Tudigo • Beyond Words
Financiación participativa
Beyond Words
The voice AI solution that transforms language teaching through an immersive experience.
Key project data
Target amount
0,5 MEUR
Valuations
1,85 MEUR
Rendimiento potencial
5.4×
Año previsto de salida
2031
Would AI invest?
52/100
1
100
Resumen generado por IA
AI project overview
Condensed summary based on project data
<p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Beyond Words</strong></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>AI-powered spoken-language practice for schools, universities and training institutions — a B2B SaaS platform with proprietary voice AI.</em></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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Sector / stage</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">EdTech (B2B SaaS, spoken-language practice) — early growth; deck labels the round “Série A” though ARR is €354K.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Headquarters</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Montpellier, France (SAS, RCS Montpellier 892 818 816).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Raise</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€300,000 floor – €500,000 ceiling via Tudigo, within a €600,000 total round. Pre-money €1.85M. Ordinary shares via the TUDI HOLDING 178 SPV. Min ticket €500.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">AI Score: 52 / 100 — Caution</span></span></h1> <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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Why this score? </span></strong></span></span><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Real, profitable revenue and unusually well-documented investor terms, set against single-founder concentration, a year-on-year revenue dip, very thin cash, and a return target that rests entirely on the company’s own forward projections.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>What lifts it: </strong>profitable since inception; 131 paying clients in 12 countries with >95% reported renewal; a verifiable €26.9bn European market; a 1× non-participating liquidation preference, full tag-along, pro-rata anti-dilution and investor-majority consent rights.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>What holds it down: </strong>the entire commercial engine depends on one person (issuer-rated key-person risk 8.6/10); statutory revenue fell €405K→€383K in 2025; cash was ~€18.9K at end-2025; an implausible reported LTV/CAC of ~213×; patents are filed-only and core development is outsourced; and information rights are explicitly unequal between Tudigo and individual investors.</span></span></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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ This is not investment advice.</span></strong><span style="color:black"> The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key goal</span></span></h1> <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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target basis</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Company-provided</strong> — the issuer and platform state an explicit target return and horizon with a disclosed valuation method, so no platform-default return assumption is applied.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target return</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">5.4× over 5 years (Middle scenario), i.e. ~40% per year. Scenario range: 1.9× (Conservative, ~13%/yr) to 11.6× (Management, ~63%/yr). [Deck]</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Horizon</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">~5 years. Structured liquidity efforts begin 30 June 2031; if no exit route is found, an investment-bank sale mandate is an option from 30 June 2032. [Deck][LOI]</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How it is reached</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sale of the company at a market multiple of projected 2031 profit (EBE). See the methodology block below.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Path to target — company methodology</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s 5.4× target is built as follows: take projected 2031 operating profit (EBE) under the Middle scenario of €1.0M, apply a valuation multiple of 11.5× (the mean and median enterprise-value/EBE of an 8-deal M&A/LBO comparable sample of €2.3M–€7.5M-revenue companies, sourced from CFNews and PitchBook), giving an exit valuation of ~€12.7M. Against the entry valuation this implies ~5.4× over five years. Every input — the 2031 profit, the multiple, and the exit — is the company’s own projection; Tudigo states it performed no independent verification of the dossier. [Deck][FICI]</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Comparable exits cited by the company</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Chegg acquired Busuu for $385M (2021). [Deck]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Kahoot-related language app acquisition, $31M (2020). [Deck]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Speak raised $78M (2025, Accel); a further language app raised $36M (2024). [Deck]</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>These are real transactions but are far larger and later-stage than Beyond Words; the 8-deal sample underlying the 11.5× multiple is not individually disclosed.