Club Baltis Yuzu – Projet Yuzu

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

Baltis holds the agrément AMF AMF licence (fonds propres-2023-19), currently valid in the AMF register
Maximum applicable score

A2 · Track Record 3.0/6

Platform statistics partially published
Delay rate >90 days estimated at 15-25% (portfolio majority promotion immobilière, market 2023-2024 under pressure)
No definitive default documented publicly to date
Actual return versus announced return not officially confirmed
Penalty applied for opacity of aggregated data
Score adjusted for caution: default ~0% (4.5pts×0.5=2.25) + estimated delay 15-25% (3pts×0.3=0.90) + return N/C (0pts×0.2=0) = 3.15 → rounded 3/6

A3 · Rigueur de sélection 2.0/4

Baltis mentions a selection process (committee, financial analysis) on its website but does not publish a quantified selection rate
Process described without verifiable quantitative data

A4 · Santé financière 3.0/4bon

Independent platform, operational since 2018, active fundraising in 2024-2025, no platform distress signal identified
No listed institutional shareholder but existence >5 years and operational continuity confirmed

A5 · Protection investisseurs 3.0/3✓ max

agrément AMF AMF licence → 4-day reflection period + mandatory continuity plan (1pt)
Segregated account via third-party payment service provider (Mangopay, 1pt)
No secondary market documented to date but collateral recovery mentioned in terms and conditions (1pt)

Projet · 31.0/75

B1 · Instrument & Structure 3.0/10faible

B1.1: 1/5 - Ordinary shares (equity), subordinated ranking instrument

B1.2: 2/3 - Dedicated société dédiée (SPV) Club Baltis Yuzu, clear French law

B1.3: 0/2 - Equity subordinated to all future debt by construction

B2 · Opérateur & Track record 8.0/15

B2.1: 3/4 - Léo Fichet (CEO) and LUMENA (Chairman) appointed, partially public profiles

B2.2: 3/5 - Startup <4 years old, 350k€ ARR, 33 clients, R&D tax credit validated, JEIR status confirmed, but limited track record

B2.3: 1/3 - First operation on Baltis, reputation not verifiable elsewhere

B2.4: 1/3 - Company created 2022, 2025 financial statements partial (expenses 867k€, probable losses at seed stage)

B3 · Garanties & Sûretés 0.0/15faible

B3.1: 0/9 - Pure equity, no security or personal guarantees (normal for shares)

B3.2: 0/4 - No guarantor

B3.3: 0/2 - No banking partner (not applicable for equity <2M€)

B4 · Structure financière 7.0/15faible

B4.1: 3/5 - 350k€ ARR with 33 clients, taux de couverture de la dette not calculable (no debt), SaaS model gross margin 90%

B4.2: 2/4 - Founder majority holder 52%, own capital committed

B4.3: 1/4 - No documented stress test, early-stage startup at negative cash flow

B4.4: 1/2 - Gross margin 90% but negative EBITDA at seed stage

B5 · Pré-commercialisation 6.0/10

Active portfolio 33 clients (La Poste mentioned), 350k€ ARR, completion rate 93%
Limited diversification, concentration not specified
Partial history <4 years

B6 · Permis & Maturité 5.0/5✓ max

Software activity, JEIR status validated, JEI administrative tax ruling obtained, SAS legal structure in order, all legal documents up to date

B7 · Marché & Localisation 2.0/3

HR Tech market 75Bn€ in strong growth, dynamic HR Tech segment in Europe
High competition but niche for simulation-based assessment little addressed
Solid potential

Points forts

✓JEIR status validated with 50% tax reduction for eligible investors

✓350k€ ARR already reached with 33 clients including La Poste - proven product traction

✓SaaS gross margin 90%, recurring and scalable model documented

✓R&D ratio 60% confirmed by expert accountant statutory auditor

✓PEA-PME eligibility offering additional tax advantage

Risques identifiés

!Nature of operation: capital investment (shares), not a loan. The displayed score was calculated using the debt grid, which scores under B3 real guarantees that a capital investment does not have by construction. This score is therefore structurally penalising and under review with the capital grid (contractual protections, valuation, dilution, exit mechanism).

!Equity instrument (ordinary shares): risk of total loss of capital without guarantee

!Pre-money valuation 3.5M€ without profitable revenues - high entry multiple at seed stage

!5-year exit horizon without intermediate liquidity or secondary market

!Startup <4 years old, negative cash flow, dependence on financing for growth

!Capital concentration (LUMENA chairman): governance risk for minorities