Companisto • Pakajo
Crowdfunding udziałowy
Pakajo
AI-powered shipping platform for e-commerce merchants with direct contracts with national postal services in 23 countries, consolidated customs clearance and gram-accurate billing; €3.1M revenue in 2025, nearing profitability.
Key project data
Target amount
1,1 MEUR
Valuations
10,0 MEUR
Potencjalne zyski
676%
Przewidywany rok zakończenia
2029
Would AI invest?
71/100
1
100
Przegląd wygenerowany przez sztuczną inteligencję
AI project overview
Condensed summary based on project data
<h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5"><strong>Pakajo GmbH — Crowdfunding Investor Memo</strong></span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Pakajo runs an online shipping platform that lets European online sellers send parcels abroad more cheaply, by buying postage directly from national postal services in 23 countries and handling customs in bulk.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector: <strong>Logistics technology / cross-border e-commerce shipping</strong> · Stage: <strong>Growth (revenue-generating; “Pre-Series A2” round)</strong> · HQ: <strong>Norderstedt (Hamburg), Germany</strong> · Raise: <strong>€1,100,000 (goal; company states it aims for up to €2M) on Companisto</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:#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">1 · Is the price fair? 💶</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: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">Insufficient comparables to assess</span></strong><span style="color:black"> — the company’s €10M pre-money price equals about 2.8–3.2× its last-twelve-months revenue, but every comparable deal we found in this niche (Packlink’s sale, Sendcloud’s and Seven Senders’ funding rounds) had an undisclosed price, so there is no external benchmark to score it against.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 · Can they reach an exit stage? ⭐</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 71 / 100 — Good. </span></strong><span style="color:black">Strongest evidenced precondition: real, growing revenue (€2.2M → €3.1M in 2025; ≈€500K in April 2026 alone, +127% year-on-year) on a live product with a confirmed market trigger. Biggest gap: the two headline partnerships (KLN Logistics, DHL Supply Chain) could not be found in any public source — ask for the agreements.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">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"><span style="color:black">Target <strong>≈7.8× (“676%”) over ≈3.5 years</strong> — the company’s own plan, with an exit anticipated in 2029. If reached, illustratively <strong>5×–8×</strong> before fees and future dilution. Method: at the €10M pre-money price, the full 7.8× target requires the company to be sold for roughly €87M — about 0.8× the revenue the company itself plans for 2029 (€104.7M); no disclosed exit prices exist in this niche to compare against (Packlink and Shipcloud sale prices were not made public).</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:#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:167px"> <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:457px"> <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:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:167px"> <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:457px"> <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:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:167px"> <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:457px"> <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:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:167px"> <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:457px"> <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:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:167px"> <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:457px"> <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 registration, its 2021 founding and 2026 capital increase, the closed June–November 2025 Companisto round, the angel backing (Baltic Business Angels Schleswig-Holstein), the founder’s other companies, and the US customs-rule change that drives current demand — all against public sources. The revenue, margin, customer and partnership figures rest on the company’s and the platform’s own materials; the KLN and DHL partnerships could not be found publicly — see the questions section.<strong>Your money is locked in. </strong>Crowdfunding investments normally cannot be sold early — expect your money to be tied up for several years, until the company is sold or a similar event happens. On these specific terms, you cannot ordinarily cancel the certificates before the end of 2041 unless an exit happens first (details at the end).</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:#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">Three answers, one honest note. </span></strong><span style="color:black">The fairness tile says whether the entry price is supported by sector benchmarks we could find — here, none were usable, so it is not scored. The AI Score is our read on whether the preconditions for reaching an exit are visible in the disclosed evidence; it is not a probability of success, and even companies with every precondition in place fail more often than they succeed — this asset class only works as a small part of a diversified portfolio. The returns range is an illustration from the company’s own plan and simple arithmetic, 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. The listing was reviewed by a licensed crowdfunding platform before going live. Nothing in this memo is a recommendation.</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">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">Revenue grew from €2.2M (2024) to €3.1M (2025, +40%); April 2026 alone was ≈€500K (+127% year-on-year), and March 2026 was the first month with a positive operating result — per the platform’s analysis.