StartupXplore • Avant Devices
Crowdfunding av aktier
Avant Devices
Assistive mobility technology that improves the autonomy of people with disabilities
Key project data
Target amount
0,26 MEUR
Valuations
1,1 MEUR
Would AI invest?
61/100
1
100
AI-genererad översikt
AI project overview
Condensed summary based on project data
<p><span style="font-size:18pt"><span style="font-family:Calibri,sans-serif"><strong>Avant Devices, S.L. — Crowdfunding Investor Memo</strong></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><em>Avant Devices makes a kit that turns an ordinary manual wheelchair into an electric, multi-terrain one, aimed at people with reduced mobility who want to keep their own chair.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong>Sector: </strong>Medtech / assistive mobility hardware · <strong>Stage: </strong>Early / pre-seed (pre-revenue) · <strong>HQ: </strong>Murcia, Spain · <strong>Raise: </strong>€15k min – €215k max (KIIS); campaign shows a €260k total round</span></span></p> <h1><span style="font-size:14pt"><span style="font-family:Calibri,sans-serif">Snapshot</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:402px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Insufficient comparables to assess.</span></strong><span style="color:black"> No independent priced rounds or recorded exits for wheelchair power-assist / conversion-kit startups at this stage and geography could be found, so the ~€1.05–1.10M pre-money cannot be scored fair or unfair. See the questions section.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">2 · Can they reach an exit stage? ⭐</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:402px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">AI SCORE 61 / 100 — Average. </span></strong></span></span><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Strongest evidenced precondition: a large, independently corroborated market with a working, multi-terrain prototype the company reports it has field-tested. Biggest gap: no revenue, no units sold, and certification not yet achieved.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:402px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Target 15–20x over 7–10 years</span></strong><span style="color:black"> (stage-standard for a pre-seed company — the company did not state its own target). If an exit is reached, illustratively <strong>roughly 6x–15x</strong> before fees and future dilution — the company's own 2029 revenue plan (€3.87M) times the 2–4x revenue range typical for hardware/medical-device acquisitions, set against the disclosed ~€1.05–1.31M entry valuation. No deal-specific comparables were found (market context: Mordor Intelligence, Grand View Research). This is an illustration, not a forecast.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong>How to read the score</strong></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">85–100 · Excellent</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">All key preconditions for reaching an exit stage are evidenced and strong — rare at this stage</span></span></span></p> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">70–84 · Good</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Preconditions largely in place, with specific gaps — named in the questions section</span></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">50–69 · Average</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Meaningful preconditions missing or weakly evidenced</span></span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">30–49 · Weak</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Several core preconditions absent, or the evidence points against them</span></span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">1–29 · Critical</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:428px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Fundamental preconditions are not visible in the evidence</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">What we could check. </span></strong><span style="color:black">We verified the company's existence and Murcia base, the founder's identity as a wheelchair user, the 2022 Social-Impact Entrepreneur award, its UCAM HiTech and CEEIM/EOI accelerator support, the reality of the three named competitor products, and the size of the electric-wheelchair market against public sources. The company's revenue plan, margins, lifetime-value figures, cash burn, and cap-table splits rest on its own materials — and two files labelled as financial statements were supplied blank. See the questions section.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Three answers, one honest note. </span></strong><span style="color:black">The price-fairness score says whether the entry price is supported by sector benchmarks we could find. The AI Score is our read on whether the company has the building blocks in place to reach a stage where a sale or similar event could happen — it is not a probability of success, and even companies with every building block in place fail more often than they succeed, which is why crowdfunding only works as a small part of a diversified portfolio. The returns range is an illustration from named market sources, not a forecast. Where something was not in the pack, it did not lower any score — it appears in the questions list so you can ask the company directly. The listing was reviewed by a licensed crowdfunding platform (Startupxplore) before going live. Nothing here is a recommendation.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:14pt"><span style="font-family:Calibri,sans-serif">At a glance</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Founder-led by a wheelchair user (Juan Antonio Carrasco), so the product is designed from lived experience; award and accelerator support are publicly confirmed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Large market, independently corroborated: the global electric-wheelchair market is put at roughly $4.3–9.0B by named reports (Mordor Intelligence, Grand View Research).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Investor-friendly terms: you would hold ordinary shares of the same class as the founders, with no priority stack ahead of you, plus tag-along and pre-emption rights.</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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Pre-revenue: €0 turnover, 0 units sold, first sales not planned until 2027 (per the company).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The two files labelled as financial statements (profit-and-loss and balance sheet) were supplied blank — no historical financials were in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Entrenched competitors — Invacare/Alber, Sunrise Medical and Benoit Systèmes already sell power-assist devices — and CE medical-device certification is not yet achieved.