What EUR 300,000 buys
when the product is already built.
Almost every pre-seed round on earth is a bet on construction. An investor hands over money so that a team can hire, build, and eventually produce a thing that today exists only as a diagram. The risk being priced is build risk: will they finish, will it work, will they still be alive when it does.
Our round is not that, and it should not be priced as if it were. Ten platforms and 65 modules are already in production. 396,529 lines of code, written across 299 days, running on five servers. You can open them in a browser tonight and click through them. Nothing on this page is waiting on an engineering milestone.
What is actually being funded
An honest reading of where the whole estate stands: design and architecture around 100 percent, product build 97 percent, infrastructure and operations 92 percent, content and search foundations 80 percent, distribution 20 percent, user acquisition 8 percent.
Look at that list and the shape of the problem becomes obvious. The bottleneck is not engineering. It never was. The bottleneck is introduction: the world does not know these products exist. That is a fundamentally cheaper problem than building, and a faster one, and it is what the money is for.
Roughly 60 percent of the raise goes to distribution: switching on the five systems that are already built and audited, the content engine, the outbound reach, the syndication, the creator and user loops, plus the physical partner loop with funeral homes and stonemasons, and small paid experiments to find which channels actually convert. Roughly 30 percent is founder and team runway so that the switching-on is somebody's full-time job. Roughly 10 percent is infrastructure, legal and reserve.
Why the price is what it is
EUR 300,000 on a SAFE with a valuation cap of EUR 2,000,000, converting at roughly 15 percent. One number, one instrument, no tranches and no side letters.
The reasoning behind the cap is deliberately unromantic. The independently measured cost of rebuilding this ecosystem from zero is between EUR 1.0 and 2.5 million. The cap sits below that band. In other words, an investor is buying the asset at roughly the cost of the materials, and the growth curve is what comes on top. If the growth never arrives, the thing you own is still a working estate that cost more to build than you paid for it.
The founder has already put in EUR 120,000 of his own money and 299 days of full-time work. There is no earlier investor, no cap table to untangle, no cleanup round.
What the honest risks are
Three, stated plainly, because a deck that lists none is a deck that is hiding them.
Distribution is unproven. The systems exist, but they have not yet been run at volume. Twenty percent complete on distribution means exactly what it says.
Revenue is early. The value in the estate today is real and unrealized. The asset exists; the liquidity does not. Nobody pays it out until something is running.
Key person concentration. One founder built this. That is the reason it exists at all, and it is also the risk. Part of the runway is aimed directly at reducing it.
Who this suits
Family offices with patience and a taste for asymmetric European exposure. Angels who prefer founders who have already shipped over founders who intend to. Small funds who like the arithmetic of buying an asset below replacement cost.
If that sounds like you, the full numbers are in the studio deck, and the founder answers his own WhatsApp.