INVESTMENT TERMS
Pre-seed round – €1.5M
Jibe Company BV (Netherlands)
€1.5M
Pre-Seed Round • Jibe Company BV
- Instrument Convertible note or equity
- Pre-money valuation €4M–€6M
- Lead investor Open
- Entity Jibe Company BV (NL)
- EIC Accelerator Application submitted
- RVO Innovation Credit Application submitted
- Grant co-funding Reduces investor dilution
- Contact hans.houf@jibecompany.com
Valuation rationale – three independent methods
The €4M–€6M pre-money range is supported by three independent valuation approaches, each arriving at a consistent conclusion.
Investment to date
€2.4M+EU grant funding received across 3 projects (SPOON, SOSFood, FOODITY) plus Jibe Company BV and Mindrops own R&D investment in platform development.
Cost to rebuild
€4M–€7MEstimated market cost to design, build, and validate an equivalent distributed consent and AI-AML stack from scratch at TRL 7. Includes architecture, engineering, certification, and migration.
Comparable transactions
€5M–€10MEarly-stage RegTech and PrivacyTech seed rounds at comparable TRL, regulatory timing, and EU market positioning. Fenergo, Quantexa, and ComplyAdvantage all raised at multiples of this range.
The €4M–€6M pre-money reflects validated TRL 7 status, €2.4M+ in received EU grants, and a rebuild cost materially exceeding the round size. The valuation is well-supported by all three independent methods.
USE OF FUNDS
How the €1.5M is deployed
Funds are allocated across four workstreams, weighted toward product engineering and pilot activation — the two activities that determine Series A readiness by June 2027.
40%
€600KProduct & Engineering
Core data/AI hardening, FraudShield v1 EU-SaaS build, HMAC tokenisation infrastructure
27%
€400KSales & Pilots
First 2 bank pilot onboarding, Letters of Intent programme, Holland FinTech membership
20%
€300KRegulatory & IP
GDPR / AMLR compliance documentation, patent filings P-O1 to P-O3, DNB InnovationHub engagement
13%
€200KOperations & Legal
ISO 27001 certification, DORA/NIS2 compliance audit, team expansion
18-MONTH ROADMAP
4 Go/No-Go gates · Series A evidence complete by June 2027
7 Work Packages structured around four investor-visible gates, each with a clear deliverable set and an indicative phase budget from the €1.5M raise.
M1-M3 · Foundation
€250K
- › Mindrops co-dev agreement
- › Core data/AI hardening
- › First bank LOI
- › HMAC infrastructure setup
M4-M9 · Build & Integrate
€530K
- › HMAC 50M txn/day milestone
- › FraudShield v1 live
- › Pilot bank integration
- › ISO 27001 certification
M10-M13 · Pilot Live
€380K
- › <25% false positive rate achieved
- › 2nd bank onboarded
- › AMLR pre-compliance report
- › DNB InnovationHub submission
M14-M18 · Scale & Series A
€340K
- › 3 banks operational
- › Series A evidence pack
- › EIC grant disbursement
- › EU market expansion plan
INTELLECTUAL PROPERTY
7 patent candidates — every layer of the stack is defensible
A structured IP portfolio covering distributed consent, tokenisation, AML signal sharing, identity bridging, and regulatory proof generation. Filing plan: €31K–€47K Year 1 • €190K–€310K over 3 years.
P-
01
01
Distributed Consent Layer — zero-knowledge consent state across institutions
without personal data sharing
P-
02
02
HMAC Token Architecture — pseudonymisation tokens enabling AML correlation
without reversible personal identifiers
P-
03
03
Decentralized AML Signal Engine — cross-institution fraud pattern sharing
without raw data transmission
P-
04
04
PDW eIDAS 2.0 Bridge — Personal Data Wallet integration with EUDIW ARF v1.4 for
regulated onboarding
P-
05
05
Privacy-Preserving KYC Graph — KYC network analysis using differential privacy
for GDPR-compliant risk scoring
P-
06
06
Regulatory Proof Engine — automated audit trail generation for GDPR Art. 5
accountability and AMLR reporting
P-
07
07
Consent-Gated Data Lake — tiered data architecture enforcing granular consent
before any analytics query
EU
EIC Accelerator grant eligibility applies to patent filing costs. P-01 through P-03 filed in
Year 1 (estimated €31K–€47K). Full portfolio via EPC style over 3 years.
Competitive moat: Any centralised vendor seeking to retrofit GDPR-compliant AML would require a full architectural rebuild — estimated at 3–5 years and €25M–€45M in re-engineering costs. TrustCircles' distributed architecture cannot be bolted onto a centralised stack. It must be built from scratch, from day one.
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