FunderNation • iüLabs
Financement participatif (equity crowdfunding)
iüLabs
SoluSmart® Technology: Molecular taxis for effective nutritional supplements
Key project data
Target amount
1,0 MEUR
Valuations
12,0 MEUR
Rendements potentiels
9,42 x
Date de fin
2026-07-30
Would AI invest?
52/100
1
100
Aperçu généré par l'IA
AI project overview
Condensed summary based on project data
<p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>iüLabs GmbH — Crowdfunding Investor Memo</strong></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Premium dietary supplements built on the patented SoluSmart® absorption technology.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: </strong>Consumer health / dietary supplements · <strong>Stage: </strong>Early commercialization (seed) · <strong>HQ: </strong>Berlin, Germany · <strong>Raise: </strong>€150K threshold / €1.0M max</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:227px"> <p style="text-align:center"><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="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:397px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Why this score:</strong></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:227px"> <p style="text-align:center"> </p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A credible scientific founder (Dr. Wolfgang Brysch, ~30 years pharma/biotech, co-inventor of 26 patents per public sources) but the deck's “four companies, three sold” claim could not be independently verified.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:227px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:28.0pt"><span style="color:black">52 / 100</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Real product-market signal — the company reports 1,600+ units sold since Q1 2025, a >40% repurchase rate and €384 CLV — but all traction figures are company-stated and unaudited.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:227px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-family:"Segoe UI Emoji",sans-serif"><span style="color:black">⚠️</span></span><span style="color:black"> Caution</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Issuer-set €12M pre-money sits at roughly 100x the ≈€116K of 2025 plan revenue, with no methodology or external benchmark disclosed.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:227px"> <p style="text-align:center"> </p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The instrument is a deeply subordinated profit-participating loan (not equity): investors rank behind essentially all creditors, payments can be blocked before insolvency, and total loss is explicitly possible.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:227px"> <p style="text-align:center"> </p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 48–58% p.a. / 6.83–9.42x headline is a target contingent on the company hitting its own multi-year plan, not a fixed return.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">ℹ️ <strong>This is not investment advice. </strong>The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🎯 Key goal</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target return</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Time horizon</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target basis</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI view on reaching this goal</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>🎯 6.83–9.42x</strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>⏱ ~5.4 yrs</strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Company-provided</strong> — the platform/company states a 48–58% p.a. / 6.83–9.42x target with a defined success-, bonus- and exit-interest mechanism tied to the issuer's own plan.</span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Plausible only if the company approaches its own aggressive multi-year revenue plan; under neutral or negative scenarios the company states no success interest is paid and principal can be lost.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📈 Path to target return</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Company methodology</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Returns are not a fixed coupon. The investor's participation quota (per €100 lent) is applied to (a) the issuer's annual net profit as success interest, (b) a maturity company-value figure for the bonus interest, and (c) net proceeds on a sale of >50% of shares/assets for exit interest. At maturity, company value is set either by the last financing round within 12 months or, absent one, by 300% of the issuer's most recent annual revenue (company-stated).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Comparable exits cited</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not disclosed in provided materials.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Milestones expected</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Per the company's financial plan: revenue ≈€636K (2026 base case) rising to ≈€2.6M (2027), first positive EBIT in 2027, and ≈€31.7M revenue / €8.7M net profit by 2031 (base case).</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Use of proceeds: ~35% marketing & sales staff, ~30% external marketing providers, ~30% production materials, ~5% liquidity reserve (company-stated).</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🏢 Company description</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">iüLabs GmbH is a Berlin-based dietary-supplement company (HRB 235105 B) founded in 2020 that develops and sells premium supplements built on its patented, exclusively in-licensed SoluSmart® absorption technology, which the company reports forms multilamellar vesicles at preparation to raise the bioavailability of bioactive plant compounds. It currently sells three products directly to consumers via its own webshops — iüVitalizer (cellular energy/fatigue), iüMove (joints/mobility) and iüProtect (immune support) — with a stated pipeline covering menopause, sleep and long COVID. The company reports market entry with iüVitalizer in Q1 2025 and over 1,600 units sold since, a repurchase rate above 40% and a €384 customer lifetime value, all achieved without paid advertising (company-stated, unaudited). The team is led by majority owner Dr. Wolfgang Brysch (CEO & Chief Scientific Officer, 61.86% of shares), with a COO, a chief medical advisor and a UK marketing lead. The round is a profit-participating subordinated loan via FunderNation with a €150K threshold and €1.0M maximum, raising funds for marketing, larger production batches, team expansion and new product development. The issuer set its own €12M pre-money valuation; its most recent (31.12.2024) accounts show an equity-uncovered shortfall.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">💶 Valuation</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€12.0M (issuer-set, before the campaign).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Up to €13.0M at the €1.0M funding maximum (pre-money + amount raised).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Profit-participating subordinated loan (partiarisches Nachrangdarlehen) — debt, not equity. No shares are issued.