Blumana

<p><span style="font-size:28pt"><span style='font-family:"Times New Roman",serif'><strong>Blumana — Crowdfunding Investor Memo</strong></span></span></p>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Blumana builds AI assistants that read everything customers say about a brand and its competitors — reviews, social media, surveys, support calls — and turn it into concrete, per-team recommendations for large consumer brands.</span></span></p>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Sector: <strong><em>B2B SaaS — AI consumer intelligence</em></strong> · Stage: <strong><em>Seed</em></strong> · HQ: <strong><em>Paris, France</em></strong> · Raise: <strong><em>€750K objective (Sowefund)</em></strong></span></span></p>
<h1><span style="font-size:16pt"><span style='font-family:"Times New Roman",serif'><span style="color:#2e74b5">Snapshot</span></span></span></h1>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><em><span style="color:black">5 / 5</span></em></strong><span style="color:black"> — The stated €2.8M valuation sits well below the general seed benchmarks we could find (Carta Q3 2025: median US seed pre-money $16M, with AI companies above that; CB Insights Q2 2025 via Pitchwise: AI seed median deal $4.6M, typical European seed checks €500k–€2.5M). One caution: the listing does not say whether €2.8M is before or after the new money — ask (see the questions section).</span></span></span></p>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">AI SCORE 70 / 100 — Good. </span></strong><span style="color:black">Strongest evidenced precondition: paying customers at demanding brands, with a documented account that grew from a €10k trial to an €80k annual contract in five months. Biggest gap: the defensibility of the core technology rests on the company’s own description, and none of the share terms are in the pack we reviewed.</span></span></span></p>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><em><span style="color:black">Target 10x over 5–7 yrs</span></em></strong><span style="color:black"> — the standard expectation for seed-stage investing (the company states no target of its own). If an exit stage is reached, illustratively <strong><em>roughly 8x–28x</em></strong> before fees and future dilution: an exit between €30M and €100M — small against the recorded sector exits, Medallia at $6.4bn (2021, BusinessWire) and Qualtrics at $12.5bn (2023, Private Equity Wire) — measured against the stated €2.8M entry plus the €750k round. Illustration, not a forecast. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</span></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong>How to read the score</strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">85–100 · Excellent</span></strong></span></span></p>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">70–84 · Good</span></strong></span></span></p>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">50–69 · Average</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Meaningful preconditions missing or weakly evidenced</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">30–49 · Weak</span></strong></span></span></p>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">1–29 · Critical</span></strong></span></span></p>
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<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>
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<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 legal existence and founding team (French registry, press, the company’s own site), the confirmed advisory board including a JobTeaser co-founder, the $150bn market-size claim (broadly matching ESOMAR’s published figures), and the live campaign. The revenue (€200k ARR), pipeline, client contracts, 85% margin and all share terms rest on the company’s own materials or were not in the pack we reviewed — see the questions section. <strong>Your money is locked in. </strong>Crowdfunding shares normally cannot be sold early — expect your money to be tied up for several years, until the company is sold or a similar event happens.</span></span></span></p>
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<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 becomes possible — 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 returns range is an illustration from named sector benchmarks, not a forecast. Where something was not in the pack, 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 a licensed crowdfunding platform before going live. Nothing in this memo is a recommendation.</span></span></p>
<h1><span style="font-size:16pt"><span style='font-family:"Times New Roman",serif'><span style="color:#2e74b5">At a glance</span></span></span></h1>
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<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>
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<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>
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<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>A documented expansion inside L’Oréal: €10k trial (Oct 2025) → €20k trial (Dec 2025) → €80k annual contract (Feb 2026), per the listing — alongside 12 paying pilot clients signed in 6 months, including Air France, Truffaut and Norauto (company-reported).</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>The €2.8M entry valuation is far below the general seed benchmarks we found (Carta: $16M median US seed pre-money, Q3 2025; AI companies typically higher) — a low entry price leaves more room for return if things go well.</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>The team checks out publicly: three founders confirmed in the French registry and press, and a publicly listed advisory board including a JobTeaser co-founder and former Business Objects, L’Oréal and SNCF Connect-linked executives.</span></span></li>
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<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>None of the share terms are in the pack we reviewed — share class, any repayment priority on a sale, your ownership percentage, and even whether €2.8M is before or after the new money. All are questions below.</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>The numbers in the listing do not fully line up: the pitch text describes a €500k raise (€250k via Sowefund) while the campaign objective is €750,000 — and Sowefund’s live site showed €1,547,307 raised on 5 Aug 2026 vs €583,603 in the pack snapshot.</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>The central defensibility claim — a Knowledge Graph that rivals "cannot replicate", with L’Oréal said to have tried internally for a year and failed — could not be found in any public source, and no patent or other IP filing is claimed.</span></span></li>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Deal terms. </span></strong><span style="color:black">No terms were identified in the reviewed documents that would prevent a crowdfund investor from sharing in the upside. Note, however, that the documents that define those terms (share class, articles, shareholder agreement) were not in the pack we reviewed — full mechanics and what to verify are at the end of this memo.</span></span></span></p>
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<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>
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<h1><span style="font-size:16pt"><span style='font-family:"Times New Roman",serif'><span style="color:#2e74b5">🏢 What the company does</span></span></span></h1>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Blumana (BLUMANA SAS, Paris, incorporated November 2023) sells software to large consumer brands. The software collects everything said about a brand and its competitors — online reviews, soc…</span></span></p>