Women are catching up
1 point
is the gap left with men
Down from 6 points in 2018. It is the fastest growing segment, and it is the heart of our community.
Investing in Smatchy
We already have the community. We are building the platform.
Smatchy is the multisport app built by LBDC Organisation, the company that has been running the Les Bornées community since 2017. We are opening our capital to move from a community that works to a platform that scales.
2017
Community founded
12,000
Smatchy members
5,325
Les Bornées members
42
Ambassadors
4.4 / 5
Average store rating
A community that already spends, an app that extends it, a travel business that is opening up.
What you are funding
You are not investing in a standalone app
You are buying shares in LBDC Organisation, the parent company, which operates as a holding and owns three assets that feed one another. The community creates usage, the app structures it, travel monetises it. The same member base powers all three, and that is why the investment sits at holding level rather than in any single one of them.
The company
LBDC Organisation
The parent structure. It owns the assets, carries the team and the technology, and centralises the capital you bring in. One investment, three growth engines.
Asset 1
Les Bornées
The sports community founded in 2017, a sports club affiliated to the French Triathlon Federation. It also runs the shop and the training trips that members already buy. This is the asset that proves demand exists and that it pays.
5,325 members, 26 cities, 14 sports, 92 % recommendation rate
Asset 2
Smatchy
The platform. It turns a network of local groups into a product that runs without us, finds training partners and lists events. This is the asset that makes scale possible.
12,000 members, 4.4 / 5 average across both app stores
Asset 3
Sports travel
A travel agency business, currently being registered. It opens the trips beyond the community and turns an internal practice into a commercial offer in its own right.
Registration in progressThe problem
Training alone is what makes people stop
01
Finding someone at your level
Social networks gather people, they do not organise them. Nobody knows who to run with on a Tuesday evening, at their own pace, close to home.
02
Keeping it up over time
Motivation does not hold on its own. What brings people back is an appointment made with someone, not one more notification.
03
A fragmented market
Existing apps track performance or sell a subscription. None of them takes care of the link between people who train.
The answer
One community, one product, one model
The sports match
Sport, level, availability, city. Smatchy connects real people, not profiles. Matching is free, and it is what creates usage.
Events
Community outings and partner races are listed in the app. Events turn individual usage into a collective habit.
Travel
Trips are the moment when the community spends the most. Opening them up in an agency format monetises a practice that already exists.
The market
Smatchy's market, quantified and sourced
Smatchy is a sports app. So it is the sports and fitness app market that sets the size of the playing field, and it is a market growing at double digits across our entire plan.
Total market, Europe
2025
3.0bn
→
2033
8.3bn
+13.4 % per year
Sports and fitness apps in Europe, in US dollars.
Grand View Research, Europe Fitness App Market Outlook
Addressable market, France
2025
242M
→
2033
687M
+13.7 % per year
The same market narrowed down to France. This is our starting ground, and it is growing faster than the European average.
Grand View Research, France Fitness App Market Outlook
Our 2030 target
2.9M EUR
Around 0.7 % of the French market
A share we are going after with a community that already exists and a member base that already buys, not from a blank page.
Internal projection
Demand
The market is not something we create. It is already outside, every week.
These figures are not an internal projection, they are measured every year by public and professional bodies. They describe an audience that is already gathered, already regular, and that is now looking for someone to train with.
Three French people out of five
61 %
do sport at least once a week
Among those aged 15 and over, up 7 points since 2018. Weekly sport has become the norm, not a niche.
One French person in five
13.2M
went running in 2025
64 % of them at least once a week, that is 8.4 million regular runners.
13,320
races organised in France in 2025 alone
That is 36 races a day, with 310 runners on average on each start line.
4 million
race entries every year in France, an order of magnitude calculated from the two sources below. No app connects these people to each other today.
