FunderNation • cosy.green
Crowdfunding udziałowy
cosy.green
AI-supported optimisation of existing heating systems in apartment buildings — smart radiator thermostats plus a proprietary boiler-room control device, steered by self-learning software — cutting heating energy and CO2 costs by 25–29% without renovation.
Key project data
Target amount
0,7 MEUR
Valuations
3,3 MEUR
Potencjalne zyski
6.25x
Przewidywany rok zakończenia
2031
Would AI invest?
67/100
1
100
Przegląd wygenerowany przez sztuczną inteligencję
AI project overview
Condensed summary based on project data
<p><span style="font-size:28pt"><span style="font-family:"Times New Roman",serif"><strong>cosy.green GmbH — Crowdfunding Investor Memo</strong></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>cosy.green makes the existing heating system of an apartment building run more efficiently — smart radiator thermostats plus its own control box in the boiler room, steered by self-learning software — so landlords and housing companies cut heating energy and CO2 costs without renovating.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector: <strong>PropTech / building energy management</strong> · Stage: <strong>Pre-seed/Seed (first revenue 2025)</strong> · HQ: <strong>Langenselbold, Germany</strong> · Raise: <strong>up to €700K participating subordinated loan (threshold €60K, passed; €70,351 from 28 investors at review)</strong></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Snapshot</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1 · Is the price fair? 💶</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 / 5 — Stretched but arguable. </span></strong><span style="color:black">The €3.3M pre-money (€4.0M fully subscribed) equals roughly 8–9x the company's own planned 2026 revenue but ~448x its 2025 actual revenue of €8,922. The nearest funded German peers (Green Fusion: €2.7M seed 2023, €12M Series A Jan 2025; vilisto: €5M Series A 2023 — round sizes, valuations undisclosed) give direction but no firm anchor; no published valuation multiples exist for this niche.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 · Can they reach an exit stage? ⭐</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 67 / 100 — Average. </span></strong><span style="color:black">Strongest evidenced precondition: a working product in paying operation — 50 apartments live since December 2025, three paying customers including the City of Langenselbold (publicly corroborated), and a fully disclosed two-scenario financial plan. Biggest gap the evidence shows: the company's own plan records just €3,037 of cash at end of June 2026, making this raise and €450K of planned shareholder loans load-bearing for 2026.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 · If they do, what could it pay? 🎯</span></strong></span></span></p> </td> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target 4.83–6.25x over ~5 years (37–45% per year) — the company's own displayed target. </span></strong><span style="color:black">If the company hits its own plan, the contract's end-of-term bonus mechanic pays illustratively ~3.9x (base scenario) to ~5.0x (target scenario) before fees and future dilution — derived from the loan's formula (your share × 100% of the last full year's revenue) applied to the company's planned 2030 revenue of €11.7M / €15.9M. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section. Most early-stage investments return little or nothing.</span></span></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:6.5in"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">85–100 · Excellent</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:477px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">All key preconditions for reaching an exit stage are evidenced and strong — rare at this stage</span></span></p> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">70–84 · Good</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:477px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Preconditions largely in place, with specific gaps — named in the questions section</span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">50–69 · Average</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:477px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Meaningful preconditions missing or weakly evidenced</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">30–49 · Weak</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:477px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Several core preconditions absent, or the evidence points against them</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1–29 · Critical</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:477px"> <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:6.5in"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <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 legal identity and registration, the three founders named in independent press, media coverage, its 2025 startup-award semifinal, and the quoted 12.6% market growth rate against public sources. The revenue and unit figures, the 5,000 contracted units, the 25–29% savings results, the cash position and the financial plan rest on the company's own materials — see the questions section. </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="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Three answers, one honest note. </strong>The fairness score says whether the entry price is supported by the sector benchmarks we could find. The AI Score is our read on whether the preconditions for reaching an exit or payout stage are evidenced — it audits readiness on the disclosed evidence, not the probability of success; even companies with every precondition in place fail more often than they succeed, which is why crowdfunding only works as a small part of a diversified portfolio. The returns range is an illustration built from the contract's own payout formula and the company's plan — 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 the crowdfunding platform FunderNation before going live. Nothing in this memo is a recommendation.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">At a glance</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Three reasons to look closer</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Three reasons for caution</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product is real and earning: 50 apartments live since December 2025, three paying customers — the City of Langenselbold is corroborated by a named municipal official on the record — and the company reports 5,000 further units under contract.