Series A — Investment Memorandum 2025A轮融资 — 投资备忘录 2025
Synetech is a leading interactive flat panel display brand in Spain, combining European market expertise with Chinese manufacturing supply chain to build a pan-European display technology leader.
Synetech是西班牙领先的交互式平板显示器品牌，融合欧洲市场经验与中国制造供应链优势，打造泛欧显示技术领导者。
€7.8M
2025 Revenue2025年营业收入
+57% → +37% CAGR
€96M
EU-Africa Pipeline欧盟-非洲项目管线
4-year contract4年期合同
~35%
Spain Market Share西班牙市占率
Top 3 Spain (2yr vol.)西班牙前三（2年销量）
66K
Units Sold累计销量
in 2 years2年内
02 / The Opportunity02 / 市场机会
The professional display market is undergoing a generational shift. K-12 digitization, a global replacement wave, and untapped geographies create a once-in-a-decade growth opportunity.
专业显示市场正在经历代际变革。K-12数字化、全球设备更换潮和未开发的地域市场，共同创造了十年一遇的增长机会。
Total Addressable Market总可触达市场
$29B
Global Professional Display Market (2024)全球专业显示市场 (2024)
Serviceable Addressable Market可服务市场
$8.6B
IFPD + LED in Europe & LATAM欧洲及拉美地区IFPD + LED
Serviceable Obtainable Market可获取市场
€300M+
European + South American Markets欧洲市场 + 南美洲市场
Massive adoption gap outside North America creates a long-duration growth runway.北美以外地区巨大的普及缺口，创造了持久的增长空间。
2027–2029
K-12 Replacement WaveK-12设备更换潮
Devices deployed in 2020–2022 will age out, triggering a massive multi-year upgrade cycle across EMEA and beyond.2020-2022年部署的设备将逐步老化，在EMEA及更广泛地区触发大规模多年期升级周期。
+122%
Brazil IFPD Growth YoY巴西IFPD同比增长
LATAM is the fastest-growing IFPD region, with only 6% K-12 penetration. Brazil alone represents a massive greenfield opportunity.拉美是IFPD增长最快的地区，K-12渗透率仅6%。巴西本身即代表着巨大的空白市场机会。
DigitalPakt 2
Germany 2026德国 2026
Germany’s second wave of school digitization funding launches in 2026, opening Europe’s largest economy to IFPD deployment.德国第二轮学校数字化资金于2026年启动，将欧洲最大经济体向IFPD部署敞开大门。
03 / Traction & Milestones03 / 增长验证与里程碑
From zero to a leading Spanish IFPD brand in under 3 years. 66,000 units deployed, public tenders won across multiple autonomous communities, and accelerating channel growth.
不到3年，从零起步成为西班牙领先IFPD品牌。部署66,000台设备，赢得多个自治区公共招标，渠道销售持续加速增长。
66K
Units Sold in 2 Years2年内累计销量
5
Autonomous Communities Won赢得的自治区
5,000+
Channel Units / Year渠道年销量
€50M
Influenced Project Value影响的项目总价值
Galicia
Northwest西北部
Cataluña
Northeast东北部
Valencia
East Coast东海岸
La Rioja
Central North中北部
Canarias
Atlantic Islands大西洋群岛
04 / The EU-Africa Project04 / 欧盟-非洲项目
A transformational EU government-backed bilateral aid project that catapults Synetech from a €7.8M company to a €24M+/year operation — overnight.
