Righteous make salad dressings. They have raised money on Crowdcube at least twice, the first time in 2012. The same founder has also recently raised £500k on Crowdcube for her latest venture Cauli-Rice.
Righteous was a very popular pitch on Crowdcube. The product was already listed by major chains in the UK and the company had orders from the US and Canada. Projections used to sell the equity showed 2014 sales of £1.15m. Actual sales for Righteous for 2014 are reported (by the company) to be £350k. Yet the company website has almost 300 UK stockists, around another 100 in the US and most of the major UK supermarket on line market. That clearly means that the stockists are not really selling very much of the product. Overseas 'contracts' have failed to materialise or been cancelled.
On the back of this 'success', they decided to launch Cauli Rice. A first apparently, although Cauliflower rice has been around for quite a while - just not in a packet. The company had had success on Crowdcube, so came here to raise £300k at the end of 2014. It ended up raising £500k valuing the company at well over £1m. Not bad for a company pre sales with a track record of non delivery on its promised turnover. Especially when you consider the ease with which you can rustle up fresh cauli rice with your very own favourite flavourings.
Cauli Rice projects turnover in 2015 of 1.4m. As of today the product is not listed anywhere apart from the UK Cauli Rice website, which seems to be under development. It just seems a little unlikely to us. Both products have their place and are popular within their limits. Forcing unrealistic sales figures out of them will only end in tears. Righteