Tudigo • Héméra
Crowdfunding udziałowy
Héméra
Transforming exceptional locations into premium and flexible workspaces
Key project data
Target amount
1,5 MEUR
Potencjalne zyski
2.5x
Przewidywany rok zakończenia
2031
Would AI invest?
65/100
1
100
Przegląd wygenerowany przez sztuczną inteligencję
AI project overview
Condensed summary based on project data
<h1><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">HEMERA — Crowdfunding Investor Memo</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Operator that converts character buildings in south-west France into premium, flexible workspaces (offices, coworking, events, catering).</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: </strong>Flexible office / coworking (NACE 55.90) · <strong>Stage: </strong>Development capital (Cap Dev) · <strong>HQ: </strong>Bordeaux, France · <strong>Raise: </strong>€500K–€1,500K (equity)</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:200px"> <p> </p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Why this score:</strong></span></span></p> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:200px"> <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="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:424px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Operating model is validated: 9 sites, ~13,370 m², 212 hosted companies, ~1,100+ coworkers and 27-month average tenure at end-2025 (per deck), with revenue up to €5.0M (+45% vs 2024).</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:200px"> <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">65 / 100</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:424px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">But 2025 was the first loss-making year despite record revenue: operating result €(82k), net result €(135,071) — growth has not yet reached the bottom line.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:200px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⭐ Moderate</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:424px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation rests on a normative 2031 EBITDA the company itself states is higher than its accounting EBITDA; entry pre-money €5.5M is ~18x trailing accounting EBE.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:200px"> <p> </p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:424px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Crowd holds ordinary shares via a nominee SPV with no liquidation preference, ranks last on insolvency, and gets narrower reporting than the SPV.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:200px"> <p> </p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:424px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Strong founder track record (a prior IPO) and institutional backers (BPI, Crédit Mutuel Arkéa, Caisse d'Épargne/Expanso, CIC) present since 2017.</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> <h1><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">🎯 Key goal</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:107px"> <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:107px"> <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="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:107px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>🎯 2.5x</strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:107px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>⏱ 3–5 yrs</strong></span></span></p> </td> <td style="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>Company-provided</strong> — the company set its own 2.5x / 5-year target (Middle scenario), built on a forward EBITDA multiple and comparable transactions.</span></span></p> </td> <td style="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">Plausible only if multiple new sites open and ramp to a normative (not yet realised) margin; the 2025 net loss and related-party rent dependence make it uncertain.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif">📈 Path to target return</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Company methodology</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market multiples applied to projected 2031 normative EBITDA (the margin sites are assumed to reach at maturity), cross-checked against comparable transactions. Middle scenario: exit at 6.9x normative EBITDA of €1.9M ⇒ ~€16.2M exit valuation ⇒ 2.5x on a €5.5M pre-money entry.</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">Comparable exits cited</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Industrious acquired by CBRE for $800M (2025)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Knotel acquired by Newmark for $330M (2021)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Office Group acquired by Blackstone for £500M (2022)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Argyll acquired by Crosstree for £330M (2025)</span></span></li> </ul> </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"> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Sample (n=5) VE/EBITDA: mean 6.39x, median 6.90x; multiple retained 6.90x. Sources: CFNews, PitchBook.</em></span></span></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">Milestones expected</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Cognac opened May 2026; Angoulême lease signed (opening Dec 2027).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Roadmap to 15 sites (Middle) / 18 sites (Management) by 2031; revenue €10.1M (Middle) to €12.8M (Management).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Each new site assumed to reach >20% EBITDA at maturity within ~18 months.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:15pt"><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">HEMERA is a Bordeaux-based operator (SAS, RCS Bordeaux 818 141 459) that identifies, transforms and runs character buildings as premium flexible workspaces combining private offices, coworking, events and catering on short, no-commitment contracts. The company was incorporated in 2016 and opened its first site in 2019; public sources (Rue89 Bordeaux) confirm an earlier ~€2M raise in 2017. By end-2025 the company reports 9 operating sites across five cities in Nouvelle-Aquitaine (~13,370 m², 212 hosted companies, ~1,100+ active coworkers, 27-month average tenure). Revenue reached €5.0M in 2025 (+45% versus 2024) per the FICI, though the year closed with an operating loss of €82k and a net loss of €135,071. The business is structured as an OpCo/PropCo split: HEMERA (the company you invest in) operates the sites, while a separate founder/family-controlled property company (SAS Parrou-Duboscq) owns the buildings, carries the bank debt and the heavy works, and leases to HEMERA — keeping HEMERA capital-light but creating a related-party rent. The €500K–€1.5M round is raised via Tudigo to fund new-site openings (57%) and to absorb each new site's ramp-up phase (43%); founders are Julien Parrou-Duboscq (a serial entrepreneur who took ConcoursMania to an IPO) and Benoît Droulin (ex-DG of ORSYP, co-founder of Azendoo).