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Price per bond
€250.00
Duration
3 years
Equity offered
Base interest rate p.a.
Invested
€2,100,000
Legal warning: The acquisition of this financial instrument is associated with considerable risks and may lead to the complete loss of the invested assets.

Investments can be placed up to MEUR 2.1. The maximal funding amount that will be accepted by Invesdor is EUR 1,999,750. In case of oversubscription, Invesdor will decide on the allocation of the Bonds.

Christopher Grätz. CEO Invesdor Group

„We want to ease the way for making investing more accessible for everybody. As the European crowdfunding platform, we offer investors attractive investment opportunities from interesting companies. In doing so we contribute to transforming Europe's economy."

Christopher Grätz. CEO Invesdor Group

Key investment highlights

533 funded projects, over €330 million of brokered capital, 127,000 registered users and 3 locations in Berlin, Vienna and Helsinki

Successfully active on the market for 10 years

Consolidation of 3 crowdfunding platform pioneers: Kapilendo (Germany), Finnest (Austria) and Invesdor (Finland)

One of Europe's leading crowdfunding platforms

Investment information

Investing start:
06/07/2022
Investing end:
09/07/2022
Type:
Convertible Bond
Invested:
€2,100,000
Price per bond :
€250.00
Min offer:
1 Unit
Duration:
3 years
Discount at conversion:
20.00 %
Base interest rate p.a.:
8.00 % p.a., yearly
Maturity date:
31/07/2025
ISIN:
DE000A30VSF9
WKN:
A30VSF
Offered in:
DE, AT, FI
Broker:
Invesdor GE GmbH

Overview

Brief profile

Welcome to the European Union: tax-free trade, free work and travel - the Eurozone represents both unity and diversity.

Europe's capital market is undergoing great transformations: National laws that differed across borders have been turned into uniform regulations since November 2021, creating a harmonized market and making cross-border investing simple and transparent

    

With over 533 funded projects, more than €330 million in brokered capital, 127,000 registered users and 3 locations in Berlin, Vienna and Helsinki, Invesdor has grown into one of the most experienced crowd-funding platforms during the last 10 years.

With the business combination of three of Europe's largest crowdfunding platforms in 2021 - Kapilendo from Germany, Finnest from Austria and Invesdor from Finland - we have taken the next step towards European expansion. This puts us in an ideal position to shape this new and decentralized capital market in a sustainable way together with our investors.

We are a real FinTech company in which financial market experts work closely with our internal development team. This synergy enables pioneering work in the field of finance-technology and has allowed us to be one of the first companies to offer tokenized securities on our platform.

We are also a pioneer in the regulation department and are one of the first platforms in the process of procuring the new European Crowdfunding Service Provider Lisence (ECSP). This allows us to already begin shaping future standards today.

Key facts about us

Company: Invesdor INV AG 
CEO:

Christopher Grätz

Address:

Joachimsthaler Str. 30
10719 Berlin 
Germany

Salomonkatu 17 A 
00100 Helsinki
Finland

Schleifmühlgasse 6-8
Top 815, A-1040 Wien
Austria

Registry court: Local Court Charlottenburg
Register entry: HRB 165539 B
Founding year (Group): 2012
Business segment: Finanzdienstleistung (Crowdfunding)
Number of employees: 40
Number of locations: 3
Website: www.invesdor.de
www.invesdor.at
www.invesdor.fi
www.invesdor.com
Facebook: www.facebook.com/invesdor
DACH
www.facebook.com/invesdor
N
ORDICS

From FinTech to Europe's largest crowdfunding platform

Invesdor was founded in 2012 in Helsinki and quickly began offering projects in Finland. Three years later, Finnest GmbH and Kapilendo AG were founded in Vienna and Berlin and quickly established themselves as leading crowdfunding platforms in their respective markets. These three complete the Invesdor Group.

History

In 2016 we were already active in 6 countries and funded the Falkensteiner Hotel & Residencies for the first time. Over the course of several funding rounds, Falkensteiner has funded more than €27 million through the Invesdor crowd to date, making it one of the biggest crowdfunding success stories in Europe. In 2017, we financed €2.5 million in less than ten minutes for the Berlin Bundesliga club Hertha BSC. This set a new European crowdfunding record. With Biogena's IPO in 2019, we continued to build on our successful listing history. Today, we are one of the largest investment and funding platforms in Europe with over 127,000 users who have invested more than €330 million in European companies. 

10 years of Invesdor - the highlights 

10 years of Invesdor - the highlights

We have been funding companies for 10 years, and we are good at it. A large number of successful exits and long-term partnerships with our financed customers underline the intrinsic value of our business model and form the basis for further growth. With the successful consolidation of the three brands Invesdor, Kapilendo and Finnest last year, we laid the foundation for further expansion into new countries’ markets. 

Three of our most successful projects

Over the years, we have offered our investors diverse and exciting investment opportunities, both as fixed-income loans and equity. Strong returns, high exit proceeds and over €19 million in paid out interest are very positive indicators and have allowed our crowd to continue to grow steadily. 

Biogena - 15 successful rounds. Stock exchange listing in 2020

L'Osteria 24% success interest and early repayment

Friends & BRGRS - 22.5 % return within 4 years

Our development in numbers

Over the past 10 years both the number of users and the total volume funded have grown exponentially. Now, 127,981 users have placed their trust into us, and have already invested over €331.8 million in projects offered on the Invesdor platform.

Number of users

User numbers: Development 2012 - 2022

Funding volume

Financing volume: Development 2012 - 2022

Awards

Awarded as overall winner of the German crowdinvesting platforms 2022

Awarded as overall winner of the German crowdinvesting platforms

Awarded as Top Innovator 2021

Honoured as a Top Innovator 2019, 2020, 2021

4.7 star rating: rated by verified companies & investors

This is what our investors have to say

Our top priority is to provide investors with interesting investment opportunities and to provide a user-friendly platform where they can easily invest. To be certain we succeed in this, we are in continuous exchange with investors and interested parties in order to understand how we can improve the user experience.

Investors rate Invesdor with 4.6 stars on eKomi

Investors rate Invesdor with 4.6 stars on eKomi

As of 28.06.2022

Our customers’ opinions are important to us. On the rating platform eKomi, we have an average rating of 4.6 out of 5 stars from our investors. We would like to take this opportunity to thank you once again for your trust.

What the companies we have funded have to say

Evobeam Logo

"Our technology is experiencing a period of very high demand. However, the production of ever larger machines is tying up more and more capital in production. Here, Invesdor served as a good and unbureaucratic addition to our existing financing by banks. The professional preparation of the funding campaign by Invesdor has ensured a very rapid provision of the required investment capital."

