Terms and Conditions

1. Who we are

1.1 Raise Sonar (“we”, “us”) is registered in Bulgaria.

1.2 You can reach us at support@raisesonar.com.

1.3 We are not authorised, licensed or supervised by any financial regulator, including the Bulgarian Financial Supervision Commission, the UK Financial Conduct Authority and the US Securities and Exchange Commission. We provide the Service on the basis that it is an information service that does not require such authorisation.

2. Accepting these terms

2.1 You accept these terms when you subscribe to the Weekly Radar, create an account, start a free trial or a paid plan, or otherwise use the Service. If you do not accept them, do not use the Service.

2.2 You must be at least 18 years old and legally able to enter a contract. The Service is not for children.

2.3 If you use the Service for a company or other organisation, you confirm that you have authority to accept these terms for it. “You” then means both you and that organisation.

2.4 You must not use the Service if you live in, or are ordinarily resident in, a country or territory subject to comprehensive sanctions by the European Union, the United Kingdom or the United States, or if you are named on a sanctions list of any of them. Paid plans are not available in every country.

2.5 Other documents also apply. Our Privacy Policy explains how we use personal data. Purchases of paid plans are also governed by Link’s terms (section 8). Access to our data for a team, a product or an API is available only under a separate written agreement, which prevails over these terms where the two conflict.

2.6 In these terms, a “consumer” is an individual who uses the Service wholly or mainly for purposes outside their trade, business or profession. You use the Service “for business” if you are not a consumer.

3. What Raise Sonar is, and what it is not

3.1 An information service. We collect publicly available information about equity crowdfunding raises and similar offerings from regulatory filings and from the public pages of crowdfunding platforms. We organise it, display it, and send alerts that match filters you set yourself.

3.2 Not a regulated intermediary. We are not a broker-dealer, investment adviser, investment firm, funding portal, crowdfunding service provider, financial planner, tax adviser or law firm. We do not offer, sell, arrange, place or underwrite securities. We do not receive, hold or transmit investors’ money or securities, and we are not a party to any investment you make.

3.3 No offer or solicitation. Nothing in the Service is an offer to sell, a solicitation of an offer to buy, or an invitation or inducement to engage in investment activity. An offer is made only by the issuer, through the platform that hosts it, on the terms of that platform’s offering documents.

3.4 No advice or recommendation. The Service is general and impersonal. It applies only the filters you choose yourself, such as country, sector and ticket size, and applies them in the same way for every user. We do not assess your objectives, financial situation, knowledge or experience, and we do not select raises for you. None of the following is advice, a recommendation, a rating, an endorsement or an opinion on the merits of an investment:

• the inclusion of a raise in the Service, or its absence;
• the order in which raises appear;
• an alert, reminder or newsletter;
• a label such as “new”, “closing soon” or “near cap”;
• a filter result, including whether a raise appears open to investors in your country;
• a figure, chart, comparison or history we display.

3.5 No due diligence. We do not investigate issuers, verify what they say, or assess whether an offering is lawful, suitable or sound. A raise appears in the Service because it exists, not because we have reviewed it.

3.6 Independence. Issuers do not pay us to list, rank or promote a raise. Section 6.3 explains referral fees from platforms. We, and people connected with us, may hold or make investments in companies shown in the Service. That does not affect what we list or how we order it.

4. Investment risk and your responsibility

4.1 The risks. Investing in early-stage and unlisted companies is speculative. Most such companies fail. You may lose all the money you invest. Your shares may be diluted, may pay no dividends, and may be impossible to sell for years or at all. These investments are usually not covered by deposit guarantee or investor compensation schemes. Past results say nothing reliable about future ones.

4.2 Your decisions are yours. You alone decide whether to invest, how much, and in what. Before you invest you should read the offering documents on the platform (for example the Form C, the offering circular, the Key Investment Information Sheet or the offer document), do your own research, and consider advice from an adviser authorised in your country.

4.3 Your legal position. You are responsible for complying with the laws that apply to you, including investor eligibility rules, investment limits, and tax and reporting obligations.

4.4 Eligibility, limits and tax information. Where the Service shows whether a raise is open to investors in a country, an investment limit, a regulatory regime, or a possible tax relief, it is general information that may be incomplete, out of date or wrong for your circumstances. The platform decides whether you may invest. The tax authority decides whether a relief applies.

4.5 Your watchlist and investment notes. Amounts you record against a raise are your own notes. We do not verify them, value your holdings, or track what happens to an investment after a raise closes.

