Crowdcube • Lireka
Financiación participativa
Lireka
The first online bookstore offering FREE international delivery, Lireka makes culture accessible by shipping books worldwide. Founded by two former Amazon employees, it offers a broad catalogue of nearly 2 million titles at attractive prices.
Key project data
Target amount
3,0 MEUR
Valuations
9,0 MEUR
Fecha de finalización
2026-07-11
Would AI invest?
64/100
1
100
Resumen generado por IA
AI project overview
Condensed summary based on project data
<h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>The first international bookstore with free worldwide delivery — exporting French- and English-language books to expatriates and Francophones worldwide.</em></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:7.0in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:168px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Sector</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:504px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">International online bookstore (e-commerce / book export), with attached physical bookstore Librairie Arthaud</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:168px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Stage</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:504px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company-labelled “Series A”</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:168px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">HQ</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:504px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Grenoble, France (Lireka SAS; owns 100% of Librairie Arthaud SAS)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:168px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:504px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€3M total equity round (€2.4M new money) at €9M pre-money; €2.55/share; equity via Crowdcube nominee</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">AI Score</span></span></h2> <table cellspacing="0" class="Table" style="background:white; border-collapse:collapse; margin-left:-1px; width:6.5in"> <tbody> <tr> <td style="background-color:#faece7; vertical-align:top; width:229px"> <p style="text-align:center"> </p> </td> <td style="background-color:#faece7; vertical-align:top; width:395px"> <p><span style="font-size:11px"><span style="font-family:Aptos,sans-serif"><strong><span style="color:black">Why this score</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; vertical-align:top; width:229px"> <p style="text-align:center"> </p> </td> <td style="background-color:#faece7; vertical-align:top; width:395px"> <ul> <li><span style="font-size:11px"><span style="font-family:Aptos,sans-serif"><span style="color:black">Real, cross-corroborated traction: ~€14.4M group revenue in 2025, Lireka website revenue up ~+41% to €5.5M, 104,643 cumulative customers, Trustpilot 4.8/5 (6,283 reviews), and stated €8 CAC with ROAS > 5.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; vertical-align:top; width:229px"> <p style="text-align:center"><span style="font-size:12pt"><span style="font-family:Aptos,sans-serif"><strong><span style="font-size:28.0pt"><span style="color:black">53 / 100</span></span></strong></span></span></p> </td> <td style="background-color:#faece7; vertical-align:top; width:395px"> <ul> <li><span style="font-size:11px"><span style="font-family:Aptos,sans-serif"><span style="color:black">Experienced founders — Marc Bordier (11 years at Amazon as Books Category Leader) and Emma Henry (Hachette, Amazon, Samsung) — in a domain they know well.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; vertical-align:top; width:229px"> <p style="text-align:center"><span style="font-size:12pt"><span style="font-family:Aptos,sans-serif"><strong><span style="color:black">Verdict: Caution</span></strong></span></span></p> </td> <td style="background-color:#faece7; vertical-align:top; width:395px"> <ul> <li><span style="font-size:11px"><span style="font-family:Aptos,sans-serif"><span style="color:black">But the operating company is still loss-making at the statutory level (Lireka SAS net result −€0.40M in 2025), carries several million euros of debt, and the investment case depends almost entirely on management forecasts the platform itself says are not guaranteed.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; vertical-align:top; width:229px"> <p style="text-align:center"> </p> </td> <td style="background-color:#faece7; vertical-align:top; width:395px"> <ul> <li><span style="font-size:11px"><span style="font-family:Aptos,sans-serif"><span style="color:black">Several unresolved disclosure gaps: a third co-founder named publicly is absent from the materials, ownership figures do not reconcile cleanly, tax-relief eligibility is stated inconsistently, and a Prud’hommes (employment tribunal) lawsuit is pending since January 2025.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:7.0in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:672px"> <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.</span></span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key goal</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:7.0in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:168px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Company objective</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:504px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Accelerate an already-proven position as a book-export specialist; long-term vision of >€100M revenue over 8–10 years and becoming the European leader in book exports (company-stated, per the deck).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:168px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:504px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Company-provided</strong> — Lireka set its own return target, exit horizon (5–7 years) and exit multiples (EV/Revenue 0.85x, EV/EBITDA 10x), so the platform’s educational ~10x risk note does not apply here.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:168px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Stated exit</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:504px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Trade sale (book distributors, specialised e-commerce, European media) or PE-growth deal; target exit enterprise value ~€30M on projected 2030 revenue ~€35M and EBITDA ~€3M.