Terms of service

These Terms of Service ("Terms") govern the use of the Valued platform available at valued.com and its subdomains (the "Service"), operated by Digital Pioneers GmbH, Lilienstraße 11, 20095 Hamburg, Germany, registered with the commercial register of the local court (Amtsgericht) of Hamburg under HRB 108462 ("Valued", "we", "us").

The Service is offered exclusively to entrepreneurs, companies, family offices, funds and other professional or institutional investors acting in the course of their business or professional activity (Section 14 of the German Civil Code, BGB). The Service is not offered to consumers (Section 13 BGB). By registering, the customer confirms that it is not acting as a consumer.

These Terms apply to the exclusion of any conflicting or supplementary terms of the customer, unless we have expressly agreed to them in writing.

Valued is a software-as-a-service platform for the administration, consolidation and analysis of private and public market investments. Depending on the plan booked, the Service includes:

• Fund Investments: administration of fund commitments, capital calls, distributions, equalisation, quarterly and annual reports, capital account statements, NAV development, and performance metrics such as DPI, RVPI, TVPI and IRR.
• Equity: administration of equity investments, cap tables, share classes, financing rounds, convertible loans, loan agreements, valuations and ownership calculations, including SPV look-through.
• Public Markets: market data and public portfolio tracking, including price, dividend and FX information from third-party data providers.
• AI-assisted document processing: automated classification and extraction of financial data from uploaded documents, followed by a review step in which the customer verifies and confirms the extracted values.
• Document management, inbound email ingestion into the platform and — where the customer explicitly configures it — automated retrieval of documents from investor portals.
• Notifications, reporting, dashboards, data exports (for example XLSX and ZIP) and team access with role-based permissions.

We continuously develop the Service. Functional enhancements, changes and improvements are permitted provided the contractually agreed core functionality is maintained.

Use of the Service requires registration. The information provided upon registration must be complete and accurate and must be kept up to date. Access credentials must be kept confidential and may not be shared with third parties.

The customer may invite additional users (team members) and assign roles and permissions. The customer is responsible for the selection and administration of its users and for all activity carried out under its account, including activity by invited users. The customer shall ensure that its users comply with these Terms.

The customer must notify us without undue delay at security@valued.com if it becomes aware of any unauthorised access to its account. We may block access temporarily where there is reasonable suspicion of misuse or a security risk.

The scope of functions and the applicable fees follow from the plan selected at the time of booking. Unless stated otherwise, all prices are exclusive of statutory value added tax.

• Subscriptions are billed in advance for the agreed billing period (monthly or annually) and renew automatically for the same period unless terminated with effect from the end of the current period.
• Payments are processed by our payment service provider Stripe. The customer is responsible for providing valid payment details.
• In the event of late payment we may, after a reminder and a reasonable grace period, suspend access to the Service. Statutory claims for default interest remain unaffected.
• We may adjust prices with at least six weeks’ notice before the start of a new billing period. If the customer objects in text form before the change takes effect, the contract ends at the end of the current billing period.
• Fees already paid for a current billing period are not refunded on a pro rata basis unless the termination is based on a breach of contract by us.

All documents, figures and other content uploaded, imported or entered by the customer ("Customer Content") remain the property of the customer. The customer grants us a non-exclusive right, limited to the term of the contract and to the purpose of providing the Service, to store, reproduce, process and display Customer Content to the extent necessary to operate the Service and to provide support.

We do not sell Customer Content and do not make it available to third parties for their own purposes. Customer Content is not used to train artificial intelligence models — neither by us nor by the AI providers we use.

We may use aggregated, anonymised statistics that do not allow conclusions to be drawn about the customer, its portfolio or any natural person, in order to operate, secure and improve the Service.

The customer warrants that it is entitled to upload the Customer Content and that doing so does not infringe any third-party rights, confidentiality undertakings or contractual restrictions (for example under limited partnership agreements or NDAs).

The Service uses large language models and other automated methods to classify documents and extract financial data. These results are decision support, not a verified accounting record.

Extracted values are presented to the customer for review before they are saved to the portfolio. The customer is obliged to check extracted and derived figures against the underlying source documents before using them for accounting, reporting, valuation, tax or investment decisions.

We do not warrant the completeness or accuracy of automatically extracted data, of derived metrics, or of data obtained from third-party sources such as market data providers or investor portals.

The Service is a data and analytics tool. It does not constitute investment advice, investment brokerage, portfolio management, tax advice, legal advice or accounting services, and it does not constitute a recommendation to acquire, hold or dispose of any financial instrument.

Valued does not provide any regulated financial services within the meaning of the German Banking Act (KWG), the German Securities Institutions Act (WpIG) or the German Capital Investment Code (KAGB). Investment decisions remain the sole responsibility of the customer.

Where the customer activates the retrieval of documents from investor portals, we access those portals on the customer's instruction and using the access credentials provided by the customer, solely in order to download documents made available to the customer.

The customer warrants that it is entitled to grant such access and that automated retrieval does not violate the terms of use of the relevant portal. The customer may revoke stored credentials at any time. We are not responsible for availability, changes or restrictions on the part of the portal operator.

Market data, FX rates and company information originate from third-party providers and are provided without warranty of accuracy, completeness or timeliness. They are intended for informational purposes and not for trading purposes.

The Service can be connected to ChatGPT, an AI assistant provided by OpenAI, so that ChatGPT can read information from a Valued workspace while answering a user's questions. The connection is optional and is set up only by the user, who starts it in ChatGPT, signs in to Valued, selects one workspace and chooses which categories ChatGPT may read: investments and financial records, stored document text and summaries, stored emails, and investment notes. Nothing is preselected.

