Sågfond • Blumana
Crowdfunding av aktier
Blumana
AI agents specializing in consumer intelligence for B2C brands: the platform aggregates customer reviews, social media, surveys, CRM and support data about a brand and its competitors, and gives each team an expert AI agent that turns it into actionable, role-specific recommendations.
Key project data
Target amount
0,75 MEUR
Valuations
2,8 MEUR
Potentiell avkastning
x28
Förväntat utträdesår
2033
Would AI invest?
70/100
1
100
AI-genererad översikt
AI project overview
Condensed summary based on project data
<p><span style="font-size:28pt"><span style="font-family:"Times New Roman",serif"><strong>Blumana — Crowdfunding Investor Memo</strong></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Blumana builds AI assistants that read everything customers say about a brand and its competitors — reviews, social media, surveys, support calls — and turn it into concrete, per-team recommendations for large consumer brands.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector: <strong><em>B2B SaaS — AI consumer intelligence</em></strong> · Stage: <strong><em>Seed</em></strong> · HQ: <strong><em>Paris, France</em></strong> · Raise: <strong><em>€750K objective (Sowefund)</em></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:#d9ebc2; 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><em><span style="color:black">5 / 5</span></em></strong><span style="color:black"> — The stated €2.8M valuation sits well below the general seed benchmarks we could find (Carta Q3 2025: median US seed pre-money $16M, with AI companies above that; CB Insights Q2 2025 via Pitchwise: AI seed median deal $4.6M, typical European seed checks €500k–€2.5M). One caution: the listing does not say whether €2.8M is before or after the new money — ask (see the questions section).</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 70 / 100 — Good. </span></strong><span style="color:black">Strongest evidenced precondition: paying customers at demanding brands, with a documented account that grew from a €10k trial to an €80k annual contract in five months. Biggest gap: the defensibility of the core technology rests on the company’s own description, and none of the share terms are in the pack we reviewed.</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"><strong><em><span style="color:black">Target 10x over 5–7 yrs</span></em></strong><span style="color:black"> — the standard expectation for seed-stage investing (the company states no target of its own). If an exit stage is reached, illustratively <strong><em>roughly 8x–28x</em></strong> before fees and future dilution: an exit between €30M and €100M — small against the recorded sector exits, Medallia at $6.4bn (2021, BusinessWire) and Qualtrics at $12.5bn (2023, Private Equity Wire) — measured against the stated €2.8M entry plus the €750k round. Illustration, not a forecast. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>How to read the score</strong></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:193px"> <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:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">All key preconditions for reaching an exit stage are evidenced and strong — rare at this stage</span></span></p> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <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:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Preconditions largely in place, with specific gaps — named in the questions section</span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <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:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Meaningful preconditions missing or weakly evidenced</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <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:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Several core preconditions absent, or the evidence points against them</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <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:431px"> <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 against public sources: the company’s legal existence and founding team (French registry, press, the company’s own site), the confirmed advisory board including a JobTeaser co-founder, the $150bn market-size claim (broadly matching ESOMAR’s published figures), and the live campaign. The revenue (€200k ARR), pipeline, client contracts, 85% margin and all share terms rest on the company’s own materials or were not in the pack we reviewed — see the questions section. <strong>Your money is locked in. </strong>Crowdfunding shares 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.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Three answers, one honest note. </strong>The fairness score says whether the entry price is supported by the sector benchmarks we could find. The AI Score is our read on whether the company has the preconditions in place to reach a stage where a sale or similar event becomes possible — it audits readiness on the disclosed evidence; it is not a probability of success, and even companies with every precondition in place fail more often than they succeed, which is why crowdfunding only works as a small part of a diversified portfolio. The returns range is an illustration from named sector benchmarks, not a forecast. Where something was not in the pack, it did not lower any score — it appears in the questions list instead, so you can ask the company directly before investing. The listing was reviewed by a licensed crowdfunding platform before going live. Nothing in this memo is a recommendation.</span></span></p> <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">A documented expansion inside L’Oréal: €10k trial (Oct 2025) → €20k trial (Dec 2025) → €80k annual contract (Feb 2026), per the listing — alongside 12 paying pilot clients signed in 6 months, including Air France, Truffaut and Norauto (company-reported).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The €2.8M entry valuation is far below the general seed benchmarks we found (Carta: $16M median US seed pre-money, Q3 2025; AI companies typically higher) — a low entry price leaves more room for return if things go well.