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Reported savings of 25–29% across four reference projects, with the service fee passable to tenants as operating costs — the company's worked example leaves a tenant ~€90/year better off even after paying the fee.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Unusually deep financial disclosure for this stage: a full two-scenario plan with a line-by-line assumptions register, quarterly actuals, and the complete shareholder list.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company's own plan shows €3,037 of cash at end of June 2026; 2026 liquidity depends on this raise plus €450K of planned shareholder loans whose status and terms are not in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Revenue is still tiny — €8,922 in 2025 and ~€15,800 in the first half of 2026 — while the displayed 4.83–6.25x return requires reaching ~€12–16M revenue by 2030, roughly a thousand-fold increase.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A direct, better-funded competitor exists: Green Fusion raised a €12M Series A in January 2025 for AI heating optimisation in the same German housing market. This is a subordinated loan: in trouble, you are paid after all other creditors, and payments can be lawfully suspended.</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:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <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 — your payout share rises 1:1 with company revenue, value or sale proceeds, with no structure that caps it. Note the nature of the instrument: this is a subordinated loan, not shares — full mechanics, including how payments can be suspended if the company is in difficulty, 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:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ Information, not investment advice. </span></strong><span style="color:black">Capital at risk — you could lose the full amount invested. Full notes are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🏢 What the company does</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">cosy.green, founded in August 2024 in Langenselbold near Frankfurt, sells heating optimisation to owners of apartment buildings — housing companies, municipalities and private landlords. It installs smart thermostats on every radiator and its own control device at the central boiler, and its self-learning software ("cosy.core") steers both together in real time, using weather data and residents' actual heat demand. The company reports 25–29% heating-energy savings across four reference projects, with up to 40% considered achievable. Customers pay a one-off installation fee (~€2,316 per building) plus an annual subscription of €200–300 per apartment on a 10-year contract; German law lets the landlord pass this fee to tenants as an operating cost, and the company's example shows the tenant still ending up ~€90 per year ahead because the heating savings exceed the fee. Today 50 apartments are live and three customers pay — the City of Langenselbold, metis Verwaltungs GmbH and Benner Holding, per the company — with 5,000 further units reported as contractually agreed. This raise (up to €700K as a participating subordinated loan) funds two developers, three marketing roles, a field engineer, trade fairs and a small reserve, aiming for ~1,000 connected units and €250K of recurring revenue by end of 2026 and profitability by end of 2027.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📈 The returns picture</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">The target</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">4.83–6.25x over ~5 years (37–45% per year), running to 31 August 2031 with repayment in 12 monthly instalments through August 2032. This is the company's own displayed target on the campaign page — not a stage-standard assumption.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the company plans to get there</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">This loan does not pay out through a company sale alone. Its main payout is a contractual end-of-term bonus: your participation share multiplied by 100% of the company's revenue in the last full year before the loan ends (or, if a financing round happened in the prior 12 months, by the value growth it established). So the path is revenue growth: from €8,922 (2025) to a planned €11.7M (base scenario) or €15.9M (target scenario) by 2030, via ~1,000 units in 2026, ~5,000 units and profitability in 2027, and continued roll-out on 10-year contracts. If the company is sold instead, you receive your loan back plus your share of the sale proceeds. No comparable exits were provided in any material reviewed, and none were found in public research for this niche.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What has to be true</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Revenue must grow roughly a thousand-fold in five years — from under €10K (2025) to €12–16M (2030) — which in the company's own model means installing hundreds of buildings per year, a working installer-partner network, the CE certification of its control device completing on schedule, and the 5,000 contracted units converting into installed, paying units. The annual profit-share interest realistically pays nothing before 2029, because the company's own plan shows losses until 2028 — nearly the whole return rides on the end-of-term bonus or a sale.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">If reached — potential returns</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Illustratively ~3.9x to ~5.0x before fees. Method: the contract's bonus formula (participation share × 100% of last-year revenue, Investmentvertrag clause 7.3.4) applied to the company's own planned 2030 revenue — €11.7M in the base scenario gives ~3.9x, €15.9M in the target scenario ~5.0x, per €100 invested at the standard rate; early-bird investors get ~9% more. The company's displayed 4.83–6.25x sits in and slightly above this band; the exact inputs behind its display are not in the pack we reviewed (see questions). These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section. The downside is real: this is an unsecured subordinated loan, and most early-stage investments return little or nothing.