SeedBlink • Untold
Financiación participativa
Untold
UNTOLD is building an international entertainment group with its flagship festival at the core.
Key project data
Target amount
1,5 MEUR
Valuations
5,0 MEUR
Rendimiento potencial
3-5x
Año previsto de salida
2031
Would AI invest?
50/100
1
100
Resumen generado por IA
AI project overview
Condensed summary based on project data
<h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Untold Universe S.A. (UNTOLD) — Crowdfunding Investor Memo</strong></span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>The company behind the UNTOLD music festival in Cluj-Napoca, Romania — a four-day event that sells tickets, sponsorship, food and drink and travel packages to several hundred thousand festival-goers each August — and which is trying to build a group of festivals in other cities and countries.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: </strong>Live entertainment — music festivals<strong> · Stage: </strong>Listed as "Seed"; operating profile is growth-stage (ten editions, €28.7m flagship revenue)<strong> · HQ: </strong>Cluj-Napoca, Romania<strong> · Raise: </strong>€300k minimum · €450k target · €1.5m maximum (convertible loan via SeedBlink, closes 10 Sept 2026)</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Snapshot</strong></span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1 · Is the price fair? 💶</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:1px solid black; vertical-align:top; width:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 / 5</span></strong><span style="color:black"> — Stretched but arguable. The loan converts at a company value of up to €50m. On the festival's own 2025 profit before group costs (€5.6m), that is about 8.9 times profit — below the roughly 15–20 times at which the listed leader Live Nation trades (multiples.vc / GuruFocus, 2026) and close to the 10.8 times paid for the European festival group Superstruct (KKR, 2024) and the 10.1 times of CTS Eventim (2026). Measured after the group's own overhead (€3.6m) it is about 13.9 times, above the two private and European benchmarks; and the €50m figure is for the whole group while the profit figure covers one festival and ignores the holding company's own debts.</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:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 · Can they reach an exit stage? ⭐</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:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 50 / 100 — Capped — deal terms</span></strong><span style="color:black">. On the operating evidence alone the company reads in the Average band (66): the strongest evidenced precondition is a ten-year, publicly verifiable festival ranked third in the world with attendance that has grown from 240,000 to over 470,000. The score printed is 50 because the loan terms let the founders buy the loan back at any time for your money plus 15% a year — capping what you can make no matter how well the business does. The biggest gap in the evidence is the group as a whole: the pack shows one festival's profit and the holding company's ledger, not the group's combined results, cash or debt.</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:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 · If they do, what could it pay? 🎯</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:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target 3–5x over 3–5 years</span></strong><span style="color:black"> (standard expectation for a growth-stage company; the company states no return target of its own). Contractually, the loan pays 10% a year simple interest until it converts. If an exit were reached, illustratively <strong>1.5x–2.8x</strong> before fees and future dilution — from the company's FY27 planned flagship profit of €7.0m valued at the 10.8x (Superstruct/KKR 2024) to ~20x (Live Nation 2026) sector multiples, set against the €50m conversion value. If the founders exercise their buy-back option, the outcome is fixed at your money plus 15% a year (about 1.45x after three years). Most early-stage investments return little or nothing. <em>These figures do not include dilution from future fundraising rounds, which would reduce an early investor's share and actual returns — see the dilution section for how this works.</em></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:620px"> <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"><span style="color:black">85–100 · Excellent</span></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:447px"> <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"><span style="color:black">70–84 · Good</span></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:447px"> <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"><span style="color:black">50–69 · Average</span></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:447px"> <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"><span style="color:black">30–49 · Weak</span></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:447px"> <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"><span style="color:black">1–29 · Critical</span></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:447px"> <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> <tr> <td style="background-color:#efefef; 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"><span style="color:black">Capped — deal terms</span></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:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Printed instead of the band label when the investment terms themselves cap what an investor can earn, whatever the company achieves</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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:620px"> <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 against public sources the company's registration and ownership (Romanian trade register), the DJ Mag world ranking, attendance at the Cluj, Dubai and Bucharest editions, the Dubai partnership, the 2023 Mozaik Investments investment, the founders' history and the status of the paused Neversea and cancelled Kapital 2026 events — 18 claims checked, none contradicted. The festival's revenue and profit figures, the group's overall cash and debt position, and who receives what on a sale rest on the company's own materials — see the questions section. <strong>Your money is locked in. </strong>Crowdfunding investments 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; here the loan itself runs 36 months and cannot be repaid on request.</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 preconditions in place to reach a stage where a sale or similar event can happen — it audits readiness on the disclosed evidence; it is not a probability of success, and even companies with every precondition in place fail more often than they succeed, which is why crowdfunding only works as a small part of a diversified portfolio. The potential returns range is an illustration of what a successful exit could pay, built from named sector benchmarks — not a forecast. Where something was not in the pack we reviewed, it did not lower any score; it appears in the questions list instead, so you can ask the company directly before investing. The listing was reviewed by SeedBlink, a licensed crowdfunding platform, before going live; where a fact could exist outside the pack (interviews, webinars, the company's data room), we say so rather than assume the worst. Nothing in this memo is a recommendation.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>At a glance</strong></span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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:310px"> <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:310px"> <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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A real, ten-year-old asset: UNTOLD has run every year since 2015, is ranked #3 festival in the world by DJ Mag's public vote for 2024, 2025 and 2026, and drew over 470,000 people in 2025 and over 500,000 in 2026 — all verified in independent press.