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The team checks out publicly: three founders confirmed in the French registry and press, and a publicly listed advisory board including a JobTeaser co-founder and former Business Objects, L’Oréal and SNCF Connect-linked executives.</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">None of the share terms are in the pack we reviewed — share class, any repayment priority on a sale, your ownership percentage, and even whether €2.8M is before or after the new money. All are questions below.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The numbers in the listing do not fully line up: the pitch text describes a €500k raise (€250k via Sowefund) while the campaign objective is €750,000 — and Sowefund’s live site showed €1,547,307 raised on 5 Aug 2026 vs €583,603 in the pack snapshot.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The central defensibility claim — a Knowledge Graph that rivals "cannot replicate", with L’Oréal said to have tried internally for a year and failed — could not be found in any public source, and no patent or other IP filing is claimed.</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. Note, however, that the documents that define those terms (share class, articles, shareholder agreement) were not in the pack we reviewed — full mechanics and what to verify are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ Information, not investment advice. </span></strong><span style="color:black">Capital at risk — you could lose the full amount invested. Full notes are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🏢 What the company does</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Blumana (BLUMANA SAS, Paris, incorporated November 2023) sells software to large consumer brands. The software collects everything said about a brand and its competitors — online reviews, social media, surveys, customer-service calls, CRM data — and gives each team (marketing, product, retail, customer experience) an AI assistant that turns it into specific recommendations, delivered in the tools teams already use (Slack, Teams, WhatsApp). Customers pay a yearly subscription: the company reports contracts averaging €100k/year for large groups and €25k/year for mid-sized brands, built from a data subscription (€15k–€80k/year) plus per-user licences.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Per the listing, the company reached €200k in annual recurring revenue in April 2026, about six months into its current commercial push, with 12 paying pilot clients including L’Oréal, Air France, Truffaut and Norauto, and a further €500k of revenue "in active discussion". Public press shows the founders launched an earlier customer-feedback product in mid-2024, out of Station F. This raise — €750,000 objective on Sowefund, with the SIDE Angels network as lead investor — funds sales hiring and product development, targeting €1M in annual recurring revenue by April 2027.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📈 The returns picture</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:193px"> <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:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><em>10x over 5–7 years</em></strong> — the standard expectation for seed-stage startup investing. The company names likely buyers (CRM/marketing-software, market-research, and customer-feedback companies) but states no target multiple of its own, so the stage standard applies.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the 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:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Grow from €200k to €1M annual recurring revenue by April 2027 by adding roughly three clients a month across two segments, deepen usage inside existing accounts, and keep enriching its data platform. The eventual return would come from a sale to a strategic buyer — the company points to CRM/marketing software (Salesforce, Adobe, HubSpot), research groups (Kantar, Nielsen, Ipsos), or customer-feedback platforms (Sprinklr, Qualtrics, Medallia). The dossier records explicitly that no comparable-exits table with values was provided in the pack; the two recorded sector exits found in public sources are Medallia ($6.4bn, 2021) and Qualtrics ($12.5bn, 2023).</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">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:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Because the entry price is small, the bar is unusually low for the asset class: on the stated €2.8M valuation plus the €750k round, a 10x return corresponds to a sale at roughly €33–36M. At the 6–10x revenue multiples typical for business software, that means roughly €3.5–6M in annual recurring revenue at exit — about 18–30 times today’s €200k, and 3.5–6 times the company’s own April 2027 milestone. Future fundraising would raise this bar (see dilution).</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">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:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Illustratively, a sale between €30M and €100M would correspond to roughly 8x–28x on the stated entry terms, before fees. Method: disclosed €2.8M valuation plus the €750k round, against exit values implied by 6–10x revenue on €5–10M ARR; sources — the campaign listing, Carta/CB Insights seed benchmarks, and the recorded exits above (both vastly larger than anything this range requires — within the range of recorded exits in this sector). These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section. Most early-stage investments return little or nothing.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#fbf1dc; border-bottom:1px solid 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">⚠️ Why aim for this target? </span></strong><span style="color:black">Startup investing is high risk. Most early-stage companies fail or return little. A small number of winners must make up for the losers, so each seed investment is typically aimed at roughly 10x over 5–7 years.