Companisto • Kurabu GmbH
Aandelencrowdfunding
Kurabu GmbH
Vertical SaaS platform that runs the day-to-day administration of amateur sports clubs — membership management, dues billing, online applications, communication, a club app and course/event/facility bookings — sold as a yearly subscription, with a transactional payments layer and an AI assistant (E.V.A.) in development.
Key project data
Target amount
1,2 MEUR
Valuations
10,5 MEUR
Potentiële rendementen
325.34%
Verwachte exitjaar
2030
Would AI invest?
76/100
1
100
Door AI gegenereerd overzicht
AI project overview
Condensed summary based on project data
<p><span style="font-size:28pt"><span style="font-family:"Times New Roman",serif">Kurabu GmbH — Crowdfunding Investor Memo</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Kurabu makes software that runs the day-to-day administration of amateur sports clubs — memberships, fees, bookings and communication — sold as a yearly subscription to the clubs themselves.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: </strong>Vertical B2B SaaS (sports club management) · <strong>Stage: </strong>Seed (Seed IV round), ~€1M ARR · <strong>HQ: </strong>Potsdam, Germany · <strong>Raise: </strong>€2.0M total (€1.2M via Companisto + €585K co-investment) at €10.5M pre-money</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Snapshot</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <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:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1 · Is the price fair? 💶</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 / 5 — stretched but arguable. </span></strong><span style="color:black">At ~10.5× current yearly recurring revenue, the price sits inside the 10–14× range recorded for fast-growing European vertical SaaS deals (masynergy.eu, Mar 2026) but above the broader European private median of 8.5× (2025, same source) and well above general private SaaS medians of 4–5.5× after the early-2026 market reset (QuantPillar, May 2026; L40, Jul 2026).</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 · Can they reach an exit stage? ⭐</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 76 / 100 — Good. </span></strong><span style="color:black">Strongest evidenced precondition: a live, paying customer base (~500 clubs, €1M+ ARR, 49% yearly growth, statutory accounts showing licence revenue up 50% in 2025 and a small profit). Biggest gap: a thin year-end cash position (€105K) against a plan that stays loss-making until 2028 — completing this round matters.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 · If they do, what could it pay? 🎯</span></strong></span></span></p> </td> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target 4.25× over 4 years </span></strong><span style="color:black">(the company’s own campaign target: 43.61% per year, 325.34% total). If reached, illustratively <strong>≈3.0×–4.25×</strong> to the certificate holder, before future dilution: the lower figure applies if the target describes the underlying shares, because roughly 20% of each subscription goes to fees before any shares are bought and 15% of gains above a 6% yearly hurdle goes to the platform’s carry (participation-certificate terms §3.1.1, §2.5); the campaign does not say which basis applies. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</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:640px"> <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:147px"> <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:493px"> <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:147px"> <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:493px"> <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:147px"> <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:493px"> <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:147px"> <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:493px"> <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:147px"> <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:493px"> <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:640px"> <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:640px"> <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 founders’ backgrounds, both prior fundraising rounds (≈€1M in 2021 and €1.55M in 2022, led by the state fund Brandenburg Kapital), and the German market figures (29.3 million club memberships across ~86,000 clubs — official DOSB statistics) against public sources, and found no negative press, litigation or insolvency records. The revenue, retention and customer figures rest on the company’s own materials, supported by its statutory 2025 accounts and 2026 monthly bookkeeping in the pack; churn, current cash, and the exact share of the company being sold were not in the pack we reviewed — see the questions section. <strong>Your money is locked in. </strong>These certificates normally cannot be sold early — the terms exclude ordinary termination until the end of 2041, and there is no organised market to sell on. Expect your money to be tied up until the company is sold or a similar event happens.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Three answers, one honest note. </strong>The fairness score says whether the entry price is supported by the sector benchmarks we could find. The AI Score is our read on whether the preconditions for reaching an exit stage are evidenced — it is not a probability of success, and even companies with every precondition in place fail more often than they succeed, which is why crowdfunding only works as a small part of a diversified portfolio. The returns range is an illustration from named sector benchmarks, not a forecast. Where something was not in the pack, it did not lower any score — it appears in the questions list instead, so you can ask the company directly before investing. The listing was reviewed by a licensed crowdfunding platform before going live. Nothing in this memo is a recommendation.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">At a glance</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <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:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Three reasons to look closer</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Three reasons for caution</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€1M+ yearly recurring revenue from ~500 paying clubs at €2K+ each, growing 49% a year — and the statutory 2025 accounts in the pack show licence revenue up 50% (€429K → €645K) with a small net profit of €37K.