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Path to target (company methodology)</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company provides its own exit framework rather than relying on a sector heuristic. It values a future exit at roughly €30M enterprise value by applying an EV/Revenue multiple of 0.85x to projected 2030 revenue of about €35M, cross-checked against an EV/EBITDA multiple of 10x on projected 2030 EBITDA of about €3M. Reaching that revenue assumes the company sustains roughly +41% annual website growth from 2026 to 2030 while rolling out English, German, Spanish and Italian catalogues on top of the proven French model. Against a €9M pre-money entry, a ~€30M exit enterprise value implies roughly 3.3x at the company level before any dilution, fees, or the liquidation waterfall are taken into account — broadly consistent with the “3x” marker the deck itself shows.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:7.0in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:168px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Comparable exit cited</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:504px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck illustrates the thesis with Livingbridge’s 2021 acquisition of recommerce platform World of Books (a private-equity backing of a book e-commerce business).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:168px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Milestones to exit</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:504px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">English catalogue scaled (target 10M titles), German launch, direct-injection logistics in new destinations, warehouse doubled to ~2,000 sqm, and EBITDA reaching ~€3M by 2030 (all company-stated forecasts).</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company description</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Lireka is an online bookstore built for exporting books. It offers free worldwide delivery, prices shown in local currency, and customs and duties handled for the customer, positioning itself against Amazon’s higher export prices and separately-billed duties. The company reports a catalogue of close to 2 million titles, primarily in French, with an English catalogue launched in Q2 2026 and German, Spanish and Italian planned through 2027.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The business is paired with Librairie Arthaud, a Grenoble bookstore established in 1801 and acquired by the group in October 2020, which supplies physical stock (around 80,000 SKUs), publisher relationships, and an independent-bookstore brand. Lireka also runs a B2B arm (Lireka Pro) selling to Alliances Françaises, Instituts Français, French schools and libraries; the company reports B2B is about 10% of revenue today with management targeting 20–30%.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The founders are Marc Bordier (President/CEO, ~11 years at Amazon as Books Category Leader) and Emma Henry (CEO/Managing Director, with Hachette, Amazon and Samsung experience). Public sources also name a third co-founder, Robin Mallein (CTO, based in Prague), who does not appear in the current deck or Summary of Key Information.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:7.0in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:168px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Ask</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:504px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€3M total equity, of which €2.4M is new money; the deck notes ~€300k is reserved for the Crowdcube crowd tranche.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:168px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:504px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€9,000,000 (deck) / €8,998,514 (listing). Share price €2.55 (≈£2.20).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:168px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Implied post-money</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:504px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Roughly €11.4M on the €2.4M new-money figure (about €12M if the full €3M is treated as priced equity). The exact figure depends on the final amount raised, which is not yet disclosed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:168px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Methodology</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:504px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not disclosed. The company shows an exit-multiple framework for the future sale, but does not explain how the €9M entry price itself was derived.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:168px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Benchmark</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:504px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The €9M pre-money is below 1x the ~€14.4M consolidated 2025 revenue, and about 1x Lireka SAS standalone 2025 turnover (~€9.0M). The company’s own exit assumption uses a low EV/Revenue multiple of 0.85x, reflecting that book retail typically trades on modest revenue multiples.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Instrument & investor terms</span></span></h2> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would receive ordinary shares — the standard, single class of shares in this company (there are no separate “preferred” shares). You would not hold them directly: legal ownership sits with Crowdcube Nominees Limited, which holds the shares in trust on your behalf (this is called a nominee structure). You are the “beneficial owner,” meaning you get the economic value, but the nominee holds the legal title and typically votes the pooled crowd shares as a single block. Each ordinary share carries one vote, but because the crowd is pooled through the nominee and the founders control a large majority — Marc Bordier alone holds about 58% (founders roughly 69% combined per public sources) — individual crowdfund investors have very little practical influence over company decisions, including any decision to sell the company.