</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">📊 Score breakdown</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Score = each category’s score weighted by its importance; weights sum to 100%.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:153px"> <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:60px"> <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:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Team capability</span></strong></span></span></p> </td> <td style="background-color:#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:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">22%</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:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><em>Average</em></strong> — A complete, publicly verified founding trio (two co-CEOs and a CTO) backed by a strong confirmed advisory board; the founders themselves are early in their careers, with no prior venture track record found in public sources.</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:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Product-market fit</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">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:"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:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><em>Good</em></strong> — Twelve paying pilots in six months at demanding brands, and one account (L’Oréal) documented step-by-step from €10k trial to €80k annual contract; retention is claimed but not yet numbered.</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:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Traction & growth</span></strong></span></span></p> </td> <td style="background-color:#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:60px"> <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:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><em>Good</em></strong> — €200k annual recurring revenue six months into the current push, ~3 new clients/month, €500k reported pipeline; the figures are single-point company disclosures without a month-by-month series, and they cohere with the pilot counts and prices given.</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:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Market size</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">70</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <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:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><em>Good</em></strong> — The $150bn / fast-growth market claim broadly matches ESOMAR’s published industry figures; that number covers the whole insights industry, and the company provides no bottom-up sizing of its own reachable slice.</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:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Business model</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">74</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <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:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><em>Good</em></strong> — Clear two-segment subscription model with detailed pricing that multiplies out sensibly against the reported revenue, an expansion path demonstrated at L’Oréal, and a reported 85% gross margin given as a single headline figure.</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:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Competition</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">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:"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:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><em>Average</em></strong> — The incumbents it attacks are real and documented as strained (Medallia was handed to its creditors in 2026 after a $6.4bn buyout), which supports the opening; the listing names no AI-native rivals, and the same incumbent distress shows buyers repricing this category.</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:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",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:"Times New Roman",serif"><strong><span style="color:black">55</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <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:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><em>Average</em></strong> — The product demonstrably works well enough for major brands to pay; but the claim that the Knowledge Graph cannot be replicated rests on the company’s own description, the "L’Oréal tried and failed" story could not be found in any public source, and no patents or other IP protection are claimed — defensibility depends on accumulated data and integration depth.</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:153px"> <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">70</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">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:351px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><em><span style="color:black">Good</span></em></strong><span style="color:black"> — Commercial preconditions are largely evidenced; the open items are technology defensibility and everything about the share terms.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">❓ Questions to ask before investing</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">These are facts the company holds and can supply on request. They were not in the materials we reviewed — they may well exist in interviews, webinars or the company’s data room. The score above is based on what <em>was</em> available — these questions are how you close the gap.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Is the €2,799,571 valuation before ("pre-money") or after ("post-money") the new money, and what is the price per share and the total share count before this round?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What percentage of the company will crowdfunding investors collectively own at the €750,000 objective — and how does the €500k / €250k figure in the pitch text reconcile with that objective?