5. Accuracy, timing and availability of information

5.1 Third-party sources. The information in the Service originates with issuers, platforms and regulators. We collect and process it largely by automated means, which can introduce errors of its own.

5.2 No guarantee of accuracy. We do not guarantee that any information is accurate, complete or current. Valuations, targets, amounts raised, investor counts, deadlines, perks, terms and financial figures are as stated by the issuer or platform. We do not audit or check them. Currency conversions are indicative.

5.3 Coverage. We do not cover every platform, every country or every raise. We may add or drop a source at any time, and a source may become unavailable to us without warning.

5.4 Alerts are best-effort. An alert may arrive late, arrive more than once, go to your spam folder, or not arrive. Deadlines move. Raises close early, fill up, or are withdrawn. Do not rely on Raise Sonar as your only way of tracking a raise or a deadline. We do not promise that you will be able to invest in any raise.

5.5 The source prevails. Confirm every detail on the platform or in the official filing before you act. If the Service and the source differ, the source is right.

5.6 Samples and examples. Sample alerts, sample data and worked examples on our pages are illustrations. They are not live offers and not a statement of what the Service will show you.

5.7 Availability. We aim to keep the Service running but do not promise that it will be uninterrupted, timely, secure or free of errors. We may suspend it for maintenance or for reasons outside our control.

6. Third-party platforms and links

6.1 Independent third parties. The Service links to crowdfunding platforms, issuers’ websites and regulatory filings. We do not own, control, endorse or vouch for any of them. Your dealings with a platform or issuer are governed by its terms and are solely between you and it.

6.2 Not our responsibility. We are not responsible for the acts, omissions, content, security, solvency or lawfulness of any platform or issuer, for the performance of any investment, or for any dispute between you and them.

6.3 Referral fees. Some links to platforms may be referral links, for which the platform pays us a fee. No fee we receive depends on whether, or how much, you invest. A referral fee never costs you anything and never affects which raises we list, how we order them or which alerts we send. We will mark referral links as such.

6.4 Service providers. Sign-in is provided by Clerk and paid plans are sold by Link. Their terms apply to your use of their services.

7. Your account

7.1 Give us accurate information and keep your email address up to date. Alerts go to that address, and we cannot reach you without it.

7.2 Keep your sign-in details secure. You are responsible for what is done through your account unless it results from our own failure. Tell us at once at support@raisesonar.com if you think someone else has access.

7.3 An account is for one person. Do not share it, and do not open more than one account to obtain repeated free trials or to get round the limits of a plan.

7.4 Alerts and reminders are part of the Service. By creating a rule or watching a raise you ask us to email you about it. You can change or stop those emails in the dashboard or through the links in each email.

8. Plans, free trials, payment and cancellation

8.1 Plans. The Service has a free plan and paid plans. What each includes is described on our pricing page at the time you subscribe.

8.2 Link is the seller. Paid plans are sold by Link, Stripe’s merchant-of-record service (Sold through Link, LLC and its affiliates). Your purchase, including payment, tax, receipts and refunds, is a contract between you and Link under the Sold Through Link Terms. Your card statement shows LINK.COM*. We provide the Service to you under these terms.

8.3 Price and tax. The price, the currency and any tax are those shown at checkout before you confirm.

8.4 Free trial. A paid plan may start with a free trial, which requires a payment method. Unless you cancel before the trial ends, the plan begins and your payment method is charged. Each person may have one free trial. We may refuse or end a trial that is being abused.

8.5 Automatic renewal. A paid plan renews automatically for the same period, monthly or yearly, at the price then in force, until you cancel. Your payment method is charged at each renewal. We or Link will email you before a free trial ends and before each yearly renewal, with the price and how to cancel. If you are a consumer and the mandatory law of your country lets you end a renewed plan early, you may do so, and we will arrange a refund of the part you have paid for but not used.

8.6 Cancelling. You can cancel at any time from Settings in the dashboard, which opens the billing portal, or at link.com. Cancellation takes effect at the end of the period you have paid for. You keep your paid features until then, and your account then moves to the free plan.

8.7 Refunds and the right to cancel. Refunds are handled by Link under its refund policy and the law that applies to you. If you are a consumer in the European Economic Area or the United Kingdom, you have a legal right to cancel within 14 days. The 14 days run as Link’s terms and the law of your country provide; under Link’s terms they start on the day you first get access to the paid plan. To use the right, contact Link or write to us at support@raisesonar.com and we will pass your request on. Payments are otherwise not refunded, including for a period you did not use, except for a refund Link gives under its own policy, a refund these terms promise in sections 8.5, 12.2, 13.3, 13.5 and 17.2, and any refund the law requires.

