Terms of Service

These terms govern your use of Nexum (nexum.fund, "the Platform") and the services provided through it by NEXUM ANALYTICS LTD, a company registered in England and Wales (company number 17440513), registered office 66 Paul Street, London, EC2A 4NA, United Kingdom ("Nexum", "the house", "we", "us").

Effective date: 20 October 2026 · Last updated: 20 October 2026

By creating an account, filing a business, taking a seat, or otherwise using the Platform, you agree to these terms. If you use the Platform for a company, you confirm you are authorised to bind it.

1 · What Nexum is

1.1 Nexum is an examining house for founder-led digital businesses. We provide examination services — a structured, multi-layered review of a business's model and economics, producing signed findings — and we maintain the register, a record of examined businesses, which seat-holders read and through which founders may accept introductions.

1.2 Nexum is not an investment firm, a fund, a broker, a financial adviser, a lender, or a marketplace for securities. We do not pool money, hold client funds, take stakes, or arrange investments. An examination is an analytical opinion about a business; it is not investment, legal, tax, or financial advice, and it is not a recommendation to anyone to transact.

1.3 The house awards grants from its own capital to businesses it has examined, on the terms in §14. It may operate other discretionary programmes, each with its own published terms when active. Nothing in these terms promises any programme, award, or capital to anyone.

2 · Accounts and eligibility

2.1 You must be at least 18 and using the Platform for business purposes. You are responsible for your credentials and for everything done under your account. Tell us at once if you suspect unauthorised use.

2.2 We may suspend or close an account that breaches these terms, misuses the register, or presents a security or legal risk, and we will tell you why unless the law prevents it.

3 · The examination

3.1 Tiers and scope. Examinations are offered at the tiers and prices published on the Platform. The published description of each tier is the scope you are buying; nothing beyond it is promised.

3.2 What you provide. You supply your business model, reasoning, and figures. You warrant that what you file is yours to share, accurate to your knowledge, and not misleading. The examination tests what you file against evidence; it cannot verify what you conceal.

3.3 What we deliver. A written examination — findings by severity, the keystone analysis, and a signed conclusion — read and signed by a second reviewer before release. Delivery times published on the Platform are targets, not guarantees; if we cannot deliver within a reasonable time we will tell you and the Refund Policy applies.

3.4 What it is not. An examination is a professional opinion formed from the material available at the time. It does not guarantee the success, viability, or value of a business, and no one — including you — should rely on it as the sole basis for a decision.

3.5 Re-examination. You may ask for your entry to be re-examined as your business changes, at the published price. A re-examination produces a new dated record; earlier findings remain part of the entry's history.

3.6 Founding reservations. A founder may pay for an examination before filing the record. Payment reserves one of the fifteen examinations offered at the founding price, Standard or Advanced. Until the record is filed, the founder may request a full refund at any time, and the place is released. If the house declines to examine a record filed from a reservation, the fee is refunded in full. Once a record is filed and accepted for examination, these Terms apply as for any examination.

4 · Confidentiality, the register, and publication

4.1 Confidential by default. What you file and what we find are confidential between you and the house unless you choose otherwise.

4.2 Your choices. You decide, per entry and changeable going forward: whether your examination is published to the register; whether your entry is named or blind (substance published, identity withheld under an analyst's descriptor); and whether you are open to introductions, and for what.

4.3 The register's rules. Entries are ordered by verified house events — an examination delivered, a milestone verified, a re-examination. Self-reported updates keep an entry visible; they do not move its standing. We may correct, annotate, or remove an entry that we find to be materially inaccurate, and we will tell you if we do.

4.4 Questions on the record. Seat-holders may put questions to a founder on an entry; answers are attributed and become part of the entry. You may decline to answer; you may not answer misleadingly.

4.5 Publication licence. Where you choose publication, you grant us a non-exclusive, worldwide licence to display the examination and your entry on the Platform, in the mode you chose, for as long as you keep it published. Withdrawing publication takes effect going forward; we cannot retrieve what a reader has already seen.

5 · Seats and the Founding Faculty

5.1 Seats. Membership is offered as seats at the tiers and annual prices published on the Platform: a reading seat (register access, working sessions, questions on the record) and a working seat (the same, plus introductions and a direct line to the house). Seats are personal, non-transferable, and taken by application — the house may decline an application without giving reasons.

5.2 Founding standing. Seats in the first body of the Faculty carry founding standing as described on the Platform. Founding standing is a description of when a seat was taken; it confers no governance rights, no ownership, and no interest in the house.

5.3 Introductions included. A working seat includes the number of introductions per seat year stated at purchase. Introductions are counted when a founder accepts a request — asking carries no fee. Unused introductions do not roll over and are not refundable. Concurrency limits and cooling-off periods apply as shown on the Platform.