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What share class will we hold, and does any class have the right to be paid back first if the company is sold (a "liquidation preference")? If so: how much, and how is what remains split between classes?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Will we hold shares directly or through a pooled holding vehicle (the French registry shows a "SOWEFUNDED BLUMANA" entity)? Who votes that vehicle’s shares, and what fees apply?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Do crowd investors get the right to join future rounds ("pre-emption"), and do any existing investors hold protection against dilution ("anti-dilution")?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What majority can force everyone to sell ("drag-along"), can we join a founders’ sale on the same terms ("tag-along"), and is there any lock-up?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Of the €200k annual recurring revenue in April 2026, how much is annual contracts versus paid pilots — and how do you count pilots in ARR?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How many of the 12 paying pilots have converted to annual contracts so far, at what average value, and how many lapsed?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What are your current monthly burn, cash position, and runway once this round closes?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What are gross churn and net revenue retention to date, even on the small base?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What compute/AI and data costs sit behind the 85% gross margin figure?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Is SIDE Angels investing at the same price and on the same terms as crowd investors, and how much is it committing?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Are founder shares subject to vesting, and what is the role of the BLUMANA INVEST holding company (created June 2026) in the ownership structure?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">When do you expect to raise again, at what size — and how much dilution do you model for this round’s investors by exit?</span></span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 What you own</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would own shares in BLUMANA SAS — the listing’s FAQ says investors "become a shareholder alongside the founders and the lead investor, SIDE Angels", with the right to information about the company, participation in shareholder meetings, and annual financial reports. The pack does not say which class of shares, whether you hold them directly or through a pooled vehicle set up for the campaign (the French registry shows a "SOWEFUNDED BLUMANA" entity, which suggests pooling is likely), or how a sale of the company would be divided between share classes. The investment carries French tax-scheme labels (PEA eligibility, 150-0 B Ter, JEI). Full mechanics — and exactly what to verify in the legal documents — 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> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Team capability</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The pack itself contains no team information — the "Teams" section header is empty — so everything here comes from public sources gathered in Step 1. The founders are Maxime Dupuy (co-CEO; previously a project manager at Viva Technology; SKEMA Business School, 2018–2022), Alain Nguyen (co-CEO; registered as director general under his legal name), and Paul Leveau (CTO), working from Station F since 2024. The company’s site lists an advisory board including Nicolas Lombard (co-founder of JobTeaser), Olivier Rozenkranc (ex-Business Objects), and former L’Oréal, Canal+, SFR and SNCF Connect-linked executives.</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">Complete founding trio (commercial + technical) confirmed in the French registry and press.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Advisory board publicly listed, with directly relevant B2C-brand and enterprise-software backgrounds — the JobTeaser co-founder claim in the listing checks out.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The team demonstrably signed L’Oréal, Air France and other demanding accounts within months (company-reported, consistent with the confirmed client-facing narrative).</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">Founders are early-career; no prior exits or previous venture rounds were found in public sources.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team size, full-time status and key-person dependencies are not in the pack we reviewed — asked in the questions section.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Advisor involvement depth (hours, equity, formal roles) is not stated anywhere we could see.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Product-market fit</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports 12 major brands signed to paid pilots in six months (about three per month) in a market where sales cycles often exceed six months, and documents one account in detail: L’Oréal went from a €10k proof-of-concept (October 2025) to a €20k second proof (December 2025) to an €80k/year contract (February 2026), with a stated potential of €300k–€500k across the group. Retention is described qualitatively ("high switching costs", "strong natural retention") without figures.</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">Paying pilots — not free trials — at some of the most demanding accounts in French B2C (company-reported, with named clients).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">One fully dated expansion sequence (L’Oréal) showing willingness to pay rising 8x in five months.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector diversity across beauty, travel, garden retail and automotive suggests the need is not one-vertical.</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 churn, retention or usage figures — the "strong retention" claim is unnumbered.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pilot-to-annual-contract conversion is disclosed for one account only.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent confirmation of the client relationships was not found in press or client announcements; the names appear on company-controlled surfaces.