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📊 Score breakdown</span></span></span></h1> <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:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:137px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:361px"> <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:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:137px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Team capability</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">75</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">23%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:361px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good — </strong>Three founders confirmed in independent press with domain-relevant backgrounds (sales/energy, software architecture, hardware systems); CEO's JLL Technologies and MBA history corroborated. The fourth founder and one founder's prior venture could not be found in public sources, and no vesting arrangements are in the pack.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:137px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Product & technology</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">74</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:361px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good — </strong>A finished system in paid operation since December 2025 — validated in the regulatory disclosure — with reported 25–29% savings across four projects and a sensible policy of starting series production only after CE certification. Deployed base is still small (50 apartments, 4 buildings) and the savings methodology is not shown.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:137px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Traction & growth</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">55</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:361px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average — </strong>Revenue is real but tiny (€8,922 in 2025; ~€15,800 in H1 2026) and the company's own plan records €3,037 of cash at end of June 2026, with 2026 resting on this raise plus €450K of planned shareholder loans. The reported 5,000 contracted units would transform this picture, but their contractual nature is not in the pack; the campaign and plan also disagree on the funding maximum (€600K vs €700K) and unit targets.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:137px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Market size</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">70</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:361px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good — </strong>The regulatory driver is verifiable law (German CO2 cost-sharing act, landlords bear up to 95% for the worst buildings) and the quoted 12.6% market growth matches two published market reports. The headline €90B/€22B market figures could not be matched to any independent source.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:137px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Business model & unit economics</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">72</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:361px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good — </strong>Ten-year churn-free contracts, tenant-funded economics with a worked example, supplier-financed hardware (no capex), 50–65% gross margin, and a fully reasoned assumptions register — rare discipline at this stage. The customer-acquisition-cost claim (~1% of contract revenue) is stated without calculation, and installation scale-up is untested.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:137px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Competition</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">58</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:361px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average — </strong>Public research found a direct, better-funded competitor: Green Fusion (€12M Series A, Jan 2025) selling AI heating optimisation to the same German housing companies, plus vilisto in adjacent non-residential heat management. cosy.green's "only full-loop" differentiation claim was neither confirmed nor contradicted; no competitor comparison is in the pack.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:137px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Regulatory & compliance</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">62</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:361px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average — </strong>Both regulatory gates are named and managed: CE marking is budgeted and gates series production; the Premium revenue line (from 2029/2030) depends on recognition of the company's method in the German heating-cost ordinance, pursued via a university research project whose grant decision is pending. Two revenue-relevant events sit outside the company's control.</span></span></p> </td> </tr> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:137px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">67</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">100%</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:361px"> <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">the product, team and model preconditions are largely evidenced; the cash position and the still-unproven jump from 50 to thousands of units are what hold the score in this band. Weights: default seed set with 10% carved out pro-rata for Regulatory & compliance, because two regulatory events gate the plan.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">❓ Questions to ask before investing</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">These are facts the company holds and can supply on request. They were not in the materials we reviewed — they may well exist in interviews, webinars or the company's data room. The score above is based on what <em>was</em> available — these questions are how you close the gap.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is your cash position today, and how many months of runway does it cover at current burn — before counting proceeds from this round?