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A confirmed external demand shock: the US abolished duty-free treatment for small parcels in August 2025, collapsing cheap Germany→US shipping by ≈80%, and pakajo’s US products address exactly this (confirmed by Baltic Business Angels Schleswig-Holstein).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The entry price is ≈2.8–3.2× trailing revenue, and the 7.8× target needs “only” a ≈€87M sale — about 0.8× the revenue the company itself plans for 2029, if that plan is delivered.</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 two headline partnerships — KLN Logistics (“signed March 2026”) and DHL Supply Chain — have no public trace we could find; the agreements were also not in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Thin margins and an aggressive plan: gross margin was 16.5% in 2025 (≈23% in recent months), and the plan requires €104.7M revenue by 2029 — ≈13× the 2026 plan — against far better-funded competitors (Sendcloud ≈$200M raised; Auctane, owner of Packlink and ShipStation, backed by Thoma Bravo).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Costs inside the investment wrapper: 20% of each investment is taken as fees before anything is invested, Companisto receives 15% of profits above a 6% yearly hurdle, and a 75% majority can force a sale at a price as low as your paid-in money back.</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: the priority repayment right is a simple 1× that is credited against (not added on top of) your normal share, and anything above it is split in proportion to ownership. Be aware of three cost items before you invest — the 20% upfront fee load, the 15% profit share above a 6% hurdle, and the forced-sale floor at 1× your money — all explained in plain words 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">Pakajo operates an online platform that online sellers use to ship parcels abroad. Instead of reselling the rates of one big carrier, the company reports that it holds direct contracts with national postal services in 23 countries, bundles many merchants’ parcels together on the same routes, clears customs for each route in one consolidated process, and bills by the exact gram. Customers are e-commerce merchants — from small shops on a free plan to large ones such as the second-hand retailer Momox, which the company reports has generated about €500,000 of revenue with pakajo in 2026 so far. Pakajo earns a margin of a reported 20–25% on each shipment (illustration from the deck: buy postage at €11.40, sell at €15.00), and plans to add subscription plans (€29–€249 per month) from late 2026. Revenue was €2.2M in 2024 and €3.1M in 2025, with 1.6 million shipments processed to date and 441 active shipping routes. This raise funds the customs and pricing technology, more country and carrier integrations, country-specific sales teams, and working capital for growing volumes — the pack we reviewed does not break the spending down into euro amounts.</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">≈7.8× (stated as “80% per year” and “676% total return”) over ≈3.5 years, with an exit anticipated in 2029. This is the company’s own plan as published on the platform — not a standard assumption we applied.</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">Milestones: US shipping products live (Q4 2025), a China logistics joint venture (Q1 2026), Southern Europe entry (Q2 2026), subscription launch and USA→Europe shipping (Q3 2026), 2.5 million shipments (Q4 2026); break-even planned for 2027, then €19.5M → €39.8M → €104.7M revenue by 2029. The exit route named is a sale to a strategic buyer or investor. Comparable transactions cited in the materials: Packlink was bought by Auctane (owner of Stamps.com/ShipStation) in December 2021 — the sale itself is confirmed, but the price was never made public, and the “three-digit-million” figure quoted in the materials could not be found in any public record; Swiss Post’s investment in Seven Senders (2022) is confirmed; the cited Shipcloud sale to Waterland & AEB (2022) and nShift’s acquisitions were not separately verified. No exit values or multiples are on public record for any of these — so there is no median to print.</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">At the €10M pre-money entry price, the full 7.8× target requires the whole company to be worth roughly €87M at exit (simple, undiluted arithmetic). That equals about 0.8× the revenue the company plans for 2029 — a modest price for that revenue IF the plan is delivered; the plan itself requires growing revenue ≈13-fold from the 2026 level while lifting gross margin from 19% to ≈25%.</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 5×–8× before fees, corresponding to a sale of the company at roughly €55–€90M in 2029 (our arithmetic on the disclosed €10M entry price and the company’s own plan — no independent exit benchmark exists, because comparable sale prices in this niche are undisclosed). Whether that is “within the range of recorded exits” cannot be said either way: no exit values are on record. Two costs sit between a gross result and your pocket on these terms: 20% of your subscription is taken as fees upfront, and 15% of profits above a 6% yearly hurdle goes to Companisto. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section. And the downside is real: 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%. Weights follow the growth-stage profile (traction weighted up, team down) with a network-effects category added for the corridor-network model.</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:140px"> <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:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:140px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Traction & growth</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">74</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">27%</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:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — Revenue €2.2M → €3.1M (+40%), April 2026 ≈€500K/month (+127% YoY), first operating-profit month in March 2026, and the June–Nov 2025 round plus the registered capital increase confirm prior funding was completed. Held back by figures that do not fully reconcile across documents and a plan that jumps ≈13× by 2029.