5.4 The seat fee is the whole price. The house earns the same fee whoever meets whom. We take no success fee, commission, or interest in any relationship or transaction that follows an introduction.

5.5 Conduct. Seat-holders act on the record. You may not use register information to contact a founder outside the introduction mechanism, share register content outside the Platform, scrape the register, or attempt to identify a blind entry's founder by other means. Breach forfeits the seat without refund.

5.6 Recusal. A Fellow introduced to a founder is permanently recused from evaluating that founder's work anywhere in the house. This is enforced by the Platform.

6 · Introductions

6.1 By consent only. A request names the Fellow and states their purpose to the founder. Nothing about the founder — on a blind entry, not even their name — reaches the Fellow unless the founder accepts. Unanswered requests lapse; a founder's decision not to accept is not communicated as a refusal.

6.2 The platform steps out. On acceptance, contact details are exchanged. Whatever follows is between the parties, outside the Platform, on their own terms. Nexum is not a party to it, does not supervise it, and is not responsible for it.

6.3 No guarantee. We do not guarantee that any request will be accepted, that any introduction will lead to anything, or that any founder or Fellow is who they say they are beyond the checks described on the Platform.

7 · Fees and payment

7.1 Prices are as published on the Platform at the time of purchase, in the currency shown. Prices for a cohort or seat year are fixed at purchase; we may change published prices for future purchases at any time.

7.2 Payment is taken by a regulated third-party payment processor, named on the fee page when active. We do not store full card details.

7.3 Prices are stated exclusive of VAT unless shown otherwise; VAT is added where applicable. You are responsible for any taxes in your own jurisdiction.

7.4 Refunds. (a) Until a record is accepted for examination, which happens when it is filed, the founder may request a full refund of the examination fee at any time. (b) If the house declines to examine a filed record, the fee is refunded in full. (c) After delivery, a fee is not refunded for a change of mind. Within fourteen days of delivery the founder may notify the house of any of three failures: the report was delivered more than fourteen days after the examination was commissioned; the report does not answer the decision the founder filed; or a finding is graded critical without a falsifier. Where the house finds the failure, it corrects the report or refunds the fee in full. (d) An examination purchased before 7 October 2026 remains subject to the refund terms in force when it was purchased. The Refund Policy forms part of these terms and sets out how refunds are requested and made. Nothing in it limits rights you have as a consumer under the Consumer Contracts Regulations 2013, where they apply.

8 · Intellectual property

8.1 Yours. You keep all rights in what you file. You grant us a licence to use it to perform the examination, maintain your entry, and — where you choose — publish it under §4.5.

8.2 Ours. The examination method, the fourteen dimensions, the register's design, the Platform, and the text of an examination as written by our analysts are ours. On delivery you receive a perpetual, non-exclusive licence to use your examination for your business — to share it with advisers, partners, or anyone you choose, unaltered and attributed to Nexum. You may not resell it or present it as an endorsement.

8.3 Feedback. Suggestions you give us about the Platform may be used without obligation.

9 · Automated analysis

The examination uses machine-scale analysis, including large language models, under the judgment of named analysts who sign the findings. No decision affecting you is made solely by automated means. Content you file is processed by AI providers acting as our processors under contracts prohibiting training on your data; see the Privacy Policy.

10 · Acceptable use

You may not: file material you have no right to share or that infringes others' rights; misrepresent your business, your identity, or your authority; interfere with the Platform's operation or security; attempt to circumvent blind-entry protections, gates, throttles, or recusal; use the Platform to solicit investment from other users in breach of applicable law; or harass, defame, or threaten anyone on the record. We may remove content and end access for breach.

11 · Disclaimers and liability

11.1 Except as expressly stated, the Platform and services are provided as they are. We do not warrant uninterrupted or error-free operation.

11.2 Nothing in these terms excludes or limits liability for death or personal injury caused by negligence, for fraud, or for anything else that cannot lawfully be excluded.

11.3 Subject to 11.2, we are not liable for loss of profit, revenue, business, opportunity, goodwill, or data, or for any indirect or consequential loss, arising from the services, an examination, the register, or any introduction or relationship that follows one.

11.4 Subject to 11.2, our total liability to you in any 12-month period is limited to the fees you paid us in that period.

11.5 You indemnify us against claims arising from material you file in breach of §3.2 or §10.

12 · Term, termination, and changes

12.1 These terms apply while you have an account or an entry on the register. You may close your account at any time; §4.5 and §9 of the Privacy Policy explain what happens to your entry and records.

12.2 We may amend these terms. Material changes are notified to account holders by email at least 14 days before they take effect; continuing to use the Platform after that date is acceptance. Changes do not alter the price or scope of an examination or seat already purchased.

13 · General

13.1 These terms, the Privacy Policy, the Cookie Notice, the Refund Policy, and the published tier and seat descriptions are the entire agreement between you and us about the Platform.

