Tudigo • ALLinOne
Equity crowdfunding
ALLinOne
Reinventing recruitment with AI that automatically distributes, analyzes and pre-qualifies candidates.
Key project data
Target amount
0,6 MEUR
Valuations
3,0 MEUR
Rendimenti potenziali
4.9x
Anno di uscita previsto
2031
Would AI invest?
58/100
1
100
Panoramica generata dall'intelligenza artificiale
AI project overview
Condensed summary based on project data
<h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">ALLinOne (TWININ GROUP)</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>AI recruitment platform — automated job-ad distribution, CV scoring, and a voice pre-screening agent (“Adèle”).</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:156px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Sector</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:468px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">AI / HR-tech SaaS (B2B recruitment software)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:156px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Stage</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:468px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Series A (company-stated)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:156px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">HQ</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:468px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">France — Paris (registered); operations Marseille/Toulon area</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:156px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Raise</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:468px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€300,000 floor – €600,000 cap, ordinary shares via Tudigo, €500 min ticket, €3.0M pre-money</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">AI Score</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:624px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">58 / 100 </span></strong></span></span><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict: Caution</span></strong></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Why this score:</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company sets its own target of a 4.9x return over 5 years (Middle scenario) with a disclosed valuation method, and the instrument terms are unusually fully documented. [DECK][LOI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction is real but small: ~€380k recurring revenue in the first exercise with 15 active clients, and the subsidiary that carries the growth story (ALLINONE) had negative equity of −€35,673 and €247 cash at 31/12/2025. [DECK][FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The raise is at the holding level (TWININ GROUP), whose standalone revenue is declining (€1.87M→€1.20M→€0.96M, 2023–25) and whose 2025 net result was negative. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">One customer (Saint-Gobain) was 47% of the subsidiary’s 2025 revenue, and the headline €47bn market figure is not supported by independent sources (the relevant software segment is ~€6bn). [FICI][WEB]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You buy into a nominee vehicle, not the company directly; governance and information rights run to that vehicle, not to you individually. [FICI][LOI]</span></span></li> </ul> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">ℹ️ <strong>This is not investment advice.</strong> The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key goal</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:156px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target basis</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:468px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Company-provided</strong> — The company states its own return target and valuation method, so the educational “why aim for ~10x” note does not apply.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:156px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target return</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:468px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">4.9x over ~5 years (Middle scenario); company-stated expected IRR ~38%/yr, up to 46% in the Management scenario. [DECK]</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:156px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Exit horizon</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:468px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidity targeted from 30 June 2031 on a best-efforts basis; if none by 30 June 2032, a bank may be mandated to sell 100%. [FICI][LOI]</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company methodology (path to the target)</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company derives its target from (1) market multiples applied to its projected 2031 operating profit (EBE) and (2) a sample of comparable transactions. The Middle scenario assumes ALLINONE scales from 15 clients today to roughly 68 large accounts plus about 1,029 SMB clients, lifting group revenue from ~€1.3M (2026) to ~€6.0M (2031) at ~32% EBE margin, and applies a 7.6x EBE multiple at resale to reach a €17.8M exit value — a 4.9x return. Both the operating ramp and the 7.6x exit multiple must hold together; neither is contractually secured. [DECK]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Comparable exits cited by the company</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Cegid / Talentsoft — €450M (2021). [DECK]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Bullhorn / Textkernel — €300M (2024). [DECK]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anywr / Solantis — €16M (2023). [DECK]</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Note: every comparable is materially larger and/or later-stage than ALLINONE (~€380k recurring revenue), so the applied 7.6x multiple has limited like-for-like support. [DECK]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Milestones the company targets</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sign 40+ large accounts by 2028; cross break-even during 2028; reach €3.6M revenue by 2028 and €7.1M (Management) / €6.0M (Middle) by 2031. [DECK]</span></span></li> </ul> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company description</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">ALLINONE is an AI recruitment SaaS developed by TWININ GROUP, a French HR-marketing/employer-branding agency whose founders, Jérémy Duris and Thibaud Michel, have run the business since 2009/2012. The platform combines intelligent multi-channel job-ad distribution, automated CV scoring, an integrated applicant-tracking system, and a voice agent (“Adèle”) that conducts first-round pre-screening interviews. The company reports an exclusive France Travail (JTMO) API authorisation, which it