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not disclosed in provided materials — the €12M figure is set by the issuer with no comparables or derivation shown.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€12M pre-money is roughly 100x the ≈€116K of 2025 plan revenue. No external comparable transaction or third-party valuation was provided; insufficient comparables for this sector and stage in the dossier.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Investors within 31 days of launch receive a ~12.5% valuation bonus (0.000870% participation per €100 vs 0.000769% later). Issuer bears ~15% of amounts raised in platform/pooling/marketing costs. If the €150K threshold is not met within 90 days, investors are repaid in full without interest.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📜 Instrument & investor terms</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You are not buying shares. The instrument is a profit-participating subordinated loan (partiarisches Nachrangdarlehen): you lend money to iüLabs and, in return, receive interest linked to the company's profit, value and any sale — but you become a creditor, not a shareholder. Because there is no equity, there is no share class and no shareholder vote: you cannot vote at shareholder meetings or directly influence company decisions, including a decision to sell. Each loan is a direct contract between you and the issuer; for collective matters such as a buy-out or sale negotiation, a pooling arrangement run by FunderNation Support UG provides a voting procedure among loan-holders. In short, your influence is limited to that pooled loan-holder mechanism, and exit decisions rest with the company and its actual shareholders.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The loan terms reference future financing rounds (they can set the company-value figure used at maturity), so further rounds are contemplated, but no size or timing is committed and there is no anti-dilution protection of the usual equity kind. Because you hold debt rather than shares, new equity rounds do not dilute a shareholding you don't have — instead, your participation quota is fixed against a €12M pre-money plus the amount raised this campaign, and the value of your return depends on the company's later profit and valuation, not on a fixed ownership percentage.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Worked example (standard mechanics, not advice): if you lend €1,000 in this campaign at the €12M pre-money (assume the €1.0M maximum is raised, so €13M post-money), your participation quota is about 0.0077% (or about 0.0087% with the early-investor bonus). That quota is then applied to the company's annual net profit and to its end-of-term value. If the company later raises, say, €3M at a €20M pre-money (an up-round), your quota is unchanged but the value it is measured against is higher, which is favourable. If instead the company's value falls (a down-round, e.g. €6M pre-money) or it under-earns, the same quota applied to a smaller profit or value produces a smaller return — and if the company makes no profit, no success interest is due at all. Unlike an equity holder, your downside is capped at losing the loan, but your upside is a share of profit/value rather than a share of equity.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No ESOP / option-pool size or expansion plan is disclosed in the materials, so its dilutive effect cannot be assessed. No pre-emption right is disclosed either, meaning there is no stated ability for you to invest again in future rounds to defend your position.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Payout order is the critical risk here, and it is unfavourable by design. This is a qualified subordinated loan with a pre-insolvency enforcement block: in a liquidation or insolvency, your claims rank behind all present and future non-subordinated creditors and even behind the subordinated claims listed in §39(1) of the German Insolvency Code. You are paid only after essentially everyone else, there is no liquidation preference protecting you, and the company is not part of any deposit-guarantee scheme. The company states total loss of the loan is possible.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">There are no equity-style drag-along or tag-along rights, because you hold no shares to be dragged or tagged. “Drag-along” normally lets a majority force minority shareholders to sell on the same terms; “tag-along” normally lets minorities join a sale on the same terms. Here, instead, if the company sells more than 50% of its shares or material assets, you receive your principal back plus an exit interest proportional to your quota, and the pooling agreement may coordinate the loan-holders in that sale.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Treat this as illiquid for its full term. There is no ordinary right for you or the issuer to terminate the loan early (only extraordinary termination for cause), the fixed term runs to 30 April 2031 — about 5.4 years from a late-2025 investment — and no secondary market for the loan is disclosed. Principal, if repaid at all, is returned in 12 monthly instalments starting 30 April 2031.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deep subordination plus a pre-insolvency enforcement block — you rank behind all other creditors and the company may be legally required to withhold payment if paying would push it toward insolvency.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No voting rights — you cannot influence company decisions, including the decision to sell; influence is limited to a pooled loan-holder vote.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No fixed return — interest depends on the issuer's profit and value; under neutral or negative business development the company states no success interest is paid.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Long, enforced lock-up — no ordinary early exit and no disclosed secondary market until at least 30 April 2031.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No fund-use controller (§5c VermAnlG) is appointed, so use of proceeds is not independently monitored.</span></span></li> </ul> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The following were not disclosed in the provided materials; absence of disclosure means you cannot assess them before investing:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">ESOP / option-pool size or any planned expansion.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pre-emption rights for loan investors in future rounds.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Any secondary-market or transfer mechanism for the loan before maturity.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting schedule or leaver provisions.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Patent ownership vs. licence detail for SoluSmart® — licensor, term, royalty and territory.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Audited historical financial statements beyond the 31.12.2024 accounts (which show an equity shortfall).