sans-serif">Fixed loan term to 31 May 2031 (~5 years). If there is no exit, principal is repaid in 12 monthly instalments from 1 June 2031.</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:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Target basis</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:11pt"><span style="font-family:Arial,sans-serif"><strong>Company-provided</strong> — the 41–43% per year figure was set by the company and shown on the platform via its own interest-rate calculator. The underlying assumptions were not included in the materials, so the figure cannot be independently checked.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:14pt"><span style="font-family:Arial,sans-serif">Path to target (company methodology)</span></span></h2> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">The company presents this as a profit- and exit-linked return rather than a fixed interest rate. Three mechanics drive what you could receive, all defined in the statutory investment information sheet (VIB):</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:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Running profit interest (Erfolgszins)</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:11pt"><span style="font-family:Arial,sans-serif">Paid annually only if the company makes a net profit. Equal to your participation quota multiplied by the prior year’s net profit. On the company’s own model, profit only appears from 2028 (target scenario) — so early years likely pay little or nothing here.</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:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">End-of-term bonus (Bonuszins)</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:11pt"><span style="font-family:Arial,sans-serif">Paid at term end, based on company value relative to your quota. Company value is taken from the most recent funding round in the 12 months before term end — or, if no such round happened, from 100% of the last year’s revenue. Revenue-based valuation is typically far lower than a funding-round valuation.</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:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Exit interest (Exitzins)</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:11pt"><span style="font-family:Arial,sans-serif">If more than 50% of the company (shares or major assets) is sold during the term, you get your principal back plus a share of the net sale proceeds in proportion to your quota.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">Comparable exits and a milestone-by-milestone bridge to the 41–43% figure were not provided in the materials, so the path from today’s position to that target return cannot be independently traced.</span></span></p> <h2><span style="font-size:14pt"><span style="font-family:Arial,sans-serif">Company description</span></span></h2> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">Revo Foods is a Vienna food-tech company (Handelsgericht Wien, FN 550473 w) founded in 2020 out of an EU additive-manufacturing research project. It uses a patented software-controlled 3D extrusion process to combine plant-based proteins (mainly fermented fungal “mycoprotein”) with fats, creating fibrous textures for fish and meat alternatives. Its flagship product, “THE FILET,” became the first 3D-printed food sold in supermarkets (2023), and “THE KRAKEN” vegan octopus reportedly sold out within 24–48 hours of launch (2024).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">The company operates “THE TASTE FACTORY” in Vienna, which it describes as the first industrial-scale 3D food-printing facility (up to 60 tonnes per month capacity). It runs a dual model: (1) selling its own retail products today, and (2) from autumn 2026 onward, building a higher-margin business that <em>licenses and sells the production machines</em> to other food manufacturers, with market entry planned from 2027. The team is company-stated at 28 people; named leaders include David Petuzzi (CEO, accounting/finance background), Dr. Robin Simsa (Commercial Director and Co-Founder, PhD in cell-based meat), and heads of production, technology, and food-tech.</span></span></p> <h2><span style="font-size:14pt"><span style="font-family:Arial,sans-serif">Valuation</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:200px"> <p><span style="font-size:11pt"><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:11pt"><span style="font-family:Arial,sans-serif">€8,000,000 (before the crowdfunding campaign), per the VIB and the current listing.</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:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">How your quota is 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:11pt"><span style="font-family:Arial,sans-serif">Your participation quota = your loan amount ÷ (€8,000,000 + total amount raised in this campaign). At the maximum raise, €100 buys a 0.001000% quota — or 0.001087% if you invest within the first 31 days (a ~10% early-bird valuation bonus).</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:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Methodology</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:11pt"><span style="font-family:Arial,sans-serif">Not disclosed in provided materials. No independent third-party valuation was provided.</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:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Benchmark / prior round</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:11pt"><span style="font-family:Arial,sans-serif">The company’s 2024 FunderNation campaign was publicly reported at a €15,000,000 valuation. This raise is at €8,000,000 — a lower headline valuation about two years later. Total historical funding is reported variously as €7M–€11M+ across public trackers (figures are not mutually consistent and include grants).