Mamacrowd โข Soldidesign
Equity crowdfunding
Soldidesign
Soldidesign designs Italian home objects โ recycling bins, shoe racks, laundry baskets โ made from recycled plastics, and sells them mainly through its own online shop across Europe and Asia.
Key project data
Target amount
0.5 MEUR
Valuations
2.5 MEUR
Would AI invest?
64/100
1
100
AI-Generated Overview
AI project overview
Condensed summary based on project data
<p><span style="font-size:28pt"><span style="font-family:"Times New Roman",serif"><strong>Soldidesign — Crowdfunding Investor Memo</strong></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Soldidesign designs Italian home objects — recycling bins, shoe racks, laundry baskets — made from recycled plastics, and sells them mainly through its own online shop across Europe and Asia.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector: <strong>Home-furnishing eco-design (direct-to-consumer)</strong> · Stage: <strong>Revenue-stage SME (founded 2012)</strong> · HQ: <strong>Calenzano (Florence), Italy</strong> · Raise: <strong>€250K–€500K on Mamacrowd</strong></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Snapshot</strong></span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1 · Is the price fair? ๐ถ</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 / 5</span></strong><span style="color:black"> — The €2.5M pre-money asking price is above the sector benchmarks we found: it equals about 1.66x the company's 2025 sales, while listed furniture retailers trade around 0.7–0.9x sales (multiples.vc, 2025–26) and small private furniture businesses change hands at 0.35–0.67x sales (BizBuySell 2025; Peak Business Valuation). The €1.8M Early-Bird price (≈1.19x sales) is closer to, but still above, those ranges.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 · Can they reach an exit stage? โญ</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 64 / 100 — Average</span></strong><span style="color:black">. Strongest evidenced precondition: a real, 15-year-old product brand — over 100,000 units sold was already confirmed by press in 2023, and 2025 sales recovered 52% to €1.51M. Biggest evidenced gap: two consecutive loss years and a stretched balance sheet — working capital was negative by €254,553 at end-2025 and the bank position at 31/03/2026 was minus €93,067.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 · If they do, what could it pay? ๐ฏ</span></strong></span></span></p> </td> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target 5–7x over 4–6 years</span></strong><span style="color:black"> — the standard expectation for a revenue-stage company where the bet is scaling (the company states exit routes and a 2030 plan, but no return target of its own). If an exit is reached, illustratively <strong>1.5x–4x</strong> before fees and future dilution: we applied the furniture-sector multiples recorded in our research (4.2–6.5x EBITDA and 0.7–0.9x sales for listed comparables per multiples.vc; ~9.5x EBITDA at the 2023 Italian Design Brands IPO per Equita / Il Sole 24 Ore) to the company's own 2030 plan figures. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>How to read the score</strong></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">85–100 · Excellent</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:441px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">All key preconditions for reaching an exit stage are evidenced and strong — rare at this stage</span></span></p> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">70–84 · Good</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:441px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Preconditions largely in place, with specific gaps — named in the questions section</span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">50–69 · Average</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:441px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Meaningful preconditions missing or weakly evidenced</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">30–49 · Weak</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:441px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Several core preconditions absent, or the evidence points against them</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1–29 · Critical</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:441px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fundamental preconditions are not visible in the evidence</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:601px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What we could check. </span></strong><span style="color:black">We verified the company's identity, its founder's design career and awards, its two prior crowdfunding rounds (2020 and 2023), its US subsidiary, and the December 2024 Calenzano fuel-depot explosion against public sources. Its revenue and interim figures come from statutory accounts; unit economics, the detailed ownership table, and the company statute (which sets how sale proceeds are shared) were not in the pack we reviewed — see the questions section.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Three answers, one honest note. </strong>The fairness score says whether the entry price is supported by the sector benchmarks we could find. The AI Score is our read on whether the preconditions for reaching an exit stage are visible in the disclosed evidence — it is not a probability of success, and even companies with every precondition in place fail more often than they succeed, which is why crowdfunding only works as a small part of a diversified portfolio. The returns range is an illustration built from named sector benchmarks, not a forecast. Where something was not in the pack we reviewed, it did not lower any score — it appears in the questions list instead, so you can ask the company directly before investing. The listing was reviewed by Mamacrowd, a licensed crowdfunding platform, before going live. Nothing in this memo is a recommendation.