</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📊 Score breakdown</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:233px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:244px"> <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 #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:233px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Team & founder track record</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">60</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">22%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — Credible scientific founder with a long pharma/biotech career, but the “four companies, three sold” claim is unverified and there is heavy key-person dependence (61.86%).</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:233px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Product, technology & IP</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">58</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — A real, patented, in-licensed technology with three live products, but no published clinical/comparative data and opaque licence terms.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:233px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Market opportunity</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">60</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — Large, growing European supplement market (company cites ~8.45% CAGR), but no competitor benchmarking or share data is provided.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:233px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Traction & commercial metrics</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">52</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Genuine early signals (1,600+ units, >40% repurchase, €384 CLV) but all company-stated and unaudited off a small base.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:233px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Financial plan & path to return</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">40</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Returns are wholly plan-contingent; ~100x issuer-set valuation and an equity shortfall at 31.12.2024 weigh heavily.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:233px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Instrument & downside structure</strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">38</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weak</span></strong><span style="color:black"> — Deeply subordinated loan with a pre-insolvency enforcement block, no voting rights, long lock-up and explicit total-loss risk.</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>Why these weights? </strong>This is an early-commercialization (seed) consumer-health deal, so Team is weighted highest (22%) reflecting heavy reliance on the founder. Because the offer is an unusual, structurally risky instrument and the company operates in a regulated supplement market, the Instrument & downside structure (12%) and the Financial plan & path to return (18%) carry meaningful weight, and the regulatory considerations are reflected within those two categories rather than as a separate line. Traction (18%) and Product/IP (18%) capture the real but unaudited commercial signal. All six categories had LIMITED data quality in the dossier and are therefore capped at 70; no category was scored N/A, so no weight redistribution was needed. Weights sum to exactly 100.</span></span></p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🔍 Detailed review</span></span></h1> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & founder track record</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company is led by Dr. Wolfgang Brysch (CEO & CSO), who public sources confirm has a Max Planck neurobiology background, roughly 30 years in pharma/biotech and co-inventorship of 26 patents. He holds 61.86% of the equity and is supported by a COO (Dr. Dominik Pretz), a chief medical advisor (Dr. Bob McDonald) and a UK marketing lead. The deck's claim of “four biotech companies built, three sold” is plausible given his career but could not be exactly verified from public records.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Gaps</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder background (Max Planck, ~30 yrs pharma/biotech, 26 patents) corroborated by public sources.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Relevant scientific and medical depth across the named team.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clear founder commitment — majority owner and full-time CEO.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Four companies, three sold” track-record claim unverified.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Heavy key-person dependence: one founder holds 61.86% and both top scientific/strategic roles.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">COO and advisor contributions not independently evidenced.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product, technology & IP</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company sells three live products built on SoluSmart®, described as a patented, exclusively in-licensed vesicle technology that the company reports raises bioavailability with 5–20x the loading capacity of classic liposomes. The technology and products are publicly verifiable as real and on sale. However, the licence terms (owner, scope, royalty, territory) are not disclosed, and no published clinical or comparative bioavailability data accompanies the strong marketing claims in the materials.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Edge</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Threats</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Patented, differentiated absorption mechanism rather than a commodity formulation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Three products live plus a stated pipeline (menopause, sleep, long COVID).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technology and products independently confirmed to exist and be on sale.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Core moat rests on an in-licence whose terms are opaque.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Strong claims (“globally unique”, specific multiples) lack published clinical/comparative data.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Health-related product claims sit in an EU-regulated area with no clearance detail provided.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market opportunity</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company addresses the European premium dietary-supplement market, which it cites at €45.6bn (2024) growing to €93.2bn (2033) at ~8.45% CAGR, with the US market (>$65bn) as further upside. The order of magnitude is consistent with widely published market-research ranges. No competitor benchmarking, market-share data or independent competitive analysis is provided.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Gaps</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Large and growing addressable market with a clear premium/evidence-led trend.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Demographic tailwinds (ageing, health-conscious 40+ segment) cited.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">International expansion optionality (UK already active, US cited).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No named competitor benchmarking or share data.