一个具有变革性的欧盟政府支持双边援助项目，使Synetech从一家营收€780万的公司一跃成为年营收€2400万以上的企业。
Contract Overview合同概览
Total Contract Value合同总价值
€96M
Annual Revenue Impact年营收贡献
€24M / year年
Duration合同期限
4 Years4年
First Delivery首次交付
September 20262026年9月
Current Status当前状态
Awaiting Order Confirmation等待下单
Project Details项目详情
Funding Source资金来源
EU Bilateral Government Aid Program欧盟双边政府援助计划
Product Scope产品范围
Strategic Significance战略意义
Validates multi-product capability. Opens an entirely new continent. De-risks the next 4 years of revenue.验证多产品能力，开拓全新大陆市场，锁定未来4年营收确定性。
Without EU-Africa (organic only)无欧盟-非洲项目（仅有机增长）
€7.8M
2025 baseline with steady organic growth2025年基线，稳定有机增长
With EU-Africa (2026 onward)含欧盟-非洲项目（2026年起）
€28M+
€7.8M organic + €24M EU-Africa Year 1€780万有机增长 + €2400万欧盟-非洲第一年
+259% step-change+259% 跨越式增长
Revenue Visibility营收可见性
4 years of contracted, government-backed revenue eliminates early-stage uncertainty and provides a rock-solid financial foundation for scaling.4年期政府背书的合同收入，消除了早期阶段的不确定性，为规模化扩张提供坚实的财务基础。
Multi-Product Proof多产品验证
Extends Synetech beyond IFPD into PCs and tablets, proving the ODM model works across product categories with the same supply chain.将Synetech从IFPD拓展至电脑和平板，证明ODM模式可通过同一供应链跨品类复制。
Geographic Expansion地域扩张
Opens Africa as a new market and demonstrates Synetech’s ability to operate international, government-scale projects—a template for LATAM entry.开拓非洲新市场，展示Synetech运营国际政府级项目的能力，为拉美市场进入提供可复制模板。
05 / Business Model & Unit Economics05 / 商业模式与单位经济
Synetech operates an ODM (Original Design Manufacturing) model—we define the products and own the brand, while leveraging China’s manufacturing ecosystem for production. Capital-efficient growth at its finest.
Synetech采用ODM（原始设计制造）模式——我们定义产品并拥有品牌，同时借助中国制造生态系统进行生产。极致的资本高效增长。
Design & Spec设计与规格
Product definition, UI/UX, certifications产品定义、UI/UX、认证
ODM ProductionODM生产
Chinese factory partners handle manufacturing中国工厂合作伙伴负责制造
EU Warehouse欧洲仓储
European logistics and distribution hub欧洲物流与分销枢纽
Customer客户
Schools, enterprises, governments, defense学校、企业、政府、国防
27.6%
Gross Margin毛利率
Healthy for hardware, improving with scale硬件行业健康水平，规模扩大后持续改善
0
Factory CapEx Required所需工厂资本支出
ODM means zero manufacturing investment. Capital goes to growth, not machines.ODM模式意味着零制造投资。资本投向增长，而非设备。
€50M+
Influenced Deals影响的交易额
Clients buy directly from Chinese suppliers through Synetech’s network — high-margin advisory role.客户通过Synetech网络直接从中国供应商采购——高利润顾问角色。
Synetech follows the same asset-light, brand-and-channel-first model that built some of tech’s most capital-efficient companies.Synetech遵循同样的轻资产、品牌与渠道优先模式，该模式已打造出科技行业最具资本效率的多家企业。
Xiaomi (early days)小米（早期）
Started with zero factories. Defined specs, outsourced production, built brand. Now $50B+ revenue.从零工厂起步，定义规格、外包生产、打造品牌。如今营收超500亿美元。
ViewSonic
Display brand with no manufacturing. ODM model built a $1B+ business across 100+ countries.无制造的显示品牌。ODM模式在100+国家建立了超10亿美元的业务。
Newline Interactive
Chinese-founded, global IFPD brand. Grew to 9.3% EMEA share using the same supply chain Synetech accesses.中国创立的全球IFPD品牌。利用与Synetech相同的供应链，EMEA市占率达9.3%。
Synetech’s moat:Synetech的护城河： Brand + Channel Relationships + Tender Expertise + Dual-Culture Founder = defensible and compounding advantage.品牌 + 渠道关系 + 招标专长 + 双文化创始人 = 可防御且持续积累的竞争优势。
06 / Product Roadmap06 / 产品路线图
Starting from our core IFPD strength, we are expanding into adjacent product categories—all leveraging the same ODM model, supply chain relationships, and distribution channels.