</em></span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Milestones in the company plan</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Hire commercial staff (1 in 2026 rising toward 3–5 by 2031); reach breakeven around 2028. [Deck]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Grow the licence base from ~131 to several hundred/over a thousand accounts depending on scenario. [Deck]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit via trade sale to an EdTech/LMS player or a larger EdTech-VC round. [Deck]</span></span></li> </ul> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company description</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Beyond Words sells a web-based platform that lets learners practise speaking a foreign language through immersive scenarios, with a proprietary voice AI giving real-time phonetic feedback and CECR-level scoring, plus dashboards for teachers and institutions. The company reports the voice model is trained on recordings from over 200,000 non-native learners, detects CECR level with ~80% accuracy, and returns feedback in under two seconds. It sells annual SaaS licences (average ~€2,600/yr) to schools, universities and training bodies, complemented by one-off institutional projects (€5K–€80K). [Deck][FICI]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The business began as a CPF-funded language-training organisation and has pivoted to institutional SaaS; product development is outsourced to a vendor (UmbrellaIT), though the company states it owns 100% of the code. It is led by founder Maria Le Mura, who holds 100% of the company before this round. [FICI][press][Deck]</span></span></p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation</span></span></h1> <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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€1,850,000 (non-fully-diluted). [LOI][FICI]</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Share price</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€5.29 per Beyond Words share (€0.10 nominal + €5.19 premium). [LOI]</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money (ceiling)</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€2,450,003 at the full €600K (€500K Tudigo + €100K co-investors). Investors hold 24.49%; founder is diluted from 100% to 75.51%. [FICI]</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Implied revenue multiple</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pre-money is ~4.8× 2025 statutory revenue (€383K); post-money at ceiling ~6.4×. [derived in dossier]</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Method</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Forward market-multiple (11.5× EV/EBE on projected 2031 profit) plus comparable transactions. Explicitly forward-looking and hypothetical. [Deck][FICI]</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Independent check</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No third-party valuation provided. The comparable set is selected by the issuer/platform; Tudigo did no independent verification. [FICI]</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Instrument & investor terms</span></span></h1> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You are buying <strong>ordinary shares</strong> — the standard, single class of share in Beyond Words, with no special preference attached to the share class itself. But you do not hold those shares directly. You buy shares in a <strong>special-purpose vehicle (SPV)</strong> called TUDI HOLDING 178 — a holding company set up by Tudigo to pool all crowdfunding investors — and that SPV holds the Beyond Words shares on the group’s behalf. Inside the SPV, one share equals one vote, so you have a say proportional to your stake <em>within the pool</em>; but at Beyond Words itself, it is the SPV (not you) that votes the shares as a single block. In practice you do not vote directly at the company, and decisions such as whether to sell the company are taken at company level, with the SPV exercising the pooled vote and an investor-majority consent right (50% +1 of investor votes) applying to a defined list of major decisions. [FICI][LOI]</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Will there be more rounds? </strong>The company’s base (Middle) plan assumes <strong>no further fundraising</strong>. Its roadmap does, however, flag a possible later EdTech-VC round to accelerate international rollout, and the deck warns that any such round would increase dilution and reduce return potential. The pact gives the investor pool a pro-rata anti-dilution / pre-emption right, meaning the SPV can buy into future issues to defend its percentage — but only by putting in more money; there is no price-based protection if a future round is done at a lower price. [Deck][LOI]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Worked example (standard cap-table mechanics, not advice). </strong>If you invest €1,000 today at the ~€2.45M post-money (ceiling) valuation, you own approximately <strong>0.041%</strong> of the company (€1,000 ÷ €2.45M), held via the SPV. If the company then raises €4M at a €8M pre-money valuation (a successful up-round, €12M post-money), your stake is diluted to approximately <strong>0.027%</strong> — but the value of your slice rises to about €3,270 because the company is worth more. If instead the next round is a down-round at €1.5M pre-money raising €1M (€2.5M post-money), your stake falls to approximately <strong>0.025%</strong> and the implied value of your €1,000 falls to about €613 — a drop of roughly <strong>39%</strong>. These figures ignore the SPV’s 20% carried interest above a 1.2× hurdle and its layered fees, which further reduce net proceeds. [LOI][FICI]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Option pool and pre-emption. </strong>There is currently <strong>no employee option pool (ESOP = 0)</strong>, and none is disclosed as planned, so there is no pre-announced pool expansion to dilute you before a Series A. Pre-emption: at the SPV level you have a legal preferential subscription right to maintain your percentage on SPV capital increases; at company level that right sits with the SPV. [LOI][FICI]</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Who gets paid first. </strong>The “2026” investor shares carry a <strong>1× non-participating liquidation preference</strong>. In a sale or wind-down the waterfall is: (1) nominal value to all selling shareholders; (2) the investor pool gets its subscription money back as a priority; (3) any remainder goes to