Seedrs • K-Sport
Financiación participativa
K-Sport
Italian sports-technology company making wearable GPS/biometric trackers and AI performance-analytics software, trusted by elite football clubs and national teams, now expanding pro-grade analytics to semi-pro and consumer athletes via its K-Fans platform.
Key project data
Target amount
5,0 MEUR
Equidad
3.27%
Valuations
68,0 MEUR
Rendimiento potencial
x4.5
Año previsto de salida
2031
Would AI invest?
71/100
1
100
Resumen generado por IA
AI project overview
Condensed summary based on project data
<p><span style="font-size:28pt"><span style="font-family:"Times New Roman",serif">K-Sport — Crowdfunding Investor Memo</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">K-Sport makes wearable trackers and analysis software that measure how football players and other athletes perform, sells them to professional clubs and national teams, and is now bringing the same technology to amateur players and fans.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: </strong>Sports technology (wearables + performance analytics)<strong> · Stage: </strong>Growth (revenue-generating, EBITDA-positive)<strong> · HQ: </strong>Pesaro, Italy<strong> · Raise: </strong>€2.3M target (max €5M) on Republic Europe, part of a stated $15M round</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Snapshot</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <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:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1 · Is the price fair? 💶</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:413px"> <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"> — Above the benchmarks we found. The €68M pre-money asking price is roughly 15.8x the company’s own 2025 turnover in the regulatory filing (€4.32M) and ~11–13x the group revenue in the deck ($5.9M). The closest public comparison, Catapult Sports, trades at about 5.6x revenue (PitchBook, Jul 2026); the deck’s consumer comparison Whoop is far higher (48x) but sells a different, consumer-subscription product.</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:213px"> <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? ⭐</span></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:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 71 / 100 — Good. </span></strong><span style="color:black">Strongest evidenced precondition: a real, growing, profit-making business with independently confirmed elite customers and a confirmed €5M institutional investor. Biggest gap: the revenue and profit figures differ across the three documents without a stated reconciliation, and the consumer expansion this raise funds is still at an early stage.</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:213px"> <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? 🎯</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:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target ~3.5–4.5x over ~4–5 years</span></strong><span style="color:black"> — mixed basis: the company’s own plan targets a €250–300M company value by 2030, which against the €68M asking price works out to roughly 3.7–4.4x; this sits inside the standard 3–5x expectation for growth-stage investments. Method: company 2030 value target divided by disclosed entry valuation, compared with sector benchmarks (Catapult market value, Sony’s purchase of STATSports). 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><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:none; width:627px"> <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:173px"> <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:453px"> <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:173px"> <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:453px"> <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:173px"> <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:453px"> <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:173px"> <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:453px"> <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:173px"> <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:453px"> <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:none; width:627px"> <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:627px"> <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 legal registration, the Zlatan Ibrahimović investment, the 2025 acquisition of Australian firm SPT, the 2024 €5M institutional round, the advisory role of former UniCredit and Leonardo chief Alessandro Profumo, and the player-transfer figures in the company’s showcase case against public sources — six of fifteen checked claims fully confirmed, none contradicted. The revenue, profit, customer and user figures rest on the company’s own materials, and they differ between the deck, the campaign page and the regulatory filing — see the questions section.<strong>Your money is locked in. </strong>Crowdfunding shares normally cannot be sold early — expect your money to be tied up for several years, until the company is sold or a similar event happens.</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 company has the building blocks in place to reach a stage where a sale or similar payout event becomes possible — it audits readiness on the disclosed evidence, not the probability of success, and even companies with every building block 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 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 and approved by Republic Europe, 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">At a glance</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <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:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ 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:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ 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:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A real business, not a plan: turnover in the regulatory filing grew €2.65M → €3.88M → €4.32M (2023–2025) with positive EBITDA in all three years and net cash of €690K — and press independently names Napoli, Inter, Roma and the Argentina and Brazil national teams as customers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Confirmed heavyweight backers: a €5M institutional round from the Rialto fund (AVM) in 2024, Zlatan Ibrahimović as anchor investor and global ambassador (announced May 2026, logged by CB Insights and PitchBook), and ex-UniCredit/Leonardo CEO Alessandro Profumo chairing the advisory board — all verified in public sources.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The sector is consolidating around exactly this technology: Sony bought a majority of direct competitor STATSports in October 2025, and public leader Catapult is valued around $794M — strategic buyers of companies like this demonstrably exist.