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The June 2026 plan shows €450,000 of shareholder loans in 2026: have these been paid in, on what terms, and do they rank behind or alongside the crowd loan?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Which funding maximum applies — €600,000 (campaign page) or €700,000 (regulatory information sheet) — and what changes if only the €60,000 threshold is raised?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">For the 5,000 contractually agreed units: who are the counterparties, are these binding orders or framework agreements, and what is the installation schedule?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is your recurring revenue right now, and how does it break down across your three paying customers?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How exactly are the displayed 37–45% per year and 4.83–6.25x calculated — which scenario, which year's revenue, standard or early-bird terms?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the status of CE certification for the control device — which test stages are complete, and when do you expect the declaration of conformity?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Can you share the patent search report, and what will the planned Q1 2027 application cover?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How were the 25–29% savings measured — baseline period, weather adjustment — and can you share before/after consumption data per reference building?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Who is your hardware supplier, what are the hire-purchase terms, and what happens to installed hardware if the supplier fails?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Do any convertible loans from before 5 June 2026 exist that would convert without diluting crowd investors?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Who are the people behind the four holding companies on the shareholder list, and is there a shareholder agreement with founder vesting?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the source behind the €90B / €22B avoidable-heating-cost market figures?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Has the ZIM research grant been approved, and what is plan B for the Premium revenue line if heating-cost-ordinance recognition slips beyond 2030?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How is the ~1% customer-acquisition-cost figure calculated, and how long is the average sales cycle from first contact to signed contract?</span></span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 What you own</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You do not buy shares. You lend the company money under a "participating subordinated loan" — a loan whose payout rises and falls with the company's success, held directly between you and the company (no holding vehicle). You get no vote and no say in company decisions; all investors must also join a pooling agreement under which a coordinator (FunderNation Support UG) runs binding majority votes if, for example, a buyer offers to pay the loans off early. If the company is sold, your loan is repaid and you receive your share of the sale proceeds. The catch sits in the word "subordinated": if the company gets into difficulty, every other creditor is paid before you, and the company is legally barred from paying you at all if doing so would push it toward insolvency — up to and including total loss. Your money is committed until 31 August 2031, with repayment completing around August 2032. Full mechanics below.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Everything below is reference detail for readers who want to go deeper.</em></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🔍 Detailed review</span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Team capability</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Four founders per the campaign: Alexander Hirsch (CEO — physics MSc, sustainability MBA, ~15 years sales including Ericsson and JLL Technologies, registered energy-efficiency expert), Gabriel Nelle (CTO — 20+ years software architecture, Staff Engineer at GoStudent), Mikhail Gunkov (Chief Architect — 10+ years systems, prior building-management-systems founder) and Kristina Kaplin (COO — environmental engineering, heating R&D). Independent press (Immobilien Zeitung, Hessischer Gründerpreis) confirms the first three as the 2024 founders; Hirsch's JLL and MBA history is corroborated by public profiles.</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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founding team publicly confirmed and covers the four disciplines this business needs: sales into housing companies, software, hardware, thermodynamics.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company reached a 2025 startup-award semifinal (Hessischer Gründerpreis) and features in the Hessen energy-startup ecosystem — independent visibility.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Full shareholder list disclosed, including a 23.81% personal stake for Gunkov.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Kristina Kaplin and Gunkov's prior venture could not be found in public sources — their backgrounds rest on the campaign bios.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting and any shareholder agreement are not in the pack we reviewed, and the people behind the four holding-company shareholders are not identified.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The named "advisory panel" has no named members in the pack.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Product & technology</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The system — smart thermostats, an own-built boiler-room control device and the cosy.core algorithm — is finished and has run in paid operation since December 2025, a statement carried in the regulatory information sheet, which a platform is legally accountable for. The company reports 25–29% energy savings across four reference buildings and ~20 tonnes of CO2 avoided in one heating season, with a completed patent search and an application planned for Q1 2027.</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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Working product with paying users, not a prototype — validated in the regulatory disclosure.