I just took a quick look at the latest offering prospectus/investment memorandum (NewIcon, page 26 [edit: page 19 of the investment memorandum, page 26 of the PDF]). I double-checked, and at least the following costs are disclosed there: arrangement fee: €485,000, subscription fee 3-4% = €150,000-200,000, value of options €947,554. It is possible that some fee was missed or not disclosed in the prospectus. The company receives €4,520,000 in its account from the offering, meaning that depending on the perspective, the costs are a maximum of 36% on top of that.
One could, of course, also calculate it such that investors pay €6,152,554, of which the company receives €4.52m = 73.5%, so calculated that way, the costs would be under 30%.
From the entrepreneur’s perspective, an (overly) high valuation is not always a positive thing, especially for a startup (unless the entrepreneur sells their own shares at the same time). Specifically, securing follow-on funding (from sources other than Springvest) can become quite impossible, which has been the fate of almost all Springvest clients so far… On the other hand, if the company is certain that this funding round is the last one, then the highest possible valuation is naturally to the company’s advantage.