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>At a glance</strong></span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:301px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Three reasons to look closer</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:301px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Three reasons for caution</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A confirmed, 15-year product brand: the Ovetto recycling bin has sold since 2008; independent 2023 press already confirmed over 100,000 units in 7 countries, and the company reports 120,000+ today, with a documented award history (WT Award 2010, Archiproducts 2024).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sales recovered 52% in 2025 to €1.51M after the 2024 shock, and Q1 2026 sales of €457,862 run ahead of the 2025 pace; the statutory accounts disclose a China distribution agreement with a guaranteed purchase floor of €1M/year by 2030.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Campaign investors get their money back first if the company is sold (a "liquidation preference" of up to 100% of invested capital), and the Early-Bird window prices entry at €1.8M pre-money instead of €2.5M.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two consecutive loss years (−€238,295 in 2024, −€220,098 in 2025), working capital negative by €254,553 at end-2025 (per the KIIS), and a bank position of minus €93,067 at 31/03/2026 against €751,865 owed to suppliers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The pack contains two different pre-money valuations (€2.5M in the KIIS vs €1.8M in the pitch reward table) and two different ownership charts (62.3% Tommaso Soldi / 15.3% M. Castrucci vs "famiglia Soldi 81%") — ask which applies before wiring money.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The entry price sits above the sector benchmarks we found (≈1.66x 2025 sales vs 0.7–0.9x for listed furniture comparables), and the statute clause that sets how sale proceeds are split after the money-back preference was not in the pack we reviewed.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:601px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Deal terms. </span></strong><span style="color:black">No terms were identified in the reviewed documents that would prevent a crowdfund investor from sharing in the upside. One caveat: the exact rule for splitting sale proceeds after investors receive their money back sits in article 16 of the company statute, which was not in the pack we reviewed — it is question 1 in the questions section. Full mechanics are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:601px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โน๏ธ Information, not investment advice. </span></strong><span style="color:black">Capital at risk — you could lose the full amount invested. Full notes are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>๐ข What the company does</strong></span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Soldidesign S.r.l. is a Florence-area company, founded in 2012 by interior architect Gianluca Soldi, that turns recycled plastics (ABS, polypropylene) into designer household objects — its best-known product is the Ovetto, an egg-shaped recycling bin sold since 2008. Customers are mainly private households buying through the company's own web shop and marketplaces, plus premium retailers and businesses; the company reports that more than half of sales are exports, with Italy, Germany, France, China and Taiwan as key markets. Production is outsourced to Italian industrial partners while design, strategy and marketing stay in-house — the company owns roughly €329k of production moulds. Revenue was €1.51M in 2025 with a €220k loss, which the company attributes to counterfeiting of its products in Asia (estimated €850k of lost revenue over 2024–25) and to disruption from the December 2024 explosion at the nearby ENI fuel depot in Calenzano — an event confirmed by national press. The company is now shifting to a "digital native" model: selling directly to consumers online to keep the margin that middlemen would take. This raise (min €250k, max €500k) funds, per the pitch, new product lines around its registered designs (50%), marketing and cheaper customer acquisition (40%), and operations including a targeted 30% cut in production costs (10%).</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>๐ The returns picture</strong></span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">The target</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">5–7x over 4–6 years — the standard expectation for a revenue-stage company where product and market are proven and the bet is scaling. The company states exit routes (a sale to a premium-lifestyle group, or a private-equity "buy and build") and a plan to 2030, but no return target of its own, so the stage-standard applies.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the company plans to get there</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Per the pitch: complete the shift to direct online sales, cut production costs by 30%, launch a new product range every 12 months, grow the China partnership to its guaranteed €1M/year purchase floor by 2030, and re-enter the US when tariff economics allow — reaching €5.35M–€6.25M revenue and roughly €1.06M–€1.21M operating profit (MOL) by 2030 depending on how much this round raises. The dossier explicitly records that the company provided no table of comparable company sales in any material reviewed; the one sector liquidity event our research found is the Italian Design Brands IPO (May 2023, >€300M market value at ≈1.5x revenue and ≈9.5x EBITDA — Equita; Il Sole 24 Ore).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What has to be true</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">For a 5–7x return on the €2.75M–€3.0M post-money value, a buyer would need to pay €13.8M–€21M for the company. At the furniture-sector pricing we found (roughly 1x–1.5x sales or 4–6.5x EBITDA), that implies revenue of roughly €10M–€20M or EBITDA of €2.1M–€5.2M — above the company's own 2030 plan (€5.35M–€6.25M revenue; ~€1.2M MOL). Hitting the stage-standard target would therefore require an exit priced above the range implied by the sector multiples we found applied to the company's own plan.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">If reached — potential returns</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Illustratively <strong>1.5x–4x</strong> before fees: applying the recorded sector multiples (4.2–6.5x EBITDA and 0.7–0.9x sales for listed furniture comparables, multiples.vc 2025–26; ~9.5x EBITDA at the IDB IPO, Equita / Il Sole 24 Ore) to the company's own 2030 plan gives a company value of roughly €4.5M–€11.5M, i.e. about 1.5x–4x today's €2.75M–€3.0M post-money value. Because the entry price is above the benchmarks we found (fairness 2/5), every one of these outcomes is compressed: the same exit pays less when you buy in higher. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#fbf1dc; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:601px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Why aim for this target? </span></strong><span style="color:black">Startup investing is high risk. Most early-stage companies fail or return little, and a small number of winners must make up for the losers. For a company at this stage — product proven, profitability not yet — each investment is typically aimed at roughly 5–7x over 4–6 years. Reaching that hurdle remains a minority outcome even for companies with every precondition in place.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>๐ Score breakdown</strong></span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Score = each category's score weighted by its importance; weights sum to 100%.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:361px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Traction & growth</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">55</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">30%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:361px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average — </strong>Real growth with real strain: sales rose from €216,891 (2020) to €1,510,193 (2025) and Q1 2026 sales of €457,862 run ahead of last year's pace with a much smaller quarterly loss (−€29,019) — but 2024 and 2025 were both loss years, €206,129 of 2025 income was public grants, working capital was negative by €254,553, and the raise stood at €18,000 of the €250,000 minimum at the listing snapshot.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Product-market fit</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">75</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:361px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good — </strong>A genuinely proven product: Ovetto has sold internationally since 2008, with 100,000+ units confirmed by 2023 press and a documented award record; registered designs are evidenced by a €51,000 state grant for their valorisation. The €850,000 counterfeiting hit shows demand — and also how copiable the products are.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Team capability</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">72</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:361px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good — </strong>The founder's 40-year design career and awards are publicly confirmed, roles across finance, marketing, design and operations are covered full-time, and a broad legal/IP/tax advisory network is named. It is a small (5-person), family-centred team for a global ambition, and the claimed academic committee roles could not be found in public sources.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Market size</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">70</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:361px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good — </strong>Market access is demonstrated, not just claimed: over half of sales are already exports across five named markets, and the sector has a recorded liquidity event (Italian Design Brands' 2023 IPO). The specific market-size figures cited ($794B retail; $440B online by 2030) could not be matched to an independently retrieved source.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Business model</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">55</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:361px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average — </strong>The asset-light, outsourced-production model is described in detail and the moulds are on the balance sheet — but the disclosed economics show selling costs at 48% of 2025 revenue, a negative operating margin, a bank loan maturing in October 2026, and the KIIS's own warning that raise proceeds may have to cover existing debt if the cash plan misses.