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Prudent hardware policy: series production only after CE certification, avoiding wasted investment.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Claimed moat is specific: only provider combining apartment-level and boiler-room control in one dataset, backed by two years of development.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deployed base is small — 4 buildings, 50 apartments — so the savings evidence rests on few data points and the measurement methodology is not in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The patent does not exist yet (application planned Q1 2027); until filed, the technology is protected only by complexity.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">CE certification is still in process and gates series production — a timing risk the company itself names.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Traction & growth</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The numbers are fully disclosed and small: revenue of €8,922 in 2025, €2,983 in Q1 2026 and €12,798 in Q2 2026, with losses of €10,527 (2025) and ~€10,800 (H1 2026). The company reports recurring revenue growing since Q4 2025, three paying customers and 5,000 further units contractually agreed — the single most important traction claim, whose contractual nature (binding orders vs framework agreements) is not in the pack. The plan targets ~1,000 units and €250K recurring revenue by end 2026 and profitability by end 2027.</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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Quarterly actuals disclosed — Q2 2026 revenue quadrupled Q1 — and the trajectory matches the "prototype to first customers" story.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">City of Langenselbold as a paying reference customer is corroborated by a named municipal official on the record.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">5,000 contracted units, if firm, equal ~€975K of annual subscription revenue at the plan's €195/unit rate.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Cash at end of June 2026: €3,037 per the company's own plan — 2026 hinges on this raise and €450K of planned shareholder loans of unknown status.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The plan itself models only €150K of crowdfunding proceeds, versus a €600–700K campaign — the documents predate or diverge from the final round sizing.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Even in the company's own scenarios, cash dips to €27K–75K at end of 2028 with no further financing modelled.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Market size</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company sizes its market at €90B of avoidable heating costs in Europe (€22B Germany), with a €22B segment of professional property owners growing ~12.6% per year, and aims for €20M revenue within six years. The growth rate matches two published building-energy-management market reports; the avoidable-cost figures could not be matched to an independent source. The strongest driver is law: since 2023 German landlords bear up to 95% of heating CO2 costs for the least efficient buildings.</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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Regulatory tailwind is verifiable statute, not a projection — CO2 cost-sharing hits landlords of exactly the buildings cosy.green targets.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Quoted 12.6% growth confirmed against Strategic Market Research and Maximize Market Research reports.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Model works even without regulation, per the company, because tenant savings exceed the fee.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€90B/€22B headline figures have no named source in the pack and were not found independently.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The addressable-segment definition (professional owners, €22B) is the company's own cut with derivation not shown.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Germany-first: European expansion is aspiration, not plan, in the reviewed materials.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Business model & unit economics</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two subscription tiers per apartment per year (Standard €200–300; Premium €300–400 with automated heating-cost billing later), one-off installation fee, 10-year minimum contracts, hardware financed by the supplier over five years so the company carries no capex. The plan models €195 per unit, €1,950 per 10-unit building, 50–65% gross margin over ten years, and passes the fee to tenants as operating costs. A full assumptions register explains every line, including why margin stays below the deck's 80%.</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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ten-year contracts make revenue churn-free by construction — the plan's renewal line is contractual, not hoped-for.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Tenant-funded economics: the worked example leaves tenants ~€90/year ahead, defusing the usual cost objection.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Supplier-financed hardware keeps the balance sheet light — no capex, no depreciation in the plan.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Customer-acquisition cost of ~1% of contract revenue is asserted without calculation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Premium/HKV tier (from 2029/2030) depends on a regulatory recognition outside the company's control.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Hardware supplier identity and hire-purchase terms are not in the pack — a single-supplier dependency of unknown shape.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Competition</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company describes a fragmented market of point solutions — smart thermostats or boiler control, plus hydraulic balancing at €5,000–10,000 per building that cannot be passed to tenants — and claims to be the only provider optimising the whole system automatically. Public research neither confirms nor contradicts the "only one" claim, but it does establish that Green Fusion (Berlin/Brandenburg) sells AI heating optimisation to the same German housing companies and raised a €12M Series A in January 2025 after a €2.7M seed, and vilisto (Hamburg, €5M Series A 2023) holds the adjacent non-residential space.