</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:140px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Product-market fit</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">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:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — A live product with paying merchants, a named anchor customer (Momox, ≈€500K in 2026 per the company), and a confirmed external trigger (US customs change) the product directly answers. The two flagship partnerships (KLN, DHL) rest on company statements only.</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:140px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Team capability</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">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">14%</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:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — Founder with ≈30 years of ventures (his media businesses and holding structure are publicly confirmed; the reported magazine-portal exit to Bauer appears only in platform-adjacent sources), surrounded by staff from Deutsche Post/DHL and Swiss Post who hold equity. He runs other businesses in parallel, and the head of IT does not appear in the disclosed ownership table.</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:140px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Market size</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">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">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:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — A very large, growing market: ≈$552–725B global parcel market in 2026 per named third-party sources (Mordor Intelligence, Pitney Bowes, Effigy), plus a genuine cross-border complexity trend. The €2.5B “obtainable” slice and the deck’s “€500M+ company value” line are the company’s own constructs without a stated source.</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:140px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Business model</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">68</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width: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:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — A clear, transaction-margin model with a detailed margin bridge (gross margin 16.5% in 2025 → ≈23% in spring 2026, planned 24.8% by 2029) and a subscription layer to come. Margins remain thin for now (cost of goods >80% of revenue), and working-capital needs of fast volume growth are not quantified in the pack.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:140px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Competition</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">60</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:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — The claimed differentiators (direct postal contracts, own customs engine, consolidated linehaul) are specific and coherent, but the space contains entrenched, far better-funded rivals — Sendcloud (≈$200M raised), Auctane/Packlink (Thoma Bravo-backed), Seven Senders (Swiss Post-backed), nShift — and the deck’s comparison table omits the last two.</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:140px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Network effects</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">66</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:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — The mechanism is well described and plausibly self-reinforcing (23 countries × consolidation → 441 routes, claimed −90% linehaul cost per parcel), but no route-level utilisation or volume data is disclosed to show it operating.</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:140px"> <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">71</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:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Good</span></strong><span style="color:black"> — preconditions for reaching an exit stage are largely in place; the specific gaps are in the questions below.</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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1. </span></strong><span style="color:black">How many B2B customers are currently active (shipped in the last 90 days), as distinct from the “1,600+ past and present” figure in the deck?</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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2. </span></strong><span style="color:black">What share of 2025 and 2026 revenue comes from your largest customer (Momox) and from your top five customers?</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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3. </span></strong><span style="color:black">Can you share the signed KLN Logistics agreement or a joint announcement — what is its scope, duration, exclusivity, and any volume or revenue commitment?</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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4. </span></strong><span style="color:black">What exactly has been agreed with DHL Supply Chain, and what does “integrated into DHL’s European locations” mean contractually and operationally?</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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5. </span></strong><span style="color:black">Which milestones were promised in the June–November 2025 Companisto round, and which have been met?</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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6. </span></strong><span style="color:black">What is your current cash position, monthly net burn, and runway before the proceeds of this round?</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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">7. </span></strong><span style="color:black">What is the annual churn (customers lost) or net revenue retention of your business-customer base?