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Competition</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">55</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:361px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average — </strong>The brand, registered designs and retained IP counsel are real defensive assets after 15 years on the market. But the KIIS itself states there are no absolute barriers to entry, and the counterfeiting already suffered in Asia (≈€850,000 revenue impact per the accounts) is direct evidence that imitation happens; no competitor mapping was provided in any material reviewed.</span></span></p> </td> </tr> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI Score</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">64</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">100%</span></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:361px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Average — </span></strong><span style="color:black">a confirmed product and brand with recovering sales, weighed down by two loss years and a stretched balance sheet.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>โ Questions to ask before investing</strong></span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:601px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">These are facts the company holds and can supply on request. They were not in the materials we reviewed — they may well exist in interviews, webinars, the platform Q&A or the company's data room. The score above is based on what <em>was</em> available — these questions are how you close the gap.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:601px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Under article 16 of the statute, after Class A and B investors receive back 100% of their invested capital, how exactly is the rest of a sale price divided between the F, A and B share classes? Please state the percentages or provide the statute.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:601px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Which pre-money valuation applies to my ticket — €2.5M or €1.8M — and under exactly which conditions does each apply?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:601px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Who owns what share of the company today, by holder and share class (F/A/B)? Please reconcile the 62.3% Tommaso Soldi / 15.3% Miriam Castrucci chart with the "famiglia Soldi 81% / investitori 15% / Buffoli Pietro SRL 4%" chart.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:601px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What are the drag-along ownership threshold and minimum-price floors in article 6-bis — the terms under which a majority could force all investors to sell?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:601px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Who has committed to subscribe the €9,370.69 nominal of this capital increase that is not offered on the portal, and at what price per quota?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:601px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What are the registration numbers, countries and expiry dates of the patents and registered designs protecting Ovetto, Infinity and the other product lines?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:601px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What were monthly revenue, order count and closing cash for April, May and June 2026?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:601px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the profit margin per product line, and what did it cost on average to acquire a customer on your own web shop in 2025 and Q1 2026?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:601px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Under the August 2025 China agreement, what are the minimum purchase volumes for 2026 and 2027, and how much has been invoiced to the distributor so far?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:601px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How will the Chianti bank loan maturing in October 2026 and the ~€121,000 of bank advances open at 31/03/2026 be repaid or refinanced if the raise closes at the €250,000 minimum?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:601px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Are any founder share-vesting, lock-up or leaver provisions in place for Gianluca and Tommaso Soldi?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:601px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Is an employee share pool planned before any next round, and of what size?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:601px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What reporting will investors receive after the round — how often, and in what form?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:601px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Please provide the euro-denominated budget behind the 50/40/10 use-of-proceeds split, for both the €250k and €500k scenarios.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>๐ What you own</strong></span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would own quotas (the S.r.l. equivalent of shares) directly in your own name — no holding vehicle sits between you and the company, and a free share-registration service via Directa SIM is available at the company's cost. Tickets of €25,000 or more buy Class A quotas, which carry a vote; tickets from €500 to €24,999 buy Class B quotas, which carry no vote — decisions, including whether and when to sell the company, are made by the voting holders, dominated by the founders' F quotas. All campaign investors (A and B) hold the right to be paid back up to 100% of their invested capital before other shareholders if the company is sold (a "liquidation preference"); what happens to the money above that amount is set by a statute clause that was not in the pack we reviewed (question 1). There is no promise by the company to buy your quotas back, and no marketplace to sell them on. Full mechanics are in the reference section below.