Companisto • PLACED
Financement participatif (equity crowdfunding)
PLACED
PLACED sells software to recruitment and staffing agencies that uses artificial intelligence to find which companies are hiring, match the agency's candidates to those openings, and help the recruiter pitch and follow up — so the agency turns more of its existing candidates into paid placements.
Key project data
Target amount
1,2 MEUR
Valuations
5,9 MEUR
Rendements potentiels
401%
Année de sortie prévue
2030
Would AI invest?
61/100
1
100
Aperçu généré par l'IA
AI project overview
Condensed summary based on project data
<p><span style="font-size:28pt"><span style="font-family:"Times New Roman",serif">PLACED — Crowdfunding Investor Memo</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>PLACED sells software to recruitment and staffing agencies that uses artificial intelligence to find which companies are hiring, match the agency's candidates to those openings, and help the recruiter pitch and follow up — so the agency turns more of its existing candidates into paid placements.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector: <strong>HR software (B2B SaaS)</strong> · Stage: <strong>Seed</strong> · HQ: <strong>Berlin, Germany</strong> · Raise: <strong>€700K via Companisto, inside a €1.4M round (the platform listing states a €1.2M goal; the exposé states €1.48M — see the questions section)</strong> · Platform: <strong>Companisto</strong> · Memo date: 25 August 2026</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Snapshot</span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:172px"> <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:488px"> <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 €5.93M pre-money price sits within the range of European seed and early-stage software valuations we could find (PitchBook: seed median €5.0M in Q3 2025; early-stage SaaS median €8.5M in Q1 2025), but measured against the company's own stated recurring revenue of €180K it is about 33 times revenue, against a private-SaaS median of 5.3x (SaaS Capital, January 2025).</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:172px"> <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:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 61 / 100 — Average.</span></strong><span style="color:black"> Strongest evidenced precondition: a founding team whose track record — a prior software company sold to a €1bn HR-tech group, and venture-fund experience — checks out against public sources, with a product live since October 2025 and named paying customers. Biggest gap: the company's headline of €180K annual recurring revenue does not reconcile with the €9,227 of revenue actually booked in the first quarter of 2026, and no document in the pack bridges the two.</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:172px"> <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:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Target <strong>5.0x</strong> over <strong>4 years</strong> (company plan: 49.65% per year, 401.58% total return, per the Companisto listing). If reached, illustratively <strong>3x–12x</strong> before fees and future dilution. Method: the company's own 2029 plans (€6.26M revenue in the platform's financial plan; €12M recurring revenue in the deck) multiplied by recorded software sale multiples — 3.8x revenue (Aventis Advisors SaaS M&A median, 2025) to 7.5x (Bessemer public-cloud index, 2025) — divided by the €7.33M post-money price. Note: Companisto's certificate structure deducts 20% of your money in fees before it is invested and takes 15% of gains above 6% a year — see the returns picture.</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:660px"> <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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">85–100 · Excellent</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:488px"> <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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">70–84 · Good</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:488px"> <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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">50–69 · Average</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:488px"> <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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">30–49 · Weak</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:488px"> <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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1–29 · Critical</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fundamental preconditions are not visible in the evidence</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What we could check.</span></strong><span style="color:black"> We verified the company's registration, both founders' career histories, the prior sale of the co-founder's previous company to Staffbase, the market statistics from the German staffing association and the World Employment Confederation, and the cited comparable transactions (Textkernel, P&I, Eploy) against public sources — 11 of 25 checkable claims fully confirmed, 6 partly, 9 not found, none contradicted. The company's recurring revenue, pipeline, customer usage and cap-table percentages rest on its own materials, and the €180K revenue headline is not reconciled to the booked accounts — see the questions section. </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 price-fairness score says whether the entry price is supported by the sector benchmarks we could find. The AI Score is our read on whether the company has the building blocks in place — team, working product, paying customers, a market it can reach, and money to get to the next stage — to reach a point where a sale of the company or a similar event could happen. It is not a probability of success: even companies with every building block in place fail more often than they succeed, which is why crowdfunding only works as a small part of a diversified portfolio. The returns range is an illustration 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 Companisto, a licensed crowdfunding platform, before going live; where a fact could exist outside the pack (interviews, webinars, the 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">At a glance</span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:330px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Three reasons to look closer</strong></span></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:330px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Three reasons for caution</strong></span></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:330px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The founders' histories check out: Fatih Temel was chief operating officer of dirico, which Staffbase (valued at $1.1bn in March 2022) bought a majority of in June 2022; Kai Künne worked in the Earlybird venture fund's investment team and at True Growth Capital — all confirmed in public sources.