Maclear Project Black Ocean
- Written by
- Just P2P
- •
- Updated April 21, 2025
Score C+
Black Ocean s.r.o. is a company established in Prague since 2012 that operates with a diversified business model. It has three revenue streams: software development, marketing and traffic generation, and the development of its proprietary product, Grinre. They specialize in custom software development for clients based in the United States.
The company wishes to develop its proprietary product, Grid Inspection & Reliability (Grinre). This digital inspection solution is designed for the energy sector, combining a mobile application for field inspectors with a web interface for supervisors and auditors. The funding will improve Grinre’s functionalities, enable marketing advances, and ensure its market positioning.
Investment terms
Total project value : 724,500 €
Periode : 14 months
Interest rate : 15.1%
Company contribution : 140 000 € in Grinre development
The 724,500 € loan is intended for the development and promotion of the company’s proprietary product, Grinre. This funding will be divided into two categories:
- 384,500 € for the technical development (functionality improvements, API expansion, multi-user synchronization, transition from Flutter to Kotlin, web interface redesign, and CRM implementation),
- 340,000 € for the business development and marketing (recruitment of business development managers, digital advertising campaigns, content creation, and establishment of strategic partnerships).
Risk metrics
Debt/Equity Ratio : 1,57 (Middle risk)
LTV (Loan to Value) : 189% (High risk)
Credit History Score : 7/10 (Average score)
The risk metrics present a mixed profile. The Debt/Equity ratio of 1.57 falls within the medium risk range (1.0-2.0), indicating moderate leverage that warrants attention but is not excessively concerning. However, the LTV ratio of 189% significantly exceeds the 80% threshold for high risk classification, suggesting inadequate collateral coverage for the loan amount.
This is particularly concerning as the company admits to not possessing physical assets suitable for collateral and relies primarily on cash flow for repayment. The credit history score of 7/10 falls below the “Good” threshold of 8/10, further contributing to the higher risk profile of this investment.
Business profile
Geographic Location : Czech Republic, EU member state
Industry Sector : Services (Software Development, Marketing, SaaS)
Collateral Type : Company Assets
Black Ocean operates from the Czech Republic, an EU member state with a stable business environment. The company pivoted to the US market in 2023-2024, which led to spectacular revenue growth (from €27,655 to €1,340,400).
Its diversified business model offers some resilience against market fluctuations, but its major growth is very recent. Their collateral essentially relies on company assets and cash flows rather than real estate, which represents a significant risk given the high LTV ratio.
Positive / Risk factors
Positive factors
- Diversified business model
- Strong revenue growth in 2024
- Operational efficiency rate (88.3%)
- Notable clients (Mural, Postman, Fivetran)
- Market validation for Grinre (26 active clients)
- Clear and detailed business plan
- Strong projected cash flow (monthly revenue >€120K)
- Development team with specialized expertise
- Company operational for more than a decade
Risk factors
- Extremely high LTV ratio (189%)
- Average credit history score (7/10)
- No direct company contribution to the project
- Strong dependence on the US market
- Recent business pivot
- Loan repayment based on projected cash flows
- Significant investment needed for Grinre to be profitable
- Competitive software development industry
Score C+
The C+ rating is justified by strong revenue growth and diversified business model, which partially mitigate the extremely high LTV ratio (189%) and geographic concentration risk. The substantial monthly revenues provide some confidence in repayment capacity, but repayment largely depends on projected cash flows from Grinre rather than established revenues. The short loan term (14 months) limits exposure, but the investment remains risky and is suitable for investors with appropriate risk tolerance.
