Companisto • Points2BIM GmbH
Aandelencrowdfunding
Points2BIM GmbH
Points2BIM turns laser scans of existing buildings into structured digital building models and data, sold per square metre to construction companies, building owners and operators.
Key project data
Target amount
0,45 MEUR
Valuations
6,2 MEUR
Potentiële rendementen
304
Verwachte exitjaar
2030
Would AI invest?
59/100
1
100
Door AI gegenereerd overzicht
AI project overview
Condensed summary based on project data
<h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Points2BIM GmbH — Crowdfunding Investor Memo</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Points2BIM turns laser scans of existing buildings into structured digital building models and data, sold per square metre to construction companies, building owners and operators.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector: <strong>ConTech / PropTech — AI building digitisation</strong> · Stage: <strong>Seed</strong> · HQ: <strong>Chemnitz, Germany</strong> · Raise: <strong>€450K goal (deck: up to €700K; platform cap table assumes €1.2M)</strong> · Platform: <strong>Companisto</strong> · Pre-money valuation: <strong>€6.2M</strong></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Memo prepared 26 August 2026 from the Step 1 fact dossier of the same date. Sources are the company's pitch deck, its 2025 accounts, the Companisto investment analysis and legal documents, the platform listing, and public records.</em></span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Snapshot</span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:492px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 / 5</span></strong><span style="color:black"> — Stretched but arguable. The €6.2M pre-money sits about 11–16% above the European seed medians we found (€5.6M, PitchBook Q1 2025; €5.8M for pre-seed/seed AI companies, PitchBook 2025 annual report) and equals 65 times last year's sales of €94,826. Two comparable German ConTech rounds (conmeet, Scenarium AI) did not disclose valuations.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 · Can they reach an exit stage? ⭐</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 59 / 100 — Average.</span></strong><span style="color:black"> Strongest evidenced precondition: a live product with named enterprise customers and revenue growing from €9,470 (2024) to €94,826 (2025) and €188,000 in the first seven months of 2026. Biggest gap the evidence shows: the automation the plan depends on is, in the platform's own words, "not yet complete", and the revenue base is still small and concentrated.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Target <strong>4.0x</strong> (a 304% gain, 45% a year) over <strong>~4 years</strong> — the platform's own target, based on the company's financial plan and an exit "starting in 2030". If reached, illustratively <strong>2.5x–4.5x</strong> before fees and future dilution. Method: the plan's 2030 revenue of €2.99M valued at 6–10x revenue (the standard software band, consistent with the 9.4x paid for Matterport by CoStar in 2025, per Virginia Business and the CoStar 10-Q), set against the €6.65M–€7.4M post-money value of this round.</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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:492px"> <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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; 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 company's registration, the founders' backgrounds, its public product description and pricing, one public-sector pilot (City of Leipzig) and the platform's legal structure against public sources; 24 checks were run, 9 fully confirmed and 6 partly. The revenue, pipeline, customer list, market-size and financial-plan figures rest on the company's and the platform's own materials, and the exact round size and the crowd's share of the company are not stated consistently — see the questions section. <strong>Your money is locked in.</strong> Crowdfunding shares normally cannot be sold early — expect your money to be tied up for several years, until the company is sold or a similar event happens. In this deal the certificate terms allow no ordinary exit before the end of 2041.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Three answers, one honest note.</strong> The price-fairness score says whether the entry price is supported by the sector benchmarks we could find. The AI Score is our read on whether the company has the preconditions in place to reach a stage where a sale or similar event can happen — it audits readiness on the disclosed evidence; it is not a probability of success, and even companies with every precondition in place fail more often than they succeed, which is why crowdfunding only works as a small part of a diversified portfolio. The potential-returns range is an illustration of what a successful exit could pay, built from named sector benchmarks — not a forecast. Where something was not in the pack we reviewed, it did not lower any score; it appears in the questions list instead, so you can ask the company directly before investing. The listing was reviewed by Companisto, a regulated German crowdfunding platform, before going live; where a fact could exist outside the pack (interviews, data rooms, platform Q&A), we say so rather than assume the worst. Nothing in this memo is a recommendation.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">At a glance</span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Three reasons to look closer</strong></span></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Three reasons for caution</strong></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Revenue went from €9,470 in 2024 to €94,826 in 2025 (company accounts) and the company reports €188,000 for January–July 2026 — already double last year's total — plus a first recurring contract with construction firm Geiger worth about €30,000 a year.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The product is real and public: automated building models from laser scans at "from €0.50/m²" with expert checking, described in the Deutsches Architektenblatt in 2024; the City of Leipzig's digital-twin programme independently documents a pilot using the company's method.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The CEO holds a doctorate (summa cum laude) and was junior professor of entrepreneurship at TU Chemnitz for six years; the CTO held board-level roles at IT consultancies — both confirmed in public records — and the investor terms give the crowd class first repayment on a sale and full participation in any surplus.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The business is small and loss-making: a €234,939 loss in 2025 on €94,826 of sales, with subcontracted services (€178,497) costing more than revenue; the platform states the raise funds about 12 months and that break-even is planned for 2029, so further fundraising is implied.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The plan rests on automation that is not finished: the platform's analysis says "automation is not yet complete", the 90% target "has not yet been fully achieved", and "further increases in the level of automation are a prerequisite for achieving the planned margins".