states only two French firms hold. [DECK][WEB]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The fundraise is conducted at the TWININ GROUP holding level, which also owns a communications agency (TWININ L’AGENCE). The company positions ALLINONE as the group’s main growth driver, with stated early international steps (a Luxembourg/Benelux contract, a US structure, Canada activity). Public sources corroborate the product’s existence, real media coverage, and an HR-innovation award, but also show a same-named “all in one” platform launched in December 2022 and a 2020 rapprochement with Epoka that did not complete — history not surfaced in the deck. [DECK][WEB]</span></span></p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€3,000,000 (non-fully-diluted). At the €600k cap, investors take 16.5% of capital; at the €300k floor, 8.3%. [LOI][DECK]</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Price / share</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€300 per share (€1 nominal + €299 premium). [FICI][LOI]</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Method</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market multiples on projected 2031 EBE plus a 7-deal comparable-transactions sample (mean 7.6x, median 8.2x VE/EBE; retained 7.6x). [DECK]</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Benchmark</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">On the subsidiary’s 2025 standalone revenue (€380.7k), €3.0M pre-money is ~7.9x revenue; on group 2025 aggregate revenue (€1.41M), ~2.1x. The valuation is forward-looking (2031 EBE), so present-day multiples are high by construction. [DERIVED from FICI/DECK]</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Instrument & investor terms</span></span></h1> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would own ordinary shares — the standard, lowest-priority type of share — in a single class the documents call “Actions 2026.” You do not hold these shares in the company directly. Instead, you buy shares in a nominee vehicle (a special-purpose company, TUDI HOLDING 172, set up by the platform), and that vehicle holds the company’s shares on behalf of all crowdfund investors. [FICI][LOI]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Inside the vehicle you get one vote per share, but the vehicle votes the company-level shares as a single block, so you have no direct vote at the company itself. Company-level information rights and a wide veto over major decisions (budget, M&A, large debt, capital changes) sit with the vehicle, not with you individually. In practice, the decision to sell the company — and most major governance choices — will be made at the vehicle and founder level, not by individual investors. [FICI][LOI]</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution means your ownership percentage shrinks when the company issues new shares. The company explicitly warns that any future fundraising beyond what it has modelled “could increase dilution” and reduce the target return, though it gives no committed size or date for a next round. You do have an anti-dilution maintenance right and legal pre-emption rights, meaning you can usually buy into a future round to defend your percentage — but only if you put in more money. Crucially, that protection does not apply when the company issues stock options or founder/employee BSPCE, which dilute you without triggering it. [LOI][FICI]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Worked example (standard cap-table mechanics, not advice): If you invest €1,000 today at the €3.6M post-money valuation (the €600k-cap case), you own approximately 0.028% of the company. If the company then raises €4M at a €8M pre-money valuation (a successful up-round), your stake is diluted to approximately 0.018%. If instead the next round is a down-round at €2M pre-money, your stake is diluted to approximately 0.014% and the implied value of your €1,000 falls to roughly €500 — about a 50% drop — before any later recovery. [DERIVED]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">On the option pool: an employee BSPCE pool exists, with 61 BSPCE already granted and authorisation for up to 39 more outstanding until 21 January 2027. Because these sit outside your anti-dilution protection, exercising them dilutes you directly. Your pre-emption right lets you participate in future priced rounds to defend your percentage, but it requires additional capital from you to use. [LOI]</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">If the company is sold or wound up, payouts follow an order. Here, investors’ “Actions 2026” carry a 1x non-participating liquidation preference: first, every selling shareholder is paid the nominal value of each share; second, investors are paid (in priority) up to the amount they originally invested; third, any remainder goes to the other shareholders, and investors do not also share in that remainder (unless they elect a straight pro-rata split instead). “Non-participating” means investors get their money back first OR their pro-rata share — not both. Note that in an insolvency, shareholders (including your vehicle) rank last, after employees, the tax authority, and secured and unsecured creditors. [LOI][FICI]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A drag-along right means that if an offer for at least 95% of the shares is accepted by holders of more than 50% of the capital, all shareholders — including you, via the vehicle — can be forced to sell on the same terms; your vehicle’s consent is specifically required if the price is below €300/share. A tag-along right works in your favour: if a controlling stake is sold, you can join the sale on the same terms as the seller rather than being left behind. [FICI][LOI]</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Treat this investment as illiquid. Founder shares are locked up until the fifth anniversary of the shareholders’ agreement, there is no secondary market, and resale is tightly restricted by securities law. The company targets a liquidity event from 2031 (5–7 years is the platform’s own stated average), but that is best-efforts, not guaranteed. [LOI][FICI][WEB]</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No direct vote — you vote only inside the nominee vehicle; the vehicle and founders make the company-level decisions, including whether and when to sell. [FICI][LOI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Information rights run to the vehicle, not to you — you receive only the reports the company chooses to publish on the platform, not the full quarterly reporting the vehicle gets. [LOI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution protection has a carve-out for employee BSPCE/options — those issuances dilute you without triggering your protection, and a delegation for up to 39 more BSPCE is live until