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Everything below is reference detail for readers who want to go deeper.</em></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>๐ Detailed review</strong></span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Traction & growth</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sales grew from €216,891 in 2020 to €1,194,064 in 2023, dipped 17% in 2024 to €991,758 — the company attributes this to counterfeiting in Asia and to the Calenzano depot explosion, an event confirmed by press — then recovered 52% in 2025 to €1,510,193. Both 2024 and 2025 closed at a loss (−€238,295 and −€220,098), and €206,129 of 2025 income came from public grants. Q1 2026 sales of €457,862 annualise ahead of 2025, with the quarterly loss narrowed to €29,019; the accounts state a progressive improvement continued through the first four months of 2026, without figures. The August 2025 China distribution agreement, disclosed in the statutory accounts, carries a guaranteed purchase floor of €1M/year by 2030.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:301px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:301px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Seven-fold revenue growth 2020→2025 with a 52% recovery in 2025 after a disclosed, externally-driven dip.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Q1 2026 quarterly loss narrowed to €29,019 from a full-year 2025 loss of €220,098.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">China agreement with a €1M/year guaranteed floor by 2030, plus a new Veepee collaboration in Europe, both disclosed in the statutory accounts.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two consecutive loss years; 2025 income included €206,129 of public grants inside other income.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Working capital negative by €254,553 at end-2025 (KIIS); bank position −€93,067 at 31/03/2026 with €751,865 owed to suppliers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The raise stood at €18,000 from 9 investors (7% of the €250,000 minimum) at the platform snapshot, with 46 days left.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Product-market fit</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Ovetto recycling bin has been on the market since 2008 and became the company's calling card: 2023 press independently confirmed over 100,000 units sold in 7 countries, and the company reports 120,000+ across the range today. The product family (Ovetto, Sfera, Infinity, Buc, Lovino, O-Voilà) is carried by third-party design retailers and, per the company, placed with premium retail names. Registered designs are evidenced by a €51,000 state grant awarded for their valorisation; specific registration numbers were not in the pack we reviewed. The company reports a community of 50,000+ users, without stating the platform or counting method.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:301px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:301px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independently confirmed unit sales (100,000+ by 2023) and a documented, multi-decade award history.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Registered-design protection evidenced by the Disegni+2024 state grant and retained IP counsel (Perani & Partners).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Distribution beyond the own shop: third-party retailers and marketplace presence across Europe and Asia.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The ≈€850,000 counterfeiting impact in Asia (per the accounts) shows the designs are copied in practice despite protection.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 50,000-user community figure carries no stated methodology.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Patent/design registration numbers were not in the pack we reviewed — the protection's exact scope cannot be read from the documents (question 6).</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Team capability</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder Gianluca Soldi's four-decade design career is publicly documented — awards from 1985 to the 2024 Archiproducts award for the Infinity shoe rack — and he remains full-time as Art Director. His son Tommaso Soldi leads strategy and finance as CEO; three further full-time staff cover administration/production, international sales/marketing, and product design, with digital-commerce agency Boraso as marketing partner and a named advisory bench across IP, US tax, China compliance and equity matters. The pitch's claim of past academic committee roles at Politecnico di Milano and UniFi could not be found in the public sources we searched — the company can settle this with appointment details.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:301px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:301px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder's design credentials and award record confirmed by public sources (Archiproducts designer page; award listings).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">All five core roles are full-time and functionally complementary; both administrators are legal representatives per the KIIS.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named specialist advisers for the exact expansion frictions the company reports: US tariffs/tax, China compliance, IP enforcement.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A five-person, family-centred team carrying a multi-continent expansion plan; key-person risk is flagged in the KIIS itself.