</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Twenty per cent of your money never reaches the company (10% administration fee + 10% brokerage fee under the certificate terms), Companisto takes 15% of gains above 6% a year, and the round size is stated four different ways (€450K, up to €700K, €1.2M, and a €12M certificate ceiling).</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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; 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 crowd class is repaid first on a sale and then shares in the remainder in proportion to its stake. Full mechanics — fees, dilution, exit and liquidation — are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">ℹ️ <strong>Information, not investment advice.</strong> Capital at risk — you could lose the full amount invested. Full notes are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🏢 What the company does</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Points2BIM GmbH, founded in Chemnitz and registered in early 2024, takes three-dimensional laser scans ("point clouds") and 360° photographs of existing buildings and converts them, using its own software plus a final check by human specialists, into standardised digital building models (the industry format is called BIM) and into data products derived from them: floor plans, room lists, area calculations, lists of technical equipment and room-by-room quantity lists for construction billing. Its customers are construction companies, large property owners and operators, and architects and surveyors; the company reports customers including Züblin, Geiger, Würth, Vienna International Airport and the City of Krefeld, and pilots with Strabag, Goldbeck and Hochtief/Henkel, with more than 500,000 m² of building space digitised so far. It earns money per square metre of floor area processed (publicly "from €0.50/m²"), resells surveying and higher-detail modelling from partner firms at a margin, and is moving toward recurring contracts — the first, with Geiger, covers 60,000 m² a year for two years at roughly €30,000 a year. Revenue was €94,826 in 2025 against a loss of €234,939, with cash of €221,826 at year-end. This raise — €450,000 on the listing, "up to €700,000" in the deck — is to be spent 50% on product and technology (pushing automation to about 90%), 30% on sales to construction companies and 20% on data and quality assurance; the platform says it funds about 12 months and that the goal is to be ready for a Series A round.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📈 The returns picture</span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:492px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>4.0x over about 4 years</strong> (the listing shows a 304.06% total return and 45.12% a year; the platform's analysis says "assuming a target exit starting in 2030"). This is the platform's and company's own target, "based on the financial projections" — not the standard seed expectation (10x over 5–7 years) and not our estimate. The two listed figures only match each other over a horizon of about 3.75 years, and the pack does not say whether they are before or after the platform's fees and profit share.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Milestones from the deck: reach about 90% automation, bring the room-by-room construction-billing product and facility-management product to market, win construction companies as recurring customers, and become "Series A ready". The financial plan moves revenue from €332,749 (2026) to €2.99M (2030), almost all of it recurring, with the first profitable year in 2029. Exit route named by the platform: a sale to a reality-capture or surveying company (Hexagon/Leica, FARO, Topcon, Trimble, NavVis), a BIM software company (Autodesk, Nemetschek, Bentley, Procore, RIB) or a facility-management software provider (Siemens, Planon, MRI, Spacewell). No comparable exits with values were provided in any material we reviewed; the platform names candidate buyers only.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">On the disclosed terms and without adjusting for dilution, a 4.0x return on shares bought at this round's valuation means the whole company must be worth roughly €27M–€30M at exit (4.04 × a post-money value of €6.65M–€7.4M, depending on how much is raised). Against the company's own 2030 plan, that is about 10 times planned revenue of €2.99M, or about 114 times planned 2030 operating profit of €263,196. Because 20% of subscriptions go to fees and 15% of gains above a 6%-a-year hurdle go to Companisto, the shares themselves would need to do better than 4.0x — roughly 5.6x by our arithmetic — for €1,000 subscribed to become €4,040.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Illustratively <strong>2.5x–4.5x before fees and future dilution.</strong> Method: the plan's 2030 revenue (€2.99M) valued at 6–10x revenue — the standard software exit band, and consistent with the ~9.4x revenue CoStar paid for Matterport in 2025 (US$1.6bn on US$169.7M revenue; Virginia Business, SEC 10-Q) — gives an exit value of about €18M–€30M, set against a post-money value of €6.65M–€7.4M. The required exit of €27M–€30M is far smaller than the only recorded exit in this sector we could find (Matterport, US$1.6bn) and so sits within the range of recorded exits, though Matterport was a much larger public company. Most early-stage investments return little or nothing — this range describes a successful outcome, not the typical one. These figures do not include dilution from future fundraising rounds, which would reduce an early investor's share and actual returns — see the dilution section for how this works.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📊 Score breakdown</span></span></span></h2> <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"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:136px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:59px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:59px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:386px"> <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> </thead> <tbody> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:136px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team capability</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">68</span></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">21%</span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:386px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — Both founders' backgrounds check out in public records (doctorate and professorship; board roles at IT consultancies) and the five-person team covers AI, product and quality control, but public sources show the team was described as eleven people in 2024 and five in 2026, sales is founder-led with no dedicated sales staff, and the CEO is still publicly listed as managing director of another company (Q-HUB GmbH).