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Dilution” means your ownership percentage shrinks when the company issues new shares in a later fundraise. The company has stated it expects to raise more capital (its risk factors say it will need to, with no guarantee of success), and it already secured €0.6M of convertible notes from existing shareholders in 2025. Crowdfund investors here are given pre-emption rights (the right to buy enough shares in a future round to keep your percentage), but most small investors do not follow on, so some dilution over time is the realistic default. There is no price-based anti-dilution protection — if a future round is priced lower than this one, your stake is not shielded.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Worked example (standard cap-table mechanics, not advice): if you invest €1,000 today at the roughly €11.4M post-money valuation, you own approximately 0.0088% of the company (about €1,000 ÷ €11.4M). If the company then raises €4M at a €20M pre-money valuation (a successful, higher-priced Series A), the new money is about 17% of the enlarged company, so your stake is diluted to approximately 0.0073%. If instead the next round is a down-round at €6M pre-money raising €4M, the new money is about 40% of the enlarged company, your stake is diluted to approximately 0.0053%, and the implied value of your €1,000 falls by roughly 30–40% on the lower share price.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">On employee share options: the company has a BSPCE option pool (the French equivalent of employee stock options), and the unallocated portion is already counted in the fully-diluted share count of 3,528,829 used to price this round, so that specific dilution is already reflected. Separately, the 2025 convertible notes are likely to convert into shares at a 20% discount because this round appears to exceed the €6.6M pre-money trigger that activates conversion — adding shares around the same time as your investment. Your pre-emption right is the main tool you have to defend your percentage in future rounds, if you choose to invest more.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Liquidation preference” sets the order in which people are paid if the company is sold or wound down. Even though there is only one share class here, the shareholders’ agreement creates a payout waterfall: first, every shareholder gets back the amount they originally paid for their shares; second, any money left over goes in priority to the “New Investors” (which includes people who invest in this round) until they recover the share premium they paid; and if there is not enough to cover that, it is shared among the New Investors in proportion. Anything remaining after that is split among all shareholders by ownership percentage. In plain terms, this gives this round’s investors a roughly 1x return-of-capital preference — some downside protection, but not a multiple.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Drag-along” lets a majority force everyone else to sell on the same terms. Here, holders of at least 50% of all shares and at least 50% of investor-held shares can compel all other shareholders to sell to a 100% buyer — but only if the price clears a floor equal to the New Investors’ entry price plus a compounding 10% per year. “Tag-along” is the mirror right that protects you: if a large shareholder sells enough to hand a buyer 50%+ control, you can join the sale on the same terms; a proportional tag-along also applies to smaller sales. So you can be dragged into a sale you didn’t choose, but not below a rising price floor, and you can tag along when others sell.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidity: there are no dividends expected, no committed secondary market (you may transfer your beneficial interest only to another Crowdcube member, with legal title staying with the nominee), and transfer restrictions apply. You should treat this investment as illiquid for the long term — realistically 5–7 years until a company-level exit, per the deck — and capital loss is possible.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Shares are held through a nominee and the founders hold a large majority, so crowdfund investors have almost no practical voting influence — including over whether and when the company is sold.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No price-based anti-dilution protection: in a down-round, the crowd’s percentage and the implied value of the investment fall with no cushion.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The liquidation waterfall returns each shareholder’s original subscription first and then the New Investors’ premium — in a low-value sale, after creditors (the group carries several million euros of debt) there may be little left to distribute pro-rata.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along at the 50%/50% threshold means founders and aligned investors can force a sale without the crowd’s consent (though only above an entry-price + 10%/year floor).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">2025 convertible notes held by existing shareholders likely convert at a 20% discount around this round, and the company expects to raise again — both add shares ahead of or alongside the crowd.</span></span></li> </ul> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The following were not disclosed in the materials reviewed. Where a term is not disclosed, you cannot assess it before investing:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The full pre-round cap table — only Marc Bordier’s >25% stake is itemised; prior angel investors, the exact option-pool percentage, and free float are not broken out.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A fixed investor lock-up end-date / holding period (transfer restrictions exist, but no explicit end date is stated).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The methodology behind the €9M entry valuation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The final amount raised, and therefore the exact post-money valuation and final dilution (the raise is live).