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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. Full mechanics are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:14pt"><span style="font-family:Calibri,sans-serif">🏢 What the company does</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Avant Devices sells <strong>Explorer One</strong>, a kit that clips onto an ordinary manual wheelchair and turns it into a motorised one. The company reports the drive unit weighs about 8 kg, offers up to around 40 km of range with a double battery, and can be fitted or removed by the user, with interchangeable wheels for city, rural and beach use. Its customers are people with reduced mobility who want a single, transportable device instead of a heavy powered wheelchair, plus the orthopaedic retailers, distributors, associations and rehabilitation centres that would prescribe or sell it. The company plans to earn money three ways: selling the kit (recommended price around €4,500 excl. VAT, or ~€5,900 for an advanced pack), selling accessories, batteries and spare wheels, and — later — recurring maintenance plans and connected services. It operates from Murcia and intends to start commercial sales in Spain in 2027, then Portugal and Western Europe. So far the company reports a working prototype validated in three environments (city, rural, beach), industrial-design protection in progress, and CE medical-device certification underway. This €15k–€215k round (the campaign page shows a €260k total round) is intended to fund CE certification, first production runs, and building a small commercial team.</span></span></p> <h1><span style="font-size:14pt"><span style="font-family:Calibri,sans-serif">📈 The returns picture</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:402px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Roughly 15–20x over 7–10 years. The company did not state its own target, so this is the standard expectation for a company at this very early (pre-seed) stage, where the money is tied up for a long time and only a few investments carry the whole portfolio.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:402px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The company's stated exit route is being bought by a larger mobility or medical-technology maker. It names Sunrise Medical, Invacare, Permobil, Pride/Quantum, Ottobock and Drive DeVilbiss as the kind of buyer it has in mind. No specific past deals — buyers, prices or multiples — were provided for any of these, and none could be found on public record.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:402px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The company must finish certification, get its product manufactured, build real sales, and grow into a business large enough that one of those buyers wants it. For an investor to reach the 15–20x target, the company would need to be sold for very roughly €16–26M (15–20 times the disclosed entry valuation, before dilution). Its own plan reaches about €3.87M of turnover by 2029 — so the exit would need to come well after, and well above, that plan.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:402px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Illustratively: the company's own 2029 revenue plan (€3.87M) times the 2–4x revenue range typical for hardware/medical-device acquisitions gives an exit value of very roughly €7.7M–15.5M; set against the disclosed ~€1.05–1.31M entry valuation, that corresponds to roughly 6x–15x before fees. The 2–4x range is the standard sector heuristic recorded in our research — no deal-specific comparables for this niche were found (market context: Mordor Intelligence, Grand View Research). This is an illustration, not a forecast, and most early-stage investments return little or nothing. <strong>These figures do not include dilution from future fundraising rounds, which would reduce an early investor's share and actual returns — see the dilution section for how this works.</strong></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <tbody> <tr> <td style="background-color:#fbf1dc; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">⚠️ Why aim for this target? </span></strong><span style="color:black">Startup investing at this stage is high risk. Most very early companies fail or return little, and money is locked in for many years. A small number of winners must make up for all the losers, so each investment is typically aimed at roughly 15–20x over 7–10 years. Reaching that hurdle is the exception, not the rule.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:14pt"><span style="font-family:Calibri,sans-serif">📊 Score breakdown</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><em>Score = each category's score weighted by its importance; weights sum to 100%.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:Calibri,sans-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:Calibri,sans-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:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:315px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Team</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">25%</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:315px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong>Average</strong> — Founder brings genuine lived experience and the advisory bench is credentialed and publicly traceable; but the company reports a single employee, key technical work sits with an outside firm (Digital4tech), and job titles differ across documents.</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:Calibri,sans-serif"><strong><span style="color:black">Product-market fit</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">62</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">15%</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:315px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong>Average</strong> — The company reports a working prototype tested in city, rural and beach conditions; no pilot-user numbers, letters of intent or pre-orders were in the pack to show demand.</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:Calibri,sans-serif"><strong><span style="color:black">Traction & growth</span></strong></span></span></p> </td> <td style="background-color:#fcebeb; 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:Calibri,sans-serif"><strong><span style="color:black">40</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:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">8%</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:315px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong>Weak</strong> — On the company's own figures the business is pre-revenue — €0 turnover, 0 units sold — with first sales planned for 2027. The evidence shows an early-stage company, not a failing one.