Alexander Weil. Founder and CEO of Evobeam GmbH
Alexander Weil
Founder and CEO of Evobeam GmbH

NEOH Logo

"NEOH's goal is to revolutionize the global confectionery market with its sugar-free chocolate snacks. With our issue of shares on Invesdor, we were able to take our first step into Scandinavia and win over Finnish investors. With real shares, the crowd  can participate in our success directly and becomes a part of our story."

Manuel Zeller. CEO NEOH by Alpha Republic GmbH
Manuel Zeller
CEO NEOH by Alpha Republic GmbH
Peter Kienke. CEO of UNION Instruments GmbH
Peter Kienke
CEO of UNION Instruments GmbH

Union Instruments logo

„Invesdor carried out the project quickly and professionally. Initiation and planning were very well structured, the creation of the video was uncomplicated, the clarification of points we were unclear on was carried out purposefully and professionally. There are few business processes in our daily line of work that are so focused. I was very impressed by the professionalism and commitment of the employees in both fundings."

Business model

FinTech - this term stands for technologically advanced financial innovations. New technology is enabling the innovation of financial services, particularly in customer-oriented services. That's what we stand for!

FIN: Our experts from the traditional financial sector work closely with our legal department which specialises in crowdfunding. Together they are helping develop the future of the European crowdfunding market in close cooperation with lawmakers.

TECH: And this is done hand in hand with the eight-member international IT team, who are quickly able to transform long-term regulatory requirements into a technologically user-friendly experience. Extensive know-how and a detailed conceptual understanding, which the market continues to demand, have led to product innovations and numerous innovation awards, which are independent of external service providers.

Wide range of products appeal to different customer groups and increase sales

Wide range of products appeal to different customer groups and increase sales

Invesdor already stands for cross-border investing in Europe. We have the necessary licences to broker crowdfunding in all three country markets and are already well advanced in the process of applying for the ECSP licence.

Through targeted data analysis, specific surveys and close exchange with investors and companies, we always keep an ear to the market. This makes us one of the few platforms that offer financing products for the entire life cycle of companies - from equity to debt. This allows us to address a broad range of clients and meet the needs of different types of investors and entrepreneurs.

Investors can invest in early-stage growth companies and participate directly in the company's success, e.g. through shares or convertible bonds. Investors who prefer to invest their money in medium-sized companies and products with fixed interest rates and maturities will also find what they are looking for. To date, almost 20 million euros in earnings have been paid out to our investors. 

With Invesdor, the investment is 100% free of charge for investors. Depending on the maturity of the company, the funded amount and the terms and conditions, companies pay a one-off brokerage fee.

Targeted marketing and partnerships increase international awareness & number of users

Targeted marketing and partnerships increase international awareness & number of users

Even before joining forces, Kapilendo, Finnest and Invesdor were leading brands in crowdinvesting in their home markets. Being united, we continue to rely on the recipes for success in marketing, such as long-term customer relationships. Our customer service is regularly awarded top marks.

Our in-depth know-how, 10 years in business and genuine product innovations (such as offering the 1st digital security for a medium-sized company) have made us internationally renowned. We are invited to speak at panels and congresses and are highlighted in press articles. This also increases Invesdor's visibility and brand awareness across Europe outside of funding rounds. Our websites attract around 60,000 visitors a month and our magazine alone reaches around 12,000 people monthly.

With offices in three different countries, we are close to the markets and understand national as well as international interests, topics and trends. This allows us to reach people and companies in a more targeted way than it would be possible from just one location.

High customer satisfaction among investors and companies reduces acquisition costs

High customer satisfaction among investors and companies reduces acquisition costs

Over the past ten years, we have built a strong and loyal customer base on both the investor and entrepreneur side and have become one of Europe's largest crowdfunding platforms. The high level of customer satisfaction among investors and entrepreneurs leads to frequent referrals, steadily growing demand and increasing funding amounts.

Since most companies approach us directly we reduce acquisition costs. On average we receive 3,966 enquiries per year via our digital enquiry channels.

About a third of the companies launch at least a second funding round on the platform. Some companies have established crowdfunding as a fixed component in their financing mix and have already been funded more than ten times via the platform. Thanks to the broad range of financing options that fit every company phase, we are the ideal long-term partner for businesses.

On average existing investors fund two thirds of a project’s total investment sum. Due to the high level of customer loyalty, existing customers do not incur renewed acquisition costs even when funding amounts increase. In the first half of 2022 alone, over €20 million have already been invested with us.

International consolidation lead to economies of scale

International consolidation lead to economies of scale

The complete consolidation of processes and techology on three platforms lead to synergy effects. At all three locations we work with the same software solutions and standardise and unify processes. Our specialists, such as the legal or IT experts, work across countries. This allows us to further increase turnover and significantly reduce costs. We will continue to pursue this growth approach in the future.

We plan to grow further by merging with other well-known crowdinvesting platforms in order to benefit from synergies. The fully self-developed platform is already multilingual and covers the entire product spectrum from equity to debt capital.

Through the harmonisation of the regulatory framework, we can connect further platforms in Europe "plug-and-play" without external dependencies and long waiting times. With our technical know-how and the ECSP licence, we have created the foundation to expand scalably into further countries and to offer an attractive range of products to investors from all over Europe.

Our sustainability approach

It is important to us that investors can make their investment decision based on various factors. Hard facts such as financial figures are just as important as soft factors. For us, this includes the topic of sustainability. For investors to better assess how sustainable a company's business model is and what impact it has on the environment and society, we have set up a working group made up of members of different departments, to continuously work on the topic of sustainability.

The special unit deals with current developments in the field of sustainability and evaluates ways to make an investment’s level of sustainability transparent. The aim is to support the United Nations Sustainable Development Goals (SDGs) and serve as a guideline.

Management

  

Christopher Grätz, CEO Invesdor Group

Christopher Grätz

CEO Invesdor Group

Christopher Grätz is the head of the group and represents Invesdor like no other. He is responsible for Investor and Client Management, Marketing, Technology and Investor Relations. Before founding Invesdor (formerly Kapilendo), Christopher Grätz worked as a management consultant for KPMG AG in the field of Strategy & Operations – Financial Services and advised major German and international banks as well as DAX-30 industrial companies. Among other things, he had a heavy focus on providing regulatory advice for bank start-up projects. Christopher Grätz holds a master's degree from the University of St Andrews and is a trained banker.