</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:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The price is above the closest benchmark: €68M pre-money is ~15.8x the filed 2025 turnover versus ~5.6x revenue for public comparator Catapult — and the deck records Zlatan Ibrahimović entering at a €50M valuation roughly one to three months before this campaign priced at €68M, with no bridge explained in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The numbers do not line up across documents: 2025 revenue is €4.32M in the regulatory filing, $5.9M in the deck and “over $6M” on the campaign page; EBITDA is €330K in the filing and “+550K” in the deck; and the filing’s stated 4,227 new shares at €10 multiplies to €42,270, not the €2.3M target.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would hold non-voting Class B shares with no stated right to join future rounds, existing shareholders have committed €0.00 to this round per the filing, and the company’s own plan shows profit turning negative (EBITDA -€3.1M in 2026) while the consumer platform is launched.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <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:627px"> <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: the new Class B shares rank equally with existing shares in a sale or wind-down, with no class taking priority. Full mechanics — dilution, exit and liquidation — 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:none; width:627px"> <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:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ 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> <p> </p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🏢 What the company does</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">K-Sport builds wearable tracking vests and analysis software that measure how athletes move and perform — speed, distance, acceleration, workload — and turn that data into decisions for coaches, medical staff and scouts. Its customers today are overwhelmingly professional football organisations: the company reports 438 active clients and about 95% of its invoiced revenue from football, and press independently names Napoli, Inter, Roma, Fiorentina and the Argentina, Brazil and Italy national teams among its users. The business earns money through hardware plus recurring analytics contracts, with an average contract value the company reports at $12,500. It operates from Pesaro, Italy, with a 67%-owned subsidiary in Australia (SPT, acquired March 2025) serving Australia and the US, and a Swiss subsidiary for the K-Fans consumer product. Per the regulatory filing, turnover grew from €2.65M (2023) to €4.32M (2025) with positive EBITDA throughout; the deck reports $5.9M for the wider group. This raise — €2.3M to €5M, presented as part of a $15M round with venture funds — is earmarked 40% for launching K-Fans, a platform that brings the same professional-grade tracking to amateur and semi-professional players, 40% for acquisitions, and 20% for international expansion.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📈 The returns picture</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <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:187px"> <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:440px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">~3.5–4.5x over roughly 4–5 years — mixed basis. The company’s own plan (per the deck) targets a company value of €250–300M by December 2030, which against the disclosed €68M asking price works out to about 3.7–4.4x. That happens to sit inside the standard expectation for growth-stage companies of this kind (3–5x over 3–5 years), so the plan’s ambition and the stage-standard hurdle point at the same range.</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:187px"> <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:440px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Per the deck: grow the professional business steadily; launch and scale K-Fans so that the amateur/consumer segment grows from 5% to 45% of revenue by 2030; expand into basketball, tennis and other sports; and buy companies in uncovered regions. The plan targets $85.5M revenue and $32.8M EBITDA in 2030 — and openly shows losses in 2026–2027 (EBITDA -$3.1M, then -$0.5M) while K-Fans is built.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company provided no table of comparable company sales (“exits”) in the pack we reviewed. What the public record shows: Sony bought a majority of direct competitor STATSports in October 2025 at an undisclosed price, and the sector’s public leader Catapult is valued around $794M — larger than K-Sport’s own €250–300M target, so companies of the targeted size demonstrably exist in this sector. No completed sale in this sector with a disclosed price was found to compare against.</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:187px"> <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:440px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">For a €250–300M value at the revenue multiple the public comparator trades at (~5.6x), the company would need roughly €45–55M of annual revenue at exit — about 10–12 times today’s size. The company’s own plan targets more ($85.5M by 2030), implying a more conservative ~3.5–4.7x revenue multiple on its own numbers. Either way, revenue must multiply roughly tenfold from the 2025 level, and the K-Fans consumer bet — 45% of planned 2030 revenue — has to work.</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:187px"> <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:440px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Illustratively 3.5x–4.5x before fees. Method: the company’s 2030 value target (€250–300M, per the deck) divided by the disclosed €68M pre-money entry price, cross-checked against the growth-stage standard of 3–5x; sources: company deck; Catapult Sports market data (PitchBook, Jul 2026); Sony–STATSports acquisition (Sony press release, Oct 2025). Because the entry price is above the closest benchmark we found, every return outcome is compressed: the same company sale pays less per share the more you pay going in. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section. And the platform’s 5% fee on gains applies on the way out.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <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:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Why aim for this target? </span></strong><span style="color:black">Startup investing is high risk at every stage. Growth-stage companies like this one fail less often than brand-new startups, but most still return far less than planned, and some return nothing. A smaller multiple over a shorter period — roughly 3–5x over 3–5 years — is the standard aim at this stage, because the survivors must still make up for the investments that don’t work out. Most early-stage investments return little or nothing; only invest money you can afford to lose.