</span></span></p> <h1><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">💶 Valuation</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:200px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€5.5M (on a non-fully-diluted basis, per the LOI).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:200px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€6.0M at the €0.5M floor; €7.0M at the €1.5M cap.</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:200px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity — ordinary shares at €40/share (€1 nominal + €39 premium), held via the Tudigo nominee SPV.</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:200px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Forward multiple (6.9x) on 2031 normative EBITDA plus comparable transactions. The normative EBITDA is, by the company's own statement, higher than its accounting EBITDA because sites are assumed at full maturity in 2031.</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:200px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Comparable office-flex exits cited at $330M–$800M for far larger operators; used to justify the 6.9x exit multiple rather than to set the pre-money directly.</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:200px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Entry pre-money €5.5M is ~18x trailing 2025 accounting EBITDA (€301k); 2025 net result was a loss. Tax relief available (IR-PME 18%, PEA/PEA-PME, 150-0 B ter), requiring a 5-year (or 7-year) hold.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">📜 Instrument & investor terms</span></span></p> <h3><span style="font-size:11.5pt"><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 buy ordinary shares — the most basic form of company equity, ranking behind any preferred shares — but you do not hold shares in HEMERA directly. Instead you hold shares in a nominee vehicle, TUDI HOLDING 163 (an SPV, or special-purpose vehicle: a company created solely to pool crowd investors and hold the HEMERA stake on their behalf). Inside the SPV one share carries one vote, but the SPV as a single block is what votes at HEMERA's level, so your influence over HEMERA itself is effectively nil. The historic institutional investors hold preference shares with priority rights; the crowd does not. Exit decisions are therefore made by HEMERA's board and major shareholders, with the SPV bound to follow the shareholders' agreement — including a clause that can force the crowd to sell (see Exit mechanics).</span></span></p> <h3><span style="font-size:11.5pt"><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">The company's financial model is built on this single round, but it warns explicitly that any later fundraising beyond the one modelled would increase dilution and reduce returns; historic investors may also reinvest in this round (amounts not yet fixed). The SPV does have an anti-dilution / maintenance right at HEMERA level and a legal pre-emption right at SPV level — better protection than many crowdfunding deals — but this protection does not apply to shares issued to employees as options or to shares issued to pay for a merger or acquisition.</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 (the cap), you own approximately 0.014% of the company. If HEMERA then raises €4,000,000 at a €14,000,000 pre-money valuation (a successful up-round at roughly double today's post-money), your stake is diluted to approximately 0.011%. If instead the next round is priced lower — a down-round at €4,000,000 pre-money — your stake is diluted to approximately 0.0085% and the implied value of your investment falls by roughly 50% versus the up-case. Anti-dilution rights, if exercised, would soften but not eliminate this.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No new employee option-pool (ESOP) expansion is disclosed; an existing BSPCE pool of ~2.2% of fully-diluted capital already exists and dilutes to ~1.74% after this round. On pre-emption: because of the maintenance right, the SPV can in principle subscribe to future rounds to defend its percentage — but only if it has the cash to do so, and individual crowd investors act only through the SPV, not on their own.</span></span></p> <h3><span style="font-size:11.5pt"><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">If HEMERA is sold or wound up, the payout order is: first, the nominal value of shares is returned to all shareholders (including the SPV); second, the historic preference shareholders recover their originally invested amount; third, any remainder is split pro-rata among everyone, including the crowd. The crowd's ordinary shares carry no liquidation preference, so in a sale at or below the current valuation the crowd is paid only after the historic investors have taken their preferred slice. On an insolvency the crowd ranks last (rank 4), behind employees/tax, secured creditors and unsecured creditors.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along: if a buyer offers for 100% of the company and holders of more than 60% of capital and votes accept, everyone else — including the SPV and therefore you — is forced to sell on the same terms. In plain terms, a 60%+ majority can compel your exit whether you agree or not. Tag-along: if controlling shareholders sell to a third party, the crowd has the right to join that sale on the same terms, but only by selling its entire holding (not part of it).</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">There is no lock-up period stated in the usual contractual sense, but in practice the investment is illiquid: the shares are unlisted, there is no secondary market on the platform, Tudigo provides no custody, and resale is legally restricted. Treat this as money you cannot access for at least 5 years — and the tax incentives require holding to at least the 5th (or 7th) year. A realistic exit depends on a company-level event (trade sale, LBO or IPO) that is not guaranteed and could take longer than five years.