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The flagship festival is reported profitable and growing: per the company's business plan, revenue rose from €20.7m (2023) to €28.7m (2025), up 28% in the last year, with €5.6m of profit before group overheads.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two independent festival editions exist beyond Cluj — UNTOLD Dubai (185,000 and 190,000 attendees in 2024 and 2025, ranked in the DJ Mag top 100) and Kapital in Bucharest (152,000 at its 2025 debut) — and the loan pays 10% a year simple interest while you wait.</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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The founders can end your upside: the deck's "Call option" row lets them buy back the loan at any time for your capital plus 15% a year, so the biggest gains from a successful sale may never reach you (see the deal-terms flag below).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The entity you lend to is a holding company with no sales of its own, losses in each of the last three years (RON 2.1m, 1.4m, 2.3m), RON 63m of loans from third parties on its books and €6.4m-equivalent of interest cost in 2025 — and the deck itself says the proceeds are "largely used to cover existing obligations, not growth".</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two of the group's four festival brands did not run in 2025–26: Neversea has had no edition since 2024, and Kapital's 2026 edition was cancelled on 27 May 2026 after tickets had been sold (Romania Insider). Dubai's 2026 status is described three different ways across the pack.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <tbody> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:620px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Deal terms — read before anything else. </span></strong><span style="color:black">This is a loan that is meant to turn into shares later. But the deck's "The round" slide states: "Call option: Founders may buy out at capital invested + 15% p.a. (this 15% replaces the 10% coupon, not additive)", and the company's written investor Q&A (answer 12) adds that this option "only we (the Founders) can exercise, at any time before maturity". In plain terms: if the company does well and the founders prefer not to hand over shares, they can pay you back your money plus 15% a year — about 1.45x after three years — and that is the end of your investment. You cannot refuse, and you cannot ask for your money back yourself. On the disclosed terms this means the 3–5x return that a growth-stage investment is normally aimed at is reachable only if the founders choose not to use this option. Nothing else in the disclosed terms takes away your downside protection (the 10% interest and the €20m minimum conversion value still apply), but the upside is in the founders' hands. Verify the exact wording and any time-limits in the Convertible Loan Agreement on the SeedBlink platform before investing — the agreement itself was not in the pack we reviewed.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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:620px"> <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> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>🏢 What the company does</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Untold Universe S.A. is the Romanian holding company that owns the UNTOLD, Neversea, Massif and (per its ledger) Wunderpark trademarks and the operating companies that stage the events. Its flagship is the UNTOLD festival in Cluj-Napoca: four days of electronic and pop music every August, built around the Cluj Arena stadium and the city's central park. Customers are festival-goers — from Romania and, increasingly, abroad — who buy day tickets and passes; the company reports five revenue streams: ticketing, sponsorship and partnerships (brands such as Banca Transilvania, Ursus and McDonald's per the deck), food and drink now run in-house, travel and accommodation packages, and other add-ons. The company reports that the Cluj festival earned €28.7m in 2025 and €5.6m of profit before the group's central staff costs, while the holding company itself has no revenue and lives on interest charged to its subsidiaries.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Since 2015 the group has added a beach festival in Constanța (Neversea, paused since 2024), a winter event (Massif), a Dubai edition run with local partners (2024 and 2025 editions held), and Kapital in Bucharest (first edition 2025; the 2026 edition was cancelled and rescheduled to 2027). The company says a Colombian festival is confirmed for 2027 under a licence, and that it is in talks in nine other countries. This raise is a convertible loan of €300k–€1.5m into the holding company; the company says roughly half will support the current and next Cluj editions' working capital and half will prepare the next Bucharest edition, with the allocation "indicative". The company is also planning, but not guaranteeing, to move the group's parent to a Dutch company (Untold BV).</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>📈 The returns picture</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Basis: mixed. The loan's cash terms are contractual (10% a year simple interest; founder buy-back at 15% a year). For the share-based upside the company states no target, so we use the standard expectation for a growth-stage company: 3–5x over 3–5 years. The platform labels the round "Seed", which would normally mean a 10x aim over 5–7 years; the dossier uses the growth row instead because this is a ten-edition business with €28.7m of flagship revenue, not a start-up testing its product — the bet is on scaling and balance-sheet repair, and the loan itself runs three years.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The target</span></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:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">3–5x over 3–5 years — the standard expectation for a growth-stage company, applied because the company gives no return target of its own. Alongside it, the contractual elements: 10% a year simple interest (about 1.3x after three years if the loan simply runs to maturity and converts), or the founders' buy-back at 15% a year (about 1.45x after three years).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How the company plans to get there</span></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:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The pack contains no comparable exits — the dossier records that none were provided. The company's stated path (deck; investor Q&A answer 9): grow the Cluj festival from €28.7m to €33.0m revenue and from €5.6m to €7.0m profit before group costs by 2027 through higher ticket prices, in-house food and drink and renegotiated sponsor deals; relaunch Kapital in Bucharest in 2027; run 4–5 editions in 2027 and 10–12 by 2030 across owned, joint-venture and licensed festivals, starting with Colombia in 2027; and sign first licensing and joint-venture deals in 2027. Your loan converts into shares automatically when the company raises €3.5m or more from other investors, when the company is sold, or at the 36-month maturity. A sale or a stock-market listing is the return event; the company mentions the Dutch re-domiciliation as preparation "for future international rounds and a potential later listing".</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What has to be true</span></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:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">For 3x on a €50m conversion value the whole group would need to be worth about €150m; for 5x, about €250m. At the 10.8 times profit paid for Superstruct in 2024, and after deducting the holding company's own third-party loans (about RON 63m, roughly €12–13m), that means group-wide profit of roughly €15–17m for 3x and €24–26m for 5x — against €5.6m before group costs (€3.6m after) at the Cluj festival in 2025 and €7.0m / €5.0m planned for 2027. The other editions, the Colombian licence and the founders' 20-festival ambition sit outside the company's own five-year P&L. The founders must also not exercise the buy-back option.