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Articles of Association in full (referenced as attached to the cooling-off email, not provided), and the quantified size of the pending employment lawsuit.</span></span></li> </ul> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Score breakdown</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:7.0in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:213px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & founder track record</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">78</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate-strong</span></strong><span style="color:black"> — Deep Amazon/publishing experience in the exact domain; offset by an undisclosed third co-founder and thin public detail on the wider team.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & unit economics</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">72</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">30%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <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"> — Real revenue, ~+41% website growth, 100k+ customers and ROAS > 5; but profitability is only a thin EBITDA and the case leans on forecasts.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market size & growth</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">60</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <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"> — Large stated export markets by language, but the figures are company-cited and not independently re-verified in the dossier.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competition & moat</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">55</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <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"> — Negotiated logistics, geolocalised pricing and SEO are plausible advantages, but Amazon is the direct competitor and the core platform was built by an external agency.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Business model & scalability</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">65</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <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 genuinely repeatable multi-language playbook on a shared foundation; unproven beyond French, with English only launched in 2026.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financial health & balance sheet</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">48</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <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"> — Lireka SAS posted net losses every year through 2025 (−€0.40M), carries several million euros of debt, and explicitly needs to raise more capital.</span></span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed review</span></span></h2> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & founder track record (78 / 100)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:7.0in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Marc Bordier spent ~11 years at Amazon as Books Category Leader in Paris and London — directly relevant category and operations experience.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Emma Henry brings Hachette (publishing), Amazon, and Samsung experience plus a prior US start-up (Matelab).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The team has run the business to ~€14M revenue and positive group EBITDA, evidencing execution.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A third co-founder named in public sources (Robin Mallein, CTO) is absent from the deck and SKI, with no explanation — an open question on team composition.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ownership figures don’t reconcile across sources (SKI 57.93% for Bordier; deck 61% + 8%; web 69% combined).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Limited independent validation of the wider 14-person team’s depth beyond the two named founders.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & unit economics (72 / 100)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:7.0in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Consolidated revenue grew to ~€14.4M in 2025; Lireka website revenue rose ~+41% to €5.5M.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">104,643 cumulative customers (company-stated +124% CAGR 2021–2025); Trustpilot 4.8/5 across 6,283 reviews.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company-stated acquisition economics of €8 CAC with ROAS > 5 suggest efficient paid marketing, if accurate.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Profitability is only a thin EBITDA (+€11k Lireka-only per deck; ~€44k group per press), not net profit.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Customer and NPS metrics (NPS 82) are company-reported and not independently audited in the dossier.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Forward case relies on sustaining +41% growth while EBITDA is forecast to dip negative again in 2027.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market size & growth (60 / 100)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:7.0in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company cites sizeable export markets by language (English €5.4Bn; French, German €0.7Bn each), supporting a multi-language expansion thesis.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A clear, large addressable population framing: ~300M French speakers and ~2–2.5M expatriates.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Multiple external data sources are named as the basis for the sizing.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The market-size figures are company-cited and were not independently re-verified in the dossier.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The French export segment the company has actually proven is the smallest of the cited markets (~€0.7Bn).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Limited independent validation of growth rates in the target export niches.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competition & moat (55 / 100)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:7.0in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Differentiated positioning as an export specialist (free delivery, duties included, localised pricing) versus Amazon’s higher export prices and separately-billed duties.