  

Günther Lindenlaub, CCMO Invesdor Group

Günther Lindenlaub

CCMO Invesdor Group

Günther Lindenlaub is the CCMO and in this role responsible for sales and company analysis. Therefore he is a familiar face for our entrepreneurial customers. Before founding Invesdor (formerly Finnest), Günther Lindenlaub worked in the international banking business in the areas of corporate, project and trade finance for over 20 years. Most recently, he was responsible for the group-wide bonding, credit market and securitisation business at Raiffeisen Bank International AG. He holds a master's degree in commercial sciences from the Vienna University of Economics and Business.

  

Kaius Löfgren, Head of Sales, Nordics

Kaius Löfgren

Head of Sales, Nordics

Kaius Löfgren is Head of Sales, Nordics and based in our Helsinki office. He has a degree in Economics and majored in Law and Economics. He has a long and diverse career in business. In addition to his working experience in finance he was also an entrepreneur, shareholder and advisor in Finland and internationally, as far as Australia. By bringing all those perspectives to Invesdor he has a deep understanding of the issues companies face when it comes to finding funding and the right investors for their business. This knowledge helps him to find the right solution from our financing portfolio.

Company structure

You will be investing directly into the parent company Invesdor INV AG. Invesdor GmbH and Invesdor Oy are complete subsidiaries and are used to process business in the Austrian and Finnish markets. Additionally, there are other subsidiaries that are used for the operational processing of the funding business due to regulatory requirements, however, they do not generate their own revenues or costs.

Distribution of company shares

Distribution of company shares

Comvest Holding AG has been a shareholder since the very beginning - CEO Christopher Grätz is also involved in this company. The idea of a crowdfunding platform originally arose from the wishes of wealthy asset management clients at Comvest Holding. They increasingly expressed their desire to invest directly in companies – without complicated fund vehicles. 

Some of these customers were so intruiged by the idea from the very start that they immediately invested in the newly founded company as a business angel and, in addition to their capital, contributed expertise on the financial market, the founding of the company and the technical set-up.

Shortly thereafter, the renowned tech investor, FinLab AG, took a stake and added Invesdor to its portfolio. The incubator also supports the group with strategic and technical topics in the form of events and workshops and successfully networks Invesdor with other FinTech companies to allow for a joint exchange.

The largest institutional investor was won with the pension fund of the Versorgungswerk der Zahnärztekammer Berlin K.d.ö.R. (VZB). The VZB has significantly advanced the development of Invesdor and is supporting further growth. As an experienced FinTech investor, VZB also holds an expert position on the Supervisory Board of the Invesdor Group. 

Invesdor Services SPV2 Oy brings together a large number of renowned institutional investors and business angels from Finland, crowd investors from former Invesdor Oy rounds and key employees of the Invesdor Group. With Pekka Mäki (Managing Partner at 3TS Capital Partners) and Risto Yli-Tainio (CFO and Partner at Nexit Ventures), two Finnish venture and financial experts are represented on the Supervisory Board of the Invesdor Group.

Topics of focus and use of funds


 

Implementation of the European license

Implementation of the European license

  • As a provider operating internationally with locations in 3 different countries, we already have the most important licenses in order to offer crowdfunding investment opportunities. With the acquisition of the European license (ECSP), the road to Europe-wide expansion will be further paved and will be the basis for growth in the European market. Our legal experts have been heavily involved in the entire ECSP process since its start and are in close contact with the supervisory authority.

  • With the crowd’s funds, our financing and investment products are to be expanded by the possibilities Europe provides and the investment process for investors is to be optimized.

European expansion through integration of further crowdfunding platforms

European expansion through integration of further crowdfunding platforms

  • In addition to organic growth in our core markets, our main growth driver is our expansion into other European countries’ markets. This enables growth on both the supply and demand sides. Synergy effects also lead to lower expenses and an increased contribution margin for the entire Invesdor group.

  • For this reason, we aim to integrate one to two more European crowdfunding platforms in the next 24 months. The focus is on BENELUX and Scandinavia. Part of the costs of business combination for the technical platform integration and the legal set-up will be financed from the funds of this round.

Development of further asset classes & secondary marketability

Development of further asset classes & secondary marketability

  • Diversification is an important topic for us. To offer our investors even broader investment opportunities in the future, for example in the field of sustainability and renewable energy, the development of new asset classes is an important milestone on our way to becoming Europe's leading crowdfunding platform. Additionally, we would only like to structure fully-fledged securities in the future in order to increase secondary marketability and tradability for our investors.

  • Part of the funded sum will therefore flow into the further development and technical implementation of both areas we would like to grow.

Use of funds

Minimum scenario

Minimum scenario

up to €500,000

  • €200,000: complete implementation of the European license and optimisation and harmonisation of investment products and processes
  • €300,000: investment in organic growth

Middle scenario

Middle scenario

up to €1,250,000

  • €200,000: complete implementation of the European license and optimisation and harmonisation of investment products and processes
  • €300,000: investment in organic growth
  • €500,000: European expansion through integration of another crowdfunding platform
  • €250,000: expansion through the development of further asset classes and expansion of secondary marketability
     

Maximum scenario

Maximum scenario

up to €2,000,000

  • €200,000: complete implementation of the European license and optimisation and harmonisation of investment products and processes
  • €550,000: investment in organic growth
  • €1,000,000: European expansion through integration of integration of two more crowdfunding platforms
  • €250,000: expansion through the development of further asset classes and expansion of secondary marketability

Market

Market

Christopher Grätz and Günther Lindenlaub in conversation about the market assessment

In order to give you an idea of the market, we interviewed our two board members, Christopher Grätz and Günther Lindenlaub. Here you can read about how you can assess the current situation in the market and what the forecasts for growth are. Additionally, you can read about why the ECSP regulation provides a great opportunity, especially for Invesdor.

How would you generally rate the market for alternative forms of funding?

Christopher Grätz: We are in an expanding market. Alternative forms of financing are becoming increasingly important worldwide as well as in Europe. Between 2013 and 2019, the estimated worth of the European market for alternative online funding grew continuously from 1.5 billion US dollars in 2013 to 23.2 billion US dollars in 2019*. 2020 saw a slight decline for the first time since 2013. 