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">If reached — potential returns</span></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:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Illustrative 1.5x–2.8x before fees and future dilution.</strong> Method: the company's FY27 planned flagship profit before group costs (€7.0m) valued at the sector multiples in the dossier — 10.8x (Superstruct/KKR, June 2024, FT via Music Ally and IQ Magazine), 10.1x (CTS Eventim, Jan 2026, multiples.vc) and 15–20x (Live Nation, Nov 2025–Feb 2026, multiples.vc / GuruFocus) — gives an enterprise value of roughly €76m–€140m, set against the €50m conversion value. This ignores the holding company's debt and the profit or loss of every other edition, both of which would move the figure. The 3–5x target would need a group value of €150–250m — within the range of recorded exits in this sector (Superstruct sold for about €1.3bn) but requiring two to four times the profit in the company's own 2027 plan. If the founders exercise the buy-back, the outcome is fixed at about 1.45x after three years; if the loan simply runs to maturity and converts, the 10% interest adds about 0.3x on top of whatever the shares are then worth. <em>These figures do not include dilution from future fundraising rounds, which would reduce an early investor's share and actual returns — see the dilution section for how this works.</em></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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:620px"> <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">Investing in private companies is high risk. Even established businesses can lose value, fail to find a buyer, or take much longer than planned to reach a sale. Because some investments return nothing, each one is typically aimed at a multiple that would pay for the losers — for a growth-stage company, roughly 3–5x over 3–5 years. Reaching that hurdle remains a minority outcome, and here the loan terms give the founders the right to settle early at a fixed 15% a year instead.</span></span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>📊 Score breakdown</strong></span></span></span></h2> <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%. Weights use the growth-stage profile (more weight on traction, less on team) with a 10% regulatory & compliance category added because the business depends on public-venue permits and is subject to event levies, taken proportionally from the others. The category scores combine to 66; the printed AI Score is 50 because of the deal-terms flag above.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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:133px"> <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:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:367px"> <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:133px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team capability</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:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">68</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">14%</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:367px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — Three founders with a decade of delivering a 470,000-person event are confirmed in independent press, and the same administrator has run the holding since 2018. But the public record shows the founder-CEO withdrew from all executive roles in February 2024 with two co-founders named interim co-CEOs (Digi24, 2 Feb 2024), while 2026 materials again style him CEO with no reinstatement notice found; the management team below founder level is not in the pack we reviewed.</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:133px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product-market fit</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:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">84</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</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:367px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — Demand is demonstrated by independent evidence: #3 in the DJ Mag public vote three years running, attendance up from 240,000 (2015) to over 470,000 (2025) and over 500,000 (2026), 25% growth in international visitors in 2025, and two spin-off editions that each drew 150,000–190,000 people. Newer products (UNTOLD Kids, Prime membership, Creators) are at headline stage, and the Neversea brand could not secure a site for two years.</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:133px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & growth</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:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">62</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">27%</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:367px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — The company reports the Cluj festival grew revenue 28% to €28.7m in 2025 with a 19.5% profit margin before group costs, after a dip in 2024. Against that, the disclosed ledger shows a holding company with no revenue, three years of losses, RON 61m lent to subsidiaries (RON 21m to Neversea, which has not run since 2024) and RON 63m borrowed from third parties; the company states it has no consolidated return figure for Dubai, Kapital, Neversea or Massif; and the 2026 Kapital cancellation with tickets already sold is a public fact the deck does not mention.</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:133px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market size</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:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">66</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">13%</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:367px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — The listing's "roughly USD 3.8bn" global festival market is consistent with three independent report vendors (USD 3.0–3.8bn for 2025, double-digit growth). The same public record shows the strain the company operates under: its own Kapital statement cites ~40% of a Romanian ticket price going to taxes and levies and political instability as reasons for cancelling; the international pipeline beyond Colombia is described by the company as discussions only.</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:133px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Business model</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:60px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">9%</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:367px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — Five disclosed revenue streams, food and drink brought in-house and multi-year sponsor contracts are coherent, and the flagship's reported margin held at 15–26% across 2023–25. But the deck's own risk slide says proceeds are "largely used to cover existing obligations, not growth"; the company describes relying on "credit lines and other instruments" for its front-loaded cash needs; and the holding paid RON 6.4m of interest in 2025 on loans whose terms are not in the pack we reviewed.</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:133px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competition</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:60px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">9%</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:367px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — UNTOLD sits behind only Tomorrowland and Ultra/EDC in the DJ Mag vote and ahead of Coachella, Glastonbury and Sziget, and the Romanian field has thinned (Sunwaves moved to Bulgaria; SAGA faltered in 2025 per commentators). The concern is scale: the consolidators it would compete with abroad (Superstruct, Live Nation) own 80+ and thousands of events respectively and are backed by KKR/CVC and public markets.