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The market is real and confirmed: 29.3 million memberships across ~86,000 German sports clubs (official DOSB 2025 statistics), and prior backing from the state venture fund Brandenburg Kapital and named angels (incl. ex-DFL CEO Christian Seifert) is publicly confirmed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Customers pay upfront: the first-year contract (€3,200 prepaid) exceeds the €877 cost of winning it, so sales pay for themselves from day one per the deck — and 96% of revenue is reported as retained each year.</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:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Roughly 20% of your subscription never buys shares (a 10% administration fee plus a 10% brokerage fee are deducted first), and 15% of gains above a 6% yearly hurdle goes to the platform as carry — the campaign does not say whether the 4.25× target is before or after these layers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Cash stood at €105K at end-2025 (down from €251K) and the plan stays loss-making through 2027 — the raise itself is a precondition. The pack is also inconsistent on how much is already committed: "€1M+" (deck) vs "over €0.5M / €585K" (platform analysis).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Your money is effectively locked until 2041 under the certificate terms, with no organised resale market; and the pack contains internal inconsistencies (members reached: 650,000 vs "over 800,000"; the 2030 cost lines in the financial plan do not add up to the stated total).</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <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:640px"> <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 repayment priority for this share class is not capped in a way that blocks profit participation. Three cost and liquidity features deserve attention before investing — the 20% fee load at entry, the 15% carry above a 6% hurdle, and the lock-in until 2041 — all explained with clause references 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:640px"> <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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ Information, not investment advice. </span></strong><span style="color:black">Capital at risk — you could lose the full amount invested. Full notes are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🏢 What the company does</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Kurabu builds the administrative software that amateur sports clubs run on. A club signs a yearly subscription (on average €2,000+ per year) and uses Kurabu to manage members, collect fees, process membership applications, schedule training, communicate with coaches and parents, and run its website and app. The company reports about 500 clubs, 6,000 club administrators, 20,000 coaches and 650,000 members on the platform, generating over €1 million in yearly recurring revenue, mostly in German-speaking countries.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">On top of the subscription, Kurabu is adding two newer layers. First, a booking and payments layer — courses, camps, court bookings and tickets — which processed over €1 million of payment volume in the first quarter of 2026 with about 5% of customers testing it; Kurabu currently takes no cut and plans to switch on a 2.5% fee. Second, an AI assistant called E.V.A., intended to automate routine club administration; it is at prototype stage, with revenue planned from 2028.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">This €2 million raise is meant to triple the sales team, switch on the booking fee, and build E.V.A. (the E.V.A. work is also to be part-funded by €500K in public research grants the company intends to secure). The company’s plan targets growth from ~500 to 1,300+ clubs and from €1M to over €5M recurring revenue within 24 months, turning profitable from 2028.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📈 The returns picture</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">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:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">4.25× over 4 years — this is the company’s own campaign target (43.61% per year, 325.34% total, 4 years to exit, as stated on the Companisto campaign page), not a standard assumption of ours. How the figure was calculated is not stated in the pack we reviewed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <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:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Scale recurring revenue from €1M to €5M+ in 24 months, add booking fees and AI revenue, reach profitability in 2028, then sell to a strategic or financial buyer. The platform’s analysis names three sector precedents: Sport Ngin acquired by NBC Sports, TeamSnap majority-acquired by Waud Capital (2021, confirmed publicly; price undisclosed), and LeagueApps backed by Accel-KKR — none with a disclosed transaction value. The company also reports it previously received (and declined) a private-equity purchase offer.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">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:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">At €12.5M post-money, a 4.25× outcome corresponds to a company sale of roughly €53M within 4 years (simple, undiluted arithmetic). If the company hits its stated €5M+ recurring revenue, €53M equals about 10× that revenue — inside the 10–14× range recorded for fast-growing European vertical SaaS deals (masynergy.eu, Mar 2026), but above the broader European private median of 8.5× and far above general private SaaS medians of 4–5.5× (QuantPillar, May 2026). So the target requires both the revenue plan to be met and a top-of-range price on exit.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">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:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Illustratively ≈3.0×–4.25× to you. The sector acquisitions on record (Sport Ngin, TeamSnap, LeagueApps) have no disclosed values, so the required ≈€53M cannot be compared to a recorded exit figure. The 4.25× upper figure assumes the campaign target is quoted net of costs; the ≈3.0× lower figure is what a 4.25× result on the underlying shares becomes after the disclosed fee and carry layers (~20% of the subscription deducted before shares are bought; 15% of gains above a 6% yearly hurdle — certificate terms §3.1.1, §2.5). These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section. Most early-stage investments return little or nothing.