</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:136px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product-market fit</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">66</span></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">17%</span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:386px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — A working product sold since 2024 to named large customers, one independently documented public pilot and a first two-year framework contract; against that, the next products (construction billing, facility management) are at MVP or pilot stage with "broad commercial validation … still pending" per the platform, and the company's own speed claim appears publicly as 60%, 70–80% and "up to 90%".</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:136px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & growth</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">60</span></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">17%</span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:386px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — Sales grew tenfold in 2025 and doubled again in seven months of 2026, and a first recurring contract exists; but the base is €94,826, subcontracted services cost more than revenue, "other operating income" of €231,069 exceeded sales, the platform records dependence on individual large clients, and the 2026 target appears as €370,000 in the deck and €332,749 in the plan.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:136px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market size</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">45</span></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">13%</span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:386px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Weak</strong> — Independent reports confirm a large market (global BIM market US$9.8bn in 2025 per IMARC; scan-to-BIM services US$8.9bn in 2024 per QYResearch/Valuates) with policy tailwinds, but the company's own "≈€20bn" figure for global scan-to-BIM is more than double the independent estimate, and its €44bn and €60–120bn tiers are self-built projections the platform itself says should not be read as validated market sizes.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:136px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Business model</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">58</span></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">9%</span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:386px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — Transparent per-square-metre pricing, a clear route from one-off projects to recurring contracts, and a first recurring customer; but 2025 economics show €178,497 of purchased services against €94,826 of revenue, the plan needs recurring revenue to grow from €15,000 to €2.87M in four years, and the raise covers about 12 months against three more loss-making years in the plan.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:136px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competition</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <p><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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">8%</span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:386px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — The market is fragmented and the closest named competitor (aurivus, Ulm) has 6–11 staff and no recorded venture funding; but the platform's own analysis states the company "does not yet indicate a fully protected technological moat", large players (Autodesk, Matterport/CoStar) are adding similar automation, and the deck and the analysis describe aurivus's strengths differently.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:136px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technology risk</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">52</span></span></span></p> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:386px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — The hybrid "AI plus expert check" process has run commercially since 2024 and every checked model adds training data; but the platform states automation "is not yet complete", output quality depends on scan quality, and reaching the planned margins requires an automation level that "must first be demonstrated".</span></span></p> </td> </tr> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:136px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">59</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:59px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:386px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Average</span></strong><span style="color:black"> — Meaningful preconditions are in place (product, customers, growing revenue, credible founders) while others are weakly evidenced (automation maturity, scale of revenue, market sizing).</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Weights: the standard seed weights (Team 25, Product-market fit 20, Traction 20, Market 15, Business model 10, Competition 10) were each reduced proportionally to make room for a 15% Technology-risk category, because the plan's margins depend on an automation milestone that the platform's own analysis treats as unproven.</em></span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">❓ Questions to ask before investing</span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">These are facts the company holds and can supply on request. They were not in the materials we reviewed — they may well exist in interviews, webinars or the company's data room. The score above is based on what <em>was</em> available — these questions are how you close the gap.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the exact size of this round (€450,000, €700,000 or €1,200,000), and how much of it comes from the crowd, the Angel Club, BV-Beteiligungsgesellschaft and the Saxon technology fund TGFS respectively?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the price per seed share, how many seed shares are being issued, and what percentage of the company will the crowd vehicle hold on its own after closing?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What are the amounts, interest rates and conversion terms of the three convertible loans being converted into this round?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What percentage of revenue in 2025 and in 2026 to date came from your largest customer, and how many customers have paid you so far?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Which of the named companies (Stadt Krefeld, Geiger, Züblin, Bundesbau, Würth, Vienna Airport, Strabag, Goldbeck, Henkel/Hochtief, Kaufland, Tirol Kliniken, City of Leipzig) are paying customers, and which are unpaid pilots?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Is the Geiger framework agreement 60,000 m² a year for two years at about €0.50/m² — roughly €30,000 a year — and can you share the contract summary?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What share of your model output today is produced without manual rework (your current automation rate), and how do you measure it?