</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:Calibri,sans-serif"><strong><span style="color:black">Market size</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">78</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:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">12%</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:315px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong>Good</strong> — A large market, corroborated by named independent reports, with a clearly worked-through Spanish target (≈61,750 initial users; ≈6,175 goal by 2030).</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:Calibri,sans-serif"><strong><span style="color:black">Business model</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:315px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong>Average</strong> — A coherent multi-channel plan with recurring add-ons; the margins, lifetime-value and churn figures are all company targets/estimates, not results.</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:Calibri,sans-serif"><strong><span style="color:black">Competition</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">58</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:315px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong>Average</strong> — A real point of difference (multi-terrain, modular, repairable) against three established rivals — Invacare/Alber, Sunrise Medical, Benoit — whose specs the company cites but which are its own comparison.</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:Calibri,sans-serif"><strong><span style="color:black">Regulatory & compliance</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">55</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:315px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong>Average</strong> — A CE Class I medical-device path is underway (planned 2026) and correctly treated as pending, not a failure; but certification is the gating milestone and is not yet achieved.</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:Calibri,sans-serif"><strong><span style="color:black">Technology risk</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">52</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:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:315px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong>Average</strong> — A pre-industrial hardware product relying initially on outside manufacturing; the proprietary motion-control is described as know-how, with no granted patent yet on record.</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:167px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:Calibri,sans-serif"><strong><span style="color:black">61</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:Calibri,sans-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:315px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Average — the preconditions for reaching an exit stage are partly in place; the main gaps are commercial (no revenue yet) and regulatory (certification pending), both named in the questions section.</span></strong></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:14pt"><span style="font-family:Calibri,sans-serif">❓ Questions to ask before investing</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">The two files labelled profit-and-loss and balance sheet were supplied blank. Can you provide completed financial statements since incorporation, including your cash position and monthly burn?</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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Who owns what share of the company before and after this round — the full cap table at both the minimum (€15k) and maximum outcomes, including the 5% phantom-share pool?</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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Which figures are authoritative: is the pre-money €1,045,000 with a €260,000 round (campaign page), or €1,100,000 with a €215,000 maximum (term sheet / KIIS)? Please reconcile.</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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">For the two smallest shareholders, are the percentages 4.23%/3.42% or 3.42%/4.23%? The share counts (17 vs 21) point the opposite way to the KIIS.</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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">What is the registration number, filing date and country for industrial design 'Nº 0536351', and have any patents or utility models been filed?</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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">What is the current status of CE Class I certification and the expected completion date?</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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">How many people have tested Explorer One, and do you hold any signed distributor agreements, letters of intent or pre-orders behind the 120-unit 2027 sales plan?</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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">What does each kit cost you to make? That underpins the 58% direct / 40% channel gross-margin targets.</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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Can you evidence the Fundación ONCE grant and the €45,000 previously committed 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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">For an investment below €25,000, voting is pooled and the put option returns only €1 — what say and what exit route does a small investor actually have?</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:14pt"><span style="font-family:Calibri,sans-serif">📜 What you own</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">You would buy <strong>ordinary shares</strong> (participaciones sociales) directly in the company — the same class the founders hold, with no shareholder ranking ahead of you. Your voting rights are pooled with the other crowd investors in a <strong>syndicate</strong>, and one representative — who is the founder/CEO himself — votes on the group's behalf according to the majority; investors also agree not to attend meetings in person. For a small ticket this means little individual say. If the company is later sold, proceeds would reach you in proportion to your shares. Full mechanics are in the reference section below.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><em>Everything below is reference detail for readers who want to go deeper.