</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:14pt"><span style="font-family:Arial,sans-serif">Instrument & investor terms</span></span></h2> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">What you own</span></span></h3> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">You are <strong>not</strong> buying shares. The instrument is a <em>partiarisches Nachrangdarlehen</em> — a profit-participating <strong>subordinated loan</strong> with a “qualified subordination” clause and a pre-insolvency enforcement bar. In plain terms: you lend money to Revo Foods, and your return is linked to the company’s profit, its future valuation, or a sale — but you are a lender, not an owner. There is no share class because you receive no shares.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">You hold this as a <strong>direct loan contract</strong> with the company; your interests are pooled with other lenders only for coordination purposes (for example, to organise a collective buy-out or sale vote) through a FunderNation entity. You are <strong>not</strong> entered in the shareholder register. <strong>You have no voting rights</strong> — you cannot vote at shareholder meetings, cannot influence company decisions, and cannot decide or block a sale of the company. Exit and major corporate decisions rest entirely with the actual shareholders (founders and earlier equity investors).</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:11pt"><span style="font-family:Arial,sans-serif">The company has clearly stated it intends to raise more money: it says it needs roughly <strong>€2 million more</strong> to reach profitability “through further financing rounds,” and its own financial model assumes additional equity injections of about €1M in 2026 and €1M in 2027. As a lender rather than a shareholder, you are not “diluted” in the ownership sense — but your economics are still exposed to those future rounds, because your end-of-term bonus is benchmarked to the valuation of the most recent funding round before the term ends.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Worked example (standard mechanics, illustrative — not advice). </strong>Because you receive no equity, a normal share-dilution example does not apply directly; instead, here is how the future-round mechanic affects your <em>bonus reference value</em>. If you lend €1,000 in this round at the €8,000,000 pre-money valuation, your quota is roughly 0.0125% of the post-money base (assuming the full €2M is raised, giving a €10M post-money base: €1,000 ÷ €10,000,000 = 0.0125%; less if more is raised). If a future “up” round values the company at, say, €20,000,000 before term end, your bonus reference scales to that higher value — your quota applied to ~€20M implies roughly €2,500 of reference value (about 2.5x). If instead the next round is a <strong>down-round</strong> at, say, €6,000,000 — consistent with the company’s own €15M-to-€8M trajectory — your bonus reference falls to roughly €750 (about 0.75x), a drop of about 25% versus your principal. And if <strong>no</strong> qualifying round happens in the final 12 months, the bonus is instead benchmarked to just <strong>one year of revenue</strong>, which on the company’s model is a fraction of any equity valuation — typically the worst of the three reference outcomes.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">No employee option pool (ESOP) was disclosed, so its dilutive effect cannot be assessed. You have <strong>no pre-emption rights</strong> — that is, no automatic right to put more money into future rounds to defend your position — because you hold debt, not equity.</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:11pt"><span style="font-family:Arial,sans-serif">The ranking here is the single most important term for a non-professional investor to understand. This loan carries a <strong>qualified subordination</strong>: if the company is wound down or goes insolvent, your claim ranks <strong>behind all other current and future non-subordinated creditors</strong>, and even behind certain other subordinated claims. You are paid only after everyone else has been fully and finally paid. On top of that, a <strong>pre-insolvency enforcement bar</strong> means the company is not allowed to pay you interest or principal if doing so would push it into insolvency — your claim can be frozen while the company is in crisis. The VIB states the maximum risk plainly: total loss of your money is possible, and the company belongs to no deposit-guarantee scheme.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">Standard share-sale protections do not apply to you because you are not a shareholder. <strong>Drag-along</strong> (where a majority of shareholders can force everyone to sell on the same terms) and <strong>tag-along</strong> (the right to join a sale on the same terms as a selling shareholder) are equity rights that you do not hold. Your only collective lever is a pooled lender-coordination procedure run by a FunderNation entity, which is paid about 6% of the raised amount over the term for this service.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">This is an <strong>illiquid, long-term commitment</strong>. Ordinary cancellation by you is excluded for the entire term — you cannot get your money out early except for “good cause” (extraordinary termination). No secondary market for reselling the loan was disclosed. You should treat this money as locked away until at least 31 May 2031 (about five years), and possibly longer if repayment instalments or an exit are delayed.</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:11pt"><span style="font-family:Arial,sans-serif"><strong>Deep subordination</strong> — in any insolvency or wind-down you are last in line, after all other creditors; total loss is the explicit headline risk in the VIB.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>No voting rights</strong> — you cannot influence any company decision, including whether or when the company is sold, even though the sale is what could trigger your biggest potential payout.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Return is contingent, not fixed</strong> — the “41–43% per year” is a target, not a guaranteed coupon. Running interest is paid only in profitable years (none until 2028 on the company’s own model), and the end bonus can fall back to a low revenue-based valuation.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>~5-year lock with no secondary market</strong> — you cannot exit early under normal circumstances and there is no disclosed way to resell the loan.