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Competitors can only watch” is an unevidenced marketing assertion.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market-size figures are source-dependent and not independently validated in the dossier.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & commercial metrics</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports over 1,600 units sold since the Q1 2025 launch, a repurchase rate above 40% (vs a ~30% DTC average it cites), a €384 CLV, two stock-outs from demand, and that 84% of customers report a noticeable effect — all achieved with zero paid advertising. These are encouraging early signals, but every figure is company-stated and unaudited, and the absolute base (≈€116K 2025 revenue) is small.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Advantages</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Repeat-purchase and CLV signals suggest genuine product-market fit.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Organic-only growth implies low customer-acquisition cost so far.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Demand outstripping supply (sold out twice) per the company.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">All metrics company-stated and unaudited.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Very small revenue base (≈€116K in 2025) — early to extrapolate.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Repurchase/CLV definitions and measurement windows not independently verified.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financial plan & path to return</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The plan shows cash burn through 2026, first positive EBIT in 2027, and base-case revenue rising from ≈€636K (2026) to ≈€31.7M (2031). The platform's 48–58% p.a. headline depends on the company approaching these figures, because investor return is driven by net profit and end-of-term company value. The €12M issuer-set pre-money is ~100x 2025 plan revenue, and the most recent (31.12.2024) accounts show an equity-uncovered shortfall.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed multi-year plan with explicit base and target cases.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clear, disclosed use of proceeds and cost structure.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Funding-threshold protection: full refund if €150K not reached.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Returns wholly contingent on an aggressive ramp from a ~€116K base.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€12M pre-money ≈100x 2025 revenue with no methodology or benchmark.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity-uncovered shortfall at 31.12.2024; no audited historicals beyond it.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Instrument & downside structure</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The offer is a profit-participating subordinated loan with qualified subordination and a pre-insolvency enforcement block. Investors hold no equity, no vote, rank behind essentially all creditors, are locked in to 30 April 2031 with no disclosed secondary market, and face explicit total-loss risk. There is no appointed fund-use controller. These terms materially shape the real risk/return regardless of the company's operating performance.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Profit/exit participation gives genuine upside if the company succeeds.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Early-investor ~12.5% valuation bonus.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Refund mechanism if the funding threshold is missed.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deep subordination + pre-insolvency payment block; total loss possible.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No voting rights and no equity ownership.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Long enforced lock-up, no secondary market, and no §5c fund-use controller.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🚩 Red flags & integrity checks</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — No audited historical financials beyond a 31.12.2024 statement that shows an equity-uncovered shortfall; no third-party valuation; SoluSmart® licence terms (owner, royalty, territory) not disclosed; no ESOP, vesting or secondary-market detail.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — The VIB (§13) states no Vermögensanlagen were offered/sold/repaid in the prior 12 months, yet the financial plan shows prior “Change in debt – FunderNation” inflows (€150K tranches); the materials do not reconcile these.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — The founder's “four companies, three sold” claim could not be exactly matched to public records, though his broader pharma/biotech track record is corroborated.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — None found in public registries or news searches.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — Per the VIB, no prior Vermögensanlagen in the last 12 months; the plan references earlier FunderNation debt tranches whose terms and milestone outcomes are not detailed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — €12M issuer-set pre-money is ~100x ≈€116K of 2025 plan revenue, with no methodology or external comparable provided — high for the stage and revenue base.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📝 Data quality notes</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories scored N/A: </strong>None — all six categories were evaluable at LIMITED data quality.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories with LIMITED data quality: </strong>All six. Team (track-record claim unverified), Product/IP (licence terms and clinical data absent), Market (no competitor/share data), Traction (company-stated and unaudited), Financial plan (no audited historicals; issuer-set valuation), and Instrument (some terms such as secondary market and vesting undisclosed). Each was therefore capped at 70.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Most material missing items that would change the evaluation if obtained:</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Audited historical financials and a clear reconciliation of prior FunderNation debt against the VIB's “no prior Vermögensanlagen” statement.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">SoluSmart® patent/licence detail (owner, term, royalty, territory) and any clinical/comparative bioavailability evidence.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">An independent or methodology-backed basis for the €12M pre-money valuation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent verification of the headline traction metrics (units, repurchase rate, CLV).</span></span></li> </ul> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em><span style="color:black">Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></em></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Platform offering this project
FunderNation DE
Risk Level
Élevé
Return Level
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Return Level
Élevé
Investissement minimum
EUR 100
Financé
EUR 80,0M