Günther Lindenlaub: The decline in 2020 was due to the COVID-19 pandemic and the associated uncertainty in the markets. Many companies have had to adjust their expansion and investment plans and adapt to a new, unknown market environment. As a result, the European market value (excluding the UK) declined from 2019 to 2020 but was still worth 9.9 billion US dollars in 2020*. Only a few countries’ markets, such as Germany’s (from 1.42 billion US dollars to 1.48 billion US dollars), withstood the trend and continued to grow in 2020. Since, on the one hand, investors' willingness to invest has remained stable and, on the other hand, companies have taken up their investment plans again, it can be assumed that we are entering a stronger phase of growth again. Forecasts predict that we will see an annual rate growth of approximately 8.5%*** across Europe.

Where do you see the crowdfunding market going in the next 12 months?

Christopher Grätz: With the background of growth figures like this and our development to date, we have already been occupied with the strategic idea of internationalisation over the last year. The new ECSP regulation, which has enabled uniform rules for crowdfunding in Europe since November 2021, provided these early thoughts with tailwind. Uniform regulations continue to drive the strong expansion trend forward. Through the unification of the 3 independently successful platforms Kapilendo in Germany, Finnest in Austria and Invesdor in Finland, we are already one of the leading players in Europe. From this position of strength, we want to continue to drive our inorganic growth. The Finnish national market is the second largest market in equity crowdfunding after the UK. This gives us an optimal starting point in this field. For further mergers and acquisitions, we are increasingly looking at the BENELUX and Scandinavian national markets. Standing at ranks 2 and rank 5**, they are amongst the countries with the strongest and thus most attractive markets in continental Europe in terms of the worth of alternative funding (per capita). As we are already operating successfully in the corporate finance asset class, the addition of further investment opportunities in the areas of sustainability and renewable energies is also part of our strategic agenda. Increased investments will and must be made in this area in coming years in order to make Europe energy-independent and to be able to exert a significant influence on the climate crisis. 

With the new ECSP regulation, the expansion is open to all platforms. What advantages do you have over your competitors when it comes to internationalisation?

Christopher Grätz: We have already learned a lot from our first international business unification. Working together across different cultures and leveraging different strengths in the market of each country is an absolute advantage when it comes to further expansion. Additionally, we have already successfully mastered the technical integration of several platforms once and can continue to do so with other platforms in the future according to the plug-and-play principle. So, we are entering this new market phase with a solid foundation and strong ambitions.

Günther Lindenlaub: Through further expansion, we would like to expand our crowd and bring even more companies throughout Europe closer to the possibility of alternative funding. Many companies also currently want to become more sustainable, resilient and independent, for example from gas and oil. We are convinced that many people in Europe support this transformation of the European economy and can help shape it through crowdfunding. We expect crowdfunding to become an essential funding component for thousands of innovative and future-oriented companies in coming years and that investors will benefit from the success of these companies, as a result of platforms such as Invesdor. Our product range already allows us to support companies in all phases of their funding cycle – from equity to debt capital to stock exchange listings, we have supported everything and can boast strong experience.

Christopher Grätz: In summary, it can be said that all signs point to expansion. We are determined to make the most of this positive market trend and our unique market position and, as one of the leading crowdfunding platforms in Europe, to actively shape the transformation of the crowdfunding business.

Source: 
*Cambridge Alternative Finance Benchmarks (2021), **Cambridge Alternative Finance Benchmarks (2020), ***Statista Alternative Financing Market Forecast (2021)

Financial figures & growth

If you have any questions regarding the financial figures, please contact us under: service@invesdor.com

All numbers are rounded to the nearest thousand. All numbers are in euros.

ACTUAL ACTUAL/FORECAST
2020 2021 2022 2023 2024 2025
Revenue 2,122,000 2,243,000 2,559,000 3,101,000 5,882,000 10,454,000
Revenue from the platform acquired in 2023 n.a. n.a. n.a. 1,600,000 consolidated consolidated
Revenue from the platform acquired in 2024 n.a. n.a. n.a. n.a. 2,500,000 consolidated
Overall performance 2,480,000 2,585,000 2,664,000 4,701,000 8,382,000 10,454,000
Variable/revenue-dependent costs -291,000 -325,000 -385,000 -527,000 -599,000 -733,000
Gross profit 2,189,000 2,261,000 2,278,000 4,173,000 7,784,000 9,722,000
Other operating income 582,000 n.a. n.a. n.a. n.a. n.a.
Personnel -4,444,000 -3.736,000 -3,000,000 -2,546,000 -3,120,000 -4,560,000
Marketing -472,000 -427,000 -334,000 -324,000 -389,000 -466,000
Infrastructure & IT -422,000 -234,000 -231,000 -349,000 -419,000 -503,000
Other costs -1,399,000 -1,408,000 -1,268,000 -1,037,000 -1,114,000 -1,191,000
thereof one-off transaction/combination-related costs n.a. -221,000 -255,000 -186,000 -150,000 n.a.
Total cost of platform acquired in 2023
(incl. wages, marketing, infrastructure)
n.a. n.a. n.a. -1,300,000 consolidated consolidated
Total cost of platform acquired in 2024
(incl. wages, marketing, infrastructure)
n.a. n.a. n.a. n.a. -1,500,000 consolidated
EBITDA -3,966,000 -3,544,000 -2,555,000 -1,383,000 1,242,000 3,001,000
Adjusted EBITDA
(adjusted for one-time transaction/combination-related costs)
-3,966,000 -3,323,000 -2,300,000 -1,197,000 1,392,000 3,001,000

The annual financial statements published to date are filed in the "Bundesanzeiger".

Explanation of the projected future financial figures

The financial figures shown represent the pro forma consolidated figures of the entire Invesdor Group. The group has been fully consolidated since 2022 and consists of Invesdor Oy from Finland, Invesdor INV AG (formerly Kapilendo AG) from Germany and Invesdor GmbH (formerly Finnest GmbH) from Austria. The figures for 2020 are based on the annual financial statements and the figures for 2021 are based on the preliminary annual financial statements. The values for the following periods are based on forecasts.

Review:

2020:

  • The three companies from Germany, Finland and Austria which currently make up the group, were still operating completely independently.
  • Three regional teams each consisting of every department (including Sales, Marketing, Operations, IT, Finance) operated technically independent crowdfunding platforms with their own brands.
  • Revenue and cost synergies could not be leveraged due to the lack of collaboration
  • Due to the higher economic risk of the companies seeking to be funded, as a result of the COVID19 pandemic, there were tight restrictions on the projects which were offered on each investment platform.
  • The partial redemption of a mediafor-equity loan of Axel Springer Media for Equity GmbH led to an extraordinary operating income [+€582,000].