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Pre-insolvency payment freeze</strong> — even before any formal insolvency, the company may legally be barred from paying you if it is in financial difficulty.</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:11pt"><span style="font-family:Arial,sans-serif">The following were not disclosed in the provided materials. Where a term is not disclosed, you cannot assess it before investing:</span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">Valuation methodology behind the €8,000,000 pre-money figure.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">The assumptions behind the 41–43% per year / 5.25–5.52x return target.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">Founder vesting schedules (whether founders’ stakes are tied to them staying).</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">Any employee option pool (ESOP) size or expansion plans.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">Detailed reporting/information rights (how often and what financial information lenders will receive).</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">The full loan contract and pooling-agreement terms.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">The 31.12.2024 audited annual accounts (referenced but not included).</span></span></li> </ul> <h2><span style="font-size:14pt"><span style="font-family:Arial,sans-serif">Score breakdown</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:180px"> <p><span style="font-size:11pt"><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:60px"> <p><span style="font-size:11pt"><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:60px"> <p><span style="font-size:11pt"><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:324px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Verdict</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:180px"> <p><span style="font-size:11pt"><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:60px"> <p><span style="font-size:11pt"><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:60px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">14%</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:324px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — credible specialist team and a long-standing founder, but undisclosed CEO transition, no founder CVs/vesting, and key shareholders absent from the team narrative.</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:180px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">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:60px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><span style="color:black">66</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:60px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">18%</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:324px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — genuine industrial-scale process and three cited patents, but patent status/jurisdictions unverified and machine CE certification not yet achieved.</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:180px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">Market</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:60px"> <p><span style="font-size:11pt"><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:60px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">12%</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:324px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — large, fast-growing 3D-food-printing TAM, but the current product market (plant-based meat/seafood) is soft-to-declining in the West, and the machine market is unproven.</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:180px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">Traction & commercial validation</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:60px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-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:60px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">22%</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:324px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — real retail presence and reported +110% revenue growth, but headline metrics are company-stated and unverified, and absolute revenue remains small.</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:180px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">Business model & unit economics</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:60px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><span style="color:black">46</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:60px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">12%</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:324px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — plausible dual model, but the high-value licensing pillar is pre-revenue with no disclosed contracts, and the product pillar is far below its own profitability threshold.</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:180px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">Financials & projections</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:60px"> <p><span style="font-size:11pt"><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:60px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">12%</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:324px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Weak</span></strong><span style="color:black"> — negative equity at end-2024, aggressive near-term ramp, out-year value resting on unproven licensing, and ~€2M further funding still required.</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:180px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">Instrument & investor terms</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:60px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><span style="color:black">30</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:60px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">10%</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:324px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Weak</span></strong><span style="color:black"> — deeply subordinated, illiquid, ~5-year locked debt with no voting rights and a contingent, non-guaranteed return.