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How many hours of expert quality assurance do you spend per 1,000 m², and what is your gross margin on the automated base model?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What was your cash balance at the end of July 2026, what is your current monthly net burn, and how many months does this round fund at the amount you expect to raise?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What does the €231,069 of "other operating income" in 2025 consist of, and how much grant funding remains to be drawn?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How many people work for the company today, how many are employees versus freelancers, and are both founders full-time on Points2BIM?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Is there any founder vesting or leaver schedule for the founders' shares, and have any employee share (VSOP) grants already been made?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Who developed the core software — the in-house team, Karsten Schulze/vision-hub estate, or Wuttke Ingenieure — and does the company own all the source code and models outright?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the "customary amount" of the intermediary commission and IT service fee deducted under §3.1.2 of the certificate terms, in euros per €1,000 invested?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Are the 45.12% a year and 304.06% target-return figures calculated before or after the 20% upfront fees and the 15% profit share, and over 4.0 or 3.75 years?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Can you provide the key information document (Basisinformationsblatt) and the notes to the 2025 financial statements?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:640px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Is TGFS (Technologiegründerfonds Sachsen) committed to this round, and if so, for how much and on what conditions?</span></span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 What you own</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You do not buy shares in Points2BIM GmbH directly. You buy a profit participation certificate (a "Genussrecht") issued by a holding vehicle set up by the platform, Companisto Trust Service LXXI UG (an "SPV"), which in turn buys "seed shares" in the company. The certificate pays out only what the SPV receives from those shares — dividends or sale proceeds — after the SPV's own costs and Companisto's profit share. You have no vote in Points2BIM itself; instead certificate holders vote online, one vote per €50 certificate, and the SPV votes its shares as a single block according to that result. A sale of the company would normally be decided by 75% of all shareholders including 75% of the outside investors; if it happens, the SPV is repaid its investment first, then shares in the rest in proportion to its stake, and passes the money on to you within about a month. Full mechanics are in the reference section below.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Everything below is reference detail for readers who want to go deeper.</em></span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🔍 Detailed review</span></span></span></h2> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Team capability</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Public records confirm the two founders' stated backgrounds: Dr. Mario Geißler completed his doctorate at TU Chemnitz in 2012 with the highest distinction, held the endowed junior professorship for entrepreneurship there from late 2013 to early 2020 and co-founded the Q-HUB start-up hub in 2018; Kevin Meitsky sat on the board of IT consultancy affinis solutions GmbH from 2017 to 2021 and runs his own holding company. The deck names three further staff (product, AI development, quality assurance) and three industry partners; a March 2026 interview describes a five-person, mostly remote team. The platform's own analysis lists "sales and customer support teams are still small" as a weakness, and the company says a key-account manager is planned for next year.</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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Concerns</strong></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder credentials confirmed against TU Chemnitz, company-register and press sources; complementary split between commercial (CEO) and technology (CTO) roles.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dedicated AI-development and quality-assurance roles exist, matching the "AI plus expert check" operating model.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Industry partners with surveying (Wuttke Ingenieure) and real-estate (vision-hub estate, Chemnitz Venture Partners) backgrounds hold shares — 9.17% each for the two partner companies per the platform cap table.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A 2024 award nomination described "a team of 11"; the 2026 interview and deck show five — public sources point to a smaller team today than two years ago.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sales is founder-led with no dedicated sales staff, per the platform analysis; the CEO also remains publicly listed as managing director of Q-HUB GmbH.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The CTO's named enterprise clients (Zeppelin, Hermes, HHLA) and the CEO's BMW project work could not be found in public sources; the deck and the analysis describe partner Karsten Schulze's role differently ("co-developed core system" vs "real estate background").</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Product-market fit</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The core product — an automated LOD-200 building model from a point-cloud upload, checked by specialists within 48 hours and delivered in Revit/ArchiCAD/IFC formats — has been publicly described since September 2024 (Deutsches Architektenblatt) and is sold to named large customers. The company reports case studies of 20,000 m² at Vienna Airport in 10 days and 11,000 m² at Züblin in 3 days, and the City of Leipzig's Connected Urban Twins programme independently records a pilot based on the company's method. The platform analysis is candid that the follow-on products are earlier: the "Scan2Value" construction-billing product is "still in the MVP or pilot stage" with "broad commercial validation … still pending", and the facility-management product is "in development".</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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Concerns</strong></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Live product with public pricing and a pay-on-acceptance offer, used by construction groups and a major airport per the company.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">One customer (Geiger) has moved from project work to a two-year framework agreement — the transition the business model depends on has happened once.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent public confirmation of a municipal pilot (City of Leipzig, February 2026).