以核心IFPD优势为起点，我们正在拓展相邻产品品类——全部利用相同的ODM模式、供应链关系和分销渠道。
Our flagship product. 55" to 110" interactive displays for education and corporate markets. Top 3 in Spain with ~35% two-year volume share.我们的旗舰产品。55"至110"交互式显示屏，面向教育和企业市场。以约35%两年销量份额位居西班牙前三。
Large-format LED walls for corporate lobbies, event venues, retail, and education. Market expected to grow from $9B to $17B by 2029, surpassing IFPD as the largest Pro Display category.大幅面LED屏幕，用于企业大厅、活动场馆、零售和教育。市场预计从90亿美元增长至2029年的170亿美元，超越IFPD成为最大的专业显示品类。
Commercial-grade signage displays for retail, transportation, hospitality, and public spaces. Leveraging existing channel partnerships for rapid go-to-market.商用级标牌显示器，用于零售、交通、酒店和公共空间。利用现有渠道合作伙伴实现快速市场推广。
Multi-product expansion validated by the €96M EU-Africa contract. PCs and tablets use the same ODM model and Chinese supply chain, proving cross-category scalability.多产品扩展已通过€9600万欧盟-非洲合同验证。电脑和平板采用相同ODM模式与中国供应链，证明跨品类可扩展性。
The key insight: every new product line uses the same ODM infrastructure, the same Chinese supply chain relationships, the same European distribution channels, and the same certification framework. The marginal cost of adding a product category is near-zero — the marginal revenue is significant.核心洞察：每条新产品线都复用相同的ODM基础设施、相同的中国供应链关系、相同的欧洲分销渠道和相同的认证体系。增加一个产品品类的边际成本近乎为零——边际收入却非常可观。
07 / Go-to-Market07 / 市场进入策略
Synetech grows along three independent axes simultaneously: geography, product, and channel. Each axis multiplies the others.
Synetech沿三个独立维度同步增长：地域、产品和渠道。每个维度都放大其他维度的效果。
Spain is #1 in EMEA. Germany’s DigitalPakt 2 (2026) and Brazil’s +122% growth make them priority expansion targets.西班牙为EMEA第一市场。德国DigitalPakt 2（2026年）和巴西+122%增长使其成为优先扩展目标。
Each product line uses the same ODM model. LED displays alone are expected to be a $17B market by 2029.每条产品线均采用相同的ODM模式。仅LED显示屏预计2029年即为170亿美元市场。
Public tender wins build brand credibility that drives channel, enterprise, and defense sector growth organically.公共招标中标建立品牌信誉，有机推动渠道、企业客户和国防领域增长。
08 / Competitive Landscape08 / 竞争格局
In EMEA, the IFPD market is fragmented among global players. Synetech has rapidly captured ~35% volume share in the region’s #1 market — Spain.
在EMEA地区，IFPD市场在全球参与者中高度分散。Synetech已在该地区排名第一的市场——西班牙——快速占据约35%的销量份额。
Top brands by Spain market volume. Synetech’s share based on 2-year cumulative volume (66K units).西班牙市场按销量排名的顶级品牌。Synetech份额基于2年累计销量（66K台）。
💰
Price Competitiveness价格竞争力
Direct Chinese supply chain access means 20–30% cost advantage over Western-manufactured competitors, without compromising quality.直接对接中国供应链意味着比西方制造竞争对手拥有20-30%的成本优势，且不牺牲品质。
🏛
Local Presence本地化运营
Madrid-based team, Spanish-speaking sales and support, EU legal entity. We compete like a local brand with global supply chain economics.马德里团队、西语销售与支持、欧盟法律实体。我们以本地品牌的方式竞争，同时拥有全球供应链的经济优势。
📜
Tender Expertise招标专长
Deep knowledge of Spanish public procurement process. 5 of 17 autonomous communities won. Replicable playbook for other EU markets.深度了解西班牙公共采购流程。已赢得17个自治区中的5个。可复制的经验适用于其他欧盟市场。
🌍
Dual-Culture Founder双文化创始人
CEO speaks both languages of this business — European B2B sales and Chinese manufacturing. This bridge is extremely rare and nearly impossible to replicate.CEO精通这个行业的两种"语言"——欧洲B2B销售与中国制造。这种桥梁极为稀缺，几乎不可复制。
09 / The Team09 / 创始团队
In display technology, the gap between European buyers and Chinese manufacturers is vast. Shengyuan Peng (PSY) bridges it — literally and figuratively.
在显示技术领域，欧洲买家与中国制造商之间的鸿沟巨大。彭晟袁架起了这座桥梁——无论是字面上还是比喻上。
Founder & CEO创始人兼CEO
10 years in the professional display industry, spanning both Chinese manufacturing and European commercial markets.
Spain-based Chinese entrepreneur — fluent in Mandarin, Spanish, and English. Navigates both cultures with native fluency.
Product director at heart — defines product specifications, manages ODM relationships, and drives go-to-market strategy.
Built Synetech from zero to €7.8M revenue and a top-3 market position in Spain in under 3 years, with minimal external capital.