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Traction & growth</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports €200k in annual recurring revenue in April 2026, reached in six months of the current commercial push, plus €500k of revenue in active discussion, and targets €1M by April 2027. These are point-in-time company figures without a monthly series. They are internally coherent: twelve pilots at the disclosed €10k–€80k range multiply out to the reported total. Public press shows a predecessor feedback-analysis product launched mid-2024, so the six-month clock refers to the current product line, not the company’s age.</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">€200k ARR within six months is a fast commercial start for enterprise software with 5–10 month sales cycles (company-reported).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Reported pipeline (€500k) is 2.5x current revenue, and the growth target (5x in 12 months) has a stated acquisition rate behind it (~3 clients/month).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The disclosed numbers cohere — clients × contract values ≈ reported revenue.</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">Single-snapshot disclosure: no month-by-month revenue series, and no split between pilot fees and annual contracts inside the €200k.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The "in less than a year" framing sits alongside a company incorporated in November 2023 with an earlier product — the listing does not explain the restart, leaving the timeline to be inferred.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The campaign’s own money figures diverge (€500k pitch text vs €750k objective vs €1.55M shown raised on the live site) without reconciliation in the pack.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Market size</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The listing claims $150bn is spent annually on customer knowledge, growing 37% over three years, citing ESOMAR 2025. This broadly matches ESOMAR’s published series: the global insights industry passed US$150bn in 2024 (from ~$118bn three years earlier), heading past $160bn in 2025. That figure covers the entire industry — market research ($56bn), research software ($62bn) and business services ($35bn) — of which an AI consumer-intelligence product addresses a slice; the pack contains no bottom-up sizing of that slice.</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 headline market claim is real and sourced — it survives checking against ESOMAR’s own publications.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Growth direction is confirmed: the industry added roughly $32bn in three years on ESOMAR’s numbers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s target segment (large B2C brands with big research budgets) is where industry spend concentrates.</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">$150bn is the whole industry, not the addressable market for this product — the reachable slice is not sized in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The precise "+37% over 3 years" figure was not found verbatim in the sources we checked (the series supports roughly +30–37%).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No geography split — the company currently sells in France, and the pack does not size the French or European portion.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Business model</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A two-segment subscription business: Enterprise contracts averaging €100k/year (5–10 month sales cycle, sold through trade shows, outbound and referrals) and Mid-Market at €25k/year (2–6 months, inbound-led). Pricing combines a data subscription (€15k–€80k/year by volume) with per-user licences (Creator €1,200/year, Recipient €120/year, Viewer free) — a structure designed so revenue grows as more teams adopt it. The company reports an 85% gross margin as a single headline figure.</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">Detailed, coherent pricing disclosure — rare at this stage — that multiplies out against the reported revenue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Built-in expansion mechanics (more seats, more markets, more data) demonstrated in practice at L’Oréal.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two segments hedge the long Enterprise cycle with a faster Mid-Market motion.</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 85% margin is a single number with no cost breakdown — AI compute and data-acquisition costs, which typically pressure AI-product margins, are not itemised.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No customer-acquisition cost, payback or lifetime-value figures in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Enterprise concentration risk: the flagship account (L’Oréal at €80k) is a large share of the €200k total.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Competition</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company positions itself against expensive one-off consulting studies (~€150k each, per the listing) and dashboard tools that display scores without recommending actions, naming Medallia and Qualtrics among the incumbents. Public record confirms these incumbents exist at scale and are under strain: Medallia was bought for $6.4bn in 2021 and handed to its creditors in April 2026 with roughly $5.1bn of equity wiped out; Qualtrics was taken private at $12.5bn in 2023. The listing names no AI-native competitors.</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 gap it attacks is real and independently documented — incumbent customer-feedback platforms are publicly criticised for showing data rather than driving decisions.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Incumbent distress (Medallia) weakens the strongest legacy competitor while Blumana sells.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Differentiated positioning — per-role AI agents and recommendations rather than dashboards — is concrete, not generic "AI-powered" framing.