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📊 Score breakdown</span></span></span></p> <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:none; width:627px"> <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:147px"> <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: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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:333px"> <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:147px"> <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:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">74</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:73px"> <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:333px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — Three years of growing, profitable revenue in the regulatory filing (€2.65M → €4.32M, EBITDA positive each year, net cash €690K) and 438 clients (+19%) with rising contract values. Held back by the unreconciled differences between the filing, the deck and the campaign page on 2025 revenue and EBITDA, EBITDA falling from €594K (2023) to €330K (2025) in the filing, and the Australian unit growing only 5%.</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:147px"> <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:73px"> <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:73px"> <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:333px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — Elite adoption is independently confirmed (Napoli, Inter, Roma, Argentina, Brazil per press), the Zirkzee showcase’s transfer figures check out publicly (€8.5M in, €42.5M out), and a US regulatory filing (FCC, Feb 2025) shows the consumer wearable is real hardware. But 95% of invoiced revenue is football — deep fit in one vertical — and fit in the consumer market this raise funds is not yet demonstrated (K-Fans is ~5% of revenue).</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:147px"> <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:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">78</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:73px"> <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:333px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — Founder-led with confirmed heavyweight additions: Profumo (ex-UniCredit, ex-Leonardo CEO) chairs the advisory board, Zlatan Ibrahimović is a confirmed investor-ambassador, and an institutional fund sits on the register. Concerns the evidence shows: the two ownership tables in the pack cannot be reconciled with each other, the CEO spends 15–20 hours a month on outside ventures, and his own vehicle both controls 56.47% of the company and holds a paid consultancy contract with it (disclosed, board-approved).</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:147px"> <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:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">68</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:73px"> <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:333px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — The deck’s $128.5B market figure comes from named reports, but both are 2021-vintage forecasts to 2026, and no bottom-up sizing of K-Sport’s actual reachable segments is in the pack. Working in its favour: live market activity — Whoop’s $10.1B valuation (Mar 2026) and Sony’s entry — independently shows the money flowing into this space now.</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:147px"> <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:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">66</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:73px"> <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:333px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — The professional business model is proven by its own numbers: hardware plus recurring contracts, $12.5K average contract, five years of claimed positive EBITDA. The plan now shifts weight onto an unproven consumer model that the company’s own projections show driving two loss-making years, 40% of proceeds go to unnamed acquisition targets, and the Nike co-branding block is concept-stage with no agreement stated.</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:147px"> <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:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">60</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:73px"> <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:333px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — The deck maps the field credibly, but the confirmed public picture is demanding: Catapult has $141M revenue (roughly 25x K-Sport’s), and Sony just bought STATSports, putting big-tech resources behind a direct rival. In K-Sport’s favour: the same consolidation confirms strategic buyers want exactly this technology, and K-Sport’s claimed differentiators (one platform across pro-to-consumer) target a gap the giants have not closed.</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:147px"> <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:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">71</span></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:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">100%</span></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:333px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Good — preconditions largely in place, with specific gaps named in the questions section.</span></strong></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">❓ Questions to ask before investing</span></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <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:627px"> <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 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:627px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How many shares (ordinary and Class B) exist today, fully diluted, and how many new Class B shares will be issued at the €2.3M target and at the €5M maximum? (The filing’s stated 4,227 shares at €10 multiplies to €42,270, not €2.3M.)</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:627px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How was the €68M pre-money valuation determined, and what changed between Zlatan Ibrahimović’s entry at a €50M valuation (per the deck) and this campaign?</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:627px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Which venture funds are participating in the $15M round this campaign is part of, how much is committed or closed, and at what valuation and on what instrument?</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:627px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Please reconcile 2025 revenue: €4,317,505 in the regulatory filing vs $5.9M in the deck vs “over $6M” on the campaign page — which entities, which fiscal period, which currency?