2021:

  • The companies began to enhance operational cooperation and explored the idea of a full consolidation of all companies under the Invesdor brand.
  • The unification of the IT platforms was analysed in detail and implementation was started in this year.
  • Initial cost synergies were able to be leveraged through the gradual establishment of crossregional teams (including marketing, operations, IT) on the employee side [-€708,000: -16%].
  • Transactionrelated costs for legal and tax advice in relation to a full consolidation of the companies were incurred once [-€221,000].
  • Furthermore, the overall economic situation, as a result of the COVID19 pandemic, only allowed for a restricted expansion of the financing business.

Forecast:

2022*:

  • The corporate consolidation of the current companies which make up the Invesdor Group was completed.
  • Revenue is expected to increase due to crossborder funding campaigns such as Singa, Neoh and Injeq and grew significantly compared to 2020 [+€437.000: +20,56%].
  • Departments were restructured and established in specific locations for the entire European business.
  • Regional sales and customer support teams will remain in place and strengthen our presence in the core markets of Germany, Finland and Austria.
  • Employee costs are expected to be significantly reduced compared to 2020 and the group was positioned more efficiently [€1,444,000: -32.50%].
  • Infrastructure & IT costs will also be significantly reduced due to the unification of technical platforms into one since 2020 [€191,00: -45.26%].
  • We expect the ECSP (European Crowdfunding Service Provider) licence to be granted in 2022.

 2023*:

  • As a result of the ECSP licence, we will be able to offer projects for funding across borders under harmonised conditions and thus in a significantly simplified manner.
  • Due to the expansion of the investor base as well as general crossborder offerings, we are expecting a significant increase in revenue compared to the previous year [+€542,000: 21.18%].
  • By leveraging further synergies and making more efficient and simplified processes, the costs incurred by the current Invesdor Group should be further reduced [€577,000: -11.95%].
  • Based on our leading technological infrastructure and the crossregional set-up we have already implemented; we intend on integrating another platform into the Invesdor Group.
  • We anticipate the addition of €1,600,000 in revenue with an increase in costs of €1,300,000 and expect a direct increase in the contribution margin of €300,000 based on our clear synergies.

 2024*:

  • Revenues and costs of the platform integrated in 2023 are reflected in the presentation of total revenues as well as in the individual cost items on a consolidated basis.
  • Based on the expanded business activities and the addition of further asset classes (e.g. in the area of sustainability and renewable energies), we are assuming a significant revenue increases [+€1,181,000 : +25.13%].
  • We are planning the integration of a further European platform and anticipate a revenue contribution of €2,500,000 as well as further synergies on the cost side.
  • Based on the projected financial figures, breakeven will be reached in 2024, with continued strong investments in organic growth.

2025*:

  • Revenues and costs of the platforms integrated in 2023 and 2024 are reflected in the presentation of total revenue as well as in the individual cost items on a consolidated basis.
  • As a Europewide platform with locations in at least five countries, we expect revenue growth to remain stable [+€2,072,000 : +24.72%].
  • Based on the significantly expanded business activities and major synergies, we plan to achieve an EBITDA of over €3 million [+€3,001,000].

The calculation was based on a participation by the crowd of €2,000,000.

Conversion scenarios for the bond

The outstanding nominal amount of the convertible bonds may be converted into shares of Invesdor INV AG in accordance with the terms and conditions of the convertible bond.

To give you an overview, the possible conversion events are listed below in simplified form.

For all conversion events, the investor receives a 20% discount on the reference new issue price. 

Conversion obligation

The conversion will occur automatically when any of the following events occur: 

The shares of Invesdor INV AG are listed for trading on a stock exchange

Invesdor INV AG carries out a capital increase of at least €3,000,000

Conversion rights

The investor has the right to a conversion if any of the following events occur:

On the maturity date of the convertible bond

Invesdor INV AG carries out a capital increase between €1,000,000 and €3,000,000

Conversion price

The conversion price is based on the conversion event.

Upon conversion, you as the holder of the convertible bond receive a 20 % discount on the then valid share price. In the event of future funding rounds, for example, you will receive your shares at a 20 % discount compared to the regular share purchase price.

Example:

A funding round of €2,000,000 takes place with a share price of €100 per share. First, you decide whether you want to convert the convertible bond into shares. If you decide to convert, you will receive the share for €80 each. In this case, you do not have to invest any new capital, but convert your nominal amount of the convertible bond (with an investment of €8,000 in convertible bonds, you would receive 100 shares in this example).

For the exact determination of the share price, the conditions of the convertible bond apply. 

Issue terms & risks

Issue terms

By investing you accept the terms of this convertible bond (“Convertible Bond” or “Bond”) and adhere to the Terms of Issue of the Convertible Bonds. Below you can find a short summary of some of the key terms.

The Terms of Issue of the Convertible Bonds are appended to this pitch. Please familiarise yourself with the Terms of the Issue and all other information related to the offering and make your investment decision based on the provided information.

Company name: Invesdor INV AG (“Issuer” or “Company”)

Registration: Commercial register of Charlottenburg Local Court under registration number: HRB 165539 B

Domicile: Berlin, Germany

The Company currently has 610 018 registered shares. The Company has one (1) series of shares, and thus all of the shares carry equal rights. The transferee of shares must adhere to a Company’s Minority Shareholders’ Agreement.

Upon a conversion event as described in the Terms of Issue, outstanding Bonds shall be converted, in accordance with the Terms of Issue of the Convertible Bonds, into no-par value registered ordinary shares with a notional interest in the share capital of the Issuer of EUR 1.00. The conversion price per share results from the Terms of Issue.

The bondholders converting their Bonds into the shares of the company will get the shareholder’s rights after the shares are registered into the Trade Register.

The Company is issuing Convertible Bonds with a maximum amount of €1,999,750. The minimum investment is €250, i.e. one (1) bond, á €250 per bond.

The subscription price has to be paid in full to the customer deposit account pointed by Invesdor in accordance with the instructions provided by Invesdor. The subscription payments are accounted to the Company’s bank account after the subscription period has ended and other conditions have been fulfilled.

The subscription period starts on 06.07.2022 and ends on 4.8.2022 at the latest.

In case of oversubscription, the Company will decide on the allocation of the Bonds.

The subscriptions are made by making a subscription on Invesdor’s digital subscription platform and by accepting the applicable terms and conditions. To subscribe, investors must agree to the relevant terms and conditions and provide Invesdor with the requested identification data.

The Bonds shall be issued as crypto securities in single entry and shall be registered in a crypto securities register. The safekeeping of the Bonds will be taken care of by each holder of the Bond in a Digital Safe Deposit Box, thus investors investing in this offering must create a digital wallet to a digital service provided by Kapilendo Custodian AG as described more detailed in the Terms of Issue.  