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The academic-roles claim was not found in the public sources searched.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No CVs or tenure histories were in the pack we reviewed (these can be requested).</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Market size</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Rather than resting on projections alone, the company's market access is evidenced by its own disclosed sales: over half of revenue is export, across Italy, Germany, France, China and Taiwan, with a US subsidiary held ready. The pitch cites a $794B retail furniture market (2025) trending to $440B of online sales by 2030 (sources cited on the slide: Pambianco Summit Design 2025; Deep Market Insights); our research did not retrieve an independent source confirming those specific figures. The sector has a recorded liquidity event at scale: the Italian Design Brands IPO (May 2023).</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:301px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:301px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Demonstrated international demand: >50% export share and five named operating markets in the company's own disclosed figures.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A recorded sector liquidity event exists (IDB IPO 2023, >€300M market value — Equita; Il Sole 24 Ore).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The claimed online-shift tailwind is consistent with the company's own channel mix moving to e-commerce.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The headline market-size figures could not be matched to an independently retrieved source in our research pass.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 15%/year recycled-furniture growth figure appears only in the platform text, uncited.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The US market — named as the priority growth area — is currently inactive after the 2025 tariff changes made the direct-sales pilot uneconomic (per the accounts).</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Business model</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The model is asset-light: design, strategy and marketing in-house; production outsourced to Italian partners using the company's own moulds (≈€329k gross on the balance sheet); sales direct-to-consumer first, with marketplaces, premium retail and distributors as secondary channels. The disclosed economics show why the raise matters: selling costs consumed 48% of 2025 revenue, the operating margin was negative, and the KIIS itself warns that if the management cash plan misses, raise proceeds may have to cover existing debt rather than growth. A €150,000 bank loan (Chianti) reaches its final instalment in October 2026, and roughly €121,000 of bank advances were open at 31/03/2026.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:301px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:301px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Outsourced production with owned moulds keeps fixed costs low and scaling flexible; the structure is fully described in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A concrete margin lever is stated: a 30% production-cost reduction programme, funded by this raise.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Both plan scenarios (min and max raise) are disclosed in full three-statement detail to 2030 — rare at this level of raise.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Selling costs at 48% of 2025 revenue and a negative operating margin are the disclosed starting point the plan must reverse.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Near-term debt wall: the Chianti loan matures October 2026 and ~€121,000 of bank advances were open at 31/03/2026 (question 10).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The KIIS's own risk language: proceeds may be diverted to service existing debt if the cash plan underperforms.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Competition</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No competitor mapping was provided in any material reviewed — the dossier records this explicitly — so the competitive read rests on what the pack does disclose. The KIIS states there are no absolute barriers to entry and that products and brand can be replicated, "as already encountered with counterfeit products in international markets"; the accounts quantify that experience at roughly €850,000 of lost Asian revenue over 2024–25, answered with a brand-protection investment programme and an IP rights reorganisation alongside the new Chinese partner. On the defensive side, the company holds registered designs, 15+ years of brand recognition, and retained international IP counsel.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:301px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:301px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fifteen years of brand recognition and an iconic flagship product are real differentiation in a commodity category.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Registered designs plus retained IP counsel (Perani & Partners) and an IP reorganisation with the China partner.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The counterfeiting response is funded and specific: brand-protection spend and legal enforcement, per the accounts.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The KIIS's own words: no absolute entry barriers; imitation risk already materialised at ≈€850,000 of impact.