在专业显示行业深耕10年，横跨中国制造与欧洲商业市场。
旅居西班牙的中国企业家——精通普通话、西班牙语和英语，以母语级流利度游走于两种文化。
骨子里的产品总监——定义产品规格、管理ODM关系、驱动市场进入策略。
将Synetech从零打造至€780万营收和西班牙市场前三的位置，仅用不到3年，且几乎未依赖外部资本。
European companies trying to source from China face language barriers, cultural misunderstandings, quality control challenges, and logistical complexity. Chinese companies trying to sell in Europe face regulatory, certification, and go-to-market barriers. Shengyuan Peng (PSY) sits at the exact intersection of both worlds — a competitive advantage that is structural, not tactical.
欧洲企业尝试从中国采购，面临语言障碍、文化误解、质量管控挑战和物流复杂性。中国企业尝试在欧洲销售，面临法规、认证和市场进入壁垒。彭晟袁正处于这两个世界的精准交汇点——这是结构性的竞争优势，而非战术性的。
Currently 13 employees covering sales, operations, and technical support. Series A funds will enable hiring of: European expansion leads (Germany, Italy), LATAM market development, additional technical and logistics staff, and a CFO to manage the €96M EU-Africa project operations. The lean team is a feature, not a bug — it proves capital efficiency.
目前13名员工，覆盖销售、运营和技术支持。A轮资金将支持招聘：欧洲扩张负责人（德国、意大利）、拉美市场开发、技术与物流人员，以及一名CFO管理€9600万欧盟-非洲项目运营。精简团队是优势而非缺陷——它证明了资本效率。
No prior investors, no convertible notes, no option pools. Independent legal entity (LINUX TECNOLOGY S.L., NIF B87627550). Series A investors enter a clean cap table with maximum alignment.无既有投资者、无可转换债、无期权池。独立法律实体（LINUX TECNOLOGY S.L., NIF B87627550）。A轮投资者进入一个干净的股权结构，利益高度一致。
10 / Financial Projections10 / 财务预测
Conservative projections based on confirmed contracts, existing growth trajectory, and planned geographic expansion. The EU-Africa project provides a visible €24M/year revenue floor from 2026.
基于已确认合同、现有增长轨迹和计划地域扩张的保守预测。欧盟-非洲项目从2026年起提供每年€2400万的可见收入底线。
Organic business (purple) + EU-Africa contract (gold)有机业务（紫色）+ 欧盟-非洲合同（金色）
| Metric指标 | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|---|
| Organic Revenue有机营收 | €7.8M | €4.0M | €14.0M | €24.0M | €36.0M |
| EU-Africa Revenue欧盟-非洲营收 | — | €24.0M | €24.0M | €24.0M | €24.0M |
| Total Revenue总营收 | €7.8M | €28.0M | €38.0M | €48.0M | €60.0M |
| Gross Profit (27.6%)毛利润 (27.6%) | €2.2M | €7.7M | €10.5M | €13.2M | €16.6M |
| Est. EBITDA Margin预估EBITDA利润率 | 8% | 10% | 12% | 14% | 16% |
| Est. EBITDA预估EBITDA | €0.6M | €2.8M | €4.6M | €6.7M | €9.6M |
• EU-Africa contract delivers €24M/year starting 2026 as contracted
• Organic IFPD growth continues at 25–40% annually (conservative vs. historical 57%)
• European expansion (Germany, Italy, Portugal) contributes from 2027
• Gross margin stable at 27.6%, improving slightly with scale
• LATAM entry in 2028, contributing meaningfully by 2029
• EBITDA margin improvement driven by operating leverage on fixed costs
• K-12 replacement wave peaks in 2028–2029 across EMEA
• LED display revenue grows as the category expands toward $17B by 2029
• 欧盟-非洲合同从2026年起按约定每年交付€2400万
• 有机IFPD增长年化25-40%（相对于历史57%为保守估计）
• 欧洲扩张（德国、意大利、葡萄牙）从2027年起贡献营收
• 毛利率稳定在27.6%，随规模略有提升
• 2028年进入拉美市场，2029年实现可观贡献
• EBITDA利润率提升由固定成本的经营杠杆驱动
• K-12设备更换潮于2028-2029年在EMEA达到峰值
• LED显示营收随品类向2029年170亿美元扩展而增长
11 / The Ask11 / 融资需求
The EU-Africa contract, the K-12 replacement wave, and DigitalPakt 2 converge in 2026–2027. This is the window to scale. We are raising a Series A to capitalize on these compounding tailwinds.