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A working product with real customers: launched October 2025, more than 120 users by November 2025 (company blog), and named agencies — HRS Germany, Franke + Pahl, ANDERS Consulting, EPOS — that the company says switched from the 30-year-old incumbent data provider index, with a state-backed fund (Brandenburg Kapital) committing €700K alongside the crowd.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Investor-friendly share terms at company level: the crowd's shares carry the same money-back-first right (1x plus 6% a year) and the same protection against cheaper future rounds as the lead investor; the founders keep 65% and are locked in for three years.</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:330px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The revenue picture does not add up on paper: the deck and listing state €180K of annual recurring revenue "since January 2026", but the company's own bookkeeping shows €9,227 of revenue for January–March 2026 and €37,623 for all of 2025 (mostly recruiting fees, not software). The four accounts marked "signed" on the expansion slide total €3,800 a month.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Cash burn versus what is on the books: the first quarter of 2026 lost €119,483 (about €40K a month); bank balances at 31 December 2025 were about €74,500; the 2025 loss was €536,942. The round is meant to bridge to break-even in mid-2028 only if the plan is delivered.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The certificate you actually buy deducts 20% in fees before your money is invested (10% administration, 10% brokerage), gives Companisto 15% of gains above 6% a year, and cannot be terminated by you before the end of 2041 — so the company's 5x target becomes roughly 4x on your cash before that profit share (dossier arithmetic).</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Deal terms.</span></strong><span style="color:black"> No terms were identified in the reviewed documents that would prevent a crowdfund investor from sharing in the upside. The fees and profit share built into the Companisto certificate reduce, but do not cap, what reaches you. Full mechanics are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">ℹ️ <strong>Information, not investment advice.</strong> Capital at risk — you could lose the full amount invested. Full notes are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🏢 What the company does</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Placed Technologies GmbH, founded in Berlin in October 2024, sells a web platform to recruitment and staffing agencies. Recruiters spend, by the company's account, five to six hours a day finding which companies are hiring, matching their candidates, writing pitches and updating their databases; PLACED's software reads millions of job advertisements and company records, suggests which employers to approach for a given candidate, drafts the approach and tracks the follow-up. The customer is the agency — the company targets owner-managed or mid-sized firms with roughly 20–700 staff and several branch offices — and it pays a monthly software subscription, typically starting around €1,000 a month for one branch and growing as more branches, users and add-ons (AI credits, integrations, data feeds) are switched on. The product went live in October 2025; the company reports about €180K of annual recurring revenue, a sales pipeline of €1.3M and roughly five inbound enquiries a week, and names HRS Germany, Franke + Pahl, ANDERS Consulting and House of HR among its customers. It operates in Germany today and plans Switzerland and the Benelux from 2027. This raise — €700K from the crowd alongside €700K from Brandenburg Kapital, plus about €350K of public grants the company says are approved — is to be spent roughly half on the product (AI agents, data processing, integrations) and half on sales and account management, with the stated aim of reaching €500K of annual recurring revenue by the end of 2026 and break-even in 2028.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📈 The returns picture</span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">The target</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>5.0x over 4 years.</strong> This is the company's own target as shown on the Companisto listing (49.65% per year; 401.58% total return; four years to exit). The listing does not say how the figure was calculated. For comparison, the standard expectation for a seed-stage investment is around 10x over 5–7 years — the company's target is lower than that, over a shorter period.</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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the company plans to get there</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck plans €560K of annual recurring revenue by the end of 2026, €1.8M in 2027, €4.2M in 2028 and €12M in 2029 with 1,901 customers; the platform's financial plan is lower — €1.13M revenue in 2027, €2.89M in 2028, €6.26M in 2029, €11.97M in 2030 — with break-even in June 2028. The intended exit is a sale to a larger software, job-board, staffing or private-equity buyer. The company lists these comparable transactions: Bullhorn bought Textkernel (2024) — €300M, which the company puts at 15x recurring revenue (the price was reported by the press; the multiple could not be verified); P&I was valued at €5.5bn by Hg (2025) on revenue above €300M, about 18x (confirmed); SAP bought SuccessFactors (2011, stated >10x), Oracle bought Taleo (2012, stated 5–6x), Clearlake bought Cornerstone (2021, stated ~7x), LinkedIn bought Bright ($120M) and Glint ($400M); Hg/Visma at a stated 7x (not found). The stated multiples range from about 5x to 18x revenue.</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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What has to be true</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">At the round's €7.33M post-money price, a 5x outcome means the company would have to be worth roughly €36.7M in four years for the same stake (not counting later rounds). On the deck's 2029 plan of €12M recurring revenue that is about 3x revenue; on the platform's 2029 plan of €6.26M it is about 6x — both inside the 5x–18x range of the transactions the company cites. It also requires the €180K of recurring revenue reported today to be real and to grow roughly 35–65 times in four years, and the business to raise no further money that dilutes early holders — which the deck asserts but the plan does not demonstrate.</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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">If reached — potential returns</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Illustratively <strong>3x–12x</strong> before fees and future dilution. Method: the company's two 2029 revenue plans (€6.26M and €12M) multiplied by recorded software sale multiples — 3.8x revenue (Aventis Advisors, SaaS M&A median 2025) to 7.5x (Bessemer Emerging Cloud Index, 2025) — give an exit value of roughly €24M–€90M, divided by the €7.33M post-money price. The required €36.7M exit is well below the recorded exits in this sector (Textkernel €300M; P&I €5.5bn); the smaller recorded deals (Eploy, dirico) did not disclose prices. Two further deductions apply to the Companisto certificate specifically: 20% of what you pay is taken as fees before investment, so €1.00 buys €0.80 of shares, and Companisto keeps 15% of any gain above 6% a year — on the company's own 5x, that is about 4x on your cash before the profit share and roughly 3.6x after it (dossier arithmetic). Most early-stage investments return little or nothing; reaching any of these figures is a minority outcome. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📊 Score breakdown</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Score = each category's score weighted by its importance; weights sum to 100%.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:132px"> <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:66px"> <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:66px"> <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:396px"> <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:132px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Team capability</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:66px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">72</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:66px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>25%</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:396px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good</strong> — Both founders' backgrounds check out publicly: one ran operations at a software company sold to a $1.1bn HR-tech group, the other has venture-fund investment experience, and both have staffing-industry exposure from running a recruiting business in 2025. Gaps: the head of engineering is named only by first name and could not be traced, and at least one developer appears in the accounts as an external contractor rather than staff.</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:132px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Product-market fit</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:66px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">62</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:66px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>20%</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:396px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — The product is live (October 2025), publicly marketed, used by named agencies, and the company reports customers switching from the incumbent data provider despite running contracts. The evidence is ten months old: usage figures (100% weekly, 70% daily) are headline claims without time series, and the company buys job data from Textkernel — a firm owned by Bullhorn, which the company itself lists as a competitor and potential buyer.</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:132px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Traction & growth</strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:66px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">48</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:66px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>20%</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:396px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Weak</strong> — The reported figures do not multiply out: €180K of annual recurring revenue "since January 2026" against €9,227 of revenue booked in January–March 2026 and €37,623 for all of 2025 (of which €32,623 were recruiting fees, €5,000 software); the four accounts marked "signed" add up to €3,800 a month. Positives are real but small: named customers, two quoted results (+70% placements at HRS, +45% first meetings at ANDERS), five inbound enquiries a week and a sub-four-week sales cycle, all company-reported.</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:132px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Market size</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:66px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">65</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:66px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>15%</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:396px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — Independent sources confirm a large, fragmented target market: 4,070 German firms whose main business is placement with 35,329 staff (GVP, 2024) and German placement fees of €7.8–12.2bn (Destatis/GVP, 2023); the company's 5,000–8,000 target-firm figure is its own scoping. The same sources show industry revenues fell in 2024 (GVP; World Employment Confederation −4.2%), and the company's European figures (32,000 firms, €65bn) could not be found.</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:132px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Business model</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:66px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">58</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:66px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>10%</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:396px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — A clear subscription model (about €1,000 a month per branch, expanding by branch and user) with a worked example of one customer growing from €300 to a planned €6,000 a month, and a five-year plan reaching break-even in 2028. Against that, the deck and the platform's financial plan are two different plans (2029: €12M versus €6.26M), and the first-quarter 2026 accounts show €38,175 of external services and €18,600 of rent against €9,227 of revenue.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:132px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Competition</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:66px"> <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="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:66px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>10%</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:396px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — Public research shows an entrenched incumbent: index, founded 1994, more than 1,400 customers and about 200 staff, plus Bullhorn (which bought Textkernel for a reported €300M) and Loxo with tens of thousands of customer teams, and at least six venture-funded AI recruiting entrants in 2025–26. In the company's favour, three named agencies are reported to have switched from index, and the company positions itself as a workflow layer rather than a data seller.</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:132px"> <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:66px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">61 / 100</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:66px"> <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:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:396px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Average</span></strong><span style="color:black"> — meaningful building blocks are in place (confirmed founder track record, live product, named customers, a lead investor), but the traction evidence is weakly supported and internally inconsistent, and competitors are established.