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Larger-resourced competitors are named as a risk class in the KIIS, with no mapping of who they are in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Marketing-cost inflation in digital auctions — cited in the accounts as eroding 2025 European margins — is itself competitive pressure.</span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>๐ถ Valuation detail</strong></span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€2.5M standard (set by the shareholders' meeting of 29/05/2026, per the KIIS); €1.8M for the Early-Bird window and for all Class A tickets, locked for the whole campaign (per the pitch reward table). Both are company-set; question 2 asks which applies to a given ticket.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€2.75M at the €250k minimum; €3.0M at the €500k maximum (platform financials block).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity — quotas (the S.r.l. equivalent of shares) in two classes: A (voting, ≥€25,000) and B (non-voting, €500–€24,999), both with a money-back-first right on a sale.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Ownership % offered</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">9.09% of the company at the minimum raise, 16.67% at the maximum (platform). The KIIS frames the same offer as up to 22.12% of final capital if the entire capital increase — including a half not offered on the portal — is subscribed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average of two methods per the pitch: 5.5x prospective EBITDA (5-year plan average) and 1.5x prospective revenue (5-year plan average), each with a variable discount rate, then a discount to investors (30% on Early-Bird and Class A rows in the KIIS price table).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Listed furniture comparables at 0.7x (DFS) and 0.9x (Leon's) EV/sales and 4.2x / 6.5x EV/EBITDA (multiples.vc, 2025–26); small private furniture-retail transactions at 0.35–0.67x sales (Peak Business Valuation; BizBuySell 2025); Italian Design Brands IPO at ≈1.5x sales / ≈9.5x EBITDA at €200M-revenue, profitable scale (Equita; Il Sole 24 Ore, May 2023).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Valuation fairness (1–5)</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">2 / 5 — above the benchmarks found. €2.5M ≈ 1.66x 2025 sales and the company's EBITDA was negative in 2024–25, so no trailing-EBITDA benchmark supports it; the €1.8M Early-Bird tier (≈1.19x sales) is closer to the IDB reference (1.5x, at profitable scale) but still above the listed and private-transaction sales multiples recorded. Rests on the named benchmarks above. The company's method prices its forward plan, not trailing results.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Money-back-first right up to 100% of invested capital for A and B, ranking pari passu (equally) between them; 30% price discount on Early-Bird/Class A; €500 minimum ticket; overfunding orders rejected in strict time order; free share registration via Directa SIM at the company's cost.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>๐ฉ Red flags & integrity checks</strong></span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:555px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data — </strong>not in the pack we reviewed: the company statute (including the article 16 payout waterfall and article 6-bis forced-sale thresholds); the full ownership table by holder and class; the subscriber of the off-portal €9,370.69 nominal; a euro-denominated use-of-proceeds budget; per-line margins and customer-acquisition costs; April–June 2026 trading figures; the Business Plan 2026–2030 document referenced in the pitch.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:555px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies — </strong>(a) pre-money €2.5M in the KIIS vs €1.8M in the pitch reward table; (b) 2025 net result −€220,098 in the statutory accounts vs −€222,071 in the pitch's HP-500K columns; (c) 2025 operating margin stated as −€47,432 (KIIS MOL) and −€65,036 (KIIS EBITDA) vs −€68,524 (pitch MOL); (d) "€500k raised over 2 rounds / 82 investors" on the KPI slide vs the KIIS's itemised €93,750 + €244,200 = €337,950 for the two public rounds (≈€439k including the members-only 2025 raise); (e) two conflicting ownership charts (62.3% Tommaso Soldi vs "famiglia Soldi 81%"); (f) activity code 222699 in the accounts vs NACE 31.00 in the KIIS.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:555px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies — </strong><em>None found.</em> No public record retrieved in our research directly conflicts with a company claim.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:555px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information — </strong>None found on the company or its directors in public registries or news searches. The 9 December 2024 ENI fuel-depot explosion in Calenzano (5 deaths; criminal investigation of ENI and contractor personnel — Il Sole 24 Ore; ANSA) is a confirmed external event near the company's premises, cited by the company as a cause of early-2025 disruption; it involves no allegation against Soldidesign.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:555px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises — </strong>Three prior operations: StarsUp Dec 2020 (€93,750 at €0.96M pre-money), CrowdFundMe Jul 2023 (€244,200 at €1.905M pre-money), members-only Dec 2025 (~€101,000). Milestones stated in the 2023 campaign vs later outcomes: "triple revenue in just over three years" and EBITDA margin 9%→20% — 2025 revenue was €1.51M with negative EBITDA; a US launch via distributor Lumens from Sept 2023 targeting €500k in 12 months — the 2025 accounts describe a US direct-sales pilot suspended in Aug 2025 on tariff economics, with Lumens unmentioned in the current pack; a potential IPO in 4–5 years — current exit language is acquisition/private-equity-led. The company discloses the counterfeiting shock and the Calenzano explosion as intervening events.