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The products that carry most of the planned revenue growth (construction billing, facility management) are at MVP/pilot stage per the platform.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The speed advantage is stated as 70–80% in the deck, "up to 90%" in a February 2026 press item and "up to 60%" on a partner webinar page — the claim is not consistent across public statements.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Only Geiger (paid framework) and Kaufland (framework "in the works") have a stated commercial status; for the other named logos the pack does not say whether they are paid customers or pilots.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Traction & growth</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company's 2025 accounts show revenue of €94,826, up from €9,470 in 2024, and a net loss of €234,939 (2024: €87,035). Cash rose to €221,826 at year-end because €356,429 of new capital was paid into reserves during the year. The company reports €188,000 of revenue for January–July 2026, a qualified pipeline of €270,000 and a 2026 target of €370,000; the platform's financial plan uses €332,749 for 2026. Purchased services (€178,497) exceeded revenue in 2025, consistent with the subcontracting of surveying and detailed modelling, and "other operating income" of €231,069 — not broken down in the pack — was the largest income line.</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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Concerns</strong></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Tenfold revenue growth in 2025 from company accounts, and reported 2026 revenue already at twice the 2025 full year after seven months.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">First recurring contract signed (Geiger, about €30,000 a year) and a stated pipeline of €270,000.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Balance sheet is clean: no bank or shareholder loans, equity ratio 78% at year-end 2025.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The absolute revenue base is small and the platform records "dependence on individual major clients"; the largest customer's share is not in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Costs run well ahead of sales: a €234,939 loss on €94,826 of revenue, and our arithmetic from the accounts puts 2025 net cash consumption before new capital at roughly €275,000, about €23,000 a month.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 2026 revenue figure differs between the deck (€370,000), the plan (€332,749) and the exposé chart (€0.3M), and the first recurring contract is described as 120,000 m² in one place and 60,000 m² a year for two years in another.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Market size</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The need is well documented: the platform cites the German Energy Agency and the European Commission on nearly 20 million residential buildings in Germany, about 85% of EU buildings built before 2000 and an annual renovation rate of only around 1%. Independent market reports found in our research put the global scan-to-BIM services market at US$8.9bn in 2024 (QYResearch/Valuates, February 2025) and the global BIM market at US$9.8bn in 2025 (IMARC), with Europe's BIM market at US$2.4bn (MarketsandMarkets). The company's own three-tier estimate — about €20bn for scan-to-BIM, €44bn for building-data products and €60–120bn for a platform — is more than double the independent figure at the first tier, and the platform's analysis itself states these "should not be interpreted as an independently validated market size". The company's narrower bottom-up figures — a €2.5bn German market for construction-billing data, €45M reachable with its product, and a €2.3M year-three goal — carry stated assumptions.</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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Concerns</strong></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Large, structurally growing market confirmed by independent reports and EU/dena statistics; regulatory and renovation pressure are documented drivers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company's German bottom-up sizing (800 target construction companies with 50+ staff; €30,000–90,000 per customer per year) is explicit and checkable.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Recognised buyer groups for an exit exist (reality-capture, BIM software, facility-management software vendors), as the platform lists.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company's "≈€20bn" global scan-to-BIM figure is contradicted by the independent QYResearch estimate of US$8.9bn; the higher tiers (€44bn, €60–120bn) are the company's own projections.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The German and European BIM markets are a small fraction of the global headline figures the deck emphasises (Europe BIM: US$2.4bn).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck's €2.5bn German TAM and the embedded figure's €3.1bn German data-products TAM use different scopes.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Business model</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Revenue today is per-square-metre project work: a standardised base model priced from €0.50/m², plus resold surveying (about 10% margin per the platform) and higher-detail modelling by partners (about 35–50% margin), and derived data products sold from the same model. The plan is to convert project customers into monthly area quotas and framework agreements, add a "building data as a service" fee of €0.05/m² per month for owners, and later charge for construction-billing and ERP integrations. The raise is allocated 50% to product and technology, 30% to sales and 20% to data and quality assurance; the platform states it funds about 12 months in the base case.</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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Concerns</strong></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Simple, transparent unit pricing and a first recurring contract already in place.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A sensible expansion path — one model, several sellable outputs — that raises revenue per building without re-scanning.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Use of funds is specific and matches the stated weaknesses (automation, sales capacity).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">2025 economics are service-heavy: purchased services cost more than revenue, and the gross margin of the automated core product is not stated in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The plan needs recurring revenue to rise from €15,000 (2026) to €2.87M (2030) while the funding covers about 12 months against three planned loss-making years — another round is implied before break-even.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The base-case raise the 12-month runway refers to is not identified among the four round-size figures.