</em></span></span></p> <h1><span style="font-size:14pt"><span style="font-family:Calibri,sans-serif">🔍 Detailed review</span></span></h1> <h2><span style="font-size:11.5pt"><span style="font-family:Calibri,sans-serif">Team</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The company reports a founding team led by Juan Antonio Carrasco (CEO), a wheelchair user whose lived experience shapes the product, supported by José Ángel Noguera (operations/technology, PhD Computer Science) and Ana Silla (marketing). Advisors and investors include Francisco de Haro (MHI Capital), Bruno Dureux (Innoventures Capital) and Cosme Bernabé — all traceable ecosystem figures.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Founder's identity and lived experience are publicly confirmed (LinkedIn, regional press).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Credentialed, named advisory/investor bench active in the Murcia ecosystem.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Award and accelerator support (2022 Social-Impact award; UCAM HiTech; CEEIM/EOI) independently confirmed.</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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The company reports just one employee; delivery leans on advisors and an outside firm.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Core technical work sits with a third party (Digital4tech / Noguera) rather than in-house.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Job titles differ across documents (Noguera shown as both COO and CTO); founder's stated university differs between the deck and LinkedIn.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:11.5pt"><span style="font-family:Calibri,sans-serif">Product-market fit</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The company reports a functional prototype (MVP) validated in three environments — city, rural and beach — with a modular, user-installable design and interchangeable wheels. No independent test data or user demand evidence was in the pack.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Company reports real-world validation across three terrain types.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Clear, specific differentiator (multi-terrain, modular, user-repairable).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Product answers a concrete, well-described user problem.</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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">No pilot-user counts, letters of intent or pre-orders were in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Range and weight claims are the company's own; no independent test.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">'Real user testing' is described without protocol or sample size.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:11.5pt"><span style="font-family:Calibri,sans-serif">Traction & growth</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">On the company's own figures the business is pre-revenue: €0 turnover and 0 units sold, with first sales planned for 2027 and a projection of ~120/400/900 units in 2027/28/29. These are plans, not results — the evidence shows an early-stage company, not a failing one.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The company is transparent that it is pre-revenue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">A staged unit plan (120 → 400 → 900) is set out.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Committed prior capital of ~€45,000 is referenced.</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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">No revenue, no installed base, no units sold yet.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">No signed distributor or purchase commitments were in the pack to support the 2027 plan.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">First sales are still more than a year out on the company's timeline.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:11.5pt"><span style="font-family:Calibri,sans-serif">Market size</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Independent reports corroborate a large market: the global electric-wheelchair market is put at roughly $4.3–9.0B depending on scope (Mordor Intelligence: $4.28B in 2026 → $6.74B by 2031; Grand View Research: $4.49B in 2024 → $9.05B by 2030). The company adds a worked-through Spanish target of ≈61,750 initial users and a ≈6,175 goal by 2030.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Market size confirmed by multiple named independent reports.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Long-term demand drivers (ageing, rising mobility needs) are structural.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Company's Spanish target market is specific and sourced to INE/IMSERSO.</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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Headline market figures and growth rates vary across the company's own documents ($4–9B; CAGR quoted 9.9%–12.7%; one located report says 7.32%).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">A large market does not by itself imply Avant can capture it.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Company's share assumptions remain unproven pre-launch.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:11.5pt"><span style="font-family:Calibri,sans-serif">Business model</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The company describes a multi-channel model — direct sales, a B2B2C channel through orthopaedic retailers and distributors, and later recurring maintenance/accessory revenue (estimated €524 per active user per year). Target gross margins are 58% direct / ~40% channel, ~46% blended, scaling to 52–55%. All of these are targets and estimates, not realised results.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Coherent three-channel model with a plausible recurring-revenue layer.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Pricing positioned well below all-terrain alternatives (company cites €4,500 vs €15,000–25,000).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Clear articulation of unit economics and lifetime-value logic.</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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Every margin, churn and lifetime-value figure is a company estimate, not an actual.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Average revenue per kit is quoted variously (€3,600 blended vs €4,250–5,900 list).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Recurring 'mobility club' revenue is a 2028+ aspiration.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:11.5pt"><span style="font-family:Calibri,sans-serif">Competition</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The market has three established rivals — Alber e-fix (Invacare), Empulse M90 (Sunrise Medical) and Benoit Light Drive — all confirmed as real products. The company positions Explorer One as more multi-terrain, modular and repairable. The competitor specs in the deck are the company's own comparison; independent retailer data broadly matches on weight for the M90 but was not verified line-by-line.