</span></span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:14pt"><span style="font-family:Arial,sans-serif">Detailed review</span></span></h2> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Team & execution — 58 (Caution)</span></span></h3> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Strengths. </strong>A specialist, credible team is described: Dr. Robin Simsa (Co-Founder, PhD in cell-based meat) has been the long-standing public face of the company; Niccolo Galizzi (Head of Foodtech) brings flavour-development experience from Firmenich and ADM; named heads of production and engineering give functional coverage. The company has executed real milestones over several years (first supermarket 3D-printed product, factory opening, multiple product launches).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Weaknesses. </strong>The materials list David Petuzzi as CEO while public sources and the cap table centre on Simsa as CEO through 2024 — an unexplained leadership transition. No founder CVs beyond short bios, and no information on founder vesting or full-time status. Two sizeable shareholders (Jan Tegtmeier at 28.36%, Manuel Lachmayr at 8.32%) are not described in the team section, leaving the control picture partly opaque. Data quality here is LIMITED, capping the score at 70.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Technology & IP — 66 (Moderate)</span></span></h3> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Strengths. </strong>The core technical claim — continuous, industrial-scale 3D extrusion combining fats and protein fibres — is supported by an operating factory (since September 2024) and three cited patents (two on the continuous print-head, one on multi-nozzle systems), plus proprietary slicing software. Mycoprotein as the main ingredient earned a NutriScore A on the salmon product. This is the strongest pillar of the case.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Weaknesses. </strong>Patent numbers, jurisdictions, and grant-vs-filed status were not provided, so defensibility cannot be independently verified; the deck is internally inconsistent on whether the multi-nozzle system is granted or merely filed. CE certification for the sellable machine is only “being targeted” (Q2 2026), so the licensing product is not yet certified for sale.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Market — 55 (Caution)</span></span></h3> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Strengths. </strong>The 3D-food-printing market is genuinely fast-growing; the company’s cited ~$531M (2025) to ~$7.8B (2034) at ~30–35% CAGR sits within the range of several independent third-party estimates. Europe is repeatedly cited as a leading growth region, and mycoprotein/biomass fermentation is a relative bright spot within alternative protein.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Weaknesses. </strong>The company’s current revenue market — plant-based meat and seafood — is in a soft-to-declining phase in key Western markets (US unit sales down ~9–11% in 2024; plant-based meat only ~4.4% of EU plant-based value and broadly flat), and startup funding to the sector has fallen sharply. This sits in direct tension with the deck’s “demand growing strongly” framing. Market-size estimates across sources vary enormously (2034 projections range from ~$1.1B to ~$45B), so the TAM is real but imprecise.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Traction & commercial validation — 60 (Moderate)</span></span></h3> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Strengths. </strong>Tangible, checkable retail validation: products listed across REWE, EDEKA, BILLA, SPAR and ICA in 1,000+ locations; company-reported cumulative sales above 1 million units; reported +110% revenue growth 2024→2025 and a record month of €120,000 in September 2025. Two product launches reportedly sold out within 24–48 hours.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Weaknesses. </strong>The headline metrics are company-stated and not independently verified in the materials. Absolute revenue is still small (2025 actual ~€308,000), and the near-term plan is lumpy (Q1 2026 planned revenue of €735,000 exceeds all of 2025, then Q2 drops). The current 60,000 units/month capacity is well below the ~150,000/month the company says it needs for profitability.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Business model & unit economics — 46 (Caution)</span></span></h3> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Strengths. </strong>The dual model is logical: use own-product sales to validate the technology and build brand, then monetise the harder-to-copy asset (the machines and software) at higher margin through licensing. The company already produces bespoke B2B applications (e.g. a printed corporate dessert) as early evidence of demand for the capability.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Weaknesses. </strong>The licensing pillar — which carries essentially all of the model’s projected out-year profit — is pre-revenue, with market entry only from 2027 and no disclosed signed contracts (the VIB puts the project’s realisation degree at 15%). The product pillar, meanwhile, is far below its own stated profitability threshold. Data quality here is LIMITED, capping the score at 70.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Financials & projections — 38 (Weak)</span></span></h3> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Strengths. </strong>Two scenarios (target and base) are provided with a full P&L and cash-flow build to 2031, and the company is transparent that further capital is required. 2025 revenue (~€308,000) is real, in-market revenue rather than purely projected.