13.2 If any provision is unenforceable, the rest stands.

13.3 We may assign these terms to a successor of the business; you may not assign them.

13.4 No failure to enforce a provision waives it.

13.5 These terms are governed by the laws of England and Wales. Disputes are subject to the exclusive jurisdiction of the courts of England and Wales, save that consumers resident elsewhere in the UK or the EU may bring proceedings in their home courts where the law so provides.

14 · Grants

14.1 The programme. The house awards discretionary grants from its own capital to businesses it has examined. No third party's money enters a grant. Grants are awarded in cycles; each cycle's allocation, the range of a single grant, and its close date are published on the grants page. Any amount not awarded carries into the next cycle and is published on the grants page.

14.2 Who is considered. A business is considered only if its founder opts in on the Platform, at any time from filing the examination until the cycle that considers the record closes; a founder who opts in after that cycle has closed is considered in the next cycle. Opting in carries no fee. It confirms that the business is, or will be before it signs the Grant Agreement, a registered legal entity with a business account in its own name, that it is not connected with a comprehensively sanctioned jurisdiction or owned or controlled by a designated person, that no member of the grants committee or close relation of one holds an interest in it, that the founder accepts the Grant Selection Policy, and that an award, if made, is announced on the register. With the opt-in, the founder states the amount sought within the published range and, in no more than 150 words, which test from the examination the money runs and what number it produces; the statement can be revised until the cycle closes. A record that has been opted in is considered in the cycle in which it is filed, provided it is filed no later than fourteen days before that cycle closes (the last filing date); a record filed later is considered in the next cycle. A record filed by the last filing date and delivered after the cycle closes is considered in that cycle on delivery. The first cycle considers every record filed by 22 December 2026, and closes on 5 January 2027, the last day to opt in for a record it considers. A record is considered on the same terms whether its examination fee was paid at the founding price, at the standard price, or waived; the founding price is a term of the examination service and has no bearing on eligibility. Records are considered in two tracks by the service examined, Standard for companies not yet earning and Advanced for companies already earning, each track read against its own kind. A record upgraded to an Advanced examination is considered in the Advanced track. Each later cycle runs ninety days and opens the day after the previous cycle closes. The following are not considered: a record whose examination fee was refunded, an examination the house declined, a record withdrawn by its founder, a test record, a company in which a member of the grants committee, or a close relation of one, holds an interest, a company without a built product, and a business outside the fields the house examines, namely AI-native products, developer infrastructure, software and automation, fintech, marketplaces, and games, gambling products excluded. The examination fee buys the examination; it does not buy a grant and has no bearing on any decision.

14.3 The decision. The house's grants committee decides each award at its discretion, under the Grant Selection Policy. Each member scores the considered records independently, before seeing any other member's scores, on the six weighted criteria the policy sets out, the business itself first; a record is shortlisted only if it reaches the policy's standard. The committee speaks with each shortlisted founder individually, by call or in writing, and records the conversation with its decision; the founder then submits a one-page grant plan, which may confirm or revise the amount sought within the published range. Each track is ranked on its own, awards follow each track's ranking, and the committee divides the allocation between the tracks until it is used; it may award less than the amount sought. It announces its decisions within four weeks of the cycle's close. Its decision is final. No one is promised a grant, and the house need not give reasons for a decision.

14.4 Payment. A grant is paid only to a registered legal entity that holds a business account in its own name, in two or three tranches under a Grant Agreement between the house and the recipient. Before any payment, the Grant Agreement sets the amount of each tranche, its milestone and the evidence that proves it; the first tranche is no more than 40% of the grant and the final tranche no less than 20%. The first tranche is paid on signature and verification: once the recipient has signed the Grant Agreement and the house has completed identity and sanctions checks on the recipient and its owners. The house may ask for further documents at any stage, and makes no payment until they are provided. Each later tranche is paid against milestone evidence the house accepts, and the final tranche only on verified completion. The house assesses milestone evidence within ten business days and pays an accepted tranche within ten business days of accepting it.

14.5 No return. A grant carries no equity, warrants, revenue share, or convertible right, and gives the house no interest in the business. A grant is non-repayable, except that where an award rests on a material misrepresentation, or grant funds are misapplied or left unspent when the Grant Agreement ends, Nexum may require repayment of the amounts concerned, as the Grant Agreement provides.

14.6 Separation and announcement. Fellows and Members have no part in grant decisions, and a grant has no bearing on introductions. Every award is announced on the register when it is made: the company, its track, the amount and the cycle.

14.7 Which governs. For a particular grant, the signed Grant Agreement prevails over these Terms and the Grant Selection Policy.

15 · Contact

NEXUM ANALYTICS LTD · 66 Paul Street, London, EC2A 4NA, United Kingdom · [email protected]