Ask Capiva Every alert and decision, in one place
Inbox
Direct investments · 25 from the workbook and documents, 11 from the Wisewell graph, 1 from Discover
Needs you
Funds sheet: the TOTAL row leaves out Parkway Fund 2 QP LP, Two Small Fish Fund III, LAUNCH FUND 4
total called (2,467,406) is not the sum of the rows (2,785,520); Incubayt called (870,391) is not the sum of the rows (982,891); total uncalled (1,207,594) is not the sum of the rows (1,289,480); Incubayt uncalled (362,942) is not the sum of the rows (400,442).
Source: 2025_IRR Calculation Investments Incubayt.xlsx · Funds!B12:I12
Summary: reported TVPI 2,484x is company valuation ÷ Incubayt cost
The 'Total Value Expected at Exit' column sums whole-company valuations, so the multiples are not Incubayt's returns. Capiva recomputes TVPI from Incubayt's share of value (column T) and cash received.
Source: 2025_IRR Calculation Investments Incubayt.xlsx · Summary!H25:K34
Bundle SAFE is in Sami Khoureibi's name, not Incubayt's
The signed SAFE names Sami Khoureibi as the Investor. The IRR workbook books the $50,000 as an Incubayt investment. Confirm the holding structure (assignment or EIA) so the position has clear title.
Source: Bundle SAFE Note_Sami.docx.pdf · page 1
Duplay loan (AED 370,000) is not in the IRR workbook
Incubayt lent Duplays Sports Services DMCC AED 370,000 on 2 Sep 2022, extended to 31 Dec 2022. The extension letter states a first-term fee of AED 55,000; the agreement says AED 55,500. Neither the loan nor its repayment appears in the 2025 IRR workbook. A proof of payment dated 5 Feb 2025 is in the folder.
Source: Second Loan Term extension letter of approval 2 November 2022.docx · page 1
Qadi AI: $50,000 of the $200,000 SAFE is still to be paid
Incubayt's transfer log shows $150,000 paid in three tranches and $50,000 remaining. The IRR workbook books the full $200,000 on 28 Jan 2025, so cost and IRR overstate what has been paid.
Source: QADI LTD - Investment.xlsx · Sheet1
Wisewell owes Incubayt a USD 286k shareholder loan that the IRR workbook does not carry
Under the 15 Oct 2023 expense allocation agreement AED 1,049,879.90 (USD 286,070.82) of expenses Incubayt paid is an interest-free loan, repayable within 12 months of breakeven. The workbook carries the convertible note ($1,348,420) but not this receivable.
Source: SHAREHOLDER EXPENSE ALLOCATION AND REPAYMENT AGREEMENT WISEWELL_INCUBAYT 2023.pdf · clause 3.1
Butterfly Social: Incubayt's $40,000 SAFE is still 'Pending' and in Sami Khoreibi's name
The SAFE 2025 tracker lists Sami Khoreibi $40,000 as Pending. The IRR workbook books it as an Incubayt investment paid on 8 Jan 2025.
Source: SAFE BFS.xlsx · Sheet1
Summary: 2024 shows 1 investments, the Startup Investments sheet has 2
Planno, Union Capital Bank
Source: 2025_IRR Calculation Investments Incubayt.xlsx · Summary!C32
Summary: 2025 shows 2 investments, the Startup Investments sheet has 3
Qadi AI, BFS, Bundle
Source: 2025_IRR Calculation Investments Incubayt.xlsx · Summary!C33
AMP SAFE date differs from the IRR workbook
The SAFE (Word draft, file dated 2022.06.08) is dated 6 June 2022; the 2025 IRR workbook books the investment on 13 Nov 2023.
Source: 2022.06.08.Incubayt SAFE.docx · page 1
Imagry: entry date and valuation differ between sources
Admission form signed 16 Mar 2022 (the Aug 2024 tracker also says 16 Mar 2022); the 2025 IRR workbook says 3 Aug 2022. The workbook's valuation at investment is $25.11M while the SAFE cap is $175M.
Source: Admission Form - Incubayt Investment Ltd - Investor.pdf · page 4
Mayple and Lava.ai amounts are swapped in the Aug 2024 tracker
The Carta certificate shows $35,000 paid for Mayple (as in the 2025 IRR workbook). The Aug 2024 portfolio tracker lists Mayple at $25,000 and Lava.ai at $35,000; the 2025 workbook has Lava.ai at $25,000.
Source: Carta - Certificate.pdf · page 4
Sentia second distribution ($5,148.70 for Incubayt) is not in the IRR workbook
The shareholder summary allocates two tranches (15.881% and 4.119%, 20% in total). Incubayt's $125,000 line (held in Sami Khoreibi's name) receives $19,851.30 + $5,148.70 = $25,000. The workbook records only the first $19,851.30, so the realised IRR (-61%) understates the recovery.
Source: Sentia Shareholders Summary.xlsx · Sheet1
hatch & boost: workbook writes the $477,500 off in Oct 2021
Incubayt's own schedule shows 9.55% held at a $5M valuation after the last tranche (5 Oct 2021), and $150k of the original $300k came from Ossama Khoreibi under an EIA. The IRR workbook books the whole $477,500 as Incubayt's and treats it as realised at zero on 5 Oct 2021. Confirm whether it was written off and what Incubayt's net cost is.
Source: Hatch&boost - investment.xlsx · Sheet1
The Waste Lab: workbook dates and cost basis differ from the deal documents
The company's record shows a $150,000 convertible note (Mar 2022) and a $50,000 SAFE (Dec 2022, signed 15 Dec). The 2025 workbook books $150,000 on 16 Mar 2022 and $50,000 on 28 Apr 2022, and adds $400,000 of advisory (sweat) equity to the cost basis, which lowers the reported multiple.