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Genuine, specific differentiation (multi-terrain, modularity, repairability, price).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Competitor products are real and correctly identified.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Company understands the competitive landscape in detail.</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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Rivals are well-resourced incumbents with established distribution (e.g. Alber, 'market leader').</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Competitor comparison figures are company-sourced.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">No independent third-party product comparison was in the pack.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:11.5pt"><span style="font-family:Calibri,sans-serif">Regulatory & compliance</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Explorer One is being taken through CE marking as a Class I medical device, which the company reports is underway and planned for 2026. Certification not yet appearing on any register is expected at this stage and is treated as pending — not a negative — but it remains the gate the product must pass before commercial sale.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">A defined CE Class I pathway is under way.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The company treats certification as a funded priority of this round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Regulatory status is disclosed openly.</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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Certification is not yet achieved — the gating milestone before sales.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The chosen conformity route and any notified-body needs were not detailed in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">FDA (US) certification is a later, separate 2028 step.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:11.5pt"><span style="font-family:Calibri,sans-serif">Technology risk</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Explorer One is a pre-industrial hardware product that will rely initially on external manufacturing. The company describes proprietary motion-control logic built on applied robotics, held as know-how; formal protection (patent/utility model) is described as something that 'can be assessed', so no granted IP is on record yet.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">A tangible, working hardware product rather than a concept.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Proprietary control logic claimed as a differentiator.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Industrial-design protection reported as in progress.</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:301px"> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Still pre-industrial; manufacturing and scale-up risk remain.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">No granted patent on record; core IP is know-how.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Bill-of-materials cost basis behind the margin targets was not in the pack.</span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:14pt"><span style="font-family:Calibri,sans-serif">💶 Valuation detail</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:402px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">≈€1,045,000 (campaign page) — the term sheet states €1,100,000. Both are in the pack; recorded unresolved.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:402px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Not stated; roughly €1.06M–€1.31M depending on which pre-money and final round size apply.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:402px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Ordinary shares (participaciones sociales) — the standard company shares, bought via a capital increase; held directly, not through a nominee/SPV.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Ownership % offered</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:402px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">1.3453% – 16.3498%, depending on the final amount raised (713 – 10,223 new shares).</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:402px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Methodology not detailed in the pack beyond 'calculated on the fully-diluted cap table'; the platform hosts a 'why that share premium?' explainer that was not in the pack.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:402px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Insufficient comparables for this sector and stage — no independent priced rounds or recorded exits for wheelchair power-assist / conversion-kit startups were found.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Valuation fairness (1–5)</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:402px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Not scored — insufficient comparables to assess. Scoring fair or unfair would require at least two named independent benchmarks, and none were available.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:402px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><span style="color:black">Round conditional on a €15,000 minimum or funds are refunded; qualifies for tax incentives; a share split to smaller nominal values is possible (harmless to value).</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:14pt"><span style="font-family:Calibri,sans-serif">🚩 Red flags & integrity checks</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="background-color:#fbf1dc; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:542px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Missing critical data — </span></strong><span style="color:black">The two files labelled profit-and-loss and balance sheet were supplied blank (headers only, no figures); no historical financials were in the pack. Also not in the pack: the post-round cap table and signed Articles of Association.</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:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:542px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Internal inconsistencies — </span></strong><span style="color:black">Round size differs (€215k max in the KIIS vs €260k total on the campaign vs €250k in the deck); pre-money differs (€1,045,000 vs €1,100,000); the two smallest shareholders' percentages (4.23%/3.42%) conflict with their share counts (17 vs 21); one manager is titled both COO and CTO.