</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:133px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Regulatory & compliance</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:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">50</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:367px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — The holding company's register is clean (no insolvency, dissolution or oppositions at 7 July 2026) and the round runs on a licensed platform. But the operating subsidiary lost a first-instance court case in November 2025 over a historic-monument levy on 2024 ticket sales (over RON 1.2m, under appeal, with account garnishment requested — Fanatik, money.ro, March 2026); two events were lost to venue and permit problems; and a planned move of the parent to the Netherlands is described only in outline.</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:133px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weighted result</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:60px"> <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="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><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:367px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What the operating evidence shows on its own</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:133px"> <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:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">50</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p> </p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:367px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Capped — deal terms. The founders' buy-back option can fix your return at 15% a year regardless of company performance, so the score cannot read higher than 50 on these terms.</span></strong></span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>❓ Questions to ask before investing</strong></span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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:620px"> <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 was 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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Under what circumstances would the founders use the buy-back option, and will they commit not to use it within a set period before a fundraising round or a sale? Where in the Convertible Loan Agreement is the option defined?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What are the group's combined revenue, profit and cash for 2025 — including Kapital, Dubai and the holding company — and what is the group's total debt today?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What loans and credit lines does the group have (lender, amount, interest rate, maturity, security), and does this convertible loan rank behind the RON 34.4m owed to Mozaik Investments and the RON 15.3m owed to Gheorghe Gabriel?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How does Mozaik Investments hold its interest — as a shareholder of Novus Capital, as a lender, or both — and what rights does it have: the threshold at which it can force everyone to sell (drag-along), any right to be repaid first, protection against dilution, board seats?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Who are the "non-retail investors" who receive a liquidation preference and board seats on conversion, what multiple does that preference carry, and how would sale proceeds be split between them and the retail investors' pooled line?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Which company will receive the loan money, and how will it reach the operating companies (Untold Live SRL is named as the organiser of UNTOLD 2027)?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Is UNTOLD Dubai 2026 (5–8 November, tickets on sale) going ahead, paused or cancelled — and what are the cash and refund consequences of each?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What refund or roll-over liabilities remain from Kapital 2026 and Neversea 2025 ticket sales, and how are they funded?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the status of the Institutul Național al Patrimoniului case and the requested garnishment against Untold Production SRL, and has any provision been booked?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The holding is owed RON 21.1m by Neversea and RON 27.6m by Untold Events LLC — what are these balances, and are they recoverable given Neversea has not run since 2024?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Who is the Latin-American licensee, in which Colombian city is the 2027 edition planned, and how much capital does Untold Universe commit to it?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Who holds the CEO role and sits on the executive committee today, and what changed after the February 2024 interim co-CEO appointment?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the timetable for moving the parent to Untold BV in the Netherlands, which assets move, and what approvals are needed?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How many tickets were sold for UNTOLD 2025 and 2026 by category, at what average price, and what share of revenue comes from pre-sales?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Will the 2025 statutory accounts of Untold Universe S.A. be provided, and what was the RON 964,638 prior-year correction booked in 2025?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">When will the KIIS ownership, management, three-year financials, prior-rounds and post-round cap-table sections be completed, and the KIIS update log populated?</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:620px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Are the UNTOLD 500 perks contractual rights or discretionary benefits, and who bears any benefit-in-kind tax?</span></span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>📜 What you own</strong></span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You are lending money to Untold Universe S.A., a Romanian joint-stock company, under a loan that pays 10% a year simple interest and is designed to convert into ordinary shares later — automatically when the company raises €3.5m or more, when it is sold, or after 36 months. Until then you are a lender with no vote. When it converts, your shares are issued not to you but to a holding vehicle chosen by the company together with the SeedBlink investors (a "nominee" or "SPV"); you remain the real owner, but you vote as part of one pooled block decided by investors holding more than half the money raised through SeedBlink. Retail investors get plain ordinary shares; investors who are not retail are reserved a right to be paid back first in a sale (a "liquidation preference") and board seats. A sale of the company would reach you through that vehicle, and an existing investor, Mozaik Investments, can require the pooled block to sell alongside it ("drag-along"). The founders can also buy your loan back at any time for your money plus 15% a year. 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> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>🔍 Detailed review</strong></span></span></span></h2> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78"><strong>Team capability</strong></span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Three of the four named founders — Bogdan Buta, Edy Chereji and Bogdan Rădulescu — are confirmed by independent press as the people who built UNTOLD from its 2015 debut, and Sebastian Ferenț has been the sole registered administrator of the holding company since 2018 with a mandate running to 2028. The same public record shows that Buta stepped back from all executive roles on 1 February 2024, with Chereji and Rădulescu named interim co-CEOs, after a police file that prosecutors closed on 23 February 2024 without charges against anyone; the 2026 deck and listing present him as Founder & CEO, and no public notice of his return was found. The management layer below the founders, headcount by company and any key-person arrangements are not in the pack we reviewed.