</span></span></p> <h3><span style="font-size:11.5pt"><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">No real voting power — you hold SPV shares, not HEMERA shares, so you cannot influence HEMERA decisions, including the decision to sell.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No liquidation preference for the crowd — in a low-value exit you are paid only after the historic preference shareholders recover their invested capital, and last of all on an insolvency.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution protection sits with the SPV but is carved out for employee options and M&A share issuance, so dilution can still occur on those events.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along at 60%+ means major shareholders can force you to sell on their terms without your consent.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Related-party rent: HEMERA's profit — and therefore the valuation you are buying into — depends on the rent set between HEMERA and a founder-controlled property company; the rent level and lease terms are not quantified.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Reporting asymmetry — detailed financial reporting goes to the SPV, while individual investors receive only the company-validated summaries published on the platform.</span></span></li> </ul> <h3><span style="font-size:11.5pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Precise preferential-liquidity terms of the historic preference shares (the exact 'avantages particuliers') — so you cannot fully size what reaches ordinary holders in an exit.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The rent level and lease terms between HEMERA and the founder-controlled property company — central to HEMERA's true margin and valuation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The split of this specific round between Tudigo and reinvesting historic investors ('amounts not fixed today').</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Audited standalone annual accounts (only summary ratios are provided in the FICI).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The full shareholders' agreement and the SPV's statutes (referenced but not included in the materials).</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Absence of disclosure means you cannot assess these points before investing.</em></span></span></p> <h1><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">📊 Score breakdown</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <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:67px"> <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: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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:317px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #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>Traction & operating KPIs</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">72</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">25%</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:317px"> <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"> — 9 profitable sites, 212 hosted companies and 27-month average tenure (per deck), but occupancy and ramp claims are company-stated and unaudited.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Financial performance</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">58</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20%</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:317px"> <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"> — Revenue €5.0M (+45%) yet 2025 closed with a €(135,071) net loss and financial debt rising to €1.21M.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Team & execution</strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">82</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:317px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strong</span></strong><span style="color:black"> — Two founders with prior scale/exit (ConcoursMania IPO; ORSYP/Azendoo), corroborated by public sources; key-person dependence remains.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Business model & structure</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">55</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:317px"> <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"> — Capital-light OpCo/PropCo split is credible, but the margin-defining rent is set with a founder-controlled related party and not quantified.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Market & competition</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">64</span></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:317px"> <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"> — French flex-office growth and Bordeaux strength support demand, but Bordeaux coworking is dense (40+ sites cited) and supply is fragmented.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Deal structuring & exit</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <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="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; 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="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:317px"> <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 use of funds and exit comps, but the crowd is subordinated (no preference, rank 4) and Tudigo fees/carry reduce net returns.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Why these weights? </strong>This is a revenue-generating, operating business (development capital, not pre-seed), so under a Series A+ profile traction is weighted highest (25%) and team lower (15%) than seed defaults. Financial performance carries 20% because the company is now scored on real results, where the 2025 net loss matters. Business model and market each take 15% given the related-party structure and competitive density, and deal structuring 10%. No category was unevaluable, so all six weights apply and sum to exactly 100 — no redistribution was needed.