Should the family office invest €20M in Corvatec's Series B round?
- 01Preview onlyHardware gross-margin contradiction
Pitch deck states 42% blended gross margin; Q3 financial model implies 31% at current mix. Unresolved.
Contradiction - 02Preview onlyAnchor customer concentration
Top three utility customers represent 68% of contracted ARR through 2028. Churn scenarios not modelled.
Elevated - 03Preview onlyScope 3 emissions methodology
LCA report references GHG Protocol 2013 boundaries. Investor covenant requires 2023 boundaries.
Requires review
Corvatec Series B
ImpactVest does not recommend investments. Every entry below is a human committee record; the platform preserves it against its evidence.
Contracted anchor revenue, verified emissions reduction, defensible unit economics.
Approve, subject to two conditions: (1) reconciled hardware margin walk; (2) refreshed LCA under GHG Protocol 2023 boundaries. This decision was entered by the human investment committee; ImpactVest does not issue investment recommendations.
- Signed reconciliation of hardware gross margin between pitch materials and Q3 model.
- Refreshed Life-Cycle Assessment under GHG Protocol 2023 boundaries, independent assurance.
- Top-three customer stress test: quarterly ARR review with named monitoring owner.
Any single anchor customer contributes >40% of trailing 12-month ARR.
Linked to condition: Top-three customer stress test
Independent LCA delivered >90 days after committed date.
Linked to condition: Refreshed LCA (2023 boundaries)
Quarterly gross margin deviates >6ppt from reconciled walk.
Linked to condition: Gross-margin reconciliation
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