8.8 Price changes. We may change the price of a plan. A change applies to you from your next renewal, and only after we have given you at least 30 days’ notice by email. If you do not accept the new price, cancel before that renewal.

8.9 Promotional discounts. A discount applies on the conditions stated when it was offered. A discount described as lasting while you stay subscribed ends if the subscription is cancelled or lapses, and may not carry over if you change plan or billing period.

8.10 Failed payments and disputes. If a payment fails, your paid features may be paused or your account moved to the free plan. If you think a charge is wrong, contact us first so we can put it right. We may suspend paid features while a chargeback is open.

8.11 After a paid plan ends. We keep your rules, watchlist and settings, but features of the paid plan stop working. Alerts that depend on them stop being sent.

9. What you may and may not do

9.1 Your licence. While you comply with these terms, we give you a limited, personal, non-exclusive, non-transferable and revocable right to use the Service and its content for your own research into raises, whether for yourself or within the organisation you work for.

9.2 Exports. Where your plan lets you export data, the export is for your own use. You may show an extract to your own adviser or to a person you are considering investing alongside. You may not publish it, sell it or pass it on in bulk.

9.3 Prohibited use. You must not, and must not help anyone else to:

• copy, scrape, crawl or harvest the Service by automated means, or access it other than through the interfaces we provide;
• resell, sublicense, republish or redistribute our data, alerts or newsletters, or use them to run a newsletter, feed, channel, bot, website or product of your own;
• use the Service or its content to build or improve a competing service or dataset, or to train or fine-tune a machine-learning model;
• share your account, or get round plan limits, paywalls or any technical restriction;
• decompile or reverse-engineer the Service, test it for vulnerabilities without our written consent, overload it, or introduce malicious code;
• use the Service unlawfully, including to market securities, to send unsolicited messages to issuers or founders, or to harass anyone;
• present our information as advice, as verified, or as endorsed by us, or remove any notice or disclaimer from it;
• use our name, logo or trade marks without our written permission.

9.4 Commercial and data use. Any use beyond section 9.1, including API access, bulk data, team use or redistribution, needs a separate written agreement with us.

9.5 Enforcement. We may monitor the volume and pattern of use, apply rate limits, and take the steps in section 13 to enforce this section.

10. Intellectual property

10.1 Ours. The Service, its software, design, text and brand, and the selection, arrangement and compilation of the data in it, belong to us or our licensors and are protected by copyright, database rights and other laws. These terms give you no rights in them except the licence in section 9.1.

10.2 Third parties’. Company names, platform names, logos and trade marks shown in the Service belong to their owners. We show them only to identify the raise or platform concerned. Their appearance does not mean that the owner is affiliated with us, sponsors us or endorses us.

10.3 Your content. You keep your rights in what you enter into the Service. You allow us to store and process it as needed to provide the Service to you.

10.4 Feedback. If you send us ideas or suggestions, we may use them freely and without payment or obligation to you.

11. Issuers, platforms and rights holders: corrections and removal

11.1 If you represent an issuer or a platform and believe that information in the Service is inaccurate, out of date or infringes your rights, write to legal@raisesonar.com. Tell us the page concerned, what is wrong, and your role, and send anything that supports the correction.

11.2 We review every such request and will correct or remove information where that is justified. We may keep accurate information that comes from a public regulatory filing.

11.3 Platform operators who want to discuss how we read their public pages, or to offer a data feed, can reach us at the same address.

12. Changes to the Service

12.1 The Service develops over time. We may add, change or remove features, sources, plans and limits for reasons that include changes in the law, changes in what our sources allow, security, cost and technical progress.

12.2 If a change materially reduces a paid plan you have already paid for, we will tell you by email reasonably in advance. You may end the plan within 30 days of our notice or of the change, whichever is later, and we will arrange a refund of the part of the period you have paid for but not used.

12.3 Features described as beta, preview or experimental are provided as they are. They may change or be withdrawn at any time.

13. Suspension and termination

13.1 By you. You can stop using the Service at any time. Cancel a paid plan as section 8.6 describes, and delete your account in Settings. Deleting your account also ends any paid plan or free trial at once. Because you chose to end it early, the unused part of the period is not refunded unless the law requires it. To keep the time you have paid for, cancel under section 8.6 and delete your account when the period ends.

13.2 By us, for cause. We may suspend or close your account at once if you seriously or repeatedly break section 7.3 or section 9, if you use the Service unlawfully or fraudulently, if your use puts the Service or other users at risk, or if the law requires it. We will tell you why unless the law prevents us.