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:16pt"><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:640px"> <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: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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:393px"> <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:127px"> <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:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">82</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:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">25%</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:393px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — The CEO’s sports-market standing is publicly confirmed (3× Olympian, twice European champion, seats on world and German sports bodies), the COO’s sales/venture background and the engineering lead’s CHECK24 history are partially confirmed, and the investor bench (state fund + named sports/SaaS angels) is confirmed from 2022 press. Open point: the original third co-founder (CTO, 2020) no longer appears in any 2026 material and his departure is not documented in the pack.</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:127px"> <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:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">76</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:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20%</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:393px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — A live product used by three distinct groups (administrators, coaches, members) with reported 96% revenue retention, a named large-club reference, and detailed feature coverage. The efficiency claims (40 min → 3 min onboarding; 99% automated dunning) are company-reported without stated methodology, and the new AI layer is a prototype the platform’s own analysis calls "not yet fully validated".</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:127px"> <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:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">74</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:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20%</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:393px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — €1M+ recurring revenue, 49% yearly growth, rising revenue per club (€0.6K → €2K+ in 3 years), and day-one payback on sales costs; the statutory 2025 accounts corroborate the direction (licence revenue +50%, small profit). Soft spots the evidence shows: cash fell to €105K at year-end 2025; early-2026 profit rests on a €126K one-off in February; and the €1M+ recurring-revenue headline is not reconciled to the €645K licence revenue actually booked in 2025.</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:127px"> <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:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">80</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:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</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:393px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — The core market claim is independently confirmed: 29.3 million memberships in ~86,000 German clubs (DOSB 2025), with confirmed structural pressure on volunteer-run administration (more than one in six clubs reports existential volunteer shortages). Focus so far is German-speaking countries only; European expansion is a plan, not evidence.</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:127px"> <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:60px"> <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:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:393px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — The subscription core works on the disclosed numbers (prepaid year-one contracts above acquisition cost; gross margin ~96% on 2026 plan). But two of the three future revenue pillars (booking fees, AI) currently earn nothing, their assumptions are not in the pack, the plan stays loss-making until 2028 — and the 2030 cost lines in the financial plan do not add up to the stated total (€5.48M of components vs a stated €3.98M), an inconsistency in the company’s own figures.</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:127px"> <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:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">68</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:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:393px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — The market is fragmented with no dominant provider, and Kurabu faces confirmed competitors in every layer (campai, easyVerein, ClubDesk, WISO MeinVerein; SpielerPlus, SportMember; Vereinsticket; Yolawo) plus the inertia of Excel-and-paper. Kurabu’s "only platform with all four layers" positioning and its head-start claim are company-asserted; switching costs from being the club’s system of record are plausible but not quantified.</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:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI Score</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">76</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">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:393px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Good — preconditions for reaching an exit stage are largely evidenced; the named gaps are in the questions below.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:16pt"><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:640px"> <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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em><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 <strong>was</strong> available — these questions are how you close the gap.</span></em></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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">1. How many Seed IV shares will the investment vehicle acquire, at what price per share — and what percentage of Kurabu GmbH does the full €2M round buy?</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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">2. Are the targeted returns of 43.61% per year / 325.34% total calculated before or after the 10% administration fee, the 10% brokerage fee and the 15% carried interest at the investment-vehicle level?