</span></span></p> <h1><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">🔍 Detailed review</span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif">Traction & operating KPIs</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports 9 operating sites at end-2025 across Bordeaux, Limoges, Agen, Belvès and Biarritz (~13,370 m²), with 212 hosted companies, ~1,100+ active coworkers and a 27-month average tenure on monthly, no-commitment contracts. Target unit economics are €500/m² revenue, >20% EBITDA at maturity, ~€300k opening capex, 90% occupancy and 1–2 staff per site, with sites reported profitable in under 13 months and no closures to date. These figures are company-stated and not independently audited in the materials.</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="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">Multi-site, multi-city operation already at ~13,370 m² with 212 hosted companies (per deck).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">27-month average tenure on no-commitment contracts suggests real retention.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company reports every profitable site reached target occupancy in under 13 months, with no closures.</span></span></li> </ul> </td> <td style="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">Occupancy, ramp speed and 'no closures' are company-stated and unaudited.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average tenure is pulled down by recent openings, so the figure mixes mature and immature sites.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">KPIs depend on continued access to off-market premium buildings, which is not guaranteed.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif">Financial performance</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Revenue grew from €2.72M (2023) to €3.46M (2024) to €5.02M (2025), a +45% jump in the last year. However, 2025 turned loss-making at both operating level (REX €(82k)) and net level (€(135,071)), despite record revenue; equity slipped from €3.55M to €3.41M and financial debt rose from €285k to €1.21M (debt/equity 0.08 → 0.35). The deck's 'profitable since 2019' framing refers to EBITDA (€301k in 2025, ~6% margin), not net result.</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="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">Revenue +45% in 2025 to €5.0M; consistent multi-year growth.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Positive EBITDA (€301k in 2025) on a near-100% gross margin.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Cash €495,773 at end-2025; Middle scenario keeps treasury positive.</span></span></li> </ul> </td> <td style="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">First operating and net loss in 2025 (€(135,071)) despite record revenue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financial debt quadrupled to €1.21M in one year; origin not itemised.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation leans on a normative EBITDA the company states exceeds accounting EBITDA.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif">Team & execution</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The two principal founders have prior scale and exit experience: Julien Parrou-Duboscq founded ConcoursMania (later Actiplay/Klarsen) and took it to an IPO, while Benoît Droulin was DG of ORSYP and co-founded Azendoo — both corroborated by public sources. The company has institutional backers (BPI, Crédit Mutuel Arkéa, Expanso/Caisse d'Épargne, CIC, Théophraste) on the cap table since 2017, with several reinvesting in 2024. The deck acknowledges the business remains dependent on the two founders for sourcing, structuring and management.</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="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">Founder with a prior IPO (ConcoursMania) and a second founder with operating-leadership scale (ORSYP).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Institutional investors present since 2017, several reinvesting in 2024.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder commits a minimum 110 days/year to the company (per the LOI).</span></span></li> </ul> </td> <td style="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">Acknowledged key-person dependence on two founders for core functions.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The same director controls both HEMERA and the related property company, a potential conflict.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No depth disclosed below the founders for sourcing/structuring roles.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif">Business model & structure</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">HEMERA operates an OpCo/PropCo split: it runs the sites and pays rent to a separate property company (SAS Parrou-Duboscq), which buys the buildings, carries the bank debt and funds the heavy works (with Banque des Territoires financing the PropCo via convertible bonds). This keeps HEMERA capital-light — it funds only fit-out (~€150–200/m², ~€300k/opening). The same person controls both entities, and HEMERA's rent — a key determinant of its margin and therefore its valuation — is set between these related parties and is not quantified in the materials.</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">⚠️ Risks</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Capital-light: heavy capex and property debt sit in the PropCo, not in HEMERA.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Near-100% gross margin; modest fit-out capex per opening.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Off-market sourcing claimed to secure assets below market, supporting low rents.</span></span></li> </ul> </td> <td style="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">Margin-defining rent is a related-party term set by a founder-controlled PropCo.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Rent level and lease terms are not disclosed, so true normalised margin cannot be verified.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dependence on continued off-market access to premium buildings.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif">Market & competition</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">HEMERA targets the French flex-office market, which the deck sizes at €1.4bn in 2026 growing ~21.8% a year, with Bordeaux cited as a strong regional market. Public sources corroborate active multi-site operations and confirm Bordeaux is a dynamic but crowded coworking market — the founder himself noted 40+ coworking sites in Bordeaux in 2019. HEMERA's stated differentiation is premium, patrimonial buildings with integrated events and catering at competitive pricing, versus national operators (Morning, Wojo, Regus) and local independents.