13.3 By us, for other reasons. We may also close your account, or stop offering the Service altogether, for any other reason on 30 days’ notice by email. If you have a paid plan, we will arrange a refund of the part of the period you have paid for but not used.

13.4 Inactive free accounts. We may close a free account that has not been used for 24 months, after 30 days’ notice by email.

13.5 Refunds after breach. If we close your account under section 13.2 and you use the Service for business, no refund is due. If you are a consumer, we will arrange a refund of the part of the period you have paid for but not used, less any loss your breach caused us that we can show.

13.6 What happens next. When your account closes, your right to use the Service ends and we delete your data as our Privacy Policy describes. Sections 3 to 6, 9 to 11 and 14 to 20 continue to apply.

14. No warranties

14.1 The Service and everything in it are provided “as is” and “as available”. To the fullest extent the law allows, we give no warranty, condition or other promise, express or implied, about the Service. That includes any implied warranty of satisfactory quality, merchantability, fitness for a particular purpose, accuracy or non-infringement.

14.2 In particular, we do not promise that the Service will meet your needs, that any information in it is correct or current, that an alert will reach you or reach you in time, or that using the Service will lead to any result.

14.3 Nothing in these terms takes away rights that the law gives you as a consumer and that cannot be excluded by agreement.

15. Limitation of liability

15.1 What we do not limit. Nothing in these terms limits or excludes our liability for death or personal injury caused by our negligence, for fraud or fraudulent misrepresentation, for loss caused intentionally or by gross negligence, or for anything else that the law does not allow us to limit or exclude.

15.2 What we are not liable for. Subject to section 15.1, we are not liable to you, on any legal basis, for:

• any loss arising from a decision to invest or not to invest, including loss of the money invested, a fall in value, and the loss of a chance to invest, of a perk, of a price or of an allocation;
• information that originates with a third party and is inaccurate, incomplete, misleading or out of date;
• an alert, reminder or email that is late, repeated, misdirected or not delivered;
• the acts or omissions of any platform, issuer, payment provider or other third party, including its insolvency, fraud or breach of law;
• loss of profit, revenue, business, contracts, goodwill, anticipated savings or data;
• any indirect or consequential loss;
• loss that was not a foreseeable result of our breach at the time you accepted these terms;
• loss caused by events outside our reasonable control;
• loss you could have avoided by checking the information at its source or by following these terms.

15.3 Cap. Subject to section 15.1, our total liability to you for all claims arising in any period of 12 months, on any legal basis, is limited to the greater of the amount you paid for the Service in the 12 months before the claim arose and EUR 100.

15.4 Who is covered. These limits also protect our owners, directors, employees and contractors, and apply whether a claim is brought in contract, tort (including negligence), breach of statutory duty or otherwise.

15.5 Consumers. If you are a consumer, sections 14.1 and 15.2 do not apply to you, and the following applies instead:

• we must provide the Service with reasonable care and skill and as these terms describe it, and the remedies the law gives you if we do not are unaffected;
• section 15.1 applies;
• for other loss caused by our breach of these terms or our negligence, we are liable only for loss that was foreseeable when you accepted these terms, up to the cap in section 15.3;
• we are not liable for the outcome of any investment decision, for information that was wrong at its source, or for the acts of a platform, issuer or other third party, because sections 3 to 6 place these outside what we undertake to do.

15.6 Telling us about a claim. If you use the Service for business, you must tell us in writing about a claim within 60 days of becoming aware of the facts behind it. We are not liable for loss that prompt notice would have avoided.

15.7 Why these limits exist. The price of the Service reflects them. It is an information service priced as one, not insurance against investment loss.

16. Your responsibility to us

16.1 If you use the Service for business, you will indemnify us against claims, losses and costs, including reasonable legal fees, that arise from your breach of section 9, your unlawful use of the Service, or your passing our data to others.

16.2 If you are a consumer, you are responsible for loss we suffer that is a foreseeable result of your breach of these terms, as the law provides.

17. Changes to these terms

17.1 We may change these terms to reflect changes in the law or in regulatory guidance, changes to the Service, its providers or its pricing structure, security needs, or to make the terms clearer.

17.2 If a change is material, we will email account holders and newsletter subscribers at least 30 days before it takes effect. If you do not accept it, you may close your account before that date. If the change is to your disadvantage and you have a paid plan, we will arrange a refund of the part of the period you have paid for but not used.

17.3 Using the Service after a change takes effect means you accept it. Other changes take effect when we publish them, and the date at the top of this page shows the current version.

