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HeronTrack 6A
1. Context — Company update & key indicators
HeronTrack continues to strengthen its position as a European asset-tracking platform for tools, construction equipment and industrial assets.
- 2025 performance: statutory turnover of €420,423.47, EBITDA of €240,245.10 and a net profit of €26,302.26
- Recurring revenue: approximately €360k ARR, with more than 90% of revenue generated through recurring subscriptions
- Customer base: 60+ paying customers across 10 countries
- Platform scale: 30,000+ assets tracked
- Business model: fully recurring 36-month Tracking-as-a-Service subscriptions combining hardware, connectivity, software, platform access and support
- Go-to-market: direct sales, an expanding reseller and partner network, SEO-led inbound acquisition and AI-assisted lead generation and nurturing
Current adoption & pipeline
Adoption
- Proven use cases in construction, industrial equipment, glass logistics and related sectors
- Reference customers include companies such as Euroglas, Tombeton, Walter Fensterbau and DW Systembau
- International commercial adoption across multiple European countries
- Increasing deployment of all-inclusive subscriptions rather than stand-alone hardware sales
- Entry-level offering starting at €100 per month, including the tracking hardware, connectivity, and platform access required to track 5 technicians or service vehicles and 30 tools
Pipeline
- Continued expansion in Belgium, France, and Germany
- Development of reseller partnerships, equipment dealers and other commercial channels
- Growing interest from construction groups, equipment rental companies and industrial operators
- Increasing inbound demand driven by SEO, targeted digital campaigns and industry-specific use cases
- Further automation of the customer acquisition journey for standard subscription packages
The company's commercial strategy combines direct sales, partnerships and scalable digital acquisition. Larger deployments generally begin with a demonstration or pilot, followed by expansion across additional sites and assets.
Market dynamics
The market environment is increasingly favourable:
- Rising equipment losses and theft create a clear and measurable need for asset visibility.
- Construction and industrial companies face growing pressure to improve equipment utilisation and operational efficiency
- Digitalisation of field operations continues to accelerate across Europe
- Traditional vehicle-focused GPS solutions are often too costly or power-intensive for smaller tools and portable assets
- The recurring Tracking-as-a-Service model reduces the customer's initial investment and supports faster adoption
Competition remains fragmented between traditional fleet-management providers, enterprise IoT platforms, Bluetooth-only solutions and regional asset-tracking specialists. HeronTrack differentiates itself through its hybrid BLE, LTE and GPS technology, indoor and outdoor coverage, long battery life, rapid deployment and focus on small and medium-sized equipment.
HeronTrack estimates its current serviceable market at approximately €1.2–€1.5 billion. Its long-term objective of approximately €20 million ARR would represent only a small share of that market.
Strategic vision
Three KPIs guiding the strategy
KPI 1. Annual Recurring Revenue (ARR)
Why it matters: ARR is a key indicator of scale, predictability, and potential valuation for a SaaS and Industrial IoT business.
- Now — 2026: approximately €360k ARR
- Medium term — 2029: €5M ARR
- Long term — 2035: approximately €20M ARR
KPI 2. Active customers
Why it matters: growth in the number of paying customers demonstrates repeatable customer acquisition and reduces concentration risk.
- Now — 2026: 60+ paying customers across 10 countries
- Medium term — 2029: approximately 1,400 active customers
- Long term — 2035: approximately 5,500 active customers
The 2029 customer objective is aligned with the €5M ARR target and an average monthly recurring subscription of approximately €300 per active customer. The same commercial assumption supports the long-term objective of approximately 5,500 active customers and €20M ARR.
KPI 3. Share of recurring revenue
Why it matters: the share of recurring revenue measures the predictability and quality of HeronTrack's revenue base and its successful transition to the Tracking-as-a-Service model.
- Now — 2026: more than 90% recurring revenue
- Medium term — 2029: at least 95% recurring revenue
- Long term — 2035: approximately 100% recurring Tracking-as-a-Service revenue
Why invest now
HeronTrack has moved beyond the pre-commercial start-up phase. It has an established product, a paying international customer base, more than 30,000 tracked assets and a recurring subscription model supported by 36-month customer contracts.
The company generated statutory turnover of €420,423.47 in 2025, EBITDA of €240,245.10 and a net profit of €26,302.26. Its platform and operating processes are already in place, and the financing is intended to support the next phase of growth rather than large-scale product exploration.
The Tracking-as-a-Service model removes a significant upfront investment for customers by including the hardware, connectivity, software, and support in a monthly subscription. This supports customer adoption and revenue predictability, but it also requires HeronTrack to finance the hardware and deployment costs at the beginning of each 36-month contract. The present financing package is designed to address this working-capital requirement while supporting commercial expansion and optimising the company's financing structure.
Over the coming years, HeronTrack intends to accelerate customer acquisition in Belgium, France and Germany, expand its reseller network, increase recurring revenues and continue targeted product innovation through AI-assisted development and new integrations.
