• Valuation of INKcoming, a Belgian “ArtTech” start-up offering the world's first e-paper digital art frame
Case study:

Valuation of INKcoming, a Belgian “ArtTech” start-up offering the world's first e-paper digital art frame

30 July 2021

In the context of a contemplated fundraising, BDO has conducted a valuation analysis of INKcoming, whose brainchild IONNYK is the first connected photo art frame based on e-paper technology.

As opposed to LCD screens, IONNYK’s proprietary technology has all the qualities of a classic photography art print. Evolving in the recent Non-Fungible Token (NFT) trend, the company directly targets an “intermediate luxury” niche of connoisseurs, art / design lovers and photography professionals.

Our valuation was based on a business plan and relied on Discounted Cash Flow (DCF) and Venture Capital Method (VCM), as well as on empirical and market-based approaches such as “build-up” model.

The client was satisfied and quoted the collaboration : “Very professional, attentive and reactive team.