</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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">3. What is your recurring revenue as of the campaign date, how is it defined, and how does it reconcile to the €645K licence revenue booked in 2025 and €268K in January–April 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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">4. What were gross and net revenue retention and customer churn for 2024 and 2025 — and how many of the ~500 clubs renewed at the higher price?</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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">5. What is your current monthly cash burn and cash position, and how many months of runway does the €2M round provide against the 2026–2027 plan?</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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">6. What was the one-off €125,588 revenue item in February 2026, and is any of it recurring?</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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">7. Which public AI/R&D grant programme is the €500K expected from, what is the application status, and when is the decision due?</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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">8. When was the private-equity purchase offer received, was it a signed letter of intent or an indication, and in what valuation range?</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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">9. What booking-fee, usage and volume assumptions produce the €398K ticketing revenue planned for 2027 and €1.56M for 2028?</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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">10. Why do the 2030 cost lines in the financial plan (€5.48M of components) not add up to the stated total (€3.98M), and which figure drives the €12.3M profit forecast?</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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">11. Is the number of members reached 650,000 or over 800,000 — and how is an "active member" defined?</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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">12. Did co-founder Santosh Dhirwani exit fully, and are any of his former shares subject to buy-back, vesting or special provisions?</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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">13. Do the founders’ shares carry vesting or leaver provisions — and if so, on what schedule?</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:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">14. Is the amount already committed to this round €585K or over €1M — and from whom?</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 What you own</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You do not buy Kurabu shares directly. You buy a security called a profit participation certificate (€50 each, minimum €250) issued by a holding vehicle set up by the platform — Companisto Trust Service LXVI UG. That vehicle uses the money (after fees) to buy shares in Kurabu GmbH, and your certificate entitles you to a share of whatever the vehicle earns from those shares — dividends or, more realistically, the proceeds if Kurabu is sold. You have no vote in Kurabu itself; instead, certificate holders vote online in advance and the vehicle casts all its Kurabu votes as one block following that result. Your certificates sit in your normal brokerage account and can in principle be transferred, but there is no organised market to sell them on, and the terms exclude ordinary cancellation until the end of 2041. Full mechanics, with clause references, 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> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🔍 Detailed review</span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Team capability</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The founding team pairs confirmed sports-market access with commercial and technical experience. CEO Marc Zwiebler’s record — three Olympic Games, two European titles, seats on the world badminton federation’s board and as Germany’s Olympic athletes’ spokesperson — is publicly confirmed, as is his post-sport consulting and strategy work. COO Bodo von Brockdorff’s sales and venture-building background (Foodpanda — a Rocket Internet company — and Code & Co) is partially confirmed; the engineering lead’s CHECK24 principal-tech-lead history is confirmed, though his current Kurabu role rests on company materials.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <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:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">CEO’s sports credibility and network publicly confirmed — directly relevant to selling into trust-driven club structures.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Investor bench confirmed from 2022 press: state fund Brandenburg Kapital plus angels including ex-DFL CEO Christian Seifert and Eventim’s CFO.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Core team of ~15 stable per the deck ("together since day one"); roles cover product, sales and engineering.</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:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 2020 press names a third co-founder (Santosh Dhirwani, CTO); he appears in no 2026 material and the pack does not document his departure or what happened to his stake.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The engineering lead’s public profile lists other current roles; his Kurabu engagement is company-stated only.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No CVs in the pack; founder titles at prior employers ("Head of Sales", "Head of Venture Builder") not independently verified.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Product-market fit</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The product is live and used across three distinct groups — administrators, coaches and members — which the company argues creates stickiness beyond a pure admin tool. The company reports 96% gross revenue retention and cites a 3,050-member club whose CEO says the platform saves "at least 100 hours a month". Efficiency claims are specific but company-measured.