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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:310px"> <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:310px"> <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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founding team has delivered eleven consecutive editions of a 400,000–500,000-person event, plus Dubai and Bucharest launches (independent press).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Stable legal representation: one administrator across the holding, its parent Novus Capital and the main operating companies since 2018 (trade register).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Co-founders' roles are specialised — sponsorship/partnerships, public affairs and media, artist booking and operations (listing bios; Digi24).</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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">CEO-role ambiguity: withdrawal from executive roles announced 1 Feb 2024 (Realitatea; Digi24) versus "Founder & CEO" in 2026 materials — no reinstatement notice found.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder press episode of early 2024 — closed by prosecutors with no charges; defamation action initiated by the founder (HotNews; Euronews Romania) — is part of the public record an investor will encounter.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No management team below founder level, no CVs and no key-person cover in the pack we reviewed.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78"><strong>Product-market fit</strong></span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">This is the best-evidenced category. Independent sources confirm the DJ Mag #3 world ranking for three consecutive years, attendance growth from about 240,000 at the first edition to over 470,000 in 2025 and over 500,000 in 2026, and fans from more than 150 countries with international attendance up 25% in 2025. The two spin-off editions also drew large crowds on debut — 185,000 in Dubai (2024) and 152,000 at Kapital (2025) — which supports the company's claim that the brand travels. What is thinner is evidence for the newer products the plan relies on (Kids, Prime membership, Creators, wellbeing), which the company describes only at headline level, and the "75% spontaneous awareness" study, which is not named.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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:310px"> <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:310px"> <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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">#3 festival worldwide by public vote in 2024, 2025 and 2026 (DJ Mag; EDM All Day; Romania Insider).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Attendance record after record: 427,000 (2024), 470,000+ (2025), 500,000+ (2026) — organisers' figures repeated by independent press.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Spin-offs drew 152,000–190,000 people on their first or second edition (Romania Journal; Time Out Dubai).</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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck's "~427k attendees, latest edition" is the 2024 figure; the 2025 figure the company itself released was over 470,000 — a labelling slip in the company's favour, but one edition out of date.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Neversea could not find a beach site in 2025 or 2026 despite a public commitment to return (Romania Insider, Apr 2025) — brand demand did not translate into an event.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pre-sale share, repeat-visitor rate and average ticket price — the numbers behind "strong pre-sale dynamics" — are not in the pack we reviewed.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78"><strong>Traction & growth</strong></span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company's business plan shows the Cluj festival's revenue at €20.7m, €22.4m and €28.7m for 2023–25 and profit before group costs of €5.3m, €3.4m and €5.6m — a 2024 dip the company attributes to deliberate reinvestment, followed by 28% growth. Public filings for the operating subsidiary Untold Production SRL show turnover of about RON 105m (2023) and RON 102m (2024), broadly consistent in scale. The holding company you lend to tells a different story: no revenue in any of the three years, losses of RON 2.1m, 1.4m and 2.3m, RON 61m lent to group companies (RON 27.6m to Untold Events LLC and RON 21.1m to Neversea) and RON 63m borrowed from third parties, with interest costs rising from RON 3.4m to RON 6.4m. The company states in its Q&A that it has no consolidated return figure for Dubai, Kapital, Neversea or Massif. Kapital's 2026 edition was cancelled after tickets went on sale, a fact the deck does not mention, though the Q&A's "returns in 2027" matches the public record.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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:310px"> <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:310px"> <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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Flagship revenue +28% in 2025 to €28.7m with a 19.5% margin before group costs (company business plan).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Food and drink revenue grew from €3.0m to €7.8m in two years as it was brought in-house (company business plan).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Operating subsidiary's public turnover of ~RON 102–105m a year corroborates the scale of the business (Cluj24; targetare.ro).</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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The issuer has no revenue and three straight losses; its 2025 interest bill (RON 6.4m) exceeded its interest income (RON 5.1m) from subsidiaries (trial balance).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">RON 21.1m owed to the holding by Neversea, a brand that has not staged an event since 2024 (trial balance; Romania Insider).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Kapital 2026 cancelled on 27 May 2026 with tickets sold, citing venue legislation, taxes and instability (Romania Insider; B365) — the deck describes Kapital as "being consolidated and scaled".</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78"><strong>Market size</strong></span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent report vendors put the global music-festival market at USD 3.0–3.8bn for 2025 with 17–23% annual growth, consistent with the listing's USD 3.8bn figure, and the broader live-music market at around USD 39bn. UNTOLD competes at the top of that market, and its Dubai partnership shows that governments and venue owners will co-fund editions. The public record from 2025–26 also shows headwinds: festival closures and a Coachella sales slowdown noted by trade press, and — in the company's own words when cancelling Kapital — ~40% of a Romanian ticket price going to taxes and levies, an economic squeeze on audiences and political instability. The 20-festival, 30-country ambition and the nine-country pipeline are company statements without partners named beyond Colombia.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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:310px"> <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:310px"> <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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market size claim is within the range of three independent estimates (TBRC; Market Reports World; Global Growth Insights).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dubai's Department of Economy and Tourism supported the launch and Dubai Parks and Resorts hosts the event (untold.ae; Time Out Dubai) — proof the partner-funded expansion model has worked once.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Colombia 2027 announced with a Latin-America licence the co-founder says is signed (republica.ro, 7 July 2026).