</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:627px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Please reconcile 2025 EBITDA: €330,349 (filing) vs “+550K” (deck) — currency and scope?</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:627px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What are the patent or application numbers, filing dates, countries and current owner behind the “patented technology” claim?</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:627px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What share of customers renew each year (gross and net revenue retention), and what share of 2025 revenue came from the top 10 customers?</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:627px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">For the K-Fans consumer offer: what is the hardware price, the hardware cost, the subscription price, the profit per user, and the cost of acquiring a customer 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:627px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Of Zlatan Ibrahimović’s €5M over 3 years, how much is cash investment versus services-for-shares, and how much cash has actually been received?</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:627px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the annual value of the consultancy contract between Medsport Srl (the CEO’s vehicle and 56.47% shareholder) and K-Sport, and what services does it cover?</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:627px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Do Class B holders have any right to join future funding rounds to protect their percentage, given the company’s Articles grant that right (“pre-emption”) to ordinary shares?</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:627px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Is an employee share pool in place or planned before the 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:627px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What are the arrangements with the 33% minority owners of the Australian subsidiary SPT — options, buy-out rights — and is 100% of SPT’s revenue counted in the group figures?</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:627px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What reporting will Class B investors receive after investing, and how often?</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 What you own</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would own Class B shares (“quotas”) in K-Sport World Srl, an Italian limited company — held for you by a holding vehicle run by the platform (a “nominee”, Seedrs Nominees Limited), not in your own name. Class B shares carry no vote at shareholder meetings, so decisions — including whether and when to sell the company — are made by the ordinary shareholders; the founders’ and fund’s vehicles control the register today. Your shares receive dividends and sale proceeds in proportion to your holding, on equal footing with all other shares: no share class gets paid back first. If holders of more than 50% decide to sell the company, you can be required to sell too on the same terms (“drag-along”) — and if control changes hands, you have the right to sell alongside them on the same terms (“tag-along”). 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">🔍 Detailed review</span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Traction & growth</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The regulatory filing shows turnover of €2,645,917 (2023), €3,878,145 (2024) and €4,317,505 (2025) with EBITDA of €593,922, €191,844 and €330,349 — profitable in each year, with net cash of €689,865 at the end of 2025. The deck adds group-level detail: invoiced amounts up 26% to $5.5M in the fiscal year to March 2026, 438 active clients (up 70), average contract value up 6% to $12.5K, and contracted future revenue up 53%. The same deck openly projects two loss-making years (2026: EBITDA -$3.1M) while the consumer platform launches.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <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:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ 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:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ 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:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Three consecutive profitable years in the regulatory filing — genuinely uncommon in equity crowdfunding.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Client count, contract value and contracted future revenue all rising per the deck’s KPI table (+19%, +6%, +53%).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Net cash position (€690K) rather than debt at the end of 2025 per the filing.</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:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">2025 revenue appears as three different figures across the three documents (€4.32M / $5.9M / “over $6M”) with no reconciliation in the pack; scope and currency plausibly explain part of it, but the pack does not say.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">EBITDA in the filing fell from €594K (2023) to €330K (2025) even as revenue grew — margins compressed from 22% to 8%.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Australian subsidiary SPT, bought to open the US and Australia, grew only 5% in its first year in the group per the deck.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Product-market fit</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The professional product demonstrably fits its market: press independently names Napoli, Inter, Roma, Fiorentina and the Argentina, Brazil and Italy national teams as users, and the deck’s headline case — striker Joshua Zirkzee, scouted with K-Sport data, bought by Bologna for €8.5M and sold to Manchester United for €42.5M — checks out on the transfer figures in Sky Sports and BBC reporting (K-Sport’s role in the decision is the company’s own account). The consumer product exists as certified hardware (a US FCC filing from February 2025 covers the K-FANS wearable), but its market fit is not yet demonstrated: the company reports the segment at roughly 5% of revenue.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <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:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ 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:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ 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:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Elite adoption independently confirmed across clubs and national teams — the strongest possible reference customers in this market.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Showcase case’s public-record figures verified (€8.5M in, €42.5M out, per Sky Sports/BBC).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Consumer wearable is real, certified hardware (FCC filing, Feb 2025) — not a rendering.