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <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:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Multi-stakeholder usage at scale reported: ~500 clubs, 6,000+ admins, 20,000 coaches, 650,000+ members.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">96% gross retention reported — consistent with system-of-record products that are painful to replace.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Concrete workflow wins claimed with numbers: membership onboarding 40 min → 3 min; dunning 99% automated.</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:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Efficiency figures are company-reported without stated methodology.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Member reach is stated inconsistently in the same platform document (650,000 vs "over 800,000").</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">E.V.A., the AI layer central to the growth story, is a prototype — the platform’s own analysis states it is "not yet fully validated".</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">Traction & growth</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The commercial evidence is unusually deep for a crowdfunding pack: alongside deck KPIs, it contains the statutory 2025 accounts and monthly 2026 bookkeeping. These corroborate the growth direction — licence revenue rose 50% to €645K in 2025 with a €37K net profit — while also showing the strain: cash halved to €105K over 2025, and early-2026 profitability rests on a one-off.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <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:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€1M+ recurring revenue, 49% yearly growth, revenue per club up from €0.6K to €2K+ within three years (deck, May 2026).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sales pay back on day one per the deck: €3,200 prepaid first contract vs €877 acquisition cost; €346K of new recurring revenue reported as timed to close within 6 months.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Statutory accounts confirm improving economics: 2025 net profit €37K vs a €106K loss in 2024, with growth "funded mainly from operating cashflow" per the deck.</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:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Cash of €105K at end-2025 (down from €251K) — thin against a plan that budgets ~€987K negative EBITDA for 2026.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">January–April 2026 result (+€90K) includes a €126K one-off in February; March and April were slightly negative.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The €1M+ recurring-revenue headline is not reconciled in the pack to the €645K licence revenue booked in 2025 (recurring-revenue is a forward-looking contract measure, but no bridge is provided); no churn or cohort data.</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">Market size</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The addressable market is independently confirmed and structurally under-digitised. Official DOSB statistics record 29.3 million memberships across roughly 86,000 German sports clubs (an all-time high), and the federal sports-development report confirms that more than one in six clubs sees its existence threatened by volunteer shortages — the exact pain Kurabu sells against.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <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:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Core market claim independently confirmed (DOSB Bestandserhebung 2025).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Structural driver confirmed: rising memberships against shrinking volunteer capacity.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Path to larger revenue per club stated (€2K → €6K+ via bookings and ticketing), expanding the market without needing new clubs.</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:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Evidence is DACH-only; European expansion is asserted, not evidenced.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The global figures ($2.3tn sports market; "93% amateur") are cited to sources but were not independently verified.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The platform’s own analysis notes club decision-making is volunteer-driven and slow — a structural sales friction.</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">Business model</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The subscription core is straightforward and works on the disclosed numbers: clubs prepay, gross margin is high, and acquisition costs are recovered immediately. The plan’s step-up, however, depends on two layers that currently earn nothing — booking fees (live in beta, 0% fee today) and the E.V.A. AI assistant (prototype, revenue planned from 2028) — whose assumptions are not in the pack.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <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:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Prepaid annual contracts with setup fees — customer-funded growth at the unit level.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Booking volume exists before monetisation: €1.1M processed in Q1 2026, growing 2.2× quarter-on-quarter, with a defined 2.5% fee to switch on.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The plan reaches profitability in 2028 and the platform analysis states the company could "operate profitably within a few weeks if necessary".</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:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two of three future revenue pillars earn €0 today; ticketing and AI assumptions (volumes, take-rates, pricing) are not in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s own financial plan is internally inconsistent for 2030: the four cost components sum to €5.48M against a stated total of €3.98M, and the €12.3M profit figure follows the stated total.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Losses budgeted for 2026 (−€987K) and 2027 (−€862K) make the raise itself a funding precondition given €105K year-end cash.