</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 same public record cuts the other way: buyers repriced this category severely (a $5.1bn equity wipe-out at Medallia), which is relevant to exit appetite.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No AI-native rivals are named in the pack, yet the space (AI insight agents) is one of the most actively founded in current French tech — the competitive map presented is incomplete.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The competitive claims (e.g. incumbents "cannot replicate" the approach) are the company’s own characterisation, without a feature or win/loss comparison.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Technology risk</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The product is built around a proprietary "Knowledge Graph" — a continuously enriched map of products, competitors, personas, geographies and customer-journey stages — with an AI reasoning layer on top, described as beyond what standard text-similarity AI approaches can do. The strongest available evidence that it works is commercial: major brands pay for it. The strongest claims about defensibility, however, rest entirely on the company’s own description; the story that L’Oréal tried for a year to build the same thing internally and failed could not be found in any public source, and no patents are claimed. The company’s site states data is hosted in France with per-client isolation and that SOC 2 / ISO 27001 certifications are in progress.</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">Paying enterprise customers are themselves evidence the technology clears demanding procurement and delivers value.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A data-accumulation moat (each mapped market enriches the graph) is a coherent defensibility thesis for this product category.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Enterprise-grade posture stated publicly: French hosting, client isolation, no training on client data, certifications 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:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The "cannot be replicated" claim and the L’Oréal internal-failure story are unverifiable from public sources — treat them as marketing until evidenced.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No patents or other registered IP are claimed anywhere; defensibility depends on staying ahead operationally.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Security certifications are "in progress", not held — a factor in enterprise sales cycles.</span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">💶 Valuation detail</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">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The listing states "Valuation €2,799,571" without saying whether this is before or after the new money — the basis is not in the pack we reviewed. If it is pre-money, the round at €750k would value the company at ≈€3.55M after.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not derivable — see above; the share count was not given.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Shares (equity) in BLUMANA SAS — class not named in the pack we reviewed. French tax labels: PEA-eligible, 150-0 B Ter, JEI.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Ownership % offered</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not computable from the pack we reviewed — neither price per share nor share count was given. Purely as an illustration: if €2.8M is pre-money and €750k is raised, new investors together would hold about 21%.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not in the pack we reviewed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Carta Q3 2025: median US seed pre-money $16M (post-money ~$24M by Q4), with AI software companies above the broader market (~$19M median; Carta via FutureSight, Jan 2026). CB Insights Q2 2025 (via Pitchwise, 2026): AI seed median deal size $4.6M; typical European seed checks €500k–€2.5M. No comparable funding rounds for AI consumer intelligence at seed in France were found with named valuations. For scale: €2.8M ≈ 14x the reported current ARR of €200k.</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">Valuation fairness (1–5)</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:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5 / 5</span></strong><span style="color:black"> — the stated price sits well below both named benchmark sets found (Carta seed medians; CB Insights/Pitchwise AI-seed and European seed norms). The score reads the price as supported by the benchmarks we could find; confirm the pre/post basis with the company, as an unlabeled valuation figure cannot be fully interpreted.</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">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Lead investor: SIDE Angels (platform-stated; a "SIDE INOVEXUS BLUMANA" shareholding vehicle appears in the French registry). A "SOWEFUNDED BLUMANA" vehicle also appears in the registry, suggesting crowd investors may hold through a pooled entity. A founder-side holding company, BLUMANA INVEST, was created in June 2026 per the registry; its role is not described in the pack.</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:33px"> <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:591px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — All share terms (class, repayment priority, ownership percentage, holding structure), the pre/post basis of the €2.8M valuation, the cap table, financial history, burn and runway, churn, and any team information (the Teams section of the listing is empty) — none are in the pack we reviewed. Each appears as a question 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:33px"> <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:591px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — (a) The pitch text states "Blumana aims to raise €500k in equity, including €250k from Sowefund" while the campaign summary shows an objective of €750,000 with €583,603 already raised — the two coexist unreconciled in one document. (b) "€200k ARR in just 6 months" / "in less than a year" sits alongside a company incorporated in November 2023 with an earlier product launched mid-2024 (RelationClientMag, Sept 2024); the six-month clock evidently refers to the current product, but the pack does not say so.