The story looked promising, after all.
It began in 2012, with Bulb in Town, a crowdfunding platform aimed at supporting the growth of merchants.
An authorization from the Financial Markets Authority (AMF) would follow, enabling larger financings, such as those for Moulin de Mourlasse or the Jeannette Biscuit Factory, an iconic Caen company saved by its employees, in part thanks to Bulb in Town, which would become Tudigo in 2017.
A French success story would then be written, echoing the startup nation envisioned by Emmanuel Macron.
In just 14 years, Tudigo would thus help raise over 215 million euros to fund numerous startups and other economic projects.
We find several tourism names that used the company, such as Home Camper, Broke and Abroad or FairMoove. The latter even launched an investment club in partnership with Tudigo.
If Covid served as a springboard, the post-crisis period proved to be much harder for the crowdfunding specialist.
It began in 2012, with Bulb in Town, a crowdfunding platform aimed at supporting the growth of merchants.
An authorization from the Financial Markets Authority (AMF) would follow, enabling larger financings, such as those for Moulin de Mourlasse or the Jeannette Biscuit Factory, an iconic Caen company saved by its employees, in part thanks to Bulb in Town, which would become Tudigo in 2017.
A French success story would then be written, echoing the startup nation envisioned by Emmanuel Macron.
In just 14 years, Tudigo would thus help raise over 215 million euros to fund numerous startups and other economic projects.
We find several tourism names that used the company, such as Home Camper, Broke and Abroad or FairMoove. The latter even launched an investment club in partnership with Tudigo.
If Covid served as a springboard, the post-crisis period proved to be much harder for the crowdfunding specialist.
Tudigo: “Those who explained with assurance that it was necessary to go faster…”
Stéphane Vromman and Alexandre Laing, the founders of Bulb in Town, disagree on governance. The quarrel is declared and will lead Alexandre Laing to resign at the end of November 2025.
Meanwhile, the company’s financial situation worsens.
Although revenue surged in 2024, its net result plunged, going from 1 million euros to -1.69 million euros. Its working capital requirement also turned negative and its financial debt tripled.
Moreover, Alexandre Laing reveals on his blog that 2025 was marked by a sharp drop in fundraising on the crowdfunding platform. It would have fallen from 3.5 million euros per month to 1.7 million.
According to the cofounder, Tudigo would have raised 60 million euros in 2023, compared to only 24 million in 2025 and 7.3 million in 2026.
He also states that the beginnings of the end dated back to the appointment of Pierre-Étienne Lorenceau as president of Tudigo Partners.
The internal war, the market reversal, and, finally, the liquidation of this French flagship now leave 26,000 investors and nearly 700 shareholders in total uncertainty.
“On October 12, the Bordeaux Commercial Court pronounced its judicial liquidation, rejecting all takeover offers. Result: 116 investment vehicles left without a captain, including the one gathering Evoluflor’s investors.
We reacted immediately by getting in touch with Tudigo’s court-appointed liquidator.
Yet another long, quiet sea to navigate…
I would like to thank them for making me understand that they knew better than anyone how to run a company. They who explained with assurance that it was necessary to go faster, to aim higher, to speak louder. They who found prudence somewhat… prudent.
Speak louder, they did. Especially among themselves, shares Béatrice Caula, CEO of Evoluflor.
Meanwhile, the company’s financial situation worsens.
Although revenue surged in 2024, its net result plunged, going from 1 million euros to -1.69 million euros. Its working capital requirement also turned negative and its financial debt tripled.
Moreover, Alexandre Laing reveals on his blog that 2025 was marked by a sharp drop in fundraising on the crowdfunding platform. It would have fallen from 3.5 million euros per month to 1.7 million.
According to the cofounder, Tudigo would have raised 60 million euros in 2023, compared to only 24 million in 2025 and 7.3 million in 2026.
He also states that the beginnings of the end dated back to the appointment of Pierre-Étienne Lorenceau as president of Tudigo Partners.
The internal war, the market reversal, and, finally, the liquidation of this French flagship now leave 26,000 investors and nearly 700 shareholders in total uncertainty.
“On October 12, the Bordeaux Commercial Court pronounced its judicial liquidation, rejecting all takeover offers. Result: 116 investment vehicles left without a captain, including the one gathering Evoluflor’s investors.
We reacted immediately by getting in touch with Tudigo’s court-appointed liquidator.
Yet another long, quiet sea to navigate…
I would like to thank them for making me understand that they knew better than anyone how to run a company. They who explained with assurance that it was necessary to go faster, to aim higher, to speak louder. They who found prudence somewhat… prudent.
Speak louder, they did. Especially among themselves, shares Béatrice Caula, CEO of Evoluflor.
Bankruptcy of Tudigo: “It’s not a good signal”
This liquidation does not, in itself, erase the sums already invested.
As for funds awaiting investment and reimbursements held in Tudigo accounts, they would have been safeguarded. The same goes for the securities.
The SVP, “Special Purpose Vehicle,” the legal structure allowing investments, will be taken into management under a framework provided by the AMF.
However, it will entail potentially tedious steps for investors, including a change of contact person to monitor their holdings.
Delays in paying interest or repaying bonds could also occur, as could additional charges tied to the management of investments that will weigh on the companies rather than the investors.
“This liquidation does not create any problem, but it causes hassles. It is really a shame to reach this point. More broadly, it is not a good signal sent to individuals and investors.
If Tudigo was the most well-known crowdfunding platform, there remain many other players“, commented Jean-Pierre Nadir.
While the direct financial consequences remain to be measured, this fall could weaken the crowdfunding sector by fueling a loss of confidence among investors.
Moreover, startup financing already appears more challenging in recent years, particularly in tourism.
The disappearance of such a major player should therefore not make it easier for startups in the sector, which will have to find other sources of financing in an already especially constrained environment.
As for funds awaiting investment and reimbursements held in Tudigo accounts, they would have been safeguarded. The same goes for the securities.
The SVP, “Special Purpose Vehicle,” the legal structure allowing investments, will be taken into management under a framework provided by the AMF.
However, it will entail potentially tedious steps for investors, including a change of contact person to monitor their holdings.
Delays in paying interest or repaying bonds could also occur, as could additional charges tied to the management of investments that will weigh on the companies rather than the investors.
“This liquidation does not create any problem, but it causes hassles. It is really a shame to reach this point. More broadly, it is not a good signal sent to individuals and investors.
If Tudigo was the most well-known crowdfunding platform, there remain many other players“, commented Jean-Pierre Nadir.
While the direct financial consequences remain to be measured, this fall could weaken the crowdfunding sector by fueling a loss of confidence among investors.
Moreover, startup financing already appears more challenging in recent years, particularly in tourism.
The disappearance of such a major player should therefore not make it easier for startups in the sector, which will have to find other sources of financing in an already especially constrained environment.