</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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company's own Kapital statement: event taxation ~40% of ticket price, economic crisis and lack of a government made a July 2026 edition "impossible" (infomusic.ro; money.ro).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Trade press notes "a mountain of festival shutdowns" in 2025 (Digital Music News).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Beyond Colombia, expansion is "active discussions — not yet confirmed" (company Q&A 7); no partner, city or date is disclosed for any of the nine markets.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78"><strong>Business model</strong></span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The flagship earns from five streams — tickets (€9.7m in 2025), partnerships and travel (€11.1m), and food and drink (€7.8m) — and the plan leans on higher ticket prices, in-house F&B margin and renegotiated sponsor deals rather than on more attendees. The group structure matters for a lender to the holding: Untold Universe S.A. owns the brands (valued at RON 50.2m and being amortised) and finances the operating companies with loans on which it charged RON 5.1m of interest in 2025, while itself owing RON 34.4m plus RON 11.9m accrued interest to Mozaik Investments and RON 15.3m to a private lender, among others. The deck's risk slide states the proceeds are "largely used to cover existing obligations, not growth", and the Q&A describes a cash cycle funded by credit lines with big upfront artist and production costs.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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:310px"> <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:310px"> <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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Diversified flagship revenue: no stream above 39% of the total in 2025 (company business plan).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Profit before group costs rose from €3.4m to €5.6m in one year as F&B moved in-house (company business plan).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sponsor relationships described as long-term and already renegotiated "on improved pricing" (deck roadmap).</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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deck risk slide: "proceeds are largely used to cover existing obligations, not growth".</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Holding-level third-party loans of RON 63m and interest of RON 6.4m in 2025; the terms, ranking and security of these loans are not in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A prior-year error correction of RON 964,638 was booked in 2025 and the 2023–24 statutory forms still carry the old "SRL" legal form (trial balance; filings) — bookkeeping points that the questions list asks about.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78"><strong>Competition</strong></span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">In the DJ Mag public vote UNTOLD trails only Tomorrowland and Ultra/EDC and ranks above Coachella, Glastonbury, Creamfields and Sziget — a position that independent press confirms each year. Domestically the field has thinned, with Sunwaves moving to Bulgaria and other Bucharest festivals struggling, while Kapital's own 2026 cancellation shows the shared exposure to venue and tax conditions. Internationally the company would be scaling into a market where Superstruct (80+ festivals, backed by KKR and CVC) and Live Nation (55,000 events a year) consolidate independent festivals — competitors with far greater capital, and also the most plausible buyers of a festival brand.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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:310px"> <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:310px"> <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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Top-three global ranking three years running (DJ Mag), above most of the festivals it would be compared with in a sale.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named blue-chip sponsors across banking, beer and fast food (deck) — not verified claim-by-claim.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Thinning domestic competition in 2025–26 (zilesinopti.ro; razvancalin.ro).</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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Consolidators with deep pockets dominate the international festival market (IQ Magazine; SEC filings).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No competitor analysis, sponsor-retention data or pricing comparison in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The same public-venue and tax conditions that hit competitors forced the cancellation of the group's own Bucharest edition in 2026.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78"><strong>Regulatory & compliance</strong></span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The holding company's trade-register extract of 7 July 2026 shows no insolvency, dissolution, liquidation, restructuring or opposition entries, and the round runs on an EU-licensed platform with a four-day cooling-off period. The operating subsidiary, however, is in a live dispute with the Ministry of Culture's heritage institute: a November 2025 court ruling ordered over RON 1.2m for the 2024 historic-monument levy plus penalties, the company appealed in March 2026 and the institute has sought to freeze its accounts; RON 1.69m for 2022–23 was paid in a related case (Fanatik; money.ro; Cluj24). A supplier has filed an insolvency petition against Neversea Production SRL for RON 445,239 (mediablog.ro, July 2026; outcome not found). The KIIS in the pack is largely a blank template and its update log is empty; the planned move to a Dutch parent is described only in outline.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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:310px"> <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:310px"> <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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clean register for the issuer: no insolvency, dissolution or oppositions (ONRC, 7 July 2026).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">ECSP-licensed platform, four-day reflection period, quarterly reporting promised within 25 days of period-end (company Q&A 9).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Long-standing venue relationships: 30,000 m² leased from Cluj City Hall each year (Cluj24).</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:310px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">First-instance judgment against Untold Production SRL for >RON 1.2m, under appeal, with account garnishment requested (Fanatik, 10 Mar 2026).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Supplier insolvency petition against Neversea Production SRL for RON 445,239 reported July 2026 — a petition, not an opened procedure (mediablog.ro).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dubai 2026 status is stated as "being finalised" (deck), "in discussions to confirm" (Q&A) and "paused" (listing) while passes remain on sale at untold.ae.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>💶 Valuation detail</strong></span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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"><span style="color:black">Pre-money valuation</span></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:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not a priced round. The loan converts at whichever is better for you of a €50m company value (the "cap") or a 10% discount to the price paid by the next investors putting in €3.5m or more; at the 36-month maturity it converts at the higher of the then market value less 10% or a €20m company value (the "floor").