Zaaifonds • Thunder
Aandelencrowdfunding
Thunder
The first platform for investing in Europe's best-performing collectible assets within a framework regulated by the AMF.
Key project data
Target amount
1,2 MEUR
Valuations
5,8 MEUR
Would AI invest?
51/100
1
100
Door AI gegenereerd overzicht
AI project overview
Condensed summary based on project data
<h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Thunder — Crowdfunding Investor Memo</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Europe-focused platform for investing in collectible assets (trading cards, Lego, branded sports merchandise) within an AMF-regulated framework.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: Fintech / alternative-asset investing · Stage: Seed · HQ: France · Raise: €1,200,000 target (€500K reserved on Sowefund)</strong></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:220px"> <p> </p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:404px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Why this score:</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:404px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Headline “+48% IRR / +48% performance” is the company’s collectibles-BOND product return, not a return to the equity bought in this round — the two instruments are different and the listing blurs them.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:26.0pt"><span style="color:black">51 / 100</span></span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:404px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Investor terms (share class, voting, liquidation preference, anti-dilution, drag/tag, lock-up, cap table) are almost entirely undisclosed — only the public Sowefund listing was provided.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-family:"Segoe UI Emoji",sans-serif"><span style="color:black">⚠️</span></span><span style="color:black"> Caution</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:404px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Track record is company-stated and unaudited, with a speculative “would have been ~70%” uplift and inconsistent timeframes (“six months” vs “10 months” vs “four years”).</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p> </p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:404px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Company markets a return-bearing collectibles product but states it does NOT yet hold AMF “intermediation in miscellaneous assets” (IBD) approval (targeting +18 months).</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p> </p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:404px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Genuine, growing collectibles-as-asset-class trend and a credentialed team (founder domain expert; ex-Retreeb founders; 50 Partners participation).</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ This is not investment advice. </span></strong><span style="color:black">The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🎯 Key goal</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target return</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:113px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Time horizon</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:224px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target basis</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI view on reaching this goal</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">🎯 ~10x</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:113px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⏱ 5–7 yrs</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:224px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Default</span></strong><span style="color:black"> — the company did not state an equity-investor return target or horizon (the 48% figure refers to its separate bond product), so the platform 10x / 5–7 year default applies.</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Plausibility is hard to assess: the trend is real, but undisclosed terms and an unaudited track record mean the equity-return path cannot be verified from provided materials.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#fbf1dc; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Why aim for ~10x? </span></strong><span style="color:black">Startup investing is high risk. Most early-stage companies fail or return little. A small number of winners must compensate for the losers, so each individual investment is typically targeted at roughly 10x over 5–7 years. A lower target across a portfolio of risky bets usually does not produce a positive overall return. This is why the platform applies a 10x / 5–7 year target when the company does not specify its own.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📈 Path to target return</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Sector heuristic</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">For an early-stage fintech/alt-asset platform, a ~10x equity return generally requires a trade sale to a wealth-management, fintech, or collectibles/luxury acquirer at a valuation many multiples of today’s — driven by sustained growth in assets under management (AUM) and bond subscriptions.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Current key metric</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Company-stated: “over €3.6M raised” via bond programs from 400+ investors in under a year; €5.8M pre-money on this seed equity round (listing snapshot).</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Required scale at exit</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">To support a ~10x equity outcome from a ~€7.0M post-money, an acquirer would need to value the business near €70M — implying AUM, recurring fees, and a verified track record well beyond what is currently disclosed.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Implied IRR</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">A 10x over 5–7 years implies roughly a 39%–58% annualised return to the equity investor — distinct from, and not evidenced by, the 48% figure quoted for the underlying bond/collectibles basket.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🏢 Company description</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Thunder is a France-based platform that lets investors subscribe to bonds tracking a basket of collectible assets — trading cards (Pokémon, One Piece, Rift Bound), Lego, and branded sports merchandise — with maturities of 3, 4, or 5 years. The company handles sourcing, authentication, valuation, insured vault storage, and liquidation, and frames its bond model as compliant with the French Financial Markets Authority (AMF) without requiring a portfolio-management licence. It was founded by Grégoire (described as the category/sourcing expert) and Jérémi Lepetit (a serial entrepreneur previously behind the web3/fintech payments venture Retreeb); public profiles also show Quentin Lepetit (a former 50 Partners partner) as COO and a CTO referred to as “Nacer.” The company reports raising over €3.6M from 400+ investors in under a year with zero paid marketing, a 35% six-month reinvestment rate, and a 48% IRR over four years on the asset class. Revenue comes from entry fees, annual management fees on AUM, and a 25% performance fee on bond capital gains at maturity, with a negative-working-capital model in which bonds are subscribed before collectibles are purchased. This Sowefund campaign raises equity in a holding entity (referred to as “Alt”), targeting €1,200,000 in total with €500,000 reserved on the platform, at a €5.8M pre-money valuation. The company reports it will use the funds for key hires, product/platform development, obtaining AMF “intermediation in miscellaneous assets” (IBD) approval within ~18 months, and marketing.