Source: Copy of The Waste Lab_Financial Updates_Oct 2024 (002).xlsx · Investments to date
Wisewell runway at 1.2 months
Burn $57.9k/month (Jan–Apr 2024) against $71.6k cash reported 31 Dec 2023 · indicative
Source: PL Report 2023.xlsx
Wisewell cash balance is older than its P&L
Last cash 31 Dec 2023; P&L runs to 30 Apr 2024. Request a current bank balance to firm up runway.
2 management actions pending at Wisewell
Look for alternative banks to minimize on the bank charges · Move to Virgin mobile/ Du from Etisalat connection (Feb Onwards)
Source: Wisewell - Monthly Financial Report - April 2024.xlsx
2 Wisewell risks have no severity rating
Look for alternative banks to minimize on the bank charges · Move to Virgin mobile/ Du from Etisalat connection (Feb Onwards) · mitigation: Management action pending
Founder–investor overlap flagged: Sebastien Wakim
CEO (former) and holder of 5.0% fully diluted · confirm it is disclosed
Source: Captable Wisewell May 2025.xlsx
Wisewell Holdings Shareholders Agreement 2025 is a draft or undated
Governing law Cayman Islands · 6 clauses located by keyword · obtain the signed, dated version
Source: Wisewell Holdings - Shareholder Agreement_ September 2025.docx · first occurrence of drag_along
3 companies in Discover with no opportunity yet
eJaby, Trust Your Water, Sustainable Future Fund (TTI) · add to the pipeline or pass, so each has a recorded decision
For information
The Waste Lab: $400,000 of advisory shares is counted as invested cost
Sweat equity is added to 'Total Initial Investment', which lowers the multiple; Capiva reports cash cost and advisory equity separately.
Source: 2025_IRR Calculation Investments Incubayt.xlsx · Startup Investments!A15:AA15
Planno: $250,000 of advisory shares is counted as invested cost
Sweat equity is added to 'Total Initial Investment', which lowers the multiple; Capiva reports cash cost and advisory equity separately.
Source: 2025_IRR Calculation Investments Incubayt.xlsx · Startup Investments!A19:AA19
Qadi AI: $420,000 of advisory shares is counted as invested cost
Sweat equity is added to 'Total Initial Investment', which lowers the multiple; Capiva reports cash cost and advisory equity separately.
Source: 2025_IRR Calculation Investments Incubayt.xlsx · Startup Investments!A20:AA20
Capital Union Bank: SPA corrected from 750,000 to 75,000 shares
The 28 Nov 2024 addendum corrects the share count of the 21 Nov 2024 SPA. The workbook books $250,000 (one third of $750,000) on 1 Nov 2024, before the SPA date, under the name 'Union Capital Bank'.
Source: Addendum to Share Purchase Agreement.pdf · page 1
Planno SAFE date differs from the IRR workbook
The signed SAFE's Safe Date is 15 May 2024; the workbook books the investment on 24 Jun 2024 (the file is labelled June 2024).
Source: Planno - SAFE - Incubayt - June 2024.pdf · page 1
ProMedEx: workbook entry date and multiple differ from the documents
Incubayt bought the 150,000 FCH Holdings 4 shares on 18 Jan 2022 (co-investors funded in Feb 2022); the workbook dates Incubayt's $49,950 share 3 Sep 2021. Proceeds were received in Sep 2023: the workbook's $70,406 on $49,950 is 1.41x, while its 'multiple' column says 2x.
Source: Share Transfer Agreement - Incubayt Investments Ltd.pdf · page 1
Butterfly Social 'CAP Table' file is a blank CFI template
Valuation/CAP Table/Capitalization-Table-Template.xlsx holds placeholder investors; there is no real BFS cap table in the Drive.
Source: Capitalization-Table-Template.xlsx · sheet 1
Clara: three different entry dates
VentureSouq's update dates the investment 27 Apr 2019; the EIA with Erik Voldner is dated 11 Sep 2019; the IRR workbook uses 6 Sep 2019.
Source: Clara_EOY2021.pdf · page 1
Orbital Holding Ltd: Incubayt holds 51% but no cost is recorded
The DIFC register shows Incubayt with 5,100,000 of 10,000,000 ordinary shares since 28 Dec 2021. Orbital does not appear in the IRR workbook or the 2024 tracker.
Source: ORBITAL HOLDING LTD - Register of Members.xlsx · Sheet1
Aug 2024 tracker and 2025 workbook disagree on several entries
Mayple $25k vs $35k and Lava.ai $35k vs $25k (swapped); Imagry 16 Mar 2022 vs 3 Aug 2022; Homecare Hub 3 Sep 2021 vs 25 Sep 2021; Pipe 25 Sep 2021 vs 19 Jan 2022; Baraka exit 5 Mar 2022 vs 30 May 2022; Two Small Fish is called 'Fund II' in 2024 and 'Fund III' in 2025.
Source: Portfolio Tracker ALL Investments_20AUG2024.xlsx · Investment Details - Fund Inv
9 due-diligence rows were mis-parsed and left out
They came from a second table in the review workbook; the score still counts them, so its DD completion reads low
Wisewell data room: 744 files indexed
655 read in full · 49 metadata only · 40 empty · 45 duplicates · 17 skipped
Wisewell Capiva score 58.4 · HOLD
Weakest: risk 45.0, financial health 46.3 · as of 31 May 2025
Wisewell Equity Financing 2025 closed
$1.00mm at a $16.0mm valuation · 1 May 2025 · Incubayt Investments Ltd
Source: Captable Wisewell May 2025.xlsx
Not computed for Wisewell: ESG KPI scoring, sourced TAM/SAM/SOM, severity-calibrated risk score
The graph has no source data for these yet