</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"><span style="color:black">Post-money valuation</span></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:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not applicable to a convertible loan. At the €50m cap, €300k–€1.5m of loans plus interest would convert into roughly 0.6%–3.0% of the company on the company's own illustrative arithmetic (Q&A 17); at the €20m floor with three years' interest, about 9% at the maximum raise. A per-share conversion price and a post-conversion ownership table are 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:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Instrument</span></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:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Convertible loan — money lent now that is meant to turn into ordinary shares later, paying 10% a year simple interest in the meantime; direct loan today, shares held through a pooled vehicle after conversion.</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"><span style="color:black">Ownership % offered</span></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:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Roughly 0.6% (€300k) to 3.0% (€1.5m) of the company if conversion happened at the €50m cap today, before interest — company's own illustration (Q&A 17); more shares if conversion happens at a discount to a lower-priced round or at the €20m floor.</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"><span style="color:black">How the valuation was set</span></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:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not in the pack we reviewed. The company states the cap and floor are "fixed terms already set in your agreement" that will not be renegotiated (Q&A 14).</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"><span style="color:black">External benchmarks</span></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:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Superstruct Entertainment — sold by Providence to KKR for about €1.3bn, roughly 10.8x 2023 profit (June 2024; FT via Music Ally, IQ Magazine, MAinsights). Live Nation — about 15–20x profit and 1.4x revenue (Nov 2025–Feb 2026; multiples.vc, GuruFocus). CTS Eventim — about 10.1x profit and 2.0x revenue (Jan 2026; multiples.vc). No priced festival-operator fundraising rounds with disclosed valuations were found for Central and Eastern Europe; two 2025 live-entertainment rounds (Fever ~$100m, Palm Tree Crew ~$20m) had undisclosed valuations (Digital Music News).</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"><span style="color:black">Valuation fairness (1–5)</span></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:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">3 / 5 — Stretched but arguable. The €50m cap equals about 8.9x the flagship's 2025 profit before group costs and 1.7x its revenue — inside the 10–20x and 1.4–2.0x spans of the three named benchmarks. After the group's €2.0m indicative overhead it is about 13.9x, above the Superstruct and CTS Eventim figures, and the cap values the whole group off one festival's profit while the holding carries RON 63m of loans. The €20m floor sits below every benchmark on the same basis.</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:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Notable terms</span></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:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder buy-back at capital plus 15% a year (see the flag at the top); no repayment on request and no voluntary early repayment by the company; automatic conversion at maturity rather than cash; retail investors get ordinary shares while a repay-first right and board seats are reserved for non-retail investors; Mozaik Investments can force a sale of the pooled retail line on a change of control; the loan is unsecured and ranks behind bank debt; the parent may move to the Netherlands.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>🚩 Red flags & integrity checks</strong></span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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"><span style="color:black">1</span></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:573px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data — </strong>Not in the pack we reviewed: the Convertible Loan Agreement itself; the post-conversion ownership table; the identity and terms of the non-retail investors who receive a repay-first right and board seats; Mozaik Investments' instrument and the threshold of its forced-sale right; the group's combined results, cash, debt and existing credit lines; the terms of the RON 63m of holding-level loans; refund liabilities from cancelled editions; a management team below founder level. The KIIS's ownership, management, three-year financial and prior-round sections were blank in the copy reviewed and its update log was empty.</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"><span style="color:black">2</span></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:573px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies — </strong>2026 budgeted flagship profit before group costs is €6.4m in the business plan and €6.1m in the platform listing. UNTOLD Dubai is "being finalised" (deck), under "discussions ... to confirm" (Q&A 2) and "paused" (listing). Neversea is "not running currently; considering relaunching" (Q&A 4) and "retired" (listing). Minimum ticket is €1,000 in the deck and listing but €2,500/€1,000/€500 in the KIIS template text. The deck calls Kapital "being consolidated and scaled" without mentioning the May 2026 cancellation. The listing's prose calls €1.5m the "target" while its deal box and the deck call it the maximum and €450k the target.</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"><span style="color:black">3</span></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:573px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies — </strong>None found. No claim in the pack was contradicted by a named public source. Two items resolve in the company's favour: the "~427k latest edition" attendance is the 2024 figure, while the company's own 2025 release said over 470,000 (Romania Insider); the deck cites the DJ Mag #3 ranking for 2024–25 when 2026 was also #3. Dubai's 2026 status is unresolved rather than contradicted — the public record shows an edition on sale, the listing says paused.</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"><span style="color:black">4</span></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:573px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information — </strong>Operating subsidiary: Institutul Național al Patrimoniului v Untold Production SRL — judgment of November 2025 for over RON 1.2m (2024 heritage levy plus penalties), appealed March 2026, account garnishment requested; RON 1.69m for 2022–23 paid in a related case (Fanatik, money.ro, Cluj24 — March 2026). Supplier insolvency petition against Neversea Production SRL for RON 445,239 (mediablog.ro citing Oficiul de Știri, July 2026; outcome not found). Cancelled editions with tickets sold: Kapital 2026 (May 2026), Neversea 2025 (April 2025), with refund options communicated. Founder: allegations published by a Cluj online outlet in January 2024; police in-rem file opened 29 January and closed by prosecutors on 23 February 2024 with no charges against any person; the founder stepped back from executive roles and initiated defamation proceedings (Adevărul; HotNews; Euronews Romania; ProTV; Digi24). 2015 first edition: the president of the federation that ran it was indicted in 2019 over a falsified bank statement in the public-funding file; press states the UNTOLD founder had no criminal liability (ziuanews; capital.ro). Holding company: no adverse register entries (ONRC, 7 July 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:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">5</span></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:573px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises — </strong>2023: Mozaik Investments (founded by Superbet's Sacha Dragic with Roland Haas and Vlad Bușilă) agreed a minority investment, cleared by the Competition Council in August 2023, for international expansion "starting 2023" (Wall-Street.ro; Economedia). Against that stated purpose the group launched Dubai (2024, 2025) and Kapital (2025), paused Neversea (2025–26), cancelled Kapital 2026 and announced Colombia for 2027; whether the RON 34.4m the holding owes Mozaik is that investment is not stated. 