</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:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">95% of invoiced revenue is football per the deck’s own KPI table — deep fit in one vertical, little evidence yet in others (the deck’s headline slide says 80%; the two figures are not reconciled).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fit in the consumer market — where 40% of this raise goes — is asserted, not yet evidenced: K-Fans is ~5% of revenue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Customer retention figures are not in the pack we reviewed (asked in the questions section).</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Team capability</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company is founder-led — Alberto Guidotti (President & CEO, 51% per the campaign page) and founder Mirko Marcolini — with additions verified in public sources: Alessandro Profumo, former CEO of UniCredit and Leonardo, chairs the advisory board; Zlatan Ibrahimović joined as anchor investor and global ambassador in May 2026; and the Rialto venture fund (AVM) has sat on the register since its €5M investment in 2024. The campaign discloses that Guidotti’s own vehicle, Medsport, holds a board-approved consultancy contract with the company, and that he spends 15–20 hours a month on outside ventures.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <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:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ 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:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ 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:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Profumo’s advisory chairmanship and Ibrahimović’s investment both independently confirmed (MilanoFinanza, CB Insights, PitchBook).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">An institutional venture fund on the register since 2024 — the company has passed professional due diligence before.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Both founders full-time per the campaign page; open disclosure of the related-party consultancy.</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:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The two ownership tables in the pack cannot be reconciled: the campaign shows individuals (Guidotti 51%, Marcolini 17%, Ibrahimović 10%, Profumo 20%) while the filing’s entity list (Medsport 56.47%, Km 20%, AVM 23.53%) already sums to 100%, leaving no visible room for Ibrahimović’s stake.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The CEO’s controlling vehicle (56.47%) also invoices the company as a consultant — disclosed and board-approved, but the contract’s value is not in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">CEO time is shared: 15–20 hours a month on outside businesses per the campaign’s own disclosure.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Market size</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck sizes the market at $128.5B for 2026 — $40.2B professional plus $88.3B amateur/prosumer — citing named reports (Marketsandmarkets, April 2021; Grand View Research, October 2021). Both are forecasts made in 2021 for 2026, and no bottom-up sizing of the segments K-Sport can actually reach is in the pack. Independent of those reports, live market activity confirms scale and momentum: Whoop raised at a $10.1B valuation in March 2026 and Sony bought into the space in October 2025.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <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:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ 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:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ 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:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market figures rest on named, dated third-party reports — not invented numbers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Current market activity (Whoop at $10.1B, Sony’s acquisition) independently confirms capital flowing into the space now.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company already sells into both halves of the claimed market (pro today, consumer beginning).</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:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Both cited reports are 2021-vintage forecasts to 2026 — five years old at the point of use.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No sizing of K-Sport’s realistically reachable market (its sports, geographies and price points) is in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The consumer figure ($88.3B) covers fitness trackers broadly — a market where K-Sport competes with consumer giants, not its professional niche.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Business model</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Today’s model is proven by its own results: hardware plus recurring analytics contracts sold to professional organisations at a $12.5K average contract value, EBITDA-positive per the filing. The plan shifts the centre of gravity: by 2030 the company projects 45% of revenue from the K-Fans consumer/semi-pro segment, funded partly by this raise (40% of proceeds), with a further 40% of proceeds for acquisitions whose targets are not named, and 20% for international expansion. The company’s own plan prices this transition at two loss-making years.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <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:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ 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:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ 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:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The core B2B model is demonstrated, not hypothetical — five claimed consecutive years of positive EBITDA, three confirmed in the filing.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Use of proceeds is stated with a clear split (40/40/20) in the regulatory filing.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The consumer push is staged on top of a profitable base rather than replacing it — the PRO segment remains 30% of planned 2030 revenue.</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:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The model this raise funds (consumer subscriptions) is different from the model the results prove (B2B contracts) — and the company’s own projections show EBITDA of -$3.1M in 2026 and -$0.5M in 2027 during the shift.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">40% of proceeds go to acquisitions with no targets, criteria or valuations named in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Nike co-branding slides are marked “on going” with no agreement stated, and no Nike partnership was found in public sources.