</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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">8. </span></strong><span style="color:black">What exact percentage of Pakajo GmbH does the 2026 investor vehicle acquire at the €1.1M goal, and how many company shares stand behind each €50 certificate?</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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">9. </span></strong><span style="color:black">Which share-numbering scheme is correct — the Articles of Association (Pre-Series A shares to no. 33,503) or the shareholders’ agreement (to no. 32,483) — and what is the final fully diluted share count?</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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">10. </span></strong><span style="color:black">How will the €1.1M (or up to €2M) be split in euros across technology, market expansion, sales, and working capital?</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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">11. </span></strong><span style="color:black">What drove the gross-margin jump from 16.5% (2025) to ≈23% (March/April 2026), and has it held since?</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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">12. </span></strong><span style="color:black">What are your payment terms with postal partners versus your merchants, and how much working capital does each additional €1M of monthly volume absorb?</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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">13. </span></strong><span style="color:black">Which of the 23 country contracts are direct with the national postal operator, what notice periods do they carry, and have any been terminated or repriced since 2024?</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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">14. </span></strong><span style="color:black">What co-investor commitments replace the €250K placeholder, and is LA ROCA Capital’s participation in this round confirmed, at what amount?</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 What you own</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You do not buy shares in Pakajo GmbH directly. You buy profit participation certificates (€50 each) issued by a holding vehicle set up by Companisto (an “SPV”), and that vehicle owns preferred shares in Pakajo. The certificates track the value of those shares: if Pakajo pays dividends or is sold at a profit, the money flows through the vehicle to you (after its fees and Companisto’s profit share). You have no direct say in Pakajo itself; certificate holders vote online, one vote per certificate, and the vehicle then votes in the company as a single block following the majority. The certificates sit in a normal securities account at your bank or broker and can in principle be transferred; Companisto also runs a secondary market — but there is no guarantee of finding a buyer, and you cannot ordinarily cancel the certificates before the end of 2041. Full mechanics are in the reference section below.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Everything below is reference detail for readers who want to go deeper.</em></span></span></p> <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">Traction & growth</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports revenue of €2.2M in 2024 and €3.1M in 2025 (+40%), €3.6M over the last twelve months, and ≈€500K in April 2026 alone (+127% year-on-year). March 2026 is reported as the first month with a positive operating result. The prior crowdfunding round (June–November 2025) closed, and the share-capital increase from that financing is visible in the commercial register — both confirmed publicly. The plan then accelerates sharply: €7.8M (2026) to €104.7M (2029), with break-even planned for 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">Multi-year, monthly-granular revenue disclosure — rare at this level of the market.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Prior round completed and registered; “+60% customers and shipments since June 2025” reported.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Gross margin improved from 16.5% (2025) to ≈23% (spring 2026) per the platform analysis.</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">Deck and platform analysis quote different growth figures (€4.7M run-rate / +51% vs. LTM €3.6M / +127% monthly) without reconciliation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The platform text calls the company “already profitable” while its own plan shows 2026 EBITDA of −€282,543 and its SWOT says profitability “has not yet been demonstrated over multiple quarters”.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 2029 plan is ≈13× the 2026 plan — an execution bet, not a continuation of the current trend.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Product-market fit</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The product is live and used by paying merchants; the company reports direct contracts with postal services in 23 countries, 441 active routes, a proprietary customs engine that clears whole routes in one process, and prices up to 57% below classic cross-border shipping on the US route. The strongest external evidence is the US customs change of August 2025 (duty-free small parcels abolished, ≈80% collapse in cheap Germany→US volumes — publicly confirmed), which pakajo’s US products directly address, with peak weeks of up to 30 tonnes of air freight reported.</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">Confirmed external demand trigger with a product answer already shipping.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named anchor customer (Momox) with a reported ≈€500K of 2026 revenue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Mechanically coherent differentiation: local postal rates + consolidated customs + per-gram billing.