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Competition</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Today the company competes mainly with manual modelling firms and in-house teams, plus software tools such as aurivus (Ulm; founded 2019; 6–11 staff; pay-per-use pricing; no recorded venture round), NavVis, Matterport (acquired by CoStar for US$1.6bn in 2025) and BIM Solutions. The deck positions Points2BIM as delivering "structured asset data" at "lowest total cost" versus geometry-only tools; the platform's analysis describes aurivus as the "closest technological competitor" and states the company "does not yet indicate a fully protected technological moat", while noting that larger platform providers could add similar features. The company's stated defence is its growing base of expert-validated training data, contractually secured for AI training under its terms of service.</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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Concerns</strong></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fragmented competitive field; the closest named rival is a similarly small company without recorded venture backing.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A service model (finished, checked model) rather than a tool, which the platform notes differs from software-only rivals.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Every delivered project adds validated training data — a compounding asset the company can point to.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No protected moat per the platform's own analysis; large incumbents (Autodesk, Matterport/CoStar) are building point-cloud recognition into their products.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck's competitor matrix places aurivus at "geometry only" while the platform credits aurivus with object-recognition strength — the company's own materials disagree on its closest rival.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No win/loss or head-to-head accuracy data is in the pack.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Technology risk</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The technology is a processing pipeline: proprietary models segment the point cloud and recognise rooms and structures, image recognition identifies doors, outlets, lighting and plumbing, and specialists review and correct the result — the corrections then become training data. The platform states plainly that "automation is not yet complete", that component recognition "depends on the quality and completeness of the input data", that the 90% automation target "has not yet been fully achieved", and that higher automation "is a prerequisite for achieving the planned margins and must first be demonstrated". The company counters with vetted scanning partners, client coaching and checklists, and says manual work is steadily decreasing.</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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Concerns</strong></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A hybrid process that has delivered commercial projects since 2024, with a built-in learning loop.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Risk is acknowledged and specifically addressed (scan-quality guidelines, trusted partners, half of the raise into automation).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No dependence on hardware sales — input data comes from clients or partners.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The plan's margins depend on an automation level the platform says is unproven; the current automation rate is not quantified anywhere in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Output quality is tied to scan quality the company does not control.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Who built the core system is described differently in the deck and the analysis; ownership of source code is covered by the shareholders' agreement but the development history is not explained.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">💶 Valuation detail</span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:492px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€6.2M (Investment Terms, listing and platform analysis).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€6.65M at the €450,000 listing goal; €6.9M at "up to €700,000"; €7.4M at the €1.2M figure the platform's cap table assumes — derived by adding the raise to the pre-money value. The share attributable to the crowd vehicle alone cannot be derived, because the split of the round between the crowd, the Angel Club, BV-Beteiligungsgesellschaft and any TGFS money is not in the pack we reviewed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A profit participation certificate (a "Genussrecht" — a security that pays you a share of what a holding vehicle earns, with no ownership rights of its own) issued by a platform SPV, which holds "seed shares" (a class of preferred shares) in the company.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not stated for the crowd class on its own. The platform's cap table shows "Companisto (AC + IC)" — Angel Club plus crowd combined — at 7.35% fully diluted if €1.2M is raised. Per €1,000 subscribed, €800 buys shares (after fees), which at €6.2M pre-money corresponds to roughly 0.011–0.012% of the company before any further fundraising.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The platform states it "incorporates both the risks typical of seed financing and the market validation already achieved, as well as the potential for scaling" and considers it "reasonable and in line with market conditions". No method (multiple, discounted cash flow or scorecard) is named — methodology beyond this statement is not in the pack we reviewed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">European seed median pre-money €5.6M in Q1 2025 vs €5.3M in 2024 and €3.6M long-term (PitchBook Q1 2025 European VC Valuations Report); European pre-seed/seed AI median €5.8M in 2025 (PitchBook 2025 annual report, reported 17.02.2026). Comparable German ConTech rounds: conmeet €1.3M pre-seed (Feb 2026) and €6M seed (Aug 2026), Scenarium AI €1.6M pre-seed (Nov 2023) — valuations not disclosed. Exit reference: Matterport sold to CoStar at ~9.4x trailing revenue (2025). Ratios for this deal: 65x 2025 revenue; 18.6x 2026 plan revenue; 30.5x book equity.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <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="border-bottom:1px solid #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>3 / 5 — Stretched but arguable.</strong> The price is 11–16% above the two PitchBook seed medians and very high against current sales, but not outside the range at which European seed rounds are being priced.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:148px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:492px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20% of subscriptions are deducted as fees before shares are bought; Companisto keeps 15% of gains above a 6%-a-year hurdle; the crowd's share class is repaid first on a sale and then shares fully in the remainder; a 75% majority can force a sale at no less than the investors' money back; the certificates cannot be terminated by holders before the end of 2041; anti-dilution protection covers the crowd's share class.