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Weaknesses. </strong>The VIB states leverage cannot even be calculated because of a balance-sheet deficit not covered by equity (negative equity) at 31.12.2024. The bulk of projected 2028–2031 revenue and profit comes from the unproven machine-licensing line (target scenario: €44.4M of €52.3M in 2031). The near-term ramp is aggressive, and the company concedes ~€2M of additional financing is needed beyond this raise to reach profitability. No balance sheet was provided. Data quality is LIMITED, capping the score at 70.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:Arial,sans-serif">Instrument & investor terms — 30 (Weak)</span></span></h3> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Strengths. </strong>The terms are disclosed clearly and in statutory form (the VIB), including the fee load (15% of the raise, borne by the company), the early-bird bonus, and the precise interest mechanics. There is a defined collective-coordination mechanism for lenders via the pooling agreement.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong>Weaknesses. </strong>The instrument stacks several investor-unfriendly features: deep subordination (last in line, unsecured, no deposit guarantee), a ~5-year lock with no secondary market, no voting rights, and a return that is contingent on profit/exit/valuation rather than fixed. The end-of-term bonus can fall back to a low revenue-based valuation, and a pre-insolvency enforcement bar can freeze payments before any formal insolvency. The maximum risk is explicit total loss.</span></span></p> <h2><span style="font-size:14pt"><span style="font-family:Arial,sans-serif">Red flags and 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:#fcebeb; 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:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Conflicting headline figures across documents</span></strong><span style="color:black"> — the VIB states a €2,000,000 funding maximum while the public listing shows €1,000,000; the deck states production capacity inconsistently (25,000→40,000 and 25,000→60,000 and “current 60,000”); and the deck names David Petuzzi as CEO while public sources and the cap table centre on Robin Simsa.</span></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:624px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Lower valuation than the prior campaign</span></strong><span style="color:black"> — the 2024 FunderNation round was reported at €15,000,000; this raise is at €8,000,000 pre-money, with no explanation provided for the decline.</span></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:624px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Negative equity / uncomputable leverage</span></strong><span style="color:black"> — the VIB states leverage cannot be calculated due to a balance-sheet deficit not covered by equity as of 31.12.2024.</span></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:624px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Profit depends on a pre-revenue business</span></strong><span style="color:black"> — almost all projected out-year revenue and profit comes from a machine-licensing line that has sold zero machines and discloses no signed contracts; the project’s stated realisation degree is 15%.</span></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:624px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Profitability gap plus further funding need</span></strong><span style="color:black"> — the company needs ~150,000 units/month for profitability versus 60,000 current capacity, and separately states it needs ~€2,000,000 more beyond this raise to get there.</span></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:624px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Self-reported, unverified metrics</span></strong><span style="color:black"> — “1 million+ units sold,” “+110% growth,” and the “€120,000 record month” are company-stated and not independently verified in the materials.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#d9ebc2; 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:11pt"><span style="font-family:Arial,sans-serif"><strong><span style="color:black">Identity check — None found of concern</span></strong><span style="color:black"> — all public research reconciles to Revo Foods GmbH, Vienna (FN 550473 w). The “Revo Hospitality Group” insolvency seen in searches is an unrelated hotel operator and was excluded. No insolvency or litigation involving the food-tech company was found.</span></span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:14pt"><span style="font-family:Arial,sans-serif">Data quality notes</span></span></h2> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">Overall data quality is <strong>moderate</strong>. The instrument terms, fees, ranking and fundraise mechanics are strongly sourced (statutory VIB); the cap table and scenario financials come from a company model; product, team and milestone claims come from the deck; and funding history and market context are corroborated by multiple independent public sources.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif">The main gaps are: the audited 31.12.2024 accounts and a balance sheet (referenced but not provided); valuation and return-target methodology; evidence for the B2B licensing pipeline (contracts or letters of intent); patent specifics; founder vesting and any option pool; and detailed lender information rights. Several headline figures also conflict across the three supplied documents (funding maximum, capacity, CEO), and key projections lean heavily on the unproven licensing line. Categories scored on the weaker evidence (Team, Business model, Financials) were treated as LIMITED data and capped at 70; the remainder were treated as MODERATE and capped at 85. The score reflects these caps and should be read as a preselection signal, not a verdict.</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:624px"> <p><span style="font-size:11pt"><span style="font-family:Arial,sans-serif"><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></span></span></p> </td> </tr> </tbody> </table> <p> </p>
See full overview
Ask question
Ask AI about this project
Beta
Start a conversation
Send a message to begin chatting with the AI assistant
Like this project?
Platform offering this project
FunderNation DE
Risk Level
High
Return Level
High
Return Level
High
Min. Investment
EUR 100
Total Funded
EUR 80.0M