</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:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">3</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:542px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">External discrepancies — </span></strong><em><span style="color:black">None found. </span></em><span style="color:black">No public source directly contradicts a company claim. (The founder's stated university and the ONCE grant are unverified, not contradicted.)</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:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">4</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:542px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Negative public information — </span></strong><em><span style="color:black">None found in public registries or news searches. </span></em><span style="color:black">No litigation, insolvency or regulatory action against the company or founder surfaced; coverage located was neutral-to-positive.</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:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:542px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Prior fundraises — </span></strong><span style="color:black">~€45,000 of prior committed capital is referenced, plus grant and accelerator support (UCAM HiTech, CEEIM/EOI confirmed; the Fundación ONCE grant is unverified). No prior priced equity round or unmet milestone commitment was found in public record.</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:60px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:542px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Valuation reasonableness — </span></strong><span style="color:black">Pre-money ~€1.05–1.10M for a pre-revenue, single-employee, pre-certification hardware company. No sector-specific comparables for wheelchair power-assist startups were found, so a benchmarked view cannot be given; the figure is recorded, not judged.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:14pt"><span style="font-family:Calibri,sans-serif">📜 Instrument & investor terms — full mechanics</span></span></h1> <h2><span style="font-size:11.5pt"><span style="font-family:Calibri,sans-serif">What you own — in full</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">You would hold ordinary shares (participaciones sociales) directly in Avant Devices — the same single class as the founders, with no shareholder ranking ahead of you. Your voting rights are pooled in a syndicate ('sindicato'): one representative, who is the founder/CEO, casts the group's votes according to what the majority of the syndicate decides, and investors agree not to attend general meetings in person so as not to break that arrangement. Investors putting in €25,000 or more may opt out of the syndicate, but then have no representation at meetings. In practice, a small investor has little individual voting influence. If the company is sold, that decision is made through the ordinary shareholder majority and any drag-along right (below).</span></span></p> <h2><span style="font-size:11.5pt"><span style="font-family:Calibri,sans-serif">Dilution — how your share can shrink</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The company says it intends to raise more money in future rounds. When a company issues new shares, existing owners' percentages shrink unless they invest more — this is 'dilution'. You would have pre-emption rights (the right to join future rounds to keep your percentage), which is a positive; there is no anti-dilution protection (which would shield your percentage automatically) for any class in the documents. A 5% phantom-share incentive pool is also planned, which further dilutes everyone when granted. <strong>Illustrative example: </strong>if you bought 1% of the company in this round and the company later sold new shares equal to 25% more of the company, your stake would fall to roughly 0.8% — and further rounds would reduce it again. This is illustrative; the exact effect depends on the price and size of each future round, which are not yet known. No post-round cap table was in the pack, so your precise starting percentage cannot be computed here.</span></span></p> <h2><span style="font-size:11.5pt"><span style="font-family:Calibri,sans-serif">If the company is sold or wound down</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">If the company is sold or closed, money is paid out in order: first lenders, then any shareholders with priority — here there are none, because everyone holds the same ordinary class — then all shareholders share what remains in proportion to their holdings. Because there is a single share class, you would take part in the upside on the same footing as the founders. A 'drag-along' right lets a majority approving an offer for at least 50% of the company force the minority to sell too, at the same price — but only if the offer meets a value floor (the highest of: pre-money above €3.5M, the last round's value plus 20% a year, or 7× the prior year's profit). A 'tag-along' right lets you join a sale on the same terms if a larger shareholder sells. There is a put option, but it returns only €1 for your whole stake — it is a way to leave the share register, not a way to get money back. There is no fixed lock-up, but shares cannot easily be sold early and there is no buy-back promise.</span></span></p> <h2><span style="font-size:11.5pt"><span style="font-family:Calibri,sans-serif">Terms not in the pack we reviewed</span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The post-round and fully-diluted cap table — who owns what after this round, including the phantom-share pool.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Which pre-money and round size are authoritative (€1.045M/€260k vs €1.1M/€215k).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The exact number of shares an investor receives at a given ticket after any share split.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">The signed Articles of Association (Estatutos).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif">Whether the €25,000 syndication opt-out changes any economic rights.</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><em>Each of these also appears as a question in the questions section, and exists in the shareholder documents — a genuine gap, unlike operating figures.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:602px"> <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:602px"> <p><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">ℹ️ This is not investment advice. </span></strong><span style="color:black">The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice. </span></span></span><span style="font-size:10pt"><span style="font-family:Calibri,sans-serif"><em><span style="color:black">Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></em></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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