Friday, 22 May 2015

Farmdrop - the story so far

Farmdrop raised an impressive £750k on Crowdcube at the end of 2014.

Their stated plans in their pitch video are to have 400 collection units across the UK by 2017. They were supposed to have over 30 by now but seem to have hit some problems.

Currently the company only operates in parts of London - with a meagre 16 collection points. In the video it shows off its Worhting hub but this has now closed - only a year after opening. We dont know why.

This would seem to be yet another case of eyes being way too large for appetites. Investors literally piled in to back this company on Crowdcube, so it would be interesting to hear why the plans used to sell the equity seem to have been thrown out with the refuse.

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