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🚩 Red flags & integrity checks</span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:49px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:591px"> <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: price per seed share and number of shares; the split of the round between investor groups and the crowd vehicle's resulting stake; terms of the three convertible loans; the current automation rate; the largest customer's share of revenue; cash and burn in 2026; the key information document; the Seed Investment Agreement; founder vesting; the composition of the €231,069 other operating income.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:49px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:591px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — Round size: €450,000 (listing) vs "up to €700,000" (deck) vs €1.2M (analysis cap-table footnote) vs €11,999,850 certificate ceiling. 2026 revenue: €370,000 (deck) vs €332,749 (plan) vs 0.3M (exposé chart). First recurring contract: "120,000 m²" (deck) vs "60,000 m² a year for 24 months" (company response). Karsten Schulze: "co-developed core system" (deck) vs "real estate background" (analysis). Pilot partner: Henkel (deck logos) vs Hochtief (analysis text). The platform cap table sums to 98.05%. The Investment Terms call the preference "simple non-cumulative" while the shareholders' agreement states it "shall not be offset" against the pro-rata share.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:49px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:591px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — Team size: "a team of 11" in the 2024 BIM Löwen nomination (build-ing.de) vs five people in the March 2026 interview and deck. Market size: company "≈€20bn" global scan-to-BIM vs US$8.9bn in 2024 per QYResearch/Valuates (February 2025); the platform labels the company figure an estimate.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:49px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:591px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — <em>None found in public registries or news searches</em> (insolvency portals for the Chemnitz court, company register status "active", press coverage descriptive or positive).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:49px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:591px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — A pre-seed round is evidenced by 10,714 pre-seed shares and a capital reserve that rose from €132,857 (2024) to €489,286 (2025) in the accounts; investors named by the platform are BV-Beteiligungsgesellschaft mbH and Chemnitz Venture Partners; three convertible loans (including from Mittelständische Beteiligungsgesellschaft Sachsen) are being converted in this round. No public announcement of the earlier round was found, and no milestones from that round are in the pack, so whether they were met cannot be recorded. Founders' prior ventures: the CEO co-founded Q-HUB GmbH (2018); the CTO held board and managing-director roles at affinis solutions GmbH and Jack & Jane GmbH — no exits or failures found either way.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:49px"> <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 #bfbfbf; border-left:none; border-right:1px solid #bfbfbf; border-top:none; vertical-align:top; width:591px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — €6.2M pre-money is 11–16% above the European seed medians (€5.6M, PitchBook Q1 2025; €5.8M pre-seed/seed AI, PitchBook 2025 annual), 65x 2025 revenue, 18.6x 2026 plan revenue and 30.5x book equity; the two comparable German ConTech rounds found did not disclose valuations.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 Instrument & investor terms — full mechanics</span></span></span></h2> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">What you own — in full</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You receive a bearer profit participation certificate (a "Genussrecht") with a face value of €50 per certificate, held in your own securities account through Clearstream, issued by Companisto Trust Service LXXI UG, a special-purpose company owned by Companisto Holding GmbH whose only business is holding shares in Points2BIM GmbH. The certificate is a subordinated claim on that SPV: it ranks behind every other creditor of the SPV ("qualified subordination"), can only be paid from what the SPV receives from its shares, and cannot be enforced if doing so would make the SPV insolvent. The certificate terms state the holder "bears an entrepreneurial risk of loss" that "may exceed the business risk typically borne by a shareholder". The SPV itself holds seed shares — preferred shares that come with first repayment on a sale and protection against dilution — bought at the same price as the other seed investors (the platform's Angel Club, the converting lenders and possibly TGFS).</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Your say: you have no vote in Points2BIM. Certificate holders vote online on the platform, one vote per certificate, in seven-day polls, and the SPV casts all its shares as one block according to the result. A sale of the SPV's shares needs 75% of certificate votes, unless the sale is forced by a drag-along (below) or is a transfer within the Companisto group. In the company, the big decisions — issuing new shares, selling the business, changing the articles, appointing managing directors, dividends — need 75% of all shareholder votes plus 75% of the outside investors' votes; the SPV's shares count toward those majorities but do not alone decide them. You are also entitled, through the SPV, to quarterly reports (revenue, gross profit and operating profit against plan, plus written updates), an updated annual plan each January and the annual accounts each June.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Money reaches you only when the SPV receives money: the SPV must first pay taxes and other creditors, then Companisto's profit share (15% of gains above 6% a year), then distribute to certificate holders; distributions are paid within a month of a sale (or by 30 September for dividends) and only if they exceed 2% of face value. Before any of that, 20% of what you subscribe is deducted — a 10% administration fee for the SPV and a 10% brokerage fee to Effecta GmbH — so €800 of each €1,000 buys shares; the certificate terms add that "a portion" of the SPV's payment covers issuance costs "in the customary amount disclosed to investors", which is not in the pack. You cannot hand the certificates back: ordinary termination is possible only from the end of 2041, with six months' notice, and only if holders of at least 25% of all certificates act together. If Points2BIM becomes insolvent or is wound up, Companisto may require you to sell your certificates to it, "generally" for "only a symbolic sum".