欧盟-非洲合同、K-12设备更换潮和DigitalPakt 2在2026-2027年交汇。这是规模化扩张的窗口期。我们正在进行A轮融资，以把握这些叠加的增长顺风。
Round轮次
Series AA轮融资
Target Raise目标融资额
€5–8M
Pre-Money Valuation投前估值
€23–39M
3–5x 2025 revenue2025年营收的3-5倍
Dilution稀释比例
15–25%
Inventory financing, logistics, and operational setup for the €96M contract. First delivery Sept 2026.€9600万合同的库存融资、物流及运营搭建。首次交付2026年9月。
Germany (DigitalPakt 2), Italy, Portugal, Romania. Local sales teams, warehouse, certifications.德国（DigitalPakt 2）、意大利、葡萄牙、罗马尼亚。本地销售团队、仓储、认证。
LED displays, digital signage, PC and tablet product lines. New ODM partnerships and certification costs.LED显示屏、数字标牌、电脑和平板产品线。新ODM合作伙伴关系与认证费用。
CFO, European expansion leads, LATAM market development, technical support, operations scaling.CFO、欧洲扩张负责人、拉美市场开发、技术支持、运营扩展。
Sept 20262026年9月
EU-Africa First Delivery欧盟-非洲首次交付
The €96M contract starts in 18 months. Working capital and operational infrastructure must be in place by mid-2026.€9600万合同将在18个月内启动。运营资金和基础设施必须在2026年中到位。
2026–27
DigitalPakt 2 & EU TendersDigitalPakt 2与欧盟招标
Germany’s second digitization wave and new EU-funded tenders open massive new addressable markets. First-mover advantage is critical.德国第二轮数字化浪潮和新的欧盟资助招标打开了巨大的新可触达市场。先发优势至关重要。
2027–29
K-12 Replacement WaveK-12设备更换潮
Millions of IFPDs deployed in 2020–2022 will age out, triggering the largest replacement cycle in the industry’s history.2020-2022年部署的数百万台IFPD将逐步老化，触发行业历史上最大的更换周期。
European Growth VC / PE欧洲成长期VC/PE
Growth equity firms focused on European B2B technology and hardware-enabled businesses.专注欧洲B2B科技和硬件赋能业务的成长型股权投资机构。
Strategic Investors战略投资者
Panel manufacturers or display industry players seeking European distribution channels.寻求欧洲分销渠道的面板制造商或显示行业参与者。
Spanish VCs西班牙VC
Kibo Ventures, Samaipata, JME Ventures — firms with deep knowledge of Spanish growth companies.Kibo Ventures、Samaipata、JME Ventures——深度了解西班牙成长型企业的投资机构。
Revenue Visibility收入可见性
€96M government-backed contract provides 4 years of revenue certainty — rare for a Series A company.€9600万政府背书合同提供4年收入确定性——在A轮公司中极为罕见。
Capital Efficiency资本效率
Built €7.8M revenue with minimal external capital. ODM model means zero factory CapEx and rapid scaling.以极少外部资本打造€780万营收。ODM模式意味着零工厂资本支出和快速规模化。
Multi-Dimensional Growth多维增长
Three independent growth vectors — geography, product, and channel — multiply each other for compounding returns.三个独立增长维度——地域、产品和渠道——互相放大，实现复合回报。
Clean 90/10 cap table. Founder-led. Deep China supply chain + European go-to-market = structural moat.清洁90/10股权结构。创始人主导。中国供应链深度 + 欧洲市场推广 = 结构性护城河。
Entry (2025)进入 (2025)
€7.8M rev€780万营收
3–5x valuation3-5倍估值
€23–39M pre€2300-3900万投前
4–5 year horizon4-5年投资周期
Potential Exit (2029)预期退出 (2029)
€60M+ rev€6000万+营收
3–5x exit multiple3-5倍退出倍数
€180–300M valuation€1.8-3亿估值
Based on comparable ProDisplay/EdTech company multiples. Strategic acquirers (panel manufacturers, global display brands) or PE buyout are natural exit paths. IPO optionality at scale.基于可比专业显示/教育科技公司的估值倍数。战略收购方（面板制造商、全球显示品牌）或PE并购为自然退出路径。规模化后具备IPO选择权。