Nota bene, Smatchy is only a third of the playing field
The figures above describe the market of the app alone. The other two assets open up two adjacent markets that an app on its own would never reach. Sports leisure represents 8.8 billion euros of revenue in France, and sports tourism is a global market worth 565 billion dollars in 2023, projected at 1,330 billion in 2032, with Europe already capturing more than 40 % of it. More than half of all stays in France involve a sports activity. That is exactly where the travel agency business now being registered sits.
Sources. INJEP and CREDOC, national sports participation barometer 2025. Union Sport et Cycle, Running Observatory 2026. Banque de France via Active FNEAPL, 2024 sports leisure figures. Grand View Research, Fitness App Market Outlook Europe and France. Global Market Insights, Sports Tourism Market.
Traction
What already exists, before a single euro is invested
Most fundraising decks ask you to believe in a future community. Ours is eight years old, it travels, it buys and it recommends.
Community
21k
people reached across our social channels, on top of the 5,325 paying Les Bornées members spread over 26 cities and 14 sports, 60 % of them women.
App
12,000
members signed up on Smatchy, with no significant acquisition budget to date. The base is growing by about 22 % a year, a rate observed over the last nine months.
Retention
1 to 5 %
of app sign ups are active today. We have no marketing budget and none of the retention levers that work for Les Bornées, so this is precisely the number the first rung has to move, with a target of 25 % before the end of 2027.
Satisfaction
4.4 / 5
average rating for the Smatchy app across both stores, 4.2 on the App Store and 4.6 on Google Play. Our users are happy with the product.
They already work with the group, Les Bornées included
MavicKrysIronman NiceIronman VichyÉtape du TourDecathlon TravelVivaTech
They wrote about us
Bpifrance Big MédiaLes SportivesSPORTMAGFemme de sportChampions du DigitalPodcast Audencia
The model
Where the revenue comes from
The app stays free for the athlete. By 2030, revenue comes from two places only, from those for whom the community has value, brands and partners, and from what the community already buys, travel, trips and paid events. Matching itself is never paid for, what it triggers is.
Target revenue split by 2030.
45 %
Travel and trips
The line where the community spends the most. The travel agency business now being registered lets us sell those trips directly, to our members and beyond.
35 %
Partners and brands
Sports brands are looking for qualified access to an engaged female audience. We give it to them through events, product testing and visibility inside the app.
15 %
Paid events
Part of the events become paid, formats built around a real service, coaching, venue, equipment, content. Ticketing runs through the platform and we take our share on every seat sold. It is the lever that monetises traction directly without closing anything down, since matching and free outings stay free.
5 %
In-app advertising
Advertising space offered to brands inside the app, always kept compatible with the experience, and never making the matching itself a paid feature.
Paid events are targeted at around 15 % of revenue. It is the line most directly tied to the third rung of the ladder, traction in France: the more events there are in a given area, the more this revenue kicks in, and the earlier it does.
The funding ladder
One million euros, raised across four rungs
Each rung funds a specific step and only opens once the previous one has produced its proof. That is what protects the valuation of those who come in early, and it is also why the amounts and the terms are not shown in the open on a public page.
1
Rung 1
Crowdfunding on Crowdcube, the community
We are opening the capital to our own members, in small tickets, ahead of any other investor. An app that lives off its community starts by making that community its first shareholder.
The money funds gamification, the lever that turns occasional use into a habit. Today between one and five per cent of registered users are active in the app. That is the number the first rung has to move.
In preparation, Q4 2026
What it proves
That the community pays for what it uses, and that a member can become a shareholder.
Request access
2
Rung 2
Business angels, convertible note on preferential terms
The first private investors come in here, on preferential entry terms because they arrive before the proof. The instrument is a French BSA AIR convertible note, with a valuation cap and floor that are not public.
The funds structure the sports travel agency business, currently being registered. It is the group's second leg, the one that brings real margin revenue while the app builds its active base.
Planned for 2027
What it proves
That the group can sell more than an app, and collect high value baskets.