</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 KLN Logistics and DHL Supply Chain partnerships rest solely on company statements; no public trace was found and the agreements were not in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No churn, retention or repeat-usage data in the pack — the “1,600+ customers” figure includes past customers by the deck’s own footnote.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Trustpilot (44 reviews) shows service complaints typical of shipping intermediaries alongside positive reviews.</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">Team capability</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder and CEO Jörg Blümel has ≈30 years as an entrepreneur; his Hamburg media businesses and the holding company that owns 57.8% of pakajo are publicly confirmed, and an angel network (Baltic Business Angels Schleswig-Holstein) publicly confirms backing the company. The wider team’s backgrounds — Deutsche Post/DHL, Swiss Post International, ASENDIA — are reported by the company, and several key people verifiably hold equity (visible in the disclosed ownership table).</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">Deep, directly relevant postal-industry backgrounds around the founder, per the deck.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key staff own shares (e.g. partner manager 2.38%, logistics lead 1.97%, front-end developer 1.93%) — skin in the game visible in the cap table.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The CFO is converting his own loan into shares in this round, per the platform analysis.</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 founder runs parallel businesses (MD Media / pakajo PUBLISHING); his time split is not stated in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The reported exit of magazinshoppen.de to Bauer Verlag appears only in platform-adjacent sources, not an independent record.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The head of IT does not appear in the disclosed ownership table.</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 global courier-express-parcel market is independently estimated at ≈$552–725B for 2026, growing toward ≈$760–928B by 2030/31 (Mordor Intelligence; The Business Research Company), with Europe alone at €91.6B and 19.5B+ parcels in 2023 (Effigy Consulting). Cross-border complexity (customs, tariffs) is rising, which is the specific problem pakajo sells against.</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">Very large market with named third-party sources in the platform analysis.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Regulatory complexity (US tariffs, de-minimis abolition) is a confirmed, current driver.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The addressable-slice logic (DACH+EU+US+LATAM cross-border, €197B) is at least stated transparently.</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 €2.5B “obtainable market” and the deck’s “€500M+ company value” claim carry no stated source or method.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market size says nothing about pakajo’s share: current revenue is ≈0.005% of the European market.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The same tailwind attracts the well-funded competitors listed below.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Business model</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pakajo earns a reported 20–25% margin on each shipment (illustration: buy €11.40, sell €15.00; €3.40 average margin on the US route) and plans subscriptions (€29–€249/month, five tiers) from Q3 2026. The financial plan discloses a full margin bridge: gross margin 19.0% (2026) → 24.8% (2029), cost of goods falling from 83.5% to 75.2% of revenue, personnel steady at ≈3% of revenue.</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">Unusually detailed, internally consistent P&L plan disclosed (full table in the analysis).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Asset-light model — margins improve mechanically with route utilisation, per the company.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A second, recurring revenue layer (subscriptions) is specified with prices and limits.</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">Margins are thin today: 16.5% gross in 2025 means €1 of every €6 of revenue is kept before any operating costs.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fast parcel-volume growth typically consumes working capital; the pack does not quantify payment terms with postal partners versus merchants.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The use of this round’s funds is described in words but not in euro amounts.</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 space is crowded and consolidating. The platform analysis itself maps four competitor groups: rate portals (Packlink, Jumingo), SME shipping SaaS (Sendcloud, ShippyPro, Shipcloud), API tools (Shippo, ShipEngine), and cross-border specialists (Seven Senders, nShift). Public research confirms these are real and well capitalised: Sendcloud has raised ≈$200M; Auctane (Packlink, ShipStation) is owned by private-equity firm Thoma Bravo; Seven Senders is backed by Swiss Post.</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">The claimed moat is specific: direct national-postal contracts, an own customs engine, consolidated linehaul — features the deck says rivals lack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Consolidation in the sector (Packlink, Shipcloud, nShift deals cited) supports the strategic-buyer exit route.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pakajo competes on structurally cheaper routes rather than on software features alone, per the deck.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Rivals’ funding dwarfs this round ≈100:1 — confirmed against public financing data.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck’s feature-comparison table omits Seven Senders and nShift, the two closest cross-border specialists (both appear in the platform’s own landscape).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The single-vendor tick-matrix is the company’s own characterisation and was not independently verified.