18. Governing law and disputes

18.1 Talk to us first. If you have a complaint, write to support@raisesonar.com. We will try to resolve it within 30 days, and both of us agree to try this before starting legal proceedings. If you are a consumer, this does not stop you going to a court or a consumer body at any time.

18.2 Governing law. These terms, and any dispute or claim connected with them or with the Service, are governed by the law of Bulgaria. The UN Convention on Contracts for the International Sale of Goods does not apply.

18.3 Courts. The competent courts in Sofia, Bulgaria have exclusive jurisdiction over any such dispute or claim.

18.4 Consumers. If you are a consumer, sections 18.2 and 18.3 do not deprive you of the protection of the mandatory laws of the country where you live, or of any right the law gives you to bring proceedings in the courts of that country. Where the law gives you that right, we will bring proceedings against you only in those courts.

18.5 Alternative dispute resolution. If you are a consumer in the European Union, you may refer a dispute to an alternative dispute resolution body. In Bulgaria these are the conciliation commissions at the Commission for Consumer Protection (kzp.bg). We are not obliged to take part in such a procedure and decide case by case whether to do so.

18.6 Individual claims only. To the extent the law allows, you and we may bring claims against each other only in an individual capacity and not as a claimant or member of a class, collective or representative action. Where the law allows it to be waived, you and we each waive any right to a jury trial.

19. Notices for particular countries

19.1 United Kingdom. Raise Sonar is not authorised or regulated by the Financial Conduct Authority. The Service is not intended to be a financial promotion, and its content has not been approved by a person authorised under the Financial Services and Markets Act 2000. Don’t invest unless you’re prepared to lose all the money you invest. The raises we list are high-risk investments, and you are unlikely to be protected if something goes wrong.

19.2 European Economic Area. Raise Sonar is not a crowdfunding service provider under Regulation (EU) 2020/1503 and not an investment firm under Directive 2014/65/EU. We do not give investment advice or personal recommendations. Read the Key Investment Information Sheet for each offer. Crowdfunding investments are not covered by deposit guarantee or investor compensation schemes.

19.3 United States. Raise Sonar is not registered as a broker-dealer, an investment adviser or a funding portal. The Service is a general, impersonal publication and is not a solicitation in any state. Securities sold under Regulation Crowdfunding generally cannot be resold for one year. Regulation Crowdfunding and Tier 2 of Regulation A limit how much a non-accredited investor may invest. All such securities are speculative and may be impossible to sell.

19.4 Australia. Raise Sonar does not hold an Australian financial services licence. The Service contains general information only. It is not financial product advice and does not take account of your objectives, financial situation or needs. Nothing in these terms excludes a guarantee under the Australian Consumer Law that cannot be excluded. Where the law allows, our liability for failing to meet such a guarantee is limited to supplying the Service again or paying the cost of having it supplied again.

19.5 Canada. Raise Sonar is not registered as a dealer or an adviser under the securities legislation of any province or territory.

19.6 Everywhere else. We do not represent that the Service, or any raise shown in it, is appropriate or lawful where you are. If you use the Service from another country, you are responsible for complying with its laws.

20. General

20.1 Whole agreement. These terms, the plan description on our pricing page and the price shown at checkout when you subscribed are the whole agreement between you and us about the Service. Our Privacy Policy explains how we use personal data; it is information we must give you, not a term of this contract. Nothing in these terms removes our responsibility for statements the law treats as part of the contract, or for fraud.

20.2 Severability. If a court finds part of these terms invalid or unenforceable, the rest stays in force, and the affected part applies to the fullest extent the law allows.

20.3 No waiver. If we do not enforce a right at once, we have not given it up.

20.4 Transfer. We may transfer our rights and obligations under these terms to a company that takes over the Service, and will tell you if we do. This will not reduce your rights. You may not transfer yours without our written consent.

20.5 No third-party rights. These terms are between you and us. Nobody else may enforce them, except as section 15.4 provides.

20.6 Events outside our control. We are not in breach of these terms where a failure or delay is caused by an event outside our reasonable control. Examples are a widespread outage of a network or infrastructure provider, a platform blocking our access, a cyberattack we could not reasonably have prevented, and an act of a public authority.

20.7 Notices. We send notices to the email address on your account. Send notices to us at legal@raisesonar.com.

20.8 Language. These terms are written in English. If we provide a translation and the two differ, the English version prevails unless the law of your country says otherwise.

20.9 No partnership. Nothing in these terms makes you and us partners, or makes either the agent of the other.

21. Contact

Write to support@raisesonar.com for anything about your account or the Service, and to legal@raisesonar.com for legal notices and for the requests in section 11.