See the pitch deck below for more information.
2. Investment terms
The offer consists of an investment in Participatory Notes (Debt-Linked Notes) issued by the HERONTRACK 6A compartment of Spreds Finance. The underlying asset of the compartment is a loan granted by Spreds Finance to HeronTrack.
- Minimum target amount: €125,000
- Maximum offer amount: €250,000
- Nominal amount per Participatory Note: €500
- Minimum subscription per investor: €1,000, in increments of €500
- Subscription fee: none
- Term: 60 months from the date on which the funds are made available to HeronTrack
- Gross annual interest rate: 9.00%
- Net annual interest rate: 6.30%, after deduction at source of the 30% Belgian withholding tax on movable income
- Repayment: monthly amortising instalments comprising both principal and interest, with interest calculated on the outstanding principal
The Participatory Notes economically mirror the payments received by Spreds Finance under the underlying loan. Payments to investors therefore depend on HeronTrack duly making the corresponding payments to Spreds Finance.
The loan is unsecured and does not benefit from any collateral or personal guarantee. Bank and operational debts rank senior to the loan. Except for the three existing loans from Sebastien De Grauwe, Nils De Moor and Luc Francis Jacobs described below, which are subordinated to the HERONTRACK 6A loan, the HERONTRACK 6A loan ranks pari passu with other subordinated financing.
HeronTrack may repay the loan early, in whole or in part, subject to at least 10 working days' prior written notice. In that event, a reinvestment fee of up to six months of interest at the fixed rate is payable on the amount repaid early.
Why a 9% interest rate?
Why a 9% interest rate?
The 9% gross annual interest rate is in line with the 8% to 10% range generally observed for subordinated SME loans, particularly on crowdlending platforms. It was not set because HeronTrack is considered riskier than another comparable SME, but reflects the nature and structure of this type of financing.
Principal and interest are repaid monthly over 60 months, meaning that the outstanding capital - and therefore the investor’s exposure - gradually decreases throughout the term of the loan.
3. Existing commitments and complementary financing
The crowdlending offer forms part of a broader financing package. In addition to the minimum €125,000 sought through the HERONTRACK 6A offer, HeronTrack expects to obtain €150,000 of new bank financing from ING, supported by a European guarantee mechanism and without additional personal guarantees from the founders.
No new investment by the founders, shareholders, or management is currently planned as part of this offer. However, founders and existing shareholders or investors have already provided significant subordinated financing that remains invested in the company. According to the KIIS, this includes:
- €10,000 from each of Sebastien De Grauwe, Nils De Moor and Luc Francis Jacobs, totalling €30,000
- €31,000 from Gialco
- €100,000 from a private investor
The three existing loans of €10,000 each from Sebastien De Grauwe, Nils De Moor and Luc Francis Jacobs will be subordinated to the loan granted by Spreds Finance to HeronTrack and will only be reimbursed after that loan has been reimbursed in full.
These existing subordinated commitments total €161,000 and demonstrate the financial commitment already made by founders and existing investors.
4. Practical arrangements
- Subscription through the HERONTRACK 6A compartment of Spreds Finance
- Scheduled end of the subscription period: 1 November 2026
- Subject to confirmation of the campaign dates, possible extension of up to three months, until 1 February 2027 at the latest, if subscriptions amount to at least €50,000 on 1 November 2026
- The offer may close early once the minimum amount of €125,000 has been reached or once the maximum amount of €250,000 has been subscribed
- The Notes will only be issued if subscriptions reach at least €125,000
- If the minimum target is not reached, the Notes will not be issued and investors will be reimbursed in accordance with the conditions set out in the KIIS
- Non-sophisticated investors benefit from a four-calendar-day pre-contractual reflection period
5. Use of funds
The financing is intended to optimise HeronTrack's financing structure and support the next phase of growth of its recurring Tracking-as-a-Service model.
The proceeds are expected to be allocated approximately as follows:
- Debt refinancing and optimisation of the financial structure — 35%: refinancing part of the existing bank debt to improve the company's financing structure and facilitate access to the new ING facility supported by a European guarantee mechanism.
- Business development and international expansion — 35%: strengthening sales capacity in Belgium, France and Germany, developing the reseller and partner network and accelerating customer acquisition.
- Marketing and lead generation — 15%: digital acquisition, SEO, targeted campaigns, industry events and AI-assisted lead generation and nurturing.
- Working-capital requirements — 10%: financing the initial hardware and deployment costs associated with new 36-month Tracking-as-a-Service contracts.
- Product innovation and R&D — 5%: targeted platform improvements, integrations and AI-enabled product development.
Raise summary
| Duration | 60 months |
| Interest rate | 9% |
| Reimbursement frequency | Monthly |
| Reimbursement type | Amortizing |
| Crowd investments | €78,000 |
| Committed by others | €0 |
| Amount raised | €78,000 |
| Minimum round | €125,000 |
| Maximum round | €400,000 |