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">💶 Valuation</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">€5.8M (company-stated).</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">≈ €7.0M if the €1.2M target is fully subscribed (derived arithmetic).</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Equity in the holding entity (“Alt”); exact share class not disclosed. Distinct from the bonds Thunder sells to its own customers.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Methodology not disclosed in provided materials.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Insufficient direct comparables: the closest collectibles-investing peers differ structurally (Alt.xyz pivoted to Lombard lending; Courtyard.io is web3 vaulting). No independent valuation or comparable transaction was provided.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Three-entity structure: a holding (“Alt”) for fundraising, Thunder Capital for bond issuance, and an operating “Thunder” billing logistics — creating related-party flows. €1,000 minimum entrance fee; average ticket €6,052 at snapshot.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📜 Instrument & investor terms</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would buy equity in a holding entity (referred to in the listing as “Alt”) that sits above the bond-issuing and operating companies. The exact share class is not disclosed in provided materials — investor cannot assess this before investing. Whether you hold shares directly or through a pooled nominee/holding vehicle (a structure where one entity holds the shares on behalf of many small investors and typically votes for them) is not explicitly disclosed; the use of a holding company for fundraising is consistent with a pooled structure, but this is not confirmed. Voting rights are not disclosed — investor cannot assess this before investing. As a practical matter, you should assume you will have little or no individual influence over company decisions, including the decision to sell, and that exit decisions will be made by the founders and larger shareholders.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Dilution” means your ownership percentage shrinks when the company issues new shares in later rounds. The company states it intends to scale aggressively and to pursue further regulatory approval within ~18 months, which implies additional capital needs; no Series A size, timing, or price is disclosed. No anti-dilution protection for crowdfund investors is disclosed — as is typical for crowdfunding equity, you should assume you have none.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Worked example (standard cap-table mechanics, not advice). If you invest €1,000 today at the ≈ €7.0M post-money valuation, you own approximately 0.014% of the company. If the company then raises €4M at a €14M pre-money valuation (a successful Series A at roughly 2x today’s post-money), your stake is diluted to approximately 0.011%. If instead the next round is priced lower — a down-round at €4M pre-money — your stake is diluted to approximately 0.0079% and the implied value of your investment falls by roughly 45% versus the up-case, before considering any preference owed to other investors.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">ESOP (employee option pool) expansion plans are not disclosed; if a pool is created or enlarged before a future round, existing investors are diluted further. Pre-emption rights — the right to put in more money in future rounds to keep your percentage — are not disclosed, so you should not assume you can defend your stake.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation preference not disclosed — in a sale below or near the current valuation, the order of payouts determines who gets what. Without disclosure, you cannot assess whether earlier investors (for example, 50 Partners) or founders have priority over crowdfund investors in an exit. The multiple (1x, 2x) and whether any preference is participating or non-participating are also not disclosed.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along rights (a rule letting a defined majority of shareholders force everyone else to sell on the same terms) and tag-along rights (your right to join a sale on the same terms as a selling shareholder) are not disclosed. Without the drag threshold, you cannot tell whether a sale could be forced without the crowd’s consent; without tag-along, you cannot assume you can exit alongside the founders.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Lock-up period and any secondary-market mechanism are not disclosed. You should treat this investment as illiquid for a long horizon — commonly 5–7 years for early-stage equity — with no assurance of any way to sell earlier. Note separately that the 48% “performance” figure relates to the bond/collectibles basket and does not accrue to equity holders.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Voting rights not disclosed and a likely pooled holding structure — you should assume you cannot influence company decisions, including whether and when to sell.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No liquidation preference disclosed — in a low-value exit, you may receive little or nothing after creditors and any preference-holders are paid; you cannot see where you rank.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No anti-dilution or pre-emption disclosed for the crowd — in future or down-rounds, dilution falls on you and you may have no right to top up.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Related-party, three-entity structure — you buy the holding company, while fees and asset risk sit across the bond-issuer and operating entities; intercompany terms are undisclosed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Instrument confusion — the marketed 48% return is the bond product’s, not the equity’s; buying this equity does not entitle you to that figure.</span></span></li> </ul> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The following were not disclosed in provided materials. Absence of disclosure means you cannot assess these before investing:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation preference order and multiple</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along threshold</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Tag-along rights</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting schedule</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution provisions for any class of shareholder</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed cap table (including the 50 Partners stake and any ESOP)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Information rights — the frequency and type of reporting equity investors would receive</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Share class and voting rights; direct-vs-nominee holding structure</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📊 Score breakdown</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:220px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Team & execution</span></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">62</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">24%</span></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — credentialed founders and 50 Partners participation, but no evidenced prior exits and undocumented Retreeb outcome.</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Market & timing</span></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:87px"> <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="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">17%</span></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — collectibles-as-asset-class is a real, growing trend, but it is cyclical and documented to cause retail losses.