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Competition</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The competitive field is real and well-funded. Catapult, the public leader, reports $141M trailing revenue — roughly 25 times K-Sport’s filed turnover — and is valued around $794M; Sony acquired a majority of STATSports, a direct rival, in October 2025; Whoop dominates the adjacent consumer wearable space at a $10.1B valuation. The deck positions K-Sport just below Catapult on features and claims three differentiators: AI-driven insight on raw data, one platform spanning pro to consumer, and integrated health, tactical and biometric data.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <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:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ 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:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ 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:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company competes at the top table today — its confirmed client list overlaps with what the giants sell to.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector consolidation (Sony–STATSports) confirms that strategic acquirers actively buy companies with exactly this technology — relevant to how investors eventually get paid.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The claimed pro-to-consumer span targets a real structural gap: Catapult is team-focused, Whoop is consumer-only.</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:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Resource asymmetry is now confirmed public fact: one direct rival is 25x larger and listed; another is backed by Sony.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck’s figures for StatSports ($22M revenue, $260M value) could not be found in any public source.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">K-Sport’s claimed differentiators are the company’s own positioning — no independent comparison of the platforms is in the pack or was found publicly.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">💶 Valuation detail</span></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <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:213px"> <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:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€68M (campaign page; the platform states the valuation is set by the business and not reviewed by the platform).</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:213px"> <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:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">~€70.3M at the €2.3M target; ~€73M if the €5M maximum is raised (derived).</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:213px"> <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:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity — Class B quotas (shares of an Italian limited company) with no voting rights, €1 nominal value, €10 subscription price, held via nominee.</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:213px"> <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:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">3.27% stated for the target amount (campaign page). The total existing share count is not in the pack we reviewed, so the percentage cannot be independently recomputed — and the filing’s “4,227 new Class B” at €10 multiplies to €42,270, not €2.3M (see questions).</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:213px"> <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:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not in the pack we reviewed.</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:213px"> <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:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Catapult Sports (public): $141M trailing revenue, ~$794M market value — about 5.6x revenue (PitchBook, Jul 2026). Whoop (consumer wearables): $10.1B valuation, cited in the deck at 48x revenue (round confirmed by Bloomberg/TechCrunch, Mar 2026). Sony–STATSports: majority acquisition Oct 2025, price undisclosed (Sony press release). K-Sport’s own funding history: €5M institutional round 2024 (startupbusiness.it); Zlatan Ibrahimović entry at €50M valuation per the deck, May 2026.</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:213px"> <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="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 / 5 — above the benchmarks we found. </span></strong><span style="color:black">At €68M pre-money the price is ~15.8x the filed 2025 turnover and ~11–13x the deck’s group revenue, versus ~5.6x for public comparator Catapult — the closest like-for-like benchmark. The deck’s 48x Whoop benchmark belongs to a consumer-subscription business; K-Sport’s revenue today is 95% professional B2B. The price also stands €18M above the €50M valuation at which the deck records its own anchor investor entering one to three months earlier. “Above the benchmarks” describes the evidence found, not a belief about the company’s worth: a growth premium for the K-Fans plan may justify the gap — the pack does not show the calculation.</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:213px"> <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:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Management and existing shareholders have committed €0.00 to this round (0.0% of target) per the filing. Platform fees: 2.5% on the way in (min €5, max €250) and 5% of any gains on the way out.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🚩 Red flags & integrity checks</span></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <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:580px"> <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: total and fully diluted share count; the per-holder ownership table (a file is linked in the filing but was not in the pack); the valuation methodology; the identity and status of the venture funds in the $15M round; customer retention and concentration; K-Fans unit economics; employee share pool, founder vesting, lock-up; the value of the Medsport consultancy contract; arrangements with SPT’s 33% minority; the cash-versus-services split of the Ibrahimović investment. Each appears as a question above.</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:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies — </strong>2025 revenue: €4,317,505 (filing) vs $5.9M (deck) vs “exceeded $6M” (campaign). 2025 EBITDA: €330,349 (filing) vs “+550K” (deck). Share count: 4,227 new Class B × €10 = €42,270 vs the €2,300,000 target. Football share: 80% (deck headline) vs 95% (deck KPI table). Founding: “founded in 2008” (deck) vs the offer entity incorporated 7 Oct 2021 (filing/registry) — brand versus legal entity, not explained in the pack. Valuation steps: €50M (Ibrahimović entry, deck) → €60M (deck, Apr 2026) → €68M (campaign, Jul 2026) with no bridge. Clubs: 1,500+ (deck/campaign) vs 1,800+ (company-sourced press, same month). Marcolini titled “Founder & CTO” (campaign) vs “Founder & GM” (deck).