• The connection can only read. It cannot change investments, upload or delete documents, send emails or execute transactions.
• Access ends after 30 days without use, and after 90 days at the latest. The user can disconnect earlier under Settings → ChatGPT. Changing the password or the multi-factor authentication settings, or removal from the workspace, also ends it. Signing out of Valued does not.
• Every new connection is announced to the user by email.

ChatGPT is a third-party service. It is not part of the Service and is not provided by us, and its use is governed by the terms and privacy policy the user has agreed to with OpenAI. Valued is not affiliated with, endorsed by or sponsored by OpenAI. We are not responsible for the availability of ChatGPT or for how OpenAI processes the information it receives. Section 6 of our Privacy Policy describes what is transmitted and in which role.

Answers in ChatGPT are generated by ChatGPT, not by Valued, even where they are based on information read from the Service. They may summarise, omit or misstate that information. Section 6 of these Terms applies accordingly: the customer checks such answers against the records in Valued and the underlying source documents before relying on them, and section 7 applies to them without restriction. Without prejudice to the cases of unlimited liability in section 13, we are not liable for the content of answers generated by ChatGPT.

The customer is responsible for deciding which workspace and categories its users make available to ChatGPT, for ensuring that doing so is compatible with confidentiality undertakings that apply to the information (section 5), and for what its users enter into or share from ChatGPT. Information already returned to ChatGPT remains there after a connection ends.

The customer shall not, and shall not permit its users to:

• use the Service in breach of applicable law or upload unlawful, infringing or malicious content;
• upload content that the customer is not entitled to disclose or process;
• reverse engineer, decompile or disassemble the Service, or extract prompts, models or other components, except where mandatory statutory rights permit this;
• circumvent or test security measures, access controls or usage limits without our prior written consent;
• use automated means to access the Service on a large scale, scrape it, or resell access to it, unless a documented interface has been provided for that purpose;
• impair the availability, integrity or performance of the Service or of other customers’ use of it.

In the event of a material breach we may block the affected account, temporarily or permanently, and terminate the contract for cause.

We operate the Service with reasonable care and aim for high availability. Availability may be limited by planned maintenance, which we will announce in advance where reasonably possible, and by events outside our control (in particular failures of upstream providers, networks or force majeure).

A specific availability level (SLA) applies only where expressly agreed in writing. Document processing times depend on the size, quality and complexity of the uploaded documents and are not guaranteed.

Support is provided in English and German by email to support@valued.com during regular business hours in Germany.

The Service, including its software, user interface, design, documentation, data models, extraction logic and prompts, is protected by intellectual property rights and remains the exclusive property of Valued or its licensors.

The customer receives a non-exclusive, non-transferable, non-sublicensable right, limited to the term of the contract, to use the Service for its own internal business purposes and those of its affiliated entities administered on the platform.

We are liable without limitation for damages caused intentionally or by gross negligence, for injury to life, body or health, under the German Product Liability Act, and to the extent that we have assumed a guarantee.

In the case of slight negligence, we are liable only for the breach of a material contractual obligation (an obligation whose fulfilment is essential to the proper performance of the contract and on the fulfilment of which the customer may regularly rely). In such cases, liability is limited to the typical and foreseeable damage, and in aggregate to the fees paid by the customer in the twelve months preceding the event giving rise to liability.

Any further liability, in particular for loss of profit or indirect damage, is excluded.

Data loss

Liability for loss of data is limited to the effort that would have been required to restore the data had the customer maintained appropriate backups of its own source documents. The customer remains responsible for keeping the original versions of documents it uploads.

Extracted figures

Given the review obligation set out in section 6, we are not liable for damage resulting from the use of unreviewed, automatically extracted or derived figures.

Both parties shall treat confidential information of the other party as confidential and use it only for the purposes of the contract. This obligation survives the termination of the contract.

Where we process personal data on behalf of the customer, this is governed by our Privacy Policy and by a data processing agreement pursuant to Art. 28 GDPR, which we make available on request at privacy@valued.com.

We may amend these Terms where necessary for legal, regulatory, security or technical reasons or to reflect changes in the Service. We will notify the customer in text form at least six weeks before the change takes effect.

If the customer objects in text form before the change takes effect, the contract continues under the previous terms until the end of the current billing period and ends thereafter. We will point out the significance of the objection period in the notification.

The contract runs for the agreed billing period and renews automatically unless terminated with effect from the end of that period. Termination is possible in text form or via the account settings. The right to terminate for cause remains unaffected.

Before the contract ends, the customer may export its data using the export functions provided in the Service. After termination, we will delete the customer's data in accordance with our Privacy Policy, subject to statutory retention obligations.

• These Terms are governed by the law of the Federal Republic of Germany, excluding the UN Convention on Contracts for the International Sale of Goods.
• The exclusive place of jurisdiction for all disputes arising from or in connection with this contract is Hamburg, Germany, provided the customer is a merchant, a legal entity under public law or a special fund under public law.
• The customer may only offset against claims of ours that are undisputed or have been finally adjudicated.
• Rights and obligations under this contract may only be transferred to third parties with our prior written consent.
• Should any provision of these Terms be or become invalid, the validity of the remaining provisions remains unaffected.
• The contract language is English. Translations are provided for convenience only.

Digital Pioneers GmbH, Lilienstraße 11, 20095 Hamburg, Germany
Managing Director: Heiko Hubertz
Commercial register: Amtsgericht Hamburg, HRB 108462 · VAT ID: DE264068572

Contractual and legal matters: legal@valued.com
Data protection: privacy@valued.com
Security reports: security@valued.com