</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Traction & track record</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">42</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">20%</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — €3.6M/400+ investors claimed, but the 48% IRR is unaudited with a speculative 70% uplift and inconsistent timeframes.</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Business model & unit economics</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">48</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">13%</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — clear fee streams and negative working capital, but no financials, AUM, or realised-vs-promised redemption history provided.</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Regulatory & legal</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">40</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">16%</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — IBD regime is real and AMF-supervised, but the company does NOT yet hold approval and its current marketing basis and SEC-registration claim are unverified.</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Competition & defensibility</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">50</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">10%</span></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — plausible first-mover framing, but moat claims (exclusivity via custody, 30+ sourcing partners) are unverified assertions.</span></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:244px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Instrument & investor terms</span></span></span></p> </td> <td style="background-color:#efefef; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">N/A</span></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">0%</span></span></span></p> </td> <td style="background-color:#efefef; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Not evaluable</span></strong><span style="color:black"> — terms almost entirely undisclosed; cannot be scored on provided materials.</span></span></span></p> </td> </tr> </tbody> </table> <p><br /> <strong style="font-family:"Times New Roman",serif; font-size:10pt">Why these weights? </strong><span style="font-family:"Times New Roman",serif; font-size:10pt">This is a seed-stage, regulated fintech, so Team (24%) and Traction (20%) carry the most weight, as is standard at this stage, and Regulatory & legal is given a meaningful 16% because the entire model depends on AMF treatment and an IBD approval the company does not yet hold. Market (17%) and Business model (13%) follow, with Competition (10%) lowest because the space is early and defensibility claims are unverified. Instrument & investor terms was scored N/A because the terms are almost entirely undisclosed; it was given 0% weight and excluded from the calculation, and no redistribution was applied — the six evaluated categories were weighted to sum to 100 directly.</span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🔍 Detailed review</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & execution</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports an experienced, specialised team: founder Grégoire as the domain/sourcing expert, Jérémi Lepetit as a serial entrepreneur (previously Retreeb), Quentin Lepetit (ex-50 Partners) as COO, and a CTO referred to as “Nacer.” 50 Partners — a real Paris accelerator and FPCI investor — is publicly described as participating in the round. David Lafarge, a prominent Pokémon YouTuber, is named as an operational/influencer partner.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Gaps</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Founder positioned as a genuine category expert across multiple card licences.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Serial-entrepreneur founder lineage (Retreeb) and a COO who came through 50 Partners.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Backing/participation from 50 Partners, an established accelerator-investor.</span></span></span></li> </ul> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">No audited evidence of prior exits; the Retreeb outcome is not documented in provided materials.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Team depth beyond the named founders is not detailed.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Reputational dependence on a single named influencer (see red flags).</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & timing</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Collectibles-as-an-asset-class is a real and growing trend, supported by grading bodies (PSA/CGC) and rising secondary volumes on eBay, Whatnot, and Voggt; the company cites roughly 200 million collectors and a 5–20% alternative-allocation behaviour. Independent reporting, however, also documents volatility and capital loss for some retail buyers, and values move in cycles.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Advantages</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Structural tailwinds and mainstream attention to trading cards and collectibles.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Established grading/authentication infrastructure the model can lean on.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Clear retail appetite for diversification into alternative assets.</span></span></span></li> </ul> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Market is cyclical; documented retail losses show downside is real.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Market-size figures are inconsistent in the materials ($458B text vs $500B+ video).</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Demand for niche licences (e.g. One Piece) can be faddish.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & track record</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports over €3.6M raised from 400+ investors in under a year with zero paid marketing, a 35% six-month reinvestment rate, 3–4 referrals per satisfied customer, and a 48% IRR over four years on the asset class (with a speculative claim it “would have been ~70%” given more resources). All figures are company-stated and unaudited, and an earlier company page suggests a pivot from a card marketplace/grading hub to the bond-based investment product.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Gaps</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Sizeable reported capital raised and investor count for a young company.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Reported organic, referral-driven growth with no paid acquisition.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Reported repeat behaviour (35% six-month reinvestment).</span></span></span></li> </ul> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">48% IRR is unaudited with no disclosed methodology; “70%” is speculative.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Timeframes do not reconcile (“six months” vs “10 months” vs “four years”).</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">No per-cohort realised-vs-promised bond redemption history provided.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Business model & unit economics</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Revenue comes from entry fees, annual management fees on AUM, and a 25% performance fee on bond capital gains at maturity, with a negative-working-capital structure (bonds subscribed before assets are bought). The model depends on continued bond inflows and on realised asset appreciation at maturity to fund redemptions plus the performance fee.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Advantages</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Three complementary, partly recurring revenue streams.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Negative working capital can fund growth without heavy cash strain.