The Issuer will decide on approval of the subscriptions after the subscription period has ended. The subscriptions can be approved in full, or they can be turned down.

The Company does not have any outstanding options.

The Company does not have any outstanding convertible loans.

These are crypto securities in the form of unsecured, subordinated convertible bonds within the meaning of the German Electronic Securities Act (eWpG), which are equipped with a pre-insolvency enforcement bar. The convertible bonds grant the right to payment of a redemption amount in the event of termination of the convertible bonds by maturity and to annual payment of an interest amount of 8.00% p.a. on the nominal amount of the convertible bond. In the event of the occurrence of conversion events, the convertible bonds grant the right or the obligation to convert into shares of the Issuer. The holders of the convertible bonds do not participate in any losses of the issuer. There is no obligation to make additional contributions. The general issuer risk remains unaffected. The convertible bonds do not constitute a participation in the issuer under company law. In particular, there is no entitlement to information or participation rights or voting rights. The Convertible Bonds will be issued as crypto securities in single entry and registered in a crypto securities register. The issuance of the Convertible Bonds will be effected by the Issuer effecting an entry in the crypto securities register, which will be maintained by Smart Registry GmbH as the registrar. Neither a global certificate nor individual certificates or dividend coupons will be issued in respect of the Convertible Bonds. For the safekeeping of the convertible bonds, investors require a digital safe deposit box (so-called wallet). For the safekeeping of the crypto securities, Kapilendo Custodian AG provides the creditors with a free wallet for self-custody.

The convertible bonds were designed with the aim of offering investors a fixed-interest financial instrument which, in the event of conversion events, also carries the right or obligation to convert into shares of the Issuer.

Interest: The convertible bonds shall bear interest at a fixed rate of 8.0% per annum on their nominal amount from the beginning of the term on 1 August 2022 (inclusive). The interest is payable annually in arrears on the respective interest payment dates on 1 August of each year, for the first time on 1 August 2023. Interest on the convertible bonds shall cease to accrue at the end of the day immediately preceding the day on which they fall due for redemption or, if the conversion right has been exercised or there is an obligation to convert, at the end of the day immediately preceding the last interest payment date prior to the exercise date; if no interest payment date preceded the exercise date, the bonds shall not accrue interest.

Redemption: The Convertible Bonds will be redeemed on 31 July 2025 at their principal amount plus interest accrued on the principal amount to the redemption date (exclusive), unless previously redeemed, converted or repurchased and cancelled or to be converted. The Issuer and/or any of its affiliates shall be entitled to purchase Convertible Notes in the market or otherwise at any time. The repurchased Notes may be held, redeemed or resold.

Ranking: The Convertible Bonds constitute direct, subordinated and unsecured liabilities of the Issuer which contain a pre-insolvency enforcement bar and rank pari passu among themselves. In the event of insolvency proceedings relating to the assets of the Issuer and in the event of liquidation proceedings, the investors hereby subordinate their claims in accordance with sections 19(2) and 39(2) of the German Insolvency Code (Insolvenzordnung) with respect to all current and future claims of the investors under the Convertible Bonds - including claims to profit participation and repayment of the subscribed capital - ("Subordinated Claims") to all claims and claims of all existing and future creditors of the Issuer as defined in section 39(1) nos. 1 to 5 of the German Insolvency Code (Insolvenzordnung). Thus, the investors and their claims shall also be subordinated to claims from shareholder loans, unless a qualified subordination has also been agreed for these. This also applies in the event that the satisfaction of the individual subordinated claims at maturity would not in itself give rise to insolvency, but the payment to all subordinated creditors would give rise to insolvency. The investors bear an entrepreneurial risk of loss without at the same time being granted information and participation rights that would enable them to influence loss-making business activities. The investors bear an entrepreneurial business risk that goes beyond the general risk of insolvency that exists anyway. The Issuer could fully consume the capital invested by the investors as long as there are still assets in excess of the other liabilities and no insolvency is imminent or has occurred without the Issuer having to file for insolvency or even inform the investors of the consumption of the money; in this case, the investors would not receive their money back. The investors are thus in a worse position than equity investors, because the latter regularly have information and decision-making powers that may enable them to prevent the capital provided from being used up completely. The investors undertake not to assert their subordinated claims for as long as and to the extent that the satisfaction of these claims would give rise to a reason for the opening of insolvency proceedings against the assets of the Issuer, i.e. would lead to insolvency of the Issuer within the meaning of section 17 of the German Insolvency Code (Insolvenzordnung) or over-indebtedness of the Issuer within the meaning of section 19 of the German Insolvency Code (Insolvenzordnung) (as amended from time to time) (pre-insolvency enforcement bar). The pre-insolvency enforcement bar and the agreed qualified subordination may lead to a permanent non-fulfilment of the investors' claims under the Convertible Bonds. If the Issuer's poor liquidity or debt situation does not recover, the investors may be prevented from asserting their claims for an unlimited period of time, which means a total loss of the capital invested.

Conversion: The Issuer grants the investors the right ("Conversion Right") to convert the Convertible Bonds into no-par value registered ordinary shares with a notional interest in the Issuer's share capital of EUR 1.00 ("Shares") upon the occurrence of an Optional Conversion Event as defined in the Terms and Conditions during the exercise periods set forth in the Terms and Conditions. In addition to the conversion right, the investors are obliged to convert in the event of one of the mandatory conversion events defined in the Terms and Conditions ("Mandatory Conversion"). The shares issued upon conversion shall be issued at the issue price determined for the various conversion events in accordance with the Terms and Conditions ("Conversion Price"). The lowest amount per share at which the shares may be issued is EUR 16.50 ("Minimum Conversion Price"). The form in which the conversion right must be exercised ("exercise notice") can be found in the terms and conditions of the issue. Upon exercise of the conversion right, only whole shares will be delivered. There is no entitlement to delivery of fractions of shares. The conversion of the convertible bonds into shares of the Issuer will be organised and carried out by the conversion agent. The conversion agent is Smart Registry GmbH as the registrar. The respective regulations on the conversion charges or conversion obligations existing upon the occurrence of certain conversion events as well as on the execution of the respective conversion up to the delivery of the shares can be found in the terms and conditions of the issue.

Provision of shares / dividends: The Shares will be issued out of conditional capital of the Issuer upon completion of the conversion. Shares issued from conditional capital as a result of the conversion shall be entitled to dividends for this and all subsequent financial years of the Issuer from the beginning of the financial year of the Issuer in which the shares are issued. A claim to dividend payment exists only in the event of a resolution on the appropriation of profits by the general meeting.