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">❓ Questions to ask before investing</span></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">These are facts the company holds and can supply on request. They were not in the materials we reviewed — they may well exist in interviews, webinars or the company's data room. The score above is based on what <em>was</em> available — these questions are how you close the gap.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">1. What was your monthly recurring revenue at the end of each month from January to July 2026, and how many customers were paying in each month? Please reconcile the €180K annual recurring revenue figure to the €9,227 of revenue booked in January–March 2026.</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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">2. Which customers are paying today, on what contract length and price, and how many branches and users does each have live? Of the seven accounts on the expansion slide, which are signed, in trial, or in legal review today?</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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">3. What is your cash balance today and your monthly net cash burn, and how many months does that cover before and after this round closes?</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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">4. How many customers have cancelled or reduced their subscription since the October 2025 launch, and how has revenue from customers who started before March 2026 changed since?</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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">5. Of the €1.3M pipeline, how much is in trial, in offer, or in legal review, and what is the value you expect to close from it?</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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">6. Is the round €1.2M, €1.4M or €1.48M? Who is Ventic Ventures, how much is it investing and on what terms? Is Brandenburg Kapital's €700K unconditional, and how does a Berlin-registered company qualify for a fund whose mandate covers the State of Brandenburg?</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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">7. How many shares will exist after the 17 loans convert, how many shares will the Companisto vehicle receive, at what price per share, and what exact percentage will the crowd hold? Please provide the loan amounts, discounts and conversion prices.</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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">8. What founder vesting and leaver terms will replace the placeholder in the shareholders' agreement (§14), and what will the pooling clause (§22) say?</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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">9. Please provide the award letters for the >€350K of grants (BMFTR research project, research allowance, Gründungsbonus): amounts, conditions and payment dates.</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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">10. What are the terms of your data licences with Textkernel (owned by Bullhorn) and index — length, exclusivity, notice period — and what share of your job and company data depends on them?</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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">11. Who made the acquisition offer mentioned on the exit slide, when, and is there any written term sheet?</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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">12. Which of the six named team members are employees and which are contractors, and what is the full name and background of the head of engineering?</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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">13. What are the purpose and repayment terms of the €8,400 loan to shareholders and the €36,000, €25,000 and €4,982 owed to shareholders in the 2025 accounts, and how were the €120,000 of managing-director salaries for 2025 set?</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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">14. How do you reconcile the deck's 2029 target of €12M recurring revenue and 1,901 customers with the financial plan's 2029 revenue of €6.26M?</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:660px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">15. What are the issuance and IT service fees deducted at closing "in the customary amount", in euros?</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 What you own</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would not hold shares in PLACED directly. You buy a profit-participation certificate (a "Genussschein") issued by a holding vehicle set up by Companisto (Companisto Trust Service LXXII UG), which uses 80% of the money raised — after a 10% administration fee and a 10% brokerage fee — to buy "Seed" shares in Placed Technologies GmbH. Those shares carry the same rights as the lead investor's: money back first (plus 6% a year) if the company is sold for less than hoped, and protection if a later round is priced lower. You have no vote in the company itself; instead certificate holders vote online, and the vehicle casts one block vote. If the company is sold, the proceeds pass through the vehicle, which keeps 15% of the gain above a 6% annual hurdle, and the rest is paid to you within about a month. The certificate runs until at least the end of 2041 unless the company is sold or wound up earlier. 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">🔍 Detailed review</span></span></span></h2> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Team capability</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">PLACED is run by two founders who each hold 32.5% after the round. Fatih Temel (sales) joined dirico as a consultant in 2019, became its chief operating officer in 2020, grew it from about 10 to 60 staff and left when Staffbase — valued at $1.1bn in March 2022 — bought a majority stake in June 2022; all of this is confirmed by Staffbase's press release and his own public posts. Kai Künne (product) worked in Earlybird's venture investment team and as investment manager at True Growth Capital, with degrees from WHU and LSE (confirmed); the deck's "former managing director of a €30M angel fund" and "Rocket Internet" could not be traced. The head of engineering, Melih (Opera, Cisco per the deck), and three senior developers are identified by first name only.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:330px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></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:330px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Concerns</strong></span></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:330px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Prior company sale and venture-fund experience confirmed in public sources; founders ran a recruiting business themselves in 2025 (€32,623 of placement fees booked).