</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">Network effects</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s argument is that each new country multiplies routes (23 countries → 441 lanes), and each new merchant raises consolidation density, cutting linehaul cost per parcel (a claimed −90%) and customs cost (“under €1” operational effort per shipment) — so margins should rise with scale.</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">Mechanism is described concretely and matches the disclosed margin improvement (16.5% → ≈23%).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Route count and country count give a measurable proxy for network growth.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Per-gram billing and consolidated customs are hard for label-resellers to copy quickly, per the deck.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No route-level utilisation or volume data is disclosed — the flywheel is asserted, not measured.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Network advantages depend on postal contracts that carry unknown notice periods (see questions).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competitors with more capital could replicate corridor coverage by outspending, as the analysis’s own SWOT notes.</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:180px"> <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:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€10.0M (stated identically in the listing, the investment terms of 14 July 2026, and the platform analysis).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:180px"> <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:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not stated; ≈€11.1M at the €1.1M goal, ≈€11.35M including the €250K co-investment placeholder, up to ≈€12M if the stated €2M maximum is raised (our arithmetic).</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">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:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Profit participation certificates (€50 each) — securities that track the value of preferred shares (“Pre-Series A2”) held for investors by a Companisto holding vehicle; “equity” economically, but not direct 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:180px"> <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:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not stated for this round. The disclosed ownership table shows Companisto’s 2025 and 2026 rounds combined at 15.56% after this round; the 2026-only share is not given. Our arithmetic: €1.1M on €11.1M post ≈ 9.9% economic interest at goal.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:180px"> <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:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not in the pack we reviewed, beyond the platform’s statement that due-diligence findings and growth potential were taken into account. Context: €10M ≈ 3.2× 2025 revenue ≈ 2.8× last-twelve-months revenue ≈ 1.3× the 2026 plan (our arithmetic).</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">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:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Insufficient comparables for this sector and stage: every located comparable (Packlink’s sale to Auctane; Sendcloud’s ≈$200M of funding; Seven Senders’ $40M Series C and Swiss Post investment) has an undisclosed valuation or price.</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">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:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Not scored — insufficient comparables to assess. </strong>A meaningful score requires at least two named independent benchmarks; none with disclosed values could be found for this niche and stage.</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">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:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Minimum ticket €250. Inside the certificate: a 10% administrative fee plus a 10% brokerage fee are deducted from your payment before investment; Companisto’s affiliate receives 15% of profits above a 6% yearly hurdle; distributions are only paid when they exceed 2% of a certificate’s face value; ordinary cancellation is possible earliest at the end of 2041 and only if holders of ≥25% of all certificates act together. Details in the instrument section below.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🚩 Red flags & integrity checks</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width: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 number of currently active customers (vs. the cumulative “1,600+”), customer concentration, churn/retention, cash position and runway, the euro use-of-funds split, this round’s exact ownership percentage, and the KLN and DHL agreements. 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> — the platform analysis calls the company “already profitable” while the same document’s plan shows 2026 EBITDA of −€282,543 and its SWOT states profitability “has not yet been demonstrated over multiple quarters”; the Articles of Association number the Pre-Series A shares to 33,503 while the shareholders’ agreement numbers them to 32,483; the deck’s growth figures (€4.7M run-rate, +51%) and the analysis’s (€3.6M LTM, +127% monthly, +40% annual) are not reconciled.</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> — no claim was contradicted by a named public source. One imprecision noted: the materials call KLN Logistics “China’s second-largest logistics company”; public records show KLN is a Hong Kong-listed group majority-owned (51.8%) by China’s SF Holding.</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> — none found in public registries or news searches: no litigation, insolvency or regulatory action located. Neutral note: the company’s Trustpilot profile (44 reviews) contains routine shipping-service complaints with company responses.