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:555px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness — </strong>€2.5M pre ≈ 1.66x 2025 sales (Early-Bird €1.8M ≈ 1.19x) against 0.7–0.9x for listed furniture comparables (multiples.vc), 0.35–0.67x for small private transactions (BizBuySell; Peak Business Valuation), and ≈1.5x at the IDB IPO at profitable, €200M-revenue scale (Equita; Il Sole 24 Ore); trailing-EBITDA comparison is not meaningful (2024–25 EBITDA negative). The company's stated method prices 5-year forward plan averages at 5.5x EBITDA / 1.5x revenue with discounts.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>๐ Instrument & investor terms — full mechanics</strong></span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>What you own — in full</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Quotas of an Italian S.r.l., held directly in your own name (no nominee vehicle), with optional free registration through Directa SIM at the company's expense. Class A (tickets ≥ €25,000): voting rights, first-refusal right on other holders' transfers ("prelazione", art. 9), right to join a sale of control on the same terms ("tag-along"), exposure to a forced co-sale by controlling holders ("drag-along", art. 6-bis), and the money-back-first right (art. 16). Class B (€500–€24,999): the same economic and sale rights but no vote and no right to attend decisions — B holders have no formal say in whether or when the company is sold. Voting power after the round would remain dominated by the founders' F quotas (€26,084 of up to €51,724 nominal). A decision to sell would be made by the voting holders; A and B investors would then be paid according to the statute's waterfall.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Dilution — how your share can shrink</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The KIIS states plainly that the company may raise capital again, that such raises would dilute existing investors, and that new investors could receive stronger rights. No anti-dilution protection (a mechanism that tops up early investors if a later round prices lower) and no right for crowdfund investors to join future rounds are mentioned anywhere in the pack we reviewed — both appear in the questions section. Worked example (illustrative): invest €1,000 at the €500k maximum and you hold about 0.033% of a €3.0M company; if the company later raises €1.0M at a €5.0M pre-money valuation, your stake becomes about 0.028% — the same quotas, a smaller slice. Half of the current capital increase (€9,370.69 nominal) is reserved off-portal; who subscribes it, and at what price, is question 5.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>If the company is sold or wound down</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Payout order in plain words: lenders and creditors first; then quota-holders with priority — here, campaign investors in classes A and B, who are entitled to receive back up to 100% of their invested capital, equally ranked between the two classes, before other shareholders ("liquidation preference", art. 16); then the remainder is shared according to the statute. The exact split of that remainder was not in the pack we reviewed — it is the single most important open term (question 1). Controlling holders can force all investors to sell alongside them at the same price ("drag-along") once thresholds set in art. 6-bis are met — those threshold values were also not in the pack (question 4); conversely, if control is sold, minority holders can insist on selling on the same terms ("tag-along"). No lock-up is stated; there is equally no marketplace on which the quotas can be sold, no buy-back promise and no guarantee — in practice your exit is a company sale, a listing, or a buyer you find yourself.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Terms not in the pack we reviewed</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>These exist in the shareholder documents and could have been disclosed — a genuine gap, unlike operating figures. Each also appears in the questions section.</em></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The statute itself, including the article 16 payout waterfall (the surplus split) and article 6-bis forced-sale thresholds and price floors.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The ownership table by named holder and class before and after the round, including who holds the F quotas.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Employee share pool — none is mentioned; whether one is planned before a next round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution protection, and which classes would hold it.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Rights of crowdfund investors to join future rounds (subscription pre-emption).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder share vesting, lock-up and leaver provisions.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Information rights — how often, and in what form, investors will receive reporting.</span></span></li> </ul> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:none; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:601px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",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.<em>Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</em></span></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Platform offering this project
Mamacrowd IT
Min. Investment
EUR 200
Total Funded
EUR 306.0M