Accession to the Shareholders' Agreement: Upon conversion of their Convertible Bonds, the Investors will become parties to the Shareholders' Agreement with certain existing shareholders of the Issuer dated 5 July 2022 (the "Shareholders' Agreement"), which is also annexed to the Terms and Conditions. The Shareholders' Agreement restricts certain rights under the Shares by imposing obligations on the investors to assist in the preparation of a possible future IPO of the Issuer and obliging them to sell their Shares if certain conditions are met.

Transfer: The transfer of the convertible bonds shall be effected upon instruction of the transferring investors to enter the respective new creditor of the convertible bond as holder in the crypto securities register.  For an entry in the crypto securities register, the new creditor must be identified in accordance with the terms and conditions of the issue.

Termination: There is no ordinary right of termination for the investors. The Issuer also has no ordinary right of termination during the term. The Issuer and the investors are entitled to extraordinary termination for good cause. Further information on the investors' and the Issuer's right of termination can be found in the Terms and Conditions.

In the event of a conversion, the bondholder undertakes to adhere to the Minority Shareholders’ Agreement (dated 5.7.2022) as a Minority Shareholder, with the Company and its shareholders. The Minority Shareholders’ Agreement is attached to the pitch to be reviewed by the investors, however, it becomes fully binding upon conversion.

The Minority Shareholders’ Agreement include for example, but not limited to:

  • Restrictions on the transfer of the Company’s shares
  • Drag-Along Right
  • Procedures regarding an IPO of the Company

Please familiarise yourself with the attached Minority Shareholders’ Agreement carefully before investing.

The Company has Articles of Association in place. The Articles of Association include a consent clause, which could possibly restrict the transfer of the Company’s shares. The Articles of Association can be found attached to this pitch.

Risks

Various risk factors associated with investing in the company may be significant if realised. Many of the company’s risk factors are part of the nature of its business and are typical for the industry. Each risk may have an essential effect on the company's business, profits, and the potential ability to achieve its financial objectives. The risks associated with the company and the offering can be divided into eight different groups.

  • Uncertainty in the company's core markets in Germany, Finland, and Austria and in the global economy and financial markets may adversely affect the company's business and operating results. 
  • Changes in customer investment patterns may reduce the company's sales and profitability.
  • Changes in asset values may have an impact on investors risk appetite and reduce the company’s ability to finance projects.
  • Failure in marketing may adversely affect the company's customer relationships and product demand. 
  • The company may be unable to implement its expansion strategy and take full or timely advantage of new business opportunities. 
  • The company may raise less capital than planned. This may result in the company not being able to successfully implement its business activities due to a lack of funds.
  • The company is a company in an early corporate phase. The financing of such a young company is associated with specific risks. If a business idea does not assert itself on the market or if the planned business development cannot be implemented as hoped, there is a risk of the company becoming insolvent.
  • The failure of the company to compete effectively with existing and potential new competitors or to respond to changes in the competitive environment may adversely affect the company’s revenue, profitability, and customer loyalty. This competition could intensify significantly if competitors with more capital enter the market.
  • There is a risk that the company will get negative media attention (e.g. in the event of the failure of crowdfunding projects on the Invesdor platform). This may lead to significant declines in sales and losses for the company because there is insufficient demand for the company’s services as a result of the negative media attention.
  • Various other factors such as, in particular, changes in the economic situation combined with planning errors, environmental risks, dependence on key persons and changes in the legal and fiscal framework may have an adverse effect on the business.
     
  • Interruptions and disruptions in the company’s IT, Network, OwnersPortal, or communication systems, as well as possible cyber security breaches, may result in unexpected costs and disruptions in the company’s services.
  • The company is dependent on its management and qualified personnel, and the loss of such personnel could be detrimental to the business. 
  • Failure to recruit and retain qualified personnel may adversely affect the company's business performance. 
  • Increasing the number of staff may harm the company's profitability. 
     
  • Failure to comply with laws, regulations and general social responsibility relating to the company's activities and products may result in sanctions and damage the company's image with its customer groups. 
  • The company may be subject to claims or lawsuits that could harm the company and require management resources. 
  • The company's legal regulatory environment may change, potentially making it more difficult for the company to conduct its business.
     
  • Fluctuations in foreign exchange rates may harm the company's operations. 
  • The company is exposed to changes in interest rates on loans. 
  • The company is exposed to credit and counterparty risks. 
  • The company's financial projections are subject to risks, as forward-looking estimates, targets, and other statements always involve uncertainty.
  • It may not be possible to sell or transfer the securities at the desired time or at all. 
  • The investor may lose some or all of the capital invested. 
  • There may be no return on the investment.
  • If the loan is converted into shares, there is no guarantee of any future dividend to shareholders. 
  • The investor cannot exercise voting rights in the company unless the loan is converted partially or in whole into shares of the company
  • If the loan is converted into shares of the company, the transferability of the company’s shares is limited by a consent clause in the Articles of Association of the company and by an obligation to join the company's Minority Shareholders' Agreement.  
  • The subordinated claims of the investors may only be settled from future annual surpluses of the company, any liquidation surplus or from other free assets remaining after satisfaction of other creditors of the company.
  • The terms and conditions of the issue can be changed during the term of the bond, if the approval required according to the terms and conditions of the issue are given by corresponding majority resolutions of the investors.
  • Upon a conversion, the investors need to adhere to the company’s shareholders’ agreement in which certain rights of the shareholders are regulated.
  • The bonds are not subject to any statutory or voluntary deposit insurance.
  • There is a risk that the company will not have the necessary funds available in the future to meet the interest claims and repayment of the investment amounts.
     
  • The bonds are issued as crypto securities, and therefore there is a risk of attacks against the network or the Stellar Blockchain used. In the worst case, this could lead to the irretrievable loss of the crypto securities.
  • There is a risk that the technical solution to secure the private keys used to hold, store and dispose the crypto securities is faulty and/or particularly vulnerable to possible hacker attacks. As a result, investors may be temporarily or permanently unable to access their crypto securities, which in the worst case could lead to the irretrievable loss of the crypto securities.
     

The risks listed above are not the only risk factors affecting operations of the company. Also other risks and uncertainty factors that the company currently does not identify or currently considers to be irrelevant may have an integral effect on the business operations, business result, and financial standing of the company.

Updates

There are currently no updates available.

New information will be added to this section regularly as funding progresses. To be informed about new updates in a timely manner, subscribe to our newsletter.