</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">Competition</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Kurabu competes less against one rival than against a fragmented field: general club software (campai, easyVerein, ClubDesk, WISO MeinVerein), team apps (SpielerPlus, SportMember), specialised ticketing and booking tools (Vereinsticket, Yolawo) — and, most of all, the inertia of Excel, paper and WhatsApp. No dominant provider was found, which cuts both ways: open field, but low barriers so far.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <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:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fragmented market with no confirmed dominant provider.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Breadth as differentiation: Kurabu spans administration, billing, communication and bookings where most rivals cover one layer.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">System-of-record position creates switching costs once a club’s data, payments and communication run through it.</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:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Confirmed competitors exist in every layer Kurabu wants to monetise.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The "only platform with all four layers" claim and the several-years head-start claim are company-asserted, without competitor data in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The platform analysis itself lists better-capitalised entrants as a risk in a market with cheap entry at the point-solution level.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:16pt"><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:640px"> <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:193px"> <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:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€10.5M (campaign page, investment terms and platform analysis).</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:193px"> <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:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not stated; derived: €12.5M if the full €2M closes, €11.7M at the €1.2M Companisto goal.</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:193px"> <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:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Profit participation certificates — securities that pay you a share of what a platform-run holding vehicle earns from Kurabu shares — with deep subordination (in a crisis, you are paid after all other creditors, and claims can become unenforceable before insolvency).</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:193px"> <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:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not computable from the pack we reviewed: the draft legal documents leave the new share numbers and price per share blank, so the slice of Kurabu each certificate represents cannot be calculated. The platform table shows all Companisto vehicles (2021–2026) at 30.7% combined after the round.</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:193px"> <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:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not in the pack we reviewed; the platform analysis describes qualitative drivers (traction, planned scaling, platform logic, a prior PE offer) without a calculation.</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:193px"> <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:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">≈10.5× current recurring revenue. European vertical SaaS deals for 25%+ growers: 10–14× (masynergy.eu, Mar 2026). European private median: 8.5× (2025, same source). General private SaaS medians after the early-2026 reset: 4–5.5× (QuantPillar, May 2026), ~4–5× median / 7–9× top profiles (L40, Jul 2026), ~6× 2025 median (Aventis Advisors, Jul 2026). No comparable club-software funding rounds were found for this stage and geography.</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:193px"> <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:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">3 / 5 — stretched but arguable: supported by the vertical-SaaS range (masynergy.eu) given 49% growth, but above the European private median (8.5×) and general private medians (4–5.5×; QuantPillar, L40).</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:193px"> <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:447px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10% administration fee + 10% brokerage fee deducted from subscriptions before shares are bought; 15% carry above a 6% yearly hurdle; certificate term effectively fixed to end-2041; on a Kurabu insolvency, the platform’s holding company may buy back all certificates at a price it sets, "generally … only a symbolic sum" (certificate terms §9.4).</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🚩 Red flags & integrity checks</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <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:40px"> <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:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data — </strong>Not in the pack we reviewed: the exact share count and price per share for this round (so the ownership slice per certificate cannot be computed); whether the return target is before or after fees and carry; churn and retention detail; current cash and runway; founder vesting terms; the shareholder-agreement payment appendices.</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:40px"> <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:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies — </strong>Members reached: 650,000 (deck and exposé) vs "over 800,000" (SWOT in the same platform analysis). Capital committed: "€1M+" (deck slide 20) vs "over €0.5M … co-investment of €585,000" (platform analysis). Financial plan 2030: cost components sum to €5.48M vs a stated total of €3.98M, with the €12.3M EBITDA following the stated total.</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:40px"> <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:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies — </strong>None found. No public source directly conflicts with a claim 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:40px"> <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:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information — </strong>None found in public registries or news searches (litigation, insolvency, regulatory action, adverse press).