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founders keep 65% combined and are locked in for three years; two founder holding companies are bound by non-compete and successor-company clauses.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">True Growth, Angel Invest, superangels and a group of HR-software founders (WorkTech Angels) are existing backers, and Brandenburg Kapital is joining as lead.</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:330px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck's "exit of dirico to Staffbase" was a majority-stake sale of a company Temel ran as COO, not founded — a nuance, not a contradiction.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Head of engineering and developers not identifiable; the 2025 ledger shows developer invoices from "Ivan Matiishyn" and a Polish entity, pointing to contractor arrangements — employment status is not in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting (what happens to their shares if one leaves) is a blank placeholder in the draft shareholders' agreement.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Product-market fit</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The product launched in October 2025 and the company's blog reported more than 120 users a month later; by August 2026 the deck claims a database of more than 4 million job openings from 2.6 million German companies (1.6 million jobs and 600,000 companies in December 2025). Customers named as live include HRS Germany, Franke + Pahl, ANDERS Consulting, EPOS and House of HR, and the company reports that HRS, EPOS and Franke + Pahl switched from index while still under contract there — which Companisto's own analysis calls "an initial positive sign". Usage is reported at 100% weekly and over 70% daily, and one customer is quoted saying six framework agreements worth an expected €160,000 were closed during the trial.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:330px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></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:330px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Concerns</strong></span></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:330px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Live product, public pricing (one price for all regions), weekly updates and a customer event in November 2025 — all visible outside the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named customers with quoted results, including one of Europe's largest staffing groups (House of HR) at two branches.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company reports a government-funded research project (>€350K) behind its data technology — award letters would settle this.</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:330px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Usage and data figures are headline claims with no monthly series or definition of "active"; the deck's user counts are not stated.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company buys job data from Textkernel (€14,920 owed at year-end 2025), which Bullhorn — a named competitor and potential acquirer — bought in 2024; licence terms are not in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Companisto's own analysis notes the planned "agent" platform "has yet to demonstrate its technological reliability and additional customer value".</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Traction & growth</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports about €180K of annual recurring revenue as of January 2026, a €1.3M pipeline, five qualified inbound enquiries a week and a sales cycle under four weeks, with an expansion table showing seven accounts (four "signed", one testing, two in legal review). Its own bookkeeping, supplied in the pack, shows revenue of €37,623 for 2025 — €32,623 of it recruiting fees and €5,000 of software revenue booked in December — and €9,227 for January–March 2026, with a 2025 loss of €536,942 and a first-quarter 2026 loss of €119,483. The four "signed" accounts total €3,800 a month; the other three (Adecco, FERCHAU, Papp) are not described as paying. No document in the pack reconciles the €180K headline with these figures — annual invoicing or contracts signed but not yet billed could explain part of the gap, but that is not shown.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:330px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></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:330px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Concerns</strong></span></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:330px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Booked revenue moved from €0 (December 2024) to the first software subscriptions in December 2025, with the first-quarter 2026 revenue entirely on the software revenue account.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two named customer outcomes (HRS +70% placements after three months; ANDERS +45% first meetings), and an expansion path from €300 to €6,000 a month at Franke + Pahl.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Cost base is modest: about €40K a month operating loss in early 2026, with founders paid €8,000 a month each.</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:330px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€180K reported recurring revenue versus €9,227 booked in the quarter it was supposedly running — the numbers do not multiply out, and the four signed accounts sum to €45,600 a year.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Bank balances of about €74,500 at 31 December 2025 against a €40K monthly loss; no cash or runway figure after that date is in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No churn, retention or customer-count series since launch is in the pack we reviewed; the platform itself says pipeline significance "depends on the distribution across the individual sales stages".</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Market size</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">PLACED targets owner-managed and mid-sized staffing firms with active sales teams — 5,000–8,000 in Germany by its own count, with more than 10,000 direct-placement participants nationally and 32,000 across Europe. Independent figures support a large market: the German staffing association (GVP) counts 4,070 companies whose main business is placement, employing 35,329 people at the end of 2024, and estimates German placement fees at €7.8–12.2bn (2023); the World Employment Confederation puts the global HR-services industry at €632bn (2022). Companisto's analysis frames the opportunity as the software budget of those firms — around €12,000 a year per branch — rather than the placement volume itself.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:330px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></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:330px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Concerns</strong></span></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:330px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Core German market anchors confirmed by GVP and Destatis; the company's €4–12bn placement-volume figure overlaps the official estimate.