Yupido only has 35,000 euros in cash. The rest are platforms

  • ECO News
  • 12 September 2017

Turns out, Yupido's capital only includes 35,000 euros in cash. Everything else, which makes up for the 28.8 billion euros, comes from two platforms: a management software and a media platform.

Turns out, Yupido’s capital only includes 35,000 euros in cash — everything else is a software or a platform. From the 28.8 billion euros in capital registered by the company — making it the company with the largest social capital in Portugal –, not even the initial 243 million euros were in real cash. According to the Portuguese newspaper Observador, this was a result of another “intangible asset”, namely a “management software for companies, which works in a cross platform”, according to the official auditor who assessed that asset.

The company’s only cash capital was 35,000 euros: 10,000 euros from Cláudia Alves (co-founder & chief operating officer), other 10,000 euros from Torcato Jorge (chairman) and 15,000 euros came from Filipe Besugo (co-founder & chief creative officer). In 2015, when the company was created, only two of the founders held that intangible asset: 70.86% of the software was held by Cláudia Alves and 29.13% belonged to Torcato Jorge.

In the beginning of 2016, according to last year’s accounts report, accessed by ECO, the 243 million euros belonged to sight deposits. There are at least four entities investigating this company: the Public Prosecutor, the Portuguese Securities Market Commission (CMVM), the Criminal Police and the Board of Official Auditors. The latter is investigating the reports made by António Alves da Silva, the auditor who signed both reports which granted Yupido a billionaire evaluation.

As ECO discovered, Yupido made a capital increase in the beginning of 2016 of 11.000%, giving the company a social capital of 28.8 billion euros. That increase was a result of the incorporation of another intangible asset, an “innovative digital platform” for the media.