</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:40px"> <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:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises — </strong>≈€1M pre-seed via Companisto angels (mid-2021) and €1.55M seed led by Brandenburg Kapital (Dec 2022) — both publicly confirmed (Companisto and ILB press). Plans stated in 2022 (bookings, ticketing, partner marketing, customer growth) are directionally reflected in the 2026 status; no missed public milestone identified. Cumulative equity per the 2025 balance sheet: €48K registered capital + €2.94M capital reserve, against a €2.51M accumulated loss carried forward.</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:40px"> <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:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness — </strong>€10.5M pre-money ≈ 10.5× current recurring revenue: inside the recorded 10–14× European vertical-SaaS range for fast growers (masynergy.eu, Mar 2026), above the 8.5× European private median (2025) and above the 4–5.5× general private medians (QuantPillar, May 2026). The 2022 seed-round valuation was not disclosed publicly, so round-over-round pricing cannot be compared.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 Instrument & investor terms — full mechanics</span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">What you own — in full</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You buy bearer profit participation certificates (€50 each) issued by Companisto Trust Service LXVI UG, a holding vehicle owned by Companisto Holding GmbH. The vehicle buys new Seed IV shares in Kurabu GmbH; your certificates entitle you to the vehicle’s income from those shares. The certificates are deeply subordinated: in a crisis of the vehicle, all other creditors are paid first, and your claims cannot even be enforced if enforcing them would push the vehicle towards insolvency (certificate terms §3.2). You hold no shares in Kurabu and no membership rights in the vehicle. Decisions on the Kurabu stake — including a sale, which needs 75% of certificate votes cast except in forced-sale cases — are taken by online pool votes (one certificate, one vote, 7-day window), and the vehicle then votes its entire Kurabu stake as a single block. The vehicle can be replaced by another Companisto-affiliated company without your consent, subject to conditions (§8).</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Dilution — how your share can shrink</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No further round is announced, but the shareholders’ agreement obliges all shareholders to co-operate with future rounds approved by 75% of all votes and 75% of seed votes (§23), and management may issue further new shares until 30 November 2026 under an authorised-capital clause that can exclude subscription rights (Articles §3(6)). The Seed IV class this money joins holds protection against a cheaper future round ("anti-dilution", weighted-average) for 24 months — but it lapses once the company raises a further €1.5M+ of equity (§14.3). Certificate holders have no personal right to join future rounds. Illustrative example with standard mechanics: if you indirectly held 1% and the company later sold 20% new shares to fresh investors, your slice would fall to ~0.8% — your number of shares stays the same, the pie grows. An employee option pool of up to 3,531 virtual options plus 3,750 C-level options also dilutes economics, without anti-dilution protection applying to it (§15).</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">If the company is sold or wound down</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Payout order at Kurabu level on a sale of more than 50% of the company: sale costs first, then a ladder of "money-back-first" rights (liquidation preferences). The Seed IV class — where this round sits — is repaid first: paid-in money plus 8% yearly interest, capped at 1.5× the amount paid in; then Seed III, Seed II (same formula), Seed I and Pre-Seed (money back, no interest stated). What remains is split among all sellers in proportion to their shares, with each preference offset against that pro-rata share — so the preference is a floor, not an extra payment, and profit participation is not capped (SHA §13). A sale can be forced on everyone if 80% of all votes plus a simple majority of seed votes accept a third-party offer ("drag-along", §12.1); from 2032, a simple majority of seed investors can start a forced sale process with a minimum price of €10.5M for the whole company — equal to today’s pre-money (§12.2–12.3). You can join any sale on the same terms ("tag-along", §11). At the certificate level: taxes, the vehicle’s other creditors and the 15% carry are paid before your distribution (§3.1.3); you cannot ordinarily cancel until end-2041, and then only if holders of 25% of all certificates act unanimously (§4.1); and if Kurabu becomes insolvent, Companisto Holding may require you to sell your certificates at a price it sets — "generally … only a symbolic sum" — with a duty to pass on any unexpected later recoveries (§9).</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Terms not in the pack we reviewed</span></span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The number of Seed IV shares and the price per share (draft documents contain placeholders), so the ownership percentage per certificate.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The shareholder-agreement appendices listing payments per investor class (13.2–13.10) and the co-investor’s enhanced reporting annex (8.5).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder share vesting and leaver provisions (either absent from the agreement or not in the pack).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whether the campaign’s return target is quoted before or after vehicle-level fees and carry.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The key information sheet (KIIS / Basisinformationsblatt) — referenced at companisto.com/bib but not included.</span></span></li> </ul> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <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:640px"> <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.</span></span></span><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em><span style="color:black">Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></em></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Platform offering this project
Companisto DE
Risk Level
Hoog
Risk Return Level
Medium
Return Level
Hoog
Minimale investering
EUR 250
Gefinancierd
EUR 228,78M