the other (non-2026) shareholders only. “Non-participating” means investors take <em>either</em> their money back <em>or</em> their pro-rata share — not both — and they can waive the preference to go pari passu (equal footing) if that pays more. Important caveat: this preference applies on a <strong>sale or solvent exit</strong>; in an <strong>insolvency</strong>, shareholders rank last (Rank 4), behind employees, the tax authority, secured and unsecured creditors — so in a failure you may receive nothing. [LOI][FICI]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Drag-along and tag-along. </strong>Drag-along: if a buyer offers for at least 95% of shares and holders of more than 50% of capital accept, <strong>all</strong> shareholders — including you, via the SPV — can be forced to sell on the same terms; if the price is below €5.29 per share, the SPV’s consent is additionally required, a modest protection against a forced cheap sale. Tag-along (“come-along”) lets the investor pool join a sale on the same terms if a controlling stake changes hands, so you are not left behind when others cash out. [LOI][FICI]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>How long your money is locked up. </strong>Treat this as illiquid for <strong>5–7 years or more</strong>. The shares are unlisted, there is <strong>no secondary market</strong>, resale is legally restricted, and the company only commits to “best efforts” to find a sale from mid-2031. There is no buy-back guarantee. The founder’s own shares are locked for 5 years (with limited exceptions). [FICI][LOI]</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You do not vote directly at the company — your influence is limited to your share of a pooled SPV vote, and the SPV decides how the company-level shares are voted. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Information is unequal by design — audited accounts and quarterly KPIs go to Tudigo, and you receive only the updates the company authorises Tudigo to publish. You cannot rely on getting full financials directly. [LOI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Layered SPV costs erode your return — ~9.5% of a €10K ticket in illustrative upfront/period fees (part refundable) plus 20% carried interest on gains above a 1.2× hurdle, on top of company-level outcomes. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">In an insolvency you rank last (Rank 4); the 1× preference only helps in a solvent sale, not a failure. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No secondary market and a best-efforts-only liquidity mechanism — you may be unable to sell when you wish, and exit could slip past the 5-year target. [FICI][LOI]</span></span></li> </ul> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Time-based founder vesting schedule — only a 5-year inalienability lock is disclosed, not vesting tied to continued service; you cannot assess what happens to founder equity on an early departure. [dossier]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Patent status (filed vs granted), numbers and jurisdictions — so the strength of the claimed IP moat cannot be verified. [dossier]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The underlying signed/audited statutory accounts (referenced but not in the pack) — only an expert-comptable JEIR-eligibility attestation is provided. [dossier]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The basis for the reported LTV/CAC (€32K / €150 ≈ 213×) — method undisclosed, so the headline unit economics cannot be assessed. [dossier]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The co-investors’ (Occitanie Angels, ~€55K) own pact terms — stated to be “identical” to Tudigo’s but their signature/terms are not in the pack. [dossier]</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Where a term is not disclosed, you cannot assess it before investing.</em></span></span></p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Score breakdown</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:167px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:73px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:73px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:311px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & execution</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">44</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">25%</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:311px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — credible founder but the whole commercial engine sits on one person; no CTO; development outsourced. (Cap 70: limited independent data.)</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & business model</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">55</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">22%</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:311px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — 131 paying clients, >95% reported renewal and real ARR, but 2025 revenue dipped and the reported LTV/CAC (~213×) is implausible and unexplained. (Cap 85.)</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product & technology / IP</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">52</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">15%</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:311px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — differentiated voice-AI claim and a proprietary data corpus, but patents are filed-only, dev is outsourced, and metrics are issuer-reported. (Cap 70.)</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & competition</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">60</span></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">13%</span></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:311px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — a verifiable €26.9bn European market growing 7.9%/yr, but established competitors (Sanako, Rosetta Stone, Speexx) and low barriers to a better-funded entrant.