January 2027. [LOI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along can force you out — holders of >50% accepting a ≥95% offer can compel your sale on the same terms (with only a €300/share floor requiring your vehicle’s consent). [FICI][LOI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Returns are quoted gross — the 4.9x is before fees; roughly €950 of fees are taken upfront on a €10k ticket and a 20% carry applies above a 1.2x net multiple, accruing to the platform-affiliated Tudigo Holding (a self-flagged conflict of interest). [FICI]</span></span></li> </ul> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The size, pricing detail, and identity of the unnamed “co-investors” who may enter on “strictly identical” terms — you cannot assess their effect before investing. [LOI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whether the external financial audit referenced in the platform’s process was actually performed for this specific deal, and its findings. [Dossier]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A reconciled option-pool figure — the BSPCE percentage is stated inconsistently across documents (1% vs up to ~9.44% vs ~0.83%), so the true dilution from the pool cannot be assessed. [FICI vs LOI vs Annexes]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Contractual detail behind the €2M+ pipeline and any customer-concentration protection covering the Saint-Gobain dependency. [Dossier]</span></span></li> </ul> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Score breakdown</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & reason</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Team</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">64</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — Founders with 15+ years in HR marketing and a working product, but the company itself flags heavy founder-dependency as the top risk and there is no independent CV validation.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Traction</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">58</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">30%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — ~€380k recurring revenue (90% recurring) and €415k of new 2026 contracts, but only 15 active clients, one closed exercise, and a press-vs-deck gap on client counts (~150 users vs 15 paying).</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Product–market fit</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">60</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — Paying large accounts, claimed switching costs, third-party award and media coverage; offset by single-customer concentration and very early stage.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Market</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">55</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — The relevant SIRH segment (~€6bn, ~12% growth) is corroborated and growing, but the deck’s €47bn headline is unsupported; capped at 70 for LIMITED data quality.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Business model</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">57</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Recurring SaaS plus media commission and paid options is a sound mix, but the subsidiary has negative equity and €247 cash, and the raise sits at a holding with declining revenue.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Competition</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">55</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Genuine differentiation (France Travail API, voice agent) in a crowded field where the company concedes better-capitalised rivals could emerge.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed review</span></span></h1> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team (64 — Moderate)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founders Duris and Michel have run the business since 2009/2012, with a track record in HR marketing/employer branding. [DECK][WEB]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The commercial relationships were built and closed personally by the founders, evidencing direct sales capability. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The #1 use of funds is a senior commercial hire to reduce founder-dependency — the risk is acknowledged and addressed. [DECK]</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company itself flags heavy founder-dependency as the top scalability risk. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No independent validation of founder CVs is in the materials. [Dossier]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Growth has historically depended on the two founders’ personal involvement. [FICI]</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction (58 — Caution)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">~€380k recurring revenue in the first exercise, 90% recurring. [DECK]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Client base grew 8→15 (Q1 2025→Q1 2026); €415k of new contracts signed in 2026 incl. two ministries. [DECK]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Operational scale claims: >100,000 ads diffused, >1M CVs/yr processed. [DECK]</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Only 15 active paying clients and a single closed financial exercise. [DECK][FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Press cites ~150 user companies vs 15 paying in the deck — the gap (free/SMB vs paying) is unreconciled. [WEB]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The >€2M pipeline is “advanced discussions,” not contracted. [DECK]</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product–market fit (60 — Moderate)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Paying large accounts (e.g. Saint-Gobain, Burger King, a ministry) and claimed switching costs once embedded. [DECK][FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Third-party signals: an HR-innovation award and national media coverage of the “Adèle” voice agent. [WEB]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exclusive France Travail (JTMO) API authorisation supports a real product edge. [DECK]</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Single-customer concentration (Saint-Gobain 47% of subsidiary 2025 revenue) signals fit is not yet broad-based. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Very early stage with a short operating history limits confidence in durable fit. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Limited independent validation of the retention and time-saving claims. [Dossier]</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market (55 — Caution)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The relevant HR-software (SIRH) segment is ~€6bn in France and growing ~12%/yr — corroborated independently. [WEB]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Structural tailwinds: rising ATS adoption and AI pre-screening acceptance cited. [DECK]</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck’s €47bn headline market is not supported by independent sources. [WEB]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Capped at 70 because market data quality is LIMITED. [Methodology]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Recruitment activity is cyclical and was contracting in 2024–25 per public data. [WEB]</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Business model (57 — Caution)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Recurring SaaS subscriptions plus a media-budget commission and paid premium options create multiple revenue lines. [DECK]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Projected path to break-even in 2028 with ~32% EBE margin by 2031 (Middle). [DECK]</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The subsidiary carrying the model (ALLINONE) had negative equity (−€35,673) and €247 cash at 31/12/2025. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The raise is at a holding whose standalone revenue is declining. [FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Profitability depends on an aggressive client-acquisition ramp not yet demonstrated. [DECK]</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competition (55 — Caution)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Differentiation via an integrated, end-to-end workflow, the France Travail API, and the voice agent vs point-solution rivals. [DECK]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Once embedded in a large account’s HR processes, switching costs are argued to limit churn. [DECK]</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company concedes better-capitalised competitors could emerge in a crowded field. [DECK][FICI]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Several named rivals (JobAffinity, Softy, Maki, JobTeaser) already cover parts of the chain. [DECK]</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No independent market-share or win-rate data is provided. [Dossier]</span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Red flags and integrity checks</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Flag</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:417px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Detail</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Holding-level raise, subsidiary-level story</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:417px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Investors buy the declining holding (TWININ GROUP), but the entire growth narrative is the subsidiary ALLINONE (negative equity, €247 cash). Capital is exposed to the whole group. [FICI][DECK]</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Two different 2025 revenue bases</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:417px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">FICI standalone holding revenue €963,647 vs deck “consolidated” aggregate €1,414k (non-retraité). Bases differ and are not reconciled side-by-side. [FICI][DECK]</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Inconsistent option-pool (BSPCE) figures</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:417px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">1% (FICI) vs up to ~9.44% (LOI) vs ~0.83% (Annexe cap tables). Material for dilution; unreconciled. [FICI vs LOI vs Annexes]</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Headline market size overstated</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:417px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€47bn cited; independent sources support ~€6bn for the relevant software segment. [WEB]</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Single-customer concentration</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:417px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Saint-Gobain = 47% of subsidiary 2025 revenue, billed once early in the year (revenue and cash-timing risk), on an annual re-tender. [FICI]</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Gross-only return presentation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:417px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 4.9x is gross; ~€950 upfront fees on €10k plus 20% carry above 1.2x reduce net returns; carry accrues to platform-affiliated Tudigo Holding (self-flagged conflict). [FICI]</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Nominee structure obscures direct rights</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:417px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Investors hold vehicle shares, not company shares; information and veto rights run to the vehicle, not to individuals. [FICI][LOI]</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Comparables not size-matched</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:417px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation comparables (€16M–€450M) are far larger/later than ALLINONE (~€380k revenue), weakening support for the 7.6x multiple. [DECK]</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Liquidity is best-efforts only</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; width:417px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No buy-back, no secondary market; 2031 liquidity is best-efforts with a 2032 fallback mandate — no contractual exit guarantee. [FICI][LOI]</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Standard integrity checks: </strong>RCS identifiers are consistent across documents; the founders’ Art. 23(9) attestation and the tax-eligibility attestation are signed (21 May 2026); no judicial procedure, trading ban, or personal bankruptcy is declared. No fraud or identity red flag was found. [FICI][DEFISC]</span></span></p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Data quality notes</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Overall data quality is MODERATE, so category scores are capped at 85 and the Market category (LIMITED) is capped at 70. Terms documentation is a genuine strength; the weakest links are the two different 2025 revenue bases, the unreconciled option-pool figures, the unverifiable pipeline, the gross-only return presentation, and the unsupported headline market size. ALLINONE has only one closed exercise and negative equity, and the completion of any external audit for this specific deal is unconfirmed. All figures above originate in the Step 1 dossier; gaps are recorded as gaps, not inferred. [Dossier]</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Platform offering this project
Tudigo FR
Risk Level
Alta
Return Level
Alta
Risk Return Level
Medio
Investimento minimo
EUR 500
Finanziato
EUR 200,0M