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Stated advantages: negotiated carrier rates, geolocalised pricing, SEO presence, and Arthaud’s publisher relationships and physical stock.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Amazon is the direct competitor with vastly greater scale and resources.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The core platform was built by an external agency (COex) over ~2 years, which tempers the “proprietary technology / full IP” framing.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Aggregators list ~18 competitors; the durability of the logistics/pricing edge is not independently validated.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Business model & scalability (65 / 100)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:7.0in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A genuinely repeatable model: a shared logistics, technology, catalogue and acquisition foundation applied language-by-language.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">An additional B2B channel (Lireka Pro) with a credible institutional customer base (Alliances Françaises, schools, libraries).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Asset-light relative to inventory-heavy retail, with the physical bookstore providing stock and brand.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The multi-language thesis is unproven — English only launched in Q2 2026 and German/Spanish/Italian are still planned.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Free worldwide delivery depends on continued favourable carrier economics and high basket sizes.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Scaling requires a warehouse doubling and further capital, adding execution and financing risk.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financial health & balance sheet (48 / 100)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:7.0in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Group EBITDA turned slightly positive in 2025, and Librairie Arthaud is near breakeven with modest growth.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Losses at the operating company have narrowed each year (from −€1.17M in 2022 to −€0.40M in 2025).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Lireka SAS still posted a net loss every year through 2025 (−€0.40M), so the company is not yet net-profitable.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The group carries several million euros of bank debt (BPI, Banque Populaire, BNP, CIC) with maturities to 2032.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The SKI states the company will need to raise further capital with no guarantee of success — financing risk is explicit.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Red flags and integrity checks</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:7.0in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:472px"> <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> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pending litigation</span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:472px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Present</strong> — A Prud’hommes (employment tribunal) lawsuit has been pending since January 2025. The amount at stake is not quantified in the materials.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team / founder consistency</span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:472px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Discrepancy</strong> — A third co-founder named across public sources (Robin Mallein, CTO) does not appear in the deck or SKI, and the reason is not explained.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ownership reconciliation</span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:472px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Discrepancy</strong> — Founder ownership is stated differently across sources (SKI 57.93% for Bordier; deck 61% + 8%; web 69% combined). Likely different bases, but not reconciled in the materials.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation methodology</span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:472px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — The independent basis for the €9M entry valuation is not provided; only the future exit-multiple framework is shown.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Profitability framing</span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:472px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Caution</strong> — The “profitable economics” headline rests on a small EBITDA; the operating company (Lireka SAS) still reported a net loss of −€0.40M in 2025.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Tax-relief consistency</span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:472px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Discrepancy</strong> — The UK Summary of Key Information states “EIS: No,” while the French listing advertises “IR-PME 18%.” Eligibility differs by investor and is not reconciled.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Data quality notes</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financials and traction are cross-corroborated between the pitch deck, the Crowdcube Summary of Key Information, and public press, and are internally consistent — so confidence in the facts as stated is relatively high. The investor terms are well-documented in the Summary of Key Information. The main gaps are the full cap table, the status of the third co-founder, the entry-valuation methodology, the quantified size of the pending lawsuit, and the final amount raised (the round is live). Market-size and some customer/NPS figures are company-reported and were not independently re-verified, so the Market and Competition categories were scored more cautiously.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:7.0in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:672px"> <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
Crowdcube GB
Risk Level
Alto
Return Level
Alto
Risk Return Level
Good
Inversión mínima
GBP 10
Financiado
GBP 1357,04M