</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:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies — </strong>No claim was contradicted by a named public record. Recorded unresolved: founding year 2008 (deck and May 2026 press) vs 2010 (the company’s own April 2025 press release); “over 10,000 athletes in K-Sport’s database” (startupbusiness.it, Apr 2025) vs 150,000 users (deck/campaign, May–Jul 2026) — a 15x difference in ~13 months, possibly different definitions; a registry data aggregator lists 2024 turnover of €775,085 vs €3,878,145 in the filing — aggregator reliability is uncertain and the filing links audited statements, so the filing is treated as authoritative.</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:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information — </strong>None found in public registries or news searches — no litigation, insolvency, regulatory action or adverse press located.</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:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises — </strong>€5M institutional round from the Rialto fund closed 2024 (confirmed, startupbusiness.it); part of the SPT acquisition paid with a 1% share exchange valuing the company around $50M (deck, Mar 2025); Ibrahimović €5M mixed cash/services for 10% at €50M (deck; the investment is publicly confirmed, the terms are the company’s own account). Milestone check: the deck reports 2025 revenue of $5.9M against a $5.4M budget — a beat, on the company’s own account; entity-versus-group scope prevents a clean check against the filing. No prior crowdfunding campaigns (filing: “N/A”).</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:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness — </strong>€68M pre-money ≈ 15.8x filed 2025 turnover / ~11–13x group revenue, versus ~5.6x for public comparator Catapult (PitchBook, Jul 2026) and 48x for consumer-subscription Whoop (deck; round confirmed by Bloomberg). The company’s stated valuation path — €20M (Feb 2024) → €45M (Mar 2025) → €50M → €60M → €68M — is recorded as fact; the pack contains no calculation supporting any step.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 Instrument & investor terms — full mechanics</span></span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">What you own — in full</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Class B quotas of K-Sport World Srl: ordinary-ranking equity with no vote at shareholder meetings (voting sits entirely with ordinary quota holders). Legal title is held for you by Seedrs Nominees Limited, the platform’s holding vehicle, which administers your rights. Dividends and any sale proceeds flow to all shareholders in proportion to their holdings. Decisions about selling the company are made by the voting shareholders — today, vehicles connected to the CEO (Medsport, 56.47%), the founder (Km, 20%) and the Rialto fund (AVM, 23.53%) per the filing’s ownership list.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Dilution — how your share can shrink</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company is raising beyond this campaign: the filing states this round is part of a larger $15M round with venture funds, and the deck plans a $10–15M raise in 2026. Every new share issued reduces your percentage. Illustrative example with standard mechanics: if you buy 0.10% in this round and the company later issues 20% more shares to new investors, your stake becomes ~0.083% — same shares, smaller slice. Two asymmetries in the disclosed terms matter here. First, the Articles give the right to join future rounds and keep your percentage (“pre-emption”) to ordinary quotas; no such right for Class B is stated in the pack we reviewed. Second, one shareholder — the AVM fund — holds protection that tops up its stake if the company ever raises at a valuation below €12.5M (“weighted-average anti-dilution”, quoted from the campaign’s quota-classes section); in that scenario the extra dilution falls on unprotected classes, including Class B. That trigger sits far below the current €68M price, so it matters only in a severe downside.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">If the company is sold or wound down</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 other creditors are paid first; whatever remains goes to shareholders. No share class has priority here — the filing states ordinary and Class B “are in the same position in the liquidation preference order”, so the remainder is split among all shareholders in proportion to their holdings, exactly. If more than 50% of shareholders elect to sell, all shareholders can be required to sell on the same terms (“drag-along”, per the filing) — note that Medsport alone holds 56.47%. If control of the company changes hands, Class B holders have the right to sell alongside on the same terms (“tag-along”). No lock-up period is stated in the pack we reviewed; transfers are restricted by the Articles, and there is no assured way to sell early — the filing itself warns a secondary market may never be available.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Terms not in the pack we reviewed</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">These exist in the shareholder documents and could have been disclosed — a genuine gap, unlike operating figures. Each also appears in the questions section:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The total and fully diluted share count, and the per-holder ownership table (a capital-distribution file is linked in the filing but was not in the pack).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The valuation methodology behind the €68M pre-money.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Employee share pool size, and whether it grows before the next round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Any pre-emption right for Class B holders (contractual or via the nominee).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder share vesting and what happens if a founder leaves.</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, reporting is provided.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The shareholders’ agreement and Articles of Association themselves.</span></span></li> </ul> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <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:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ 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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Seedrs GB
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Alto
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Muy Alto
Risk Return Level
Good
Inversión mínima
GBP 10
Financiado
GBP 3392,59M