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financials & projections</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">48</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">13%</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:311px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — profitable since inception, but ~€18.9K cash at end-2025, a YoY revenue dip, and a hockey-stick plan dependent on un-hired sales staff. (Cap 85.)</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deal structure & terms</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">55</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">12%</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:311px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — unusually clear terms with a 1× preference, tag-along and consent rights, but SPV layering, unequal information rights, 20% carry and illiquidity weigh on the investor.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed review</span></span></h1> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & execution — 44 (Caution)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Strengths</strong></span></span></td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Weaknesses</strong></span></span></td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder Maria Le Mura: 10+ years in pedagogical engineering and training, linguist (5 languages), eDBA doctoral candidate; deep domain fit. [Deck]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named complementary staff: Zoé Mallamaci (product, CIFRE PhD) and Anna de Rosa (administration/Qualiopi compliance). [Deck]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The raise is explicitly aimed at hiring commercial staff to reduce single-person dependence. [Deck]</span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Issuer-rated key-person risk of 8.6/10 — product vision, sales and client relations all sit on the founder. [Deck]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No CTO or in-house engineering lead named; core development is outsourced to UmbrellaIT. [FICI]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Limited independent validation of execution; team-size is stated inconsistently (4 vs 5). [dossier]</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & business model — 55 (Caution)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Strengths</strong></span></span></td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Weaknesses</strong></span></span></td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">131 paying licence clients across 12 countries at Q1 2026; ARR €354K with a rising quarterly series. [Deck]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Reported renewal >95% and 60% weekly active users — signs of real usage, if issuer-reported. [Deck]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two revenue lines: SaaS licences (~€2,600/yr) plus €5K–€80K institutional projects; named public clients (France Travail, etc.). [Deck]</span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Reported LTV/CAC of ~213× (€32K / €150) is implausible on its face and the method is undisclosed. [dossier]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The business is mid-pivot from CPF-funded training, so historic revenue and forward ARR are different bases. [dossier]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Renewal and usage figures are company-stated and not independently verified. [dossier]</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product & technology / IP — 52 (Caution)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Strengths</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Proprietary voice AI focused on intelligibility, trained on 200,000+ non-native learners; feedback in <2s; ~80% CECR-level accuracy (company-stated). [Deck]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A voice-data corpus that the company argues would take a new entrant years to replicate. [Deck]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">GDPR-compliant via voice anonymisation; multi-device including VR. [Deck]</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Weaknesses</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two patents are “filed” only — no numbers, jurisdictions or grant evidence, so the moat is asserted not proven. [dossier]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Core product is built by an outside vendor; 100% code ownership is asserted but not evidenced in the pack. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product-gain metrics (e.g. –10% errors after 20h) are issuer-reported; a 10-vs-8 language-count mismatch appears in the deck. [dossier]</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & competition — 60 (Moderate)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Strengths</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">European language-learning market of €26.9bn (2026) growing 7.9%/yr — corroborated almost exactly by an independent third-party report. [marketdataforecast]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clear, real problem: only 59% of Europeans can hold a foreign-language conversation; oral practice is hard to individualise. [Deck]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company claims no single competitor combines voice AI + no hardware + immersive scenarios + dashboards. [Deck]</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Weaknesses</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Established competitors (Sanako, SmartClass, Rosetta Stone, Speexx) and adjacent giants (Duolingo, Babbel). [Deck]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Low barrier for a better-capitalised player to replicate the positioning. [dossier]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Differentiation claims rest on the company’s own feature-comparison table. [dossier]</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financials & projections — 48 (Caution)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Strengths</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Profitable every year since inception — rare at this stage; 2025 net result €52.8K. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Low leverage (debt/equity 0.39 in 2025); equity built to €200.9K. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">100% gross margin framing consistent with a pure-SaaS model (though dev cost sits in opex). [Deck]</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Weaknesses</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Cash of only ~€18.9K at end-2025 (~€40K April 2026) against a plan needing immediate spend — real funding-gap risk if the close slips. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Statutory revenue fell €405K→€383K (−5.4%) in 2025, against an “acceleration” narrative. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The plan is a hockey-stick (CA €490K→€2.6M by 2031) almost entirely dependent on sales hires not yet made. [Deck]</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deal structure & terms — 55 (Caution)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Strengths</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">1× non-participating liquidation preference returns investor capital ahead of the founder in a solvent sale. [LOI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Full tag-along, pro-rata anti-dilution, and investor-majority consent over a defined list of major decisions. [LOI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Generous French tax incentives for eligible residents (JEIR 50% IR reduction, PEA/PEA-PME, etc.), with an expert-comptable attestation. [Deck]</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Weaknesses</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">SPV/nominee structure with explicitly unequal information rights — full financials to Tudigo only. [LOI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Layered SPV fees (~9.5% illustrative upfront, part refundable) plus 20% carried interest above 1.2×. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No secondary market, no buy-back, last rank on insolvency, 5–7yr+ illiquidity. [FICI]</span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Red flags and integrity checks</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Check</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Finding</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team / key-person</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Flag</span></strong><span style="color:black"> — single-founder concentration is the issuer’s own top risk (8.6/10); no CTO; outsourced development. De-risking depends on hires not yet made. [Deck][FICI]</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financial integrity</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Flag</span></strong><span style="color:black"> — 2025 revenue dipped year-on-year and end-2025 cash was ~€18.9K; a reported LTV/CAC of ~213× is unexplained. [FICI][dossier]</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation / independent check</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Flag</span></strong><span style="color:black"> — no independent third-party valuation; comparable set is issuer-selected; Tudigo performed no independent verification. [FICI]</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Terms / investor protection</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Flag</span></strong><span style="color:black"> — information rights are unequal by design; SPV layering, 20% carry and illiquidity weigh on the retail investor. [LOI][FICI]</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">IP / technology</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Flag</span></strong><span style="color:black"> — patents are filed-only with no detail; core product built by an outside vendor with ownership asserted but not evidenced. [dossier]</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Disclosure consistency</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Minor</span></strong><span style="color:black"> — founding year (2020 vs 2022 vs 2021), language count (10 vs 8) and team size (4 vs 5) are stated inconsistently. [dossier]</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fraud / litigation signals</span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">None found</span></strong><span style="color:black"> — founder attestations, expert-comptable JEIR attestation and registry data are internally consistent on identity, ownership and capital; no litigation, insolvency or director-ban declared. Not independently verified. [Attestations][dossier]</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Data quality notes</span></span></h1> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company package is strong: full deck, key-information sheet (FICI), term sheet with annexes, tax attestations and three years of key financials; instrument terms are unusually well documented.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Caps applied: Team and Product/IP capped at 70 (limited independent data); Traction and Financials capped at 85 (moderate).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Main gaps left open: the basis for LTV/CAC; patent status; the underlying audited accounts; the comparable-deal detail behind the 11.5× multiple; and the co-investors’ pact terms.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No independent expert review of valuation or business diligence exists; the platform states it did no independent verification.</span></span></li> </ul> <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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",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>
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Platform offering this project
Tudigo FR
Risk Level
Alto
Return Level
Alto
Risk Return Level
Mediano
Inversión mínima
EUR 500
Financiado
EUR 200,0M