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fragmented customer base of thousands of small and mid-sized firms, which fits a low-ticket subscription entry (about €1,000 a month).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Staffing firms are under margin pressure and are moving from temporary staffing into permanent placement (deck; consistent with GVP commentary on a growing placement share).</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:330px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The industry shrank in 2024: GVP reports revenue declines in both temporary staffing and placement, and the World Employment Confederation reports global revenues down 4.2% — fewer open jobs means fewer placements to sell.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The European figures (32,000 firms, €16.5bn, €65.4bn) and the €750bn global figure could not be found in any independent source.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company's 5,000–8,000 target firms is above the 4,070 the association counts with placement as their main business — the definitions differ and the pack does not explain how.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Business model</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Agencies pay a monthly subscription — typically about €1,000 a month for a first branch — and the company grows the account by adding branches, users, AI credits, integrations and data packages ("land and expand"). The company also foresees selling its data and inference engine through an interface (API) to job boards, media houses and HR-software vendors, which Companisto's analysis says is at an earlier stage and "should not yet be fully factored into the current valuation". The financial plan in the platform analysis shows revenue of €204K (2026, from May), €1.13M (2027), €2.89M (2028), €6.26M (2029) and €11.97M (2030), gross margins of 91–95%, losses of €418K and €722K in 2026–27, and a positive result from 2028.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:330px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></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:330px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Concerns</strong></span></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:330px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Simple, repeatable pricing with a low entry ticket and a documented expansion example (Franke + Pahl: €300 → €6,000 a month planned; Westhouse: €80K → €250K a year planned).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Direct costs are small in the plan (data, hosting, AI/API of €19K in 2026 rising to €615K in 2030), so most revenue growth would fall through to profit.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Use of funds is stated: half product, half sales and account management; no capital spending; grants of about €350K on top of equity.</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:330px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two different plans are in the pack: the deck's 2029 target of €12M recurring revenue and 1,901 customers versus the platform plan's €6.26M revenue in 2029 and 740 customers by 2030.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">First-quarter 2026 accounts show €38,175 of external services (mostly foreign contractors) and €18,600 of rent against €9,227 of revenue — the cost base today is that of a bigger company than the revenue supports.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No price list, contract length, customer-acquisition payback or monthly cash-flow model is in the pack we reviewed; the plan's customer-growth assumptions (55 → 157 → 303) are not explained.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Competition</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The incumbent is index (index Anzeigendaten, Berlin), founded 1994, which sells job-advertisement data to staffing firms and has more than 1,400 customers and about 200 staff by its own account — the company puts its recurring revenue at €20–30M (deck) or €30–40M (platform analysis); neither figure could be verified. Established recruiting-software platforms Bullhorn (>10,000 customers; bought Textkernel in 2024) and Loxo (>20,000 teams) are adding AI features, and at least six AI-recruiting start-ups raised money in 2025–26 (Jack & Jill $20M, Dex $5.3M, HeyMilo $6M, HireBound $2M, HrFlow.ai €6M, Estel €270K — the last explicitly an "AI-native sales platform for tech staffing"). PLACED positions itself as an automated sales workflow rather than a data feed, and partners with several of the tools it lists as partial competitors (Apollo, HeyReach, Jobdigger, Textkernel).</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:330px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></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:330px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Concerns</strong></span></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:330px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Three named agencies reported to have moved from index despite running contracts; one Europe-wide staffing-ERP CEO quoted praising the product after a demo.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company's data collection is automated (AI agents) where the incumbent's is partly manual (80 staff per the deck) — a plausible cost advantage the pack asserts but does not quantify.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports a takeover approach from a large staffing-software company and an advisory board of staffing-agency managing directors.</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:330px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Entrenched incumbent with a 30-year customer base, and larger platforms (Bullhorn, Loxo) that Companisto's analysis says "could develop comparable features themselves or acquire them".</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A crowded field of funded AI entrants in the same twelve months, several in sales automation for staffing.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dependence on data bought from a competitor's subsidiary (Textkernel/Bullhorn) and from index itself (€1,799 paid in 2025) — the terms are not in the pack we reviewed.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">💶 Valuation detail</span></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€5,930,000 (Companisto Investment Terms, 12 August 2026). The listing text rounds this to €5.9M; the platform analysis also cites a range of €5.93M–€6.52M without explaining the upper figure.</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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€7.33M on a €1.4M round (our arithmetic; €7.41M if the round is €1.48M, €7.13M if €1.2M). Not stated in the pack.</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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity, held indirectly: a profit-participation certificate (a security whose payout mirrors the shares held by a holding vehicle) issued by Companisto's vehicle, which holds "Seed" shares — a share class with money-back-first and anti-dilution rights — in Placed Technologies GmbH.