</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> — confirmed: a Companisto round ran June–November 2025 and closed; the resulting capital increase (€28,080 → €32,483) is in the commercial register; angel investors including Baltic Business Angels Schleswig-Holstein members backed the company earlier. Whether the 2025 campaign’s stated milestones were met cannot be judged from this pack — asked in the 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">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> — €10M pre-money ≈ 2.8–3.2× trailing revenue and ≈1.3× the 2026 plan, on a ≈23%-gross-margin transactional business. No independent benchmark with a disclosed value exists for this niche and stage (Packlink price undisclosed; Sendcloud and Seven Senders valuations undisclosed) — the comparison is recorded, not judged.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 Instrument & investor terms — full mechanics</span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">What you own — in full</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You buy bearer profit participation certificates of €50 face value each, issued by Companisto Trust Service LXIX UG — a small holding vehicle owned by Companisto Holding whose only purpose is to hold preferred (“Pre-Series A2”) shares in Pakajo GmbH for this financing. The certificates are booked into your own securities account via Clearstream and carry their own securities identification number. You are not a shareholder of Pakajo and have no direct rights in the company; instead, certificate holders vote online (one certificate, one vote) on matters that need shareholder decisions, and the vehicle then casts all its votes in Pakajo as one block following that majority. Selling the vehicle’s stake in Pakajo normally needs 75% of certificate votes cast — except where the drag-along applies or the buyer is a Companisto-affiliated company, in which cases no certificate-holder consent is needed (certificate terms, §2.3.3).</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Dilution — how your share can shrink</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No concrete next round is announced, but the documents prepare for one: a 90% majority of shareholders and investors can oblige everyone to cooperate with a future financing (shareholders’ agreement, §26), and “authorised capital 2026” lets management issue further shares. Protection: the vehicle’s share class holds standard weighted-average anti-dilution protection for 24 months — if new shares are later sold cheaper, the vehicle may buy extra shares at face value to soften the loss. It also holds a right of first refusal if an existing shareholder sells (§10); a right to join future capital increases is not stated for certificate holders. An employee share pool of ≈4.10% already sits in the disclosed ownership table. Illustrative example: if the company later raised €3M at a €20M pre-money valuation, all existing holders — including the vehicle — would be diluted by ≈13%, so a 9.9% stake would become ≈8.6%; the anti-dilution clause only compensates if the new price is lower than this round’s, not merely dilutive.</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 a sale: sale costs and the company’s creditors first; then this round’s investors (Pre-Series A2) get their paid-in money back; then the earlier Pre-Series A investors get theirs; then the Seed investors; then everything remaining is split among all shareholders in proportion to ownership — and each class’s priority repayment is counted against its proportional share, not added on top (a “simple, creditable liquidation preference”, shareholders’ agreement §14). In plain terms: you are paid back first if the sale is small, and you take your normal proportional share if the sale is large — your upside is not capped. Forced sale (“drag-along”): a 75% majority including the investor majority can force everyone to sell; the floor for this round’s investors is only their paid-in money back (§12.2 — “at least equal to the par value of the amounts paid in … plus all additional payments”), so a forced sale at roughly 1× is legally possible. From year six, a simple majority can trigger a formal sale process at a minimum of 1.5× (§18.3). Tag-along: if others sell, you can join on the same terms. Founder lock-up: two years. Inside the certificate: payments are only owed while the vehicle stays solvent (a “qualified subordination” with a pre-insolvency enforcement bar — in a bad scenario your claims can become permanently unenforceable, certificate terms §3.2); if Pakajo becomes insolvent, Companisto Holding may buy back all certificates at a price it sets, “generally … only a symbolic sum”, with any later recoveries passed back to you (§9). Ordinary cancellation of the certificates is possible earliest at the end of fiscal year 2041 and only jointly by holders of at least 25% of all certificates; in practice, your exit is a company sale or Companisto’s secondary market.</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 exact ownership percentage this round’s vehicle acquires, and the number of company shares behind each €50 certificate.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The catalogue of founder guarantees given to the vehicle (“adequate guarantees in line with market standards” is stated; the content is not).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Key Investment Information Sheet itself (referenced at companisto.com/bib; not in the pack).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Confirmation that this specific security is tradeable on Companisto’s secondary market.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">How the round’s hard cap works between the €1.1M goal and the stated “up to €2M” ambition.</span></span></li> </ul> <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.<em>Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</em></span></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Platform offering this project
Companisto DE
Risk Level
Wysoki
Risk Return Level
Średni
Return Level
Wysoki
Minimalna inwestycja
EUR 250
Finansowane
EUR 228,78M