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Performance fee aligns company upside with asset selection.</span></span></span></li> </ul> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">No financial statements, AUM figure, or churn/redemption data provided.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Redemptions depend on selling physical assets into a cyclical market.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Negative-WC models can mask risk if new inflows fund prior obligations.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Regulatory & legal</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company frames its bond product as AMF-compliant without a portfolio-management licence and says it will obtain AMF “intermediation in miscellaneous assets” (IBD) approval within ~18 months to lift marketing ceilings. The IBD regime is real and AMF-supervised — marketing such offers requires a prior AMF registration number, with criminal sanctions for non-compliance — but the company states it does not yet hold this approval, and its SEC-registration claim is unverified.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Operates with explicit reference to a real AMF regime and platform (Sowefund, FP-2023-9).</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Clear stated roadmap to obtain IBD approval.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Listing carries an explicit “not investment advice” disclaimer.</span></span></span></li> </ul> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Markets a return-bearing product but does NOT yet hold IBD approval.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Current legal basis for marketing the bonds is not documented.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">“Registered with the SEC” is asserted but unverified.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competition & defensibility</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company claims first-mover status in a regulated EU collectibles-bond structure and partnerships with eBay and sellers on Whatnot/Voggt. The closest international comparators differ structurally (Alt.xyz pivoted to Lombard lending; Courtyard.io is web3 vaulting). Moat claims rest on physical custody “exclusivity” and a 30+ partner sourcing network.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Edge</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Threats</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Plausible first-mover in a regulated EU bond-wrapped collectibles model.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Vertically integrated sourcing-to-storage offering.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Reported distribution relationships with major marketplaces.</span></span></span></li> </ul> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Moat claims (custody “exclusivity,” 30+ partners) are unverified assertions.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Low structural barriers; larger marketplaces could replicate the offer.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">“Insurmountable barriers” language is not supported by evidence in the dossier.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🚩 Red flags & integrity checks</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:60px"> <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="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:564px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Missing critical data</span></strong><span style="color:black"> — Investor terms (share class, voting, liquidation preference, anti-dilution, drag/tag, lock-up, cap table, founder vesting, information rights) are almost entirely undisclosed; no deck, term sheet, shareholders’ agreement, FICI, or financials were provided.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <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="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:564px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Internal inconsistencies</span></strong><span style="color:black"> — Market size given as “$458B” (text) vs “$500B+” (video); capital raised described as “in six months,” “in 10 months,” and “in under a year”; “six months of operation” sits alongside a “48% over four years” track record. Timeframes do not reconcile.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <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="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:564px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External discrepancies</span></strong><span style="color:black"> — “Registered with the SEC” is asserted but not confirmed in public sources; the Eric Larchevêque “club deal” partnership is plausible but not independently confirmed for Thunder.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <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="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:564px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Negative public information</span></strong><span style="color:black"> — Named marquee partner David Lafarge has public personal-finance/legal hardship history (posts referencing a robbery with ~€500k claimed stolen, tax-control issues, and debt); relevant only as reputation/key-person concentration risk, not a judgement on the company.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <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="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:564px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Prior fundraises</span></strong><span style="color:black"> — The company reports raising over €3.6M through its bond programs from 400+ investors; 50 Partners is described as a prior backer. No detailed prior equity round terms or milestone-vs-actual data were disclosed.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <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="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:564px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Valuation reasonableness</span></strong><span style="color:black"> — €5.8M pre-money (≈ €7.0M post-money) is set with no disclosed methodology and no independent comparable; structurally different peers make benchmarking hard, so the valuation cannot be independently corroborated from provided materials.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📝 Data quality notes</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories scored N/A: </strong>Instrument & investor terms — the terms are almost entirely undisclosed in provided materials and cannot be scored.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories with LIMITED data quality: </strong>Traction & track record (unaudited, unverifiable figures); Business model & unit economics (no financials or AUM); Regulatory & legal (regime is clear, but Thunder’s exact current status is not); Competition & defensibility (moat claims unverified).</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Most material missing items that would change the evaluation if obtained:</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Shareholders’ agreement / term sheet (liquidation preference, drag/tag, anti-dilution, voting, lock-up).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed cap table including the 50 Partners stake and any ESOP.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Audited or third-party-verified bond track record and redemption history.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Current legal basis for marketing the bond product pending IBD approval, and proof of any SEC registration.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financial statements and AUM.</span></span></li> </ul> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><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></p>
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