</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">⚠️ Threats</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Growing flex-office market (deck: €1.4bn in 2026, ~21.8% CAGR) with regional demand tailwinds.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Differentiation via patrimonial buildings + events + catering at competitive prices.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Public sources confirm a real, established multi-city presence.</span></span></li> </ul> </td> <td style="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">Bordeaux coworking is dense (40+ sites cited by the founder in 2019).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market-size and growth figures are deck-stated with unlabelled sources.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">National operators (Morning, Wojo, Regus) compete on price and scale.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif">Deal structuring & exit</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Use of funds is clearly stated: 57% to open the next sites and 43% to absorb each opening's ramp-up. Exit routes cited are a trade sale to a real-estate services player, a sale to a flex-office operator, or a specialist LBO, supported by comparable deals at $330M–$800M for much larger operators. Against this, the crowd's position is structurally weak: ordinary shares with no liquidation preference, rank 4 on insolvency, drag-along at 60%+, and Tudigo fees (2.5% entry, 1%/yr, 20% carry over a 1.2x hurdle) that reduce net returns below the headline 2.5x.</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="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">Clear, specific use of funds (57% openings / 43% ramp-up absorption).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Credible exit archetypes with named comparable transactions.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution / pre-emption rights for the SPV are better than many crowdfunding deals.</span></span></li> </ul> </td> <td style="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">Crowd is subordinated: no preference, last on insolvency, forced-sale at 60%+.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Tudigo fees and 20% carry materially reduce net returns versus the headline multiple.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Tudigo states it performed no independent verification of the dossier.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:15pt"><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: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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — Audited standalone accounts, the full shareholders' agreement, SPV statutes, and the related-party rent/lease terms are not in the materials; Tudigo states it performed no independent verification.</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: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 #cccccc; border-left:none; border-right:1px solid #cccccc; 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> — The deck states 22% 'expected average IRR' for the risk band while showing a Middle realised IRR of 20.1%; headline 2.5x figures are gross of Tudigo fees and carry, which the documents acknowledge reduce net returns.</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: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 #cccccc; border-left:none; border-right:1px solid #cccccc; 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> — None material — public sources corroborate identity, history, the ~€2M 2017 raise, founder track record and operations. 'Founded 2016' vs 'first site 2019' reconciles once incorporation and first opening are distinguished.</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: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 #cccccc; border-left:none; border-right:1px solid #cccccc; 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> — None found in public registries or news searches; public coverage of the company and founders is neutral-to-positive.</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: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 #cccccc; border-left:none; border-right:1px solid #cccccc; 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> — ~€2M raised in 2017 (BPI €1M; Expanso €300k; Crédit Mutuel Arkéa €300k; CIC €200k; Théophraste €200k), with Expanso (+€486k) and Arkéa (+€112k) reinvesting in 2024 — consistent with continued institutional support.</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: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 #cccccc; border-left:none; border-right:1px solid #cccccc; 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> — Entry pre-money €5.5M is ~18x trailing 2025 accounting EBITDA (€301k) on a loss-making net result; the 2.5x target relies on a forward 6.9x multiple applied to a normative 2031 EBITDA the company states exceeds its accounting EBITDA. Demanding versus realised earnings, defensible only if the ramp-up plan is delivered.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">📝 Data quality notes</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories scored N/A: </strong>None — all six categories were evaluable.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories with LIMITED data quality: </strong>Business model & structure — the margin-defining related-party rent and lease terms are not quantified, so the score is capped at 70.</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">The rent level and lease terms between HEMERA and the founder-controlled property company (drives true margin and valuation).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Audited standalone financial statements (only FICI summary ratios are available; 2025 was loss-making).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The precise preferential-liquidity terms of the historic preference shares (determines residual to ordinary holders on exit).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The split of this round between Tudigo and reinvesting historic investors.</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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Tudigo FR
Risk Level
Wysoki
Return Level
Wysoki
Risk Return Level
Średni
Minimalna inwestycja
EUR 500
Finansowane
EUR 200,0M