</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:33px"> <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:591px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — No claim was contradicted by a public source. One snapshot divergence recorded: Sowefund’s live index showed €1,547,307 raised (5 Aug 2026) versus €583,603 in the pack — consistent with campaign progress and/or co-investor amounts; both values recorded, unresolved.</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:33px"> <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:591px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — <em>None found in public registries or news searches</em> for BLUMANA SAS (no litigation, insolvency or regulatory action located).</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:33px"> <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:591px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — No prior institutional round was found in public sources; the registry shows only the vehicles connected to the current round and a founder-side holding created in June 2026. There are no prior-round milestone claims in the pack to check.</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:33px"> <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:591px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — €2.8M (basis unlabeled) ≈ 14x reported current ARR; far below Carta’s $16M median US seed pre-money (Q3 2025) and below the range implied by European AI-seed norms (CB Insights via Pitchwise). Comparison recorded from named sources; see Valuation detail.</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> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">What you own — in full</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Shares in BLUMANA SAS. The listing’s FAQ grants information rights, participation in shareholder meetings, and annual financial reports, and says Sowefund monitors the investment and provides regular updates. The share class is not named, and the pack does not say whether you hold shares directly or through a pooled holding vehicle (a "nominee" or "SPV") — the French registry’s "SOWEFUNDED BLUMANA" entity suggests a pooled vehicle is likely, which usually means one entity votes on behalf of all crowd investors. How a decision to sell the company would be made, and by what majority, is not in the pack we reviewed.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Dilution — how your share can shrink</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">When a company raises money again, it creates new shares, and every existing investor’s percentage shrinks unless they invest again. The pack contains no explicit statement about the next round, but the company’s growth plan implies further fundraising. Whether crowd investors have the right to join future rounds ("pre-emption"), and whether any existing investor holds protection against dilution ("anti-dilution"), is not in the pack we reviewed. Illustrative example (standard mechanics, not this company’s disclosed numbers): if you owned 1% after this round and the company later raised a round that created 25% new shares, your stake would become 0.75% — and the exit value needed for your 10x would rise by a third.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">If the company is sold or wound down</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The standard order: lenders are paid first, then any shareholders with a right to be repaid before others (a "liquidation preference"), then everyone else shares what remains. Whether any class here holds such a priority, and how the remainder is split, is not in the pack we reviewed — this is the single most important thing to verify in the legal documents, because a bad split can cap a small investor’s return regardless of how well the company does. Also not in the pack: whether a majority can force all shareholders to sell ("drag-along") and at what threshold, whether small investors can join a founders’ sale on the same terms ("tag-along"), and any lock-up. There is no organised way to sell these shares early; Sowefund’s public model takes a commission on the gain when investors eventually sell.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Terms not in the pack we reviewed</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">These exist in the shareholder documents and could have been disclosed — a genuine gap, unlike operating figures. Each also appears as a question in the questions section.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pre-money and post-money valuation, and the methodology behind the €2,799,571 figure</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The cap table — who owns what before and after this round, including the BLUMANA INVEST holding</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Employee share pool size, and whether it grows before the next round</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution protection, and which classes hold it</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Rights of crowdfund investors to join future rounds (pre-emption)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder share vesting and what happens if a founder leaves</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation preference, surplus split, drag-along threshold, tag-along, lock-up</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Reporting frequency and form beyond "annual reports and regular updates"</span></span></li> </ul> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ This is not investment advice. </span></strong><span style="color:black">The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.<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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Sågfond FR
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EUR 1000
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EUR 140,0M