Request access
3
Rung 3
Business angels and first structured tickets
The acceleration rung. Acquisition, content, density of events, a stronger presence in the cities where the community is already settled. Nothing is spent chasing an audience that does not know us yet.
It only opens if the active rate has moved, because spending on acquisition for an app people do not open twice would be the fastest way to burn the round. This is the rung that takes Smatchy from a community to a market.
Planned for 2028
What it proves
That the acquisition cost holds, and that retention does not collapse when volume grows.
Request access
4
Rung 4
Investment funds
The balance of the round, and the only rung addressed to funds. It finances the move abroad, starting with the countries where group sport already follows the same codes as in France.
It only opens on figures already proven, not on a promise. If the first three rungs have not held, this one has no reason to exist. At that point it is no longer a bet on an idea, it is the duplication of a model that has already run.
Planned for 2030
What it proves
That the model reproduces outside France without starting from a blank page.
Request access
The amounts, the valuation cap and floor, the term and the terms of the convertible note are reserved for identified investors. The first closing is expected in the fourth quarter of 2026. Request access to the details of the round
1
Crowdfunding on Crowdcube, the community
Launch gamification
We are opening the capital to our own members, in small tickets, through the Crowdcube platform. The money funds the development of gamification inside the app, the lever that turns occasional use into a habit.
What this rung proves. That a community invests in its own tool. No competitor can replicate that, and it is the hardest proof of engagement to manufacture artificially.
50,000 EUR
Rung 1
2
Business angels, convertible note with preferential terms
Consolidate the sports travel business
This rung opens the round to private investors, with preferential entry terms for those who come in before the proof. The funds are used to structure the travel agency business, currently being registered, and to secure the first trips sold directly.
The terms. A BSA AIR convertible note with a valuation floor at 3.5 million euros and a cap at 5 million, over a term of 24 months. Whatever valuation is agreed at the next round, you convert at most on that basis. If the next round is done higher, the difference goes to you.
What this rung proves. That alongside a free app, the company knows how to generate real, recurring revenue from an activity its members already consume.
150,000 EUR
Rung 2
3
Business angels and first structured tickets
Go after traction in France
The acceleration rung. Acquisition, content, event density, presence in the cities where the community is already established. The aim is to make Smatchy a player that counts across France, not a confidential app.
What this rung proves. Usage figures held across an entire territory, an acquisition whose cost is known, and a revenue model that works. This rung is also the one that triggers the paid events, the lever targeted at 15 % of revenue. This is the documented case a fund asks for.
250 to 500 k EUR
Rung 3
4
Investment funds
Open up internationally
The balance of the round, that is the difference between the million targeted and the first three rungs. It funds the move abroad, for Smatchy as for Les Bornées, once the first three rungs have been climbed and documented.
What this rung proves. Nothing, precisely. It only opens on figures already proven, not on a promise. A fund does not come in to finance a hypothesis, it comes in to finance a duplication.
300 to 550 k EUR
Rung 4
The first rung, in plain terms
The crowdfunding round is not a symbol, it is a calculation. We are targeting between 2 and 5 % of our combined community, the 5,325 Les Bornées members and the 12,000 Smatchy members, that is 17,325 people the two brands engage together. At a 100 euro average ticket, that target represents between 347 and 866 subscribers, so between 35,000 and 87,000 euros. The 50,000 euros of the first rung require 500 of them, which is 2.9 % of the community. The objective lands in the middle of the target, not at its edge.
500 subscribers100 EUR average ticket50,000 EUR raisedwhich is 2.9 % of the combined community, right in the middle of the 2 to 5 % target
Restricted information
The amounts and the terms are not public
The detail of each rung, the amounts sought, the calculation behind the crowdfunding round and the terms of the convertible note, cap, floor and term, are shared with identified investors. Above you see the structure of the operation, not its figures.
Request access to the detailsProfessional email address, LinkedIn profile, then manual approval. Answer within 48 working hours.
The trajectory
Where we are going
Short term
Gamification and travel
Bring members back into the app every week, and turn the trips into a commercial offer carried by a proper agency structure.