</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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Ownership % offered</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">9.4% of the company after the round for "Companisto (AC + IC)" — the crowd pool plus the platform's angel club combined, on a preliminary cap table. How much of that 9.4% belongs to the crowd certificate, and the number and price of the shares the vehicle buys, are not in the pack we reviewed. Our arithmetic: €700K at €5.93M pre-money is 9.55% before fees; if only the 80% net of fees is invested, about 7.8%.</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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not in the pack we reviewed. Companisto's analysis describes it as 11–13x the recurring revenue projected for the end of 2026 (€500–563K). On today's reported €180K it is about 33x; on 2025 booked revenue (€37,623) about 158x.</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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">PitchBook European VC Valuations: pre-seed/seed median pre-money €5.0M (Q3 2025), seed median €5.3M (2024), early-stage SaaS median €8.5M and AI & ML €6.0M (Q1 2025), AI pre-seed/seed median €5.8M (2025 annual). Revenue multiples: private SaaS median 5.3x recurring revenue (SaaS Capital, January 2025); public SaaS 7.5x revenue (Bessemer, 2025); SaaS M&A median 3.8x revenue (Aventis Advisors, 2025). Comparable AI-recruiting seed rounds in 2025–26 (Jack & Jill, Dex, HeyMilo, HireBound, Estel) did not disclose valuations.</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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Valuation fairness (1–5)</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">3 / 5 — Stretched but arguable. In absolute terms the €5.93M price sits between the European seed median (€5.0M, PitchBook) and the early-stage SaaS median (€8.5M, PitchBook). As a multiple of revenue it is far above sector norms — 33x the reported €180K, against 5.3x for private SaaS (SaaS Capital) — and the reported revenue itself is not reconciled to the accounts.</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:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Crowd investors buy through a Companisto vehicle that deducts 10% administration and 10% brokerage fees before investing, keeps 15% of gains above 6% a year, and cannot be terminated by holders before the end of 2041 (25% of holders acting together). At company level: 1x money-back-first plus 6% a year for all Seed shares, weighted-average protection against cheaper rounds, 85% drag-along with a floor at the money invested, 3-year founder lock-up, forced-exit process after 5 years at a minimum of 1.5x, and an option for investors to hand their shares to the founders for €1.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🚩 Red flags & integrity checks</span></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:607px"> <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: founder vesting and leaver terms (shareholders' agreement §14 is a placeholder) and the pooling clause (§22); share numbers, price per share and the crowd's exact percentage; the terms of 17 convertible loans being converted; any monthly revenue series or invoice ledger behind the €180K figure; cash and runway after 31 December 2025; a line-item use of funds; the identity and amount of co-investor "Ventic Ventures"; grant award letters.</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:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:607px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — Round size: €1.4M (deck, analysis) vs €1.2M funding goal (listing) vs €1.48M including €780K from Brandenburg Kapital and Ventic Ventures (exposé). Recurring revenue: €180K "since January 2026" (deck s.9, exposé) vs €9,227 booked January–March 2026 and €37,623 for 2025 (DATEV accounts); signed accounts on the expansion slide sum to €3,800 a month. Growth plan: 2029 €12M ARR / 1,901 customers (deck s.16) vs €6.26M revenue in 2029 / 740 customers by 2030 (platform financial plan). Pre-money €5,930,000 (Investment Terms) vs €5,900,000 (listing). Incumbent's revenue €20–30M (deck) vs €30–40M (analysis). Commercial start "since 06/2025" (deck s.7) vs "since Q1" (s.9) vs launch October 2025 (company blog). Registered address vs exposé address.</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:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:607px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — <em>None found.</em> No public record directly conflicts with a claim in the pack. Nuances recorded: Fatih Temel was COO (not founder) of dirico and Staffbase bought a majority stake; Kai Künne's "€30M angel fund managing director" and Rocket Internet roles were not found; the Textkernel 15x multiple and Jack & Jill's ">€100M" valuation are not in the public record.</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:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:607px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — <em>None found in public registries or news searches.</em> Company status "active"; no insolvency notice, litigation, regulatory action or adverse press located for the company or the founders.</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:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:607px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — Prior financing was by convertible loans from angels: eight loans totalling €225,000 appear in the 2025 accounts (Jacobo Invest, M5INVEST, Dirk Koehler, KM 596 GmbH, CAPI Invest, Chestnut Ventures, Consus, HFW Holding); the draft shareholders' agreement names 17 lenders converting in this round, including Angel Invest Fund III, superangels Invest I, True Growth and M. Moritz Beteiligungsgesellschaft, whose amounts are not in the pack we reviewed. No prior-round milestones were stated, so none can be checked; a 2024/25 job posting described the company as "backed by top-tier investors" with a product "launching soon" — the product did launch in October 2025.</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:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:607px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — €5.93M pre-money against PitchBook European medians of €5.0M (pre-seed/seed, Q3 2025), €5.8M (AI pre-seed/seed, 2025) and €8.5M (early-stage SaaS, Q1 2025): in line on an absolute basis. Against revenue: about 33x reported recurring revenue and 158x 2025 booked revenue, versus 5.3x for private SaaS (SaaS Capital, 2025) and 3.8x for SaaS acquisitions (Aventis Advisors, 2025): well above. Comparison only — the fairness score is 3/5.