FAQ

The following FAQ is designed to provide you with comprehensible answers to the most frequently asked questions. For details, please refer to the applicable bond terms.

Offer details

The minimum investment amount is €250. 

The expiry date on the convertible bond is 31.07.2025, unless it is converted beforehand.

The interest rate is 8.0% p.a. on the amount invested.

The interest will be paid annually on the 01.08.

Ordinarily, there is no right of termination during the term of the convertible bond. An extraordinary termination is only possible in special cases (far-reaching breaches of duty by the investor).

Yes, it is a full security.

Yes, a transfer is technically possible. As the previous owner of the convertible bond, you must inform Invesdor of your intention to sell it.The new owner of the convertible bond must open an account with Invesdor and provide a registered Wallet for transfer (opening one via Invesdor is possible).

A transfer outside the securities register is not permitted.

The investment will take place through Invesdor INV AG (formerly Kapilendo AG) which is the parent company of the entire European group.

No, you do not need a securities account in order to invest. The convertible bonds are stored in a wallet that can be opened directly throughout the investment process. 

If, for example, there is an IPO, a securities account may be required.

Conversion

In the event of a conversion, you will become a shareholder. There are optional conversion events in which you can decide whether or not to convert your shares. Additionally, there are events in which convertible bond owners will be obliged to convert.
Details about these events

Upon conversion, you will become an Invesdor INV AG (formerly Kapilendo AG) shareholder as it is the parent company of the entire European group.

In the case of an optional conversion, you may choose whether you wish to convert the bond into shares. If you decide against converting, you will receive the investment amount ("nominal amount") and accrued interest back at the end of the term provided there is no mandatory conversion event before the end of the term.

In certain scenarios, there is an obligation to convert. (See "Which events lead to mandatory or optional conversion?")

    
There are certain events in which the bonds are converted into stocks. Thus, owners of the convertible bond become shareholders.

These scenarios are divided into optional conversions and mandatory conversions. Investors are informed of these events well in advance.

In the event of a mandatory conversion, the conversion of the convertible bonds into shares is compulsory.

  1. "Mandatory conversion IPO": Over the course of an IPO, shares will be introduced for trading on a stock market. → you will be required to convert into stocks.
  2. "Mandatory conversion funding round II": If a funding round of at least 3 million euros is carried out. → you will be required to convert into stocks.

In the case of an optional conversion, you will receive a conversion right. You will be able to choose whether you want to convert the bond into shares or receive your investment plus accrued interest at the end of the term. Provided that there is no mandatory conversion prior to the end of the term.

  1. "Optional conversion at maturity": At maturity, if the bond has not been repaid and has not been converted. → you can choose if you want to convert it into stocks.
  2. "Optional conversion funding round I": A financing round of at least EUR 1 million will be carried out. → you can decide if you want to convert into stocks.

Depending on what the case may be, there will be a period of time over which Invesdor will inform you of the type of conversion event. Usually, the conversion will take place a few days after notification of the conversion event.

In the case of an optional conversion, you will have to decide on your course of action. During the period over which you may excersize your right to vote, a declaration must be completed, signed and submitted.

The bonds are then converted into shares.

Conversion events are announced in the Federal Gazette. Of course, Invesdor will also inform you directly about conversion events and next steps via the platform / via email.

An IPO ("Initial Public Offering") is the first time that shares of a company are placed on a stock exchange.

Until an IPO is completed, further funding rounds are carried out outside of public trading venues.

Usually, no securities account is required for conversion into shares. For certain conversion events (e.g. in the case of an IPO), a securities account may be required. If this is the case, we will inform you well in advance. 

The conversion price will be determined based on the conversion event. 

As the owner of the convertible bond, you will receive a 20% discount on the share price valid at that time. In the case of future funding rounds for example, you will receive your shares at a 20% discount compared to the regular share purchase

Example: There is a funding round with a share price of €100. You will receive the share for €80 each (with an €8,000 investment in convertible bonds, you would receive 100 shares in this example).

The minimum share price will remain €16.50.

The conversion price will be determined based on the conversion event. 

In the case of an "optional conversion at maturity", you may decide whether you want to convert the bonds into shares. If you opt to convert, you will receive a discount of 20% on the share price, the last funding round carried out or on the share price determined by an externally commissioned auditor (the higher value applies).

The minimum share price will remain €16.50.

Due to the fact that we will be issuing convertible bonds, we have deliberately decided not to perform a company valuation and thus not to set a share price at this point in time.

Due to the fact that we will be issuing convertible bonds, we have deliberately decided not to perform a company valuation and thus not to set a share price at this point in time.

Owners of the convertible bond will receive a 20% discount on the share price valid at the time of conversion. This is determined based on the conversion event. (See "How is the share price determined?")

In order to guarantee the possibility of conversion, we have committed to the maximum conditional capital under stock corporation law. This results in a minimum share price of €16.50 at a minimum, but this is far below today's market price of the shares.

Shares (after conversion)

Upon conversion of the convertible bond, you will receive vinculated registered shares of Invesdor INV AG, which are fully entitled to profit.

Yes, the shares include voting rights. 

Owners of convertible bonds become parties to the shareholders' agreement with the existing main shareholders of Invesdor INV AG by converting their convertible bonds into shares. In order to ensure a smooth IPO or exit/sale of Invesdor INV AG, the shareholders' agreement restricts certain rights from the shares. Thus, obligations are imposed on shareholders to support the preparation of a possible future IPO. Additionally, they are obliged to sell their shares if certain conditions are met. The shareholders' agreement is attached to the terms and conditions of the bond.

The shares are not subject to a securities account. The shares are only subject to the requirement of a securities account in the case of certain conversion events  (e.g. in the case of an IPO).

The shares are generally tradeable. Since the Invesdor Group also includes highly regulated financial service providers, the transfer of the shares requires the approval of Invesdor.

Even if the shares are listed on the stock market or a multilateral trading system, there may be no significant active trading in the shares and thus a sale may be difficult.

Yes, in the event of conversion, you will become a direct shareholder of Invesdor INV AG (formerly Kapilendo AG) which is the parent company of the entire European group.

Yes, usually the shares can be sold. Since the Invesdor Group also includes highly regulated financial service providers, the transfer of the shares requires the approval of Invesdor.

Even if the shares are listed on the stock market or a multilateral trading system, there may be no significant active trading in the shares and thus a sale may be difficult.

Taxes

All payments made by the issuer on the bonds will be made without any deduction or withholding of taxes, duties or fees. This does not apply if a deduction or retention is required by law.