2030
A player that counts in France
A share of around 0.7 % of the French sports app market, and enough event density for the app to be valuable in every city where we are present.
Then
International
Replicate the community plus platform plus travel model in new countries, for Smatchy as well as Les Bornées, once the mechanics are proven in France.
Who runs it
One founder, one board, one team
Smatchy is not run by one person alone. There is a founder who leads day to day operations, a board that frames the financial and strategic decisions, and a team that builds the product. All three are visible here, with no grey areas.
Founder
Maude Baudier
President and founder
Founder of Les Bornées and of Smatchy. She sits on the board and also leads operations. An expert in communication and marketing, with a background in the luxury sector. A sports entrepreneur since 2017, she created Print Your Race, her first company, sold in 2024. Triathlete and IronWoman.
Board memberManaging director
The boardFrames the financial and strategic decisions
Pascal Baudier
Strategic adviser
A finance executive with more than 40 years of experience alongside fast growing technology companies. Former chief financial officer of organisations from 50 to 500 million euros.
Yann Le Corvoisier
Chief financial officer and board member
More than 20 years of experience in financial management. He structures performance monitoring and the investor relationship.
The teamBuilds the product and the community day to day
Romain Bauer
Growth and product marketing
Philippe Nguyen
CTO and President of Amagumo Labs, technology adviser to Smatchy
Albin Quentin
Photographer and videographer
The asset you cannot see from this page
Go and look at the community itself
Smatchy is judged on an app. Les Bornées is judged on eight years of outings, trips and members who come back. It is the best way to understand what you are funding.
The mission
How the community is organised, what belongs to the association and what belongs to the company.
lesbornees.com, the missionBrands and races
The partnerships already signed and the races where the community shows up.
lesbornees.com, brands and racesThe trips
The trips sold today, the ones the agency business will open up beyond the community.
lesbornees.com, the tripsFrequently asked questions
What you want to know before going further
Why raise in four steps rather than one?
Because we cannot do everything at once and the company has to structure itself at the pace it grows. Each rung funds a specific objective and produces a proof that makes the next rung easier to raise, on better terms.
What exactly am I buying?
A stake in LBDC Organisation, the parent company, and therefore exposure to all three assets at once, the Les Bornées community, the Smatchy platform and the sports travel business currently being registered.
What are the terms for early investors?
Rung two investors come in through a BSA AIR convertible note. Neither the amounts of the rungs nor the terms, cap, floor and duration, are published on this page: these are the figures of a live operation and we want to know who we are sharing them with. They are sent to you once you have provided a professional email address and your LinkedIn profile, and once we have approved the request manually. The details go to the address you gave, which also confirms that it really is yours. You can make the request in the access section.
Why do you need a LinkedIn profile and a manual approval?
Because the amounts and terms of an operation still under negotiation are not meant to circulate freely, competitors included. The LinkedIn profile tells us who you are, sending the material to your professional address confirms it is yours, and the approval is still done by a person, not by an automatic filter. It takes 48 working hours.
Why a holding company rather than Smatchy directly?
Because the three assets feed one another and separating them would be artificial. The community powers the app, the app powers travel, and travel funds the community. Investing in the parent company means being exposed to the whole rather than to a single link.
I am a member of the community, can I invest?
Yes, and that is the starting point. The first rung is reserved for you and will run on Crowdcube, with deliberately accessible tickets. Sign up to the information list to receive the opening date, the minimum ticket and the campaign link. You have no verification steps to go through for that, unlike the terms reserved for business angels.
Where do the market figures on this page come from?
From public and industry sources listed at the bottom of the market section, in particular INJEP for French sports participation, Union Sport et Cycle for running, and Grand View Research for the size of the app market. Our own projections are flagged as such.
The first rung is climbed with those who already know us
If you run with us, if you have been on a trip, if you have followed the community since 2017, you already know what you are funding. Just tell us you want to be part of it.