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 Instrument & investor terms — full mechanics</span></span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">What you own — in full</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You buy a bearer security called a profit-participation certificate ("Genussschein"), par value €50, issued by Companisto Trust Service LXXII UG, a vehicle owned by Companisto Holding GmbH and run by its managing director Tamo Zwinge, and held in your securities account via Clearstream. The vehicle uses your money, less a 10% administration fee and a 10% brokerage fee paid to Effecta GmbH, to buy Seed shares in Placed Technologies GmbH; whatever it receives from those shares — dividends or sale proceeds — flows to certificate holders after the vehicle's taxes and costs and after Companisto's profit share (15% of any gain above 6% a year on the purchase price). The certificate gives you no vote in the company. Instead, whenever the company's shareholders must vote, certificate holders vote online over seven days (one certificate, one vote), and the vehicle casts its whole stake the way the majority decided. A sale of the vehicle's stake needs 75% of certificate votes unless the company's drag-along applies or the buyer is a Companisto affiliate. The vehicle is one Seed investor among several: with about 9.4% (crowd plus angel club) it does not on its own control the 75% investor majority that key company decisions require, but it votes inside that group alongside Brandenburg Kapital (9.4%) and the angels (about 12.8%). The founders retain 65%.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Dilution — how your share can shrink</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution means that when a company issues new shares to raise money, everyone who already owns shares owns a smaller slice of a bigger pie. The deck says the company can reach €12M of recurring revenue by 2029 "without further financing", and Companisto's analysis says the round bridges to break-even in 2028 if the plan is delivered — so no further round is planned, but the plan does not prove one will not be needed. If the shareholders approve a later round by 90% of all votes and 90% of investor votes, every shareholder must vote it through (they need not put money in). Protection: all Seed shares — including the ones your vehicle holds — get extra shares at nominal price if a later round is priced lower than this one (a "weighted-average anti-dilution" right); founders' ordinary shares get no such protection. There is no general right for certificate holders to join future rounds; existing shareholders have first refusal only when someone sells shares. The employee share pool is 875 virtual shares (2.3%); Companisto notes it "may" need to grow.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Worked example, illustrative only: after this round the crowd-plus-angel-club stake is 9.4%. If the company later raised €3M at a €15M pre-money valuation, new investors would take one-sixth of the company and every existing holder would shrink by that fraction — 9.4% would become about 7.8%. If instead the later round were priced below this one, the Seed shares would receive free top-up shares to soften that reduction, while the founders' shares would not.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">If the company is sold or wound down</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Order of payout, in plain words: the company's lenders and creditors are paid first; then every Seed shareholder — Brandenburg Kapital, the angels and your vehicle alike — gets back what it paid in plus 6% a year (the "liquidation preference"); whatever remains is shared by everyone in proportion to their shareholding, with the Seed holders' preference netted against their share so they do not get paid twice (a "simple" or non-participating preference). On the preliminary cap table that split is founders 65.0%, Seed and angel investors 32.7%, employee pool 2.3%. If the proceeds are too small to cover all preferences, Seed holders share them pro rata. A buyer offering to take more than half the company can force everyone to sell if 85% of votes, including 75% of investor votes, agree ("drag-along") — but Seed investors can only be dragged at a price of at least their money back, with liability capped at that amount. Every shareholder may join a sale by another on the same terms ("tag-along"), and if the buyer is a competitor, co-sellers must be bought out in full. After five years, a simple majority plus the investor majority can force the company to hire advisers and run a sale process, at a floor of 1.5x the Seed investors' money. Founders cannot sell for three years. Any investor may hand all its shares to the founders' companies for €1 at any time (an exit-for-nothing option, e.g. to escape future obligations). Once the company is sold, the vehicle pays certificate holders within one month of receipt. Your certificates are technically transferable through your bank, but no organised market exists; you cannot terminate them before the end of 2041, and only if 25% of all holders act together. If the company goes insolvent, Companisto may buy back the certificates at a symbolic price, passing on any later unexpected recoveries.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Terms not in the pack we reviewed</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">These exist in the shareholder documents and could have been disclosed — a genuine gap, unlike operating figures. Each also appears in the questions section.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder share vesting and what happens if a founder leaves (shareholders' agreement §14 is a placeholder).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The pooling (voting) agreement wording for Brandenburg Kapital and the angel club (§22 placeholder).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The number of shares after the round, the price per share, and the exact percentage held by the crowd certificate (only the 9.4% combined figure is given).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The amounts, discounts and conversion prices of the 17 convertible loans being converted into shares.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Seed Investment Agreement itself, including the founders' guarantee catalogue and any milestone or tranche conditions.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The issuance and IT service fees deducted at closing "in the customary amount", in euros.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whether Brandenburg Kapital's €700K is unconditional, and the identity and amount of co-investor Ventic Ventures.</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Disclosed and used above: pre- and post-money valuation; the cap table in percentages; the employee pool (2.3%); anti-dilution rights (all Seed shares); the absence of a general right to join future rounds; information rights — quarterly revenue, gross profit and EBIT against plan with written updates, an annual plan by 31 January and annual accounts by 30 June, passed to certificate holders through the vehicle.</span></span></p> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:660px"> <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:660px"> <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
Companisto DE
Risk Level
Élevé
Risk Return Level
Moyen
Return Level
Élevé
Investissement minimum
EUR 250
Financé
EUR 228,78M