2023: share capital raised from RON 1,010 to RON 50.2m by contributing the trademarks in kind. June–July 2026: pre-launch commitments reported at both "over €9m" and "over €500,000" in company-attributed press (Romania Insider; StartupCafe); neither figure is in the pack, where the pre-committed amount reads "To be confirmed".</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"><span style="color:black">6</span></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:573px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness — </strong>€50m cap ≈ 8.9x the flagship's 2025 profit before group costs (13.9x after; 7.1x / 10.0x on the 2027 plan) and 1.7x revenue, against Superstruct/KKR at ~10.8x (2024), CTS Eventim ~10.1x and Live Nation ~15–20x (2026). The cap is a group value; the profit figure is one festival's, before the holding's RON 6.4m annual interest and RON 63m of loans. The 10% coupon and the 15% buy-back rate are fixed regardless of valuation.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>📜 Instrument & investor terms — full mechanics</strong></span></span></span></h2> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78"><strong>What you own — in full</strong></span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You lend to Untold Universe S.A. directly (the KIIS states the investment is made "neither via a nominee nor via a SPV" at this stage). The loan is unsecured — nothing is pledged to you — and ranks behind the company's bank debt. It pays 10% a year simple interest (interest on the original amount only, not on accumulated interest), which is either paid if the loan is ever repaid or added to the principal and converted into shares. Conversion into ordinary shares is automatic when the company raises €3.5m or more from investors, when it is sold, or at 36 months; there is no scenario in which you can demand cash. On conversion, all new shares must be issued to a holding vehicle chosen by the company and by the SeedBlink investors holding more than half the money invested; you remain the beneficial owner but vote only as part of that single block. The company promises quarterly activity reports within 25 days of each quarter-end and advance notice of the terms of any new funding round (Q&A 9).</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78"><strong>Dilution — how your share can shrink</strong></span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution is what happens when a company issues new shares: your slice of the whole gets smaller. The company expects to raise again — a round of €3.5m or more is exactly what triggers your conversion — and says it may move the parent to a Dutch company to make "future international rounds and a potential later listing" easier (Q&A 16). Before conversion you are protected by the mechanics of the loan (the 10% discount, the €50m cap, the €20m floor), which the company says are fixed and will not be renegotiated. After conversion you hold ordinary shares with no protection against dilution ("anti-dilution") — the company states it offers none beyond the cap/floor mechanic (Q&A 10, 14) — and no stated right to join future rounds ("pre-emption"); the KIIS rights checklist was not completed and pre-emption is not mentioned in any document in the pack. Whether the non-retail investors or Mozaik hold anti-dilution protection is not in the pack we reviewed.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Illustrative example (undiluted figures elsewhere in this memo; this shows the mechanism only): suppose the round raises €1.5m and, after three years, converts at the €50m cap with interest added, giving investors about 3.5% of the company (€1.95m ÷ €55.95m). If the company then raises €10m of new money at a €100m valuation, about 9% of new shares are issued and the crowd's 3.5% becomes roughly 3.2%. If it raises at a €20m valuation instead, the same €10m takes about 33% and the crowd's slice falls to about 2.3%. Those are the two directions dilution can move your share, and they are why the memo's return figures are all stated before dilution.</em></span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78"><strong>If the company is sold or wound down</strong></span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Before conversion you are a lender: on a wind-down, secured lenders and banks are paid first, then unsecured lenders like you alongside other unsecured creditors — which at the holding company today include RON 34.4m owed to Mozaik Investments and RON 15.3m to a private lender, whose ranking against your loan is not in the pack we reviewed. After conversion you are an ordinary shareholder: lenders first, then any shareholders with a right to be repaid ahead of others (a "liquidation preference" — which the deck says is reserved for non-retail investors, without stating the multiple or who holds it), then everyone else in proportion to shares held. The exact split of what remains is not in the pack we reviewed. Mozaik Investments can force the pooled retail line to sell on the same terms if it accepts a qualifying offer for control ("drag-along", Q&A 14) — the threshold is not disclosed; you have the right to join any sale of control on the same terms ("tag-along"). Separately, the founders can settle your loan at any time before maturity for your money plus 15% a year ("call option"), which ends your participation. There is no stated lock-up, but as a practical matter the loan cannot be transferred and, once converted, shares in a Romanian joint-stock company held through a nominee are hard to sell; SeedBlink's bulletin board charges 3% on any exit it facilitates (KIIS).</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78"><strong>Terms not in the pack we reviewed</strong></span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>These exist in the shareholder and loan documents and could have been disclosed — a genuine gap, unlike operating figures. Each also appears as a question above.</em></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Convertible Loan Agreement itself, including the definitions of "qualified round", "exit" and "event of default", how fair market value is set at maturity, and the exact terms and any time-limits of the founders' buy-back option.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The ownership table before and after conversion, and how Mozaik Investments holds its interest.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Who the non-retail investors with a repay-first right and board seats are, and the multiple and split of that right.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The threshold and price protection in Mozaik's forced-sale right; the terms of the tag-along right.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Protection against dilution held by any class; rights of crowd investors to join future rounds.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Employee share pool size; founder share vesting and leaver terms.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The terms, ranking and security of the RON 63m of existing third-party loans at the holding company.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The form and content of the promised quarterly reports.</span></span></li> </ul> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:620px"> <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:620px"> <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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Platform offering this project
SeedBlink RO
Risk Level
Alto
Return Level
Alto
Risk Return Level
Good
Inversión mínima
EUR 2,500
Financiado
EUR 430,0M