</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Dilution — how your share can shrink</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution means that when the company issues new shares to raise more money, your existing shares become a smaller percentage of the company. The company expects to raise again: "Series A ready" is a goal of this round, the plan shows losses in 2026, 2027 and 2028 totalling about €920,000, and the platform says this raise funds about 12 months. Protection: the seed share class — the SPV's class — has "anti-dilution" protection of the weighted-average type, meaning that if a later round is priced below this one, the seed investors receive extra shares at €1 each to bring their average price down toward the new price; the older pre-seed and founder shares do not have this. The employee share plan of up to 10% dilutes only the existing shareholders, not the seed investors. Joining future rounds: through the SPV you hold a first-refusal right on shares other shareholders sell, but there is no stated contractual right for the crowd vehicle to buy its share of new shares in a future round; the follow-on-round clause obliges shareholders to approve a round backed by 90% of shareholders and 90% of investors unless they participate themselves.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#fbf1dc; border-bottom:1px solid #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Worked example (illustrative — the crowd vehicle's own stake is not stated in the pack).</span></strong><span style="color:black"> You subscribe €1,000; €800 buys shares at the €6.2M pre-money valuation. If €1.2M is raised in total, your look-through stake is €800 ÷ €7.4M ≈ 0.0108% of the company. Suppose the company later raises a €3M Series A at a €12M pre-money value: new investors get 20% of the enlarged company, and your stake falls to ≈ 0.0086%. If the company were then sold for €30M, your 0.0086% would be worth about €2,600 before the SPV's costs and Companisto's 15% profit share, against about €3,240 without that dilution. Anti-dilution protection would only add shares if the Series A were priced <em>below</em> €6.2M.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">If the company is sold or wound down</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Payout order under the shareholders' agreement: after sale costs, the seed investors (including the SPV) are paid back first — their share price plus any capital-reserve payments, i.e. their money back, 1x; if the price is not enough, they share it pro rata. Next the pre-seed investors receive their money back. What remains is then split among all selling shareholders — founders, pre-seed and seed alike — exactly in proportion to their shareholdings, and the seed and pre-seed investors' earlier repayments are not deducted from their share of that remainder (a "participating" preference). So on a sale for €30M with the SPV holding, say, 1% of the shares and €74,000 invested: the SPV first receives €74,000, then 1% of the roughly €29.3M left after all investor preferences — about €367,000 in total, before the SPV's costs and Companisto's profit share (figures illustrative). Another clause says preferred shares are treated as ordinary shares if that pays more; with a participating preference that clause changes nothing.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Forced sale ("drag-along"): if a buyer offers for more than half the company, shareholders holding 75% of all votes plus 75% of investor votes can oblige everyone to sell — but seed investors only if the price returns at least their money back and they give no more than clean-title warranties. After six years, a simple majority plus the investor majority can also start a formal sale process with a floor of [1.5]x the seed investors' money (the figure is bracketed in the draft). Right to join a sale ("tag-along"): if any shareholder sells, every other shareholder may sell alongside on the same terms, and a buyer who will not take the co-sellers' shares pro rata cannot buy at all. Lock-up: the founders may not sell for four years without the investors' consent, and the founders' holding companies cannot change hands. Early sale: your certificates are technically transferable through Clearstream, but no organised market is described in the pack; in practice your money comes back when the company is sold or pays dividends. Two further points: the founder companies grant each investor the right to sell all its shares to them for €1 in total at any time (a walk-away right, not a buy-back at value), and if the company fails and the founders start a successor business within two years, they must offer seed investors the same pro-rata stake.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Terms not in the pack we reviewed</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">These exist in the shareholder documents and could have been disclosed — a genuine gap, unlike operating figures. Each also appears as a question above.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The price per seed share and the number of seed shares being issued (both blank in the draft articles).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The split of the round between the crowd vehicle, the Angel Club, BV-Beteiligungsgesellschaft and any TGFS commitment — and therefore the crowd vehicle's own percentage.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The amounts, interest and conversion terms of the three convertible loans being converted.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The euro amount of intermediary commission and IT service fee deducted under §3.1.2 of the certificate terms.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Seed Investment Agreement, including the founders' guarantee catalogue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder share vesting and what happens to founder shares if a founder leaves; whether any employee share (VSOP) grants exist today.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The key information document (Basisinformationsblatt) referenced by the platform.</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Disclosed and reproduced above: pre-money valuation; post-round cap table (percentages); employee share pool (up to 10%, borne by existing shareholders); anti-dilution (seed class only); first-refusal and follow-on-round rules; information rights (quarterly and annual); liquidation preference; drag- and tag-along; lock-up.</em></span></span></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 #bfbfbf; border-left:1px solid #bfbfbf; border-right:1px solid #bfbfbf; border-top:1px solid #bfbfbf; vertical-align:top; width:640px"> <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. <em>Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</em></span></span></span></p> </td> </tr> </tbody> </table> <p> </p>
See full overview
Ask question
Ask AI about this project
Beta
Een gesprek beginnen
Stuur een bericht om te beginnen met chatten met de AI-assistent
Like this project?
Platform offering this project
Companisto DE
Risk Level
Hoog
Risk Return Level
Medium
Return Level
Hoog
Minimale investering
EUR 250
Gefinancierd
EUR 228,78M
