Sereema 3 — 8.0%/an · 60 mois

Plateforme · 23.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF currently valid, fonds propres-2022-2 licence verified
Maximum score

A2 · Track Record 6.0/6✓ max

Default rate 0.00% → 6/6
Delay rate 0.32% (<5%) → 6/6
Average realised return 7.95% compliant with announced renewable energy range (5-9%) → 6/6
A2 = (6×0.5 + 6×0.3 + 6×0.2) = 6/6

A3 · Rigueur de sélection 3.0/4bon

Documented selection process (published risk score 2/5, internal committee), but overall selection rate not explicitly published
Leading renewable energy platform in France since 2014, 537 projects financed

A4 · Santé financière 3.0/4bon

Independent profitable platform (net income approximately 600K€ 2022), more than 10 years in existence, 30-50 employees, consistent growth
Acquisition of Lumo end of 2025
No listed institutional shareholder → 3 points vs 4 points for group subsidiary

A5 · Protection investisseurs 3.0/3✓ max

agrément AMF licence → reflection period 4 days plus mandatory continuity plan (1 point)
Segregated accounts required by agrément AMF status (1 point)
Enerdeal secondary market operational since 2023 (1 point)

Projet · 18.0/75 (31.0 brut, red flags −13)

B1 · Instrument & Structure 4.0/10faible

B1.1: 2/5 - obligation convertible without real security, junior/pari passu ranking with bank debt

B1.2: 2/3 - Direct borrowing by issuer, clear French law, no société dédiée (SPV)

B1.3: 0/2 - Explicitly subordinated or pari passu with bank debt, unsecured ranking

B2 · Opérateur & Track record 8.0/15

B2.1: 4/4 - Jérôme Imbert CEO appointed, legal representative identified

B2.2: 2/5 - Tech energy SME >5 years, revenue in decline, no NBFI

B2.3: 2/3 - 2 previous OCAs on Enerfip including one repaid

B2.4: 0/3 - Net debt to equity ratio 496%, negative equity in 2022/2024, very tight financial situation

B3 · Garanties & Sûretés 2.0/15faible

B3.1: 0/9 - No documented security (explicit mention 'None')

B3.2: 0/4 - No guarantor

B3.3: 0/2 - No banking partner mentioned

B4 · Structure financière 4.0/15faible

B4.1: 2/5 - Estimated taux de couverture de la dette: EBITDA 299K€ / approximate debt service, visible tension, taux de couverture de la dette ~1.0-1.5

B4.2: 0/4 - No operator equity contribution specified (N/A in file)

B4.3: 0/4 - No stress test, revenue in decline (-28% in 2 years)

B4.4: 2/2 - Positive EBITDA 299K€, EBITDA margin ~37%, activity stabilising

B5 · Pré-commercialisation 6.0/10

SME-NBFI: active client portfolio, documented recurring SaaS activity, partial history >5 years
Revenue in decline but existing client base
Limited portfolio data → 6/10

B6 · Permis & Maturité 5.0/5✓ max

SME-NBFI: established activity >5 years (registration 2015), SA with revenue, all legal documents in order, valid software licences
Maximum score for legal maturity

B7 · Marché & Localisation 2.0/3

RES optimisation software market in structural growth (energy transition)
Possible increased competition but sustained sector demand
Established market but competition risk → 2/3

Points forts

✓Two previous OCA issuances on Enerfip, one of which repaid at maturity.

✓Positive and growing EBITDA (103K€ → 364K€ → 299K€), recurring SaaS activity.

✓CEO identified and legally responsible documented.

✓Enerfip platform licenced PSFP, excellent RES reputation.

✓RES optimisation market driven by energy transition.

Risques identifiés

!No security of any kind - total loss if default uncompensated.

!Net debt to equity ratio of 496% in 2024 - company in quasi-negative equity situation.

!Revenue in decline of -30% over 2 years (1 146 K€ → 808 K€) - commercial viability uncertain.

!Convertible OCA without real security: investors become minority shareholders in case of default.

!No banking partner or operator equity contribution documented for this project.

⚠ Avertissement sur les risques

Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.