</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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Differentiation is concrete: closed loop from radiator to boiler, hydraulic balancing included at no extra cost, future billing from one source.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The claimed data moat compounds with every connected building.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anchor price comparison is real: hydraulic balancing alone costs €5–10K per building and is not tenant-passable.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Green Fusion is directly adjacent, four years older in fundraising terms, and capitalised at ~20x this round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No named competitive set or comparison table is in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The "only full-loop provider" claim rests on the company's own statement — worth probing in the platform Q&A.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Regulatory & compliance</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two regulatory events carry revenue weight. CE marking of the control device under the Radio Equipment Directive is in process, budgeted, and gates series production — a policy the company states explicitly. Recognition of its heat-cost-allocation method in the German Heizkostenverordnung would unlock the Premium tier, planned from 2029 (target) or 2030 (base), and is pursued through a research project with RPTU Kaiserslautern whose ZIM grant decision is pending. Data handling is described as non-personal, encrypted, and compliant with EU connected-product security rules.</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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Both gates are named, scheduled and budgeted in the company's own materials — no hidden dependencies surfaced.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The base scenario already assumes the HKV recognition slips a year — the plan prices its own regulatory risk.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The core Standard tier needs no new regulation at all; only the upsell tier does.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">CE certification is not complete; a delay directly delays scaling hardware production.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The ZIM grant behind the HKV research is not yet decided.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company's own regulatory-change risk note applies: today's tailwind (CO2 cost-sharing) is legislation, and legislation can change.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">💶 Valuation detail</span></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€3.3M (€3.0M for early-bird investors in the first 31 days — a ~9% bonus).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Up to €4.0M if the full €700K is subscribed (€3.7M early-bird); it floats with the final amount raised.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Participating subordinated loan ("partiarisches Nachrangdarlehen") — a loan whose interest depends on company profit, value growth and any sale, ranking behind all other creditors. Not shares.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Ownership % offered</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">None — no shares change hands. Instead each €100 buys a virtual participation share of 0.0025% (0.002701% early-bird) at full subscription; the full €700K equals a 17.5% virtual participation in aggregate.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not in the pack we reviewed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Green Fusion: €2.7M seed (Feb 2023), €12M Series A (Jan 2025) — Gründerszene/Business Insider, trendingtopics.eu; vilisto: €5M Series A (Jul 2023) — vilisto.de/Hamburg Startups. All round sizes; valuations undisclosed. No published valuation multiples exist for early-stage heating optimisation. Derived from the company's own plan: €4.0M post-money is ~8–9x planned 2026 revenue and ~448x actual 2025 revenue.</span></span></p> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Valuation fairness (1–5)</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">3 / 5 — stretched but arguable. The price is high against today's revenue but modest against the plan and against what direct peers have raised; with peer valuations undisclosed and no sector multiples on record, the benchmarks give direction, not an anchor.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">9% early-bird valuation bonus (first 31 days). Issuance costs of 15% of amounts raised (€105K at maximum) are borne by the company out of proceeds — net proceeds €595K at full subscription. Funding threshold €60K already passed at review.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🚩 Red flags & integrity checks</span></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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data — </strong>not in the pack we reviewed: the current cash position and runway (last actual: €3,037 at end of June 2026 in the company's own plan); the status and terms of €450K planned shareholder loans; the contractual nature of the 5,000 agreed units; current recurring revenue; the calculation behind the displayed 37–45%/4.83–6.25x; hardware supplier terms; founder vesting. All appear as questions above.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies — </strong>campaign page shows a €600,000 funding maximum and "investing €600,000"; the regulatory sheet and loan contract state €700,000 (the regulatory document governs). The June 2026 plan models only €150K of crowdfunding proceeds. Campaign "About" targets 24,000 units by 2030 vs ~40,100–52,400 cumulative units in the plan's two scenarios; campaign "€20M revenue within 6 years" vs plan 2031 revenue of €32.6M–44.3M. The EN contract summary's "31 January" reporting date differs from the German contract's binding dates.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies — </strong><em>None found. </em>No public source contradicted any claim checked.