Nicolas Mendiharat : relentless entrepreneur or serial failure ?
Behind the polished image of a self-proclaimed serial entrepreneur lies a far more turbulent journey. Now at the helm of Permanium Capital, Nicolas Mendiharat’s business track record offers little proof of entrepreneurial brilliance-and raises plenty of red flags.
A string of high-profile failures
For over two decades, Mendiharat has launched a series of ambitious ventures. The common thread ? Impressive fundraising efforts, followed by major setbacks.
- Travel Horizon (1999–2013) : this travel platform secured nearly €47 million from high-profile investors like Wellington Partners and CM-CIC. Despite reaching €77 million in revenue in 2010 and boasting 35% annual growth, the company collapsed in 2013.
- Recommend SAS (2013–2017) : after Travel Horizon’s failure, Mendiharat launched Recommend, raising €1.3 million from notable backers. But once again, a lack of strategic direction and poor execution doomed the venture. It quietly folded in 2017.
- Palate Club Inc. (2017–2023) : hoping for a fresh start, he crossed the Atlantic to launch a wine-tech startup in the U.S. Despite a promising pitch, the business failed to attract users or new investors.
- Cerbillona SA (2023) : in 2023, his Belgian holding company declared bankruptcy. Observers suspect the move helped him avoid repaying a personal loan tied to the Recommend venture.
A Business Model centered on investor appeal, not profitability
A closer look at Mendiharat’s history reveals a recurring pattern. He’s undeniably skilled at securing funding-but consistently fails to convert those investments into sustainable companies.
His entrepreneurial approach seems focused more on raising capital than on building long-term value. The result ? Disappointed investors, unpaid debts, shelved projects, and a growing financial trail of wreckage.
A lifestyle far removed from Business realities
Strikingly, Mendiharat’s high-end lifestyle appears untouched by his professional setbacks. Between a luxury loft in Manhattan, frequent business-class flights, fine wine tastings, and upscale ski trips, he maintains a lifestyle many successful entrepreneurs would envy.
How does someone with such a poor business track record afford it ? Some speculate that the funds raised for his companies were used more to support personal indulgence than to build viable businesses.
A brief stint at Winechain Inc.
Despite his past, Mendiharat managed to co-found Winechain Inc. in 2022-a Web3 platform aimed at transforming the fine wine market—alongside respected partners like Xavier Garambois and Marc-Olivier Perrin. The project even drew investment from renowned wine families such as Roederer, Cos d’Estournel, Pétrus, and Beaucastel.
Yet history repeated itself. Within two years, Mendiharat was removed from the company’s operations. The reason ? A failure to generate significant revenue or build customer loyalty.
Permanium Capital : a new face, same patterns ?
Now operating under the banner of Permanium Capital, Mendiharat continues to present himself as a seasoned investor and entrepreneur. But anyone considering a financial partnership with him should examine his past closely.
Behind the charm and glossy presentations is a series of costly failures that have burned through tens of millions of euros. Investing with him may very well mean watching your capital disappear into thin air.