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:577px"> <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></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises — </strong>no prior institutional rounds found; financing to date per the plan: €15,909 equity, €50K shareholder loans (2025), €44,024 in grants (ESA BIC Hessen and push! Hessen, both stated as approved and paid). The regulatory sheet confirms no investment products were offered in the preceding 12 months.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness — </strong>€4.0M post-money against €8,922 of 2025 revenue (~448x trailing) and ~€0.44–0.50M planned 2026 revenue (~8–9x forward). Peer rounds for comparison: Green Fusion €2.7M seed 2023 / €12M Series A 2025; vilisto €5M Series A 2023 (round sizes; valuations undisclosed — sources named above). Insufficient comparables exist for a firm sector-multiple anchor.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 Instrument & investor terms — full mechanics</span></span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">What you own — in full</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A direct loan contract with cosy.green GmbH — no shares, no share class, no holding vehicle. You have no voting, instruction or control rights (clause 11.1). You must join a pooling agreement with FunderNation Support UG under which all lenders vote as one group by binding majority — for example on an early-repayment offer or sale negotiations; leaving that agreement lets the company terminate your loan for cause. Your payout has three engines: an annual profit share ("Erfolgszins": your participation share × annual profit — realistically nothing before 2029, since the company's own plan shows losses until 2028); an end-of-term bonus ("Bonuszins": your share × either the value growth set by a recent financing round, or — if none happened — 100% of the last full year's revenue); and a sale payout ("Exitzins": your share of net sale proceeds, plus loan repayment, if more than 50% of the company or its assets are sold). If a buyer acquires 75%+ of the company, it may compulsorily cash you out — but at a price that treats you as if 100% had been sold at the same valuation ("Übernahmebonus"). Note: the net sale proceeds figure used for your payout is set bindingly for all lenders by the company's management (clause 7.2.3). You never share in losses; interest can never be negative.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Dilution — how your share can shrink</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company states no further rounds are planned before profitability (end 2027), with possible later rounds for European expansion — though its own 2026 plan already includes €450K of shareholder loans. You have no right to join future rounds and no protection when the company raises again: a share-capital increase shrinks your participation share in proportion (old capital ÷ new capital), and further crowdfunding or profit-participation instruments shrink it by the new money ÷ that round's valuation. Worked example: you invest €1,000 today at full subscription — participation share 0.025%. The company later raises €1M of new equity at an €8M valuation by increasing share capital 12.5%; your share falls to roughly 0.0222% — about an 11% cut to every future payout. Three carve-outs protect you: insider-only capital increases at a valuation below this round's don't dilute you; employee share programmes dilute you only up to 10% of the company; and convertible loans from before 5 June 2026 convert without diluting you (whether any exist is not in the pack — see questions).</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">If the company is sold or wound down</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Payout order in plain words: every ordinary creditor first — banks, suppliers, tax — then you and the other subordinated lenders, all ranking equally among yourselves. There is no security and no deposit-guarantee scheme. Two clauses do the heavy lifting: qualified subordination (in insolvency or liquidation you stand behind all present and future non-subordinated creditors) and a pre-insolvency enforcement bar (even outside insolvency, the company may not pay you — and you may not demand payment — if paying would push it into or toward insolvency; payments received in breach must be handed back). The regulatory sheet says plainly this can mean reduced, delayed or permanently lost payments up to total loss. In a sale, you participate pro-rata in net proceeds as described above — no structure caps your share. There is no drag-along or tag-along in the share-law sense (you own no shares); the 75% compulsory cash-out described above is the functional equivalent, and it must price you as if fully sold. Lock-up: the loan cannot be ordinarily terminated by either side before 31 August 2031; selling it early is legally possible but there is no market, and if FunderNation ever launches a trading venue you must use it.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Terms not in the pack we reviewed</span></span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The shareholder agreement and founder vesting — what happens if a founder leaves.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The terms and current status of the €50K (2025) and €450K (2026 planned) shareholder loans, and whether they rank behind or alongside this crowd loan.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whether any convertible loans from before 5 June 2026 exist (they would convert without diluting you).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The full pooling agreement text (referenced as Annex 9 of the loan contract, not attached).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The people behind the four holding-company shareholders (LX Holding UG, Keep & Kare UG, Nelle UG, Morinka UG).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Any current or planned employee share programme.</span></span></li> </ul> <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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em><span style="color:black">Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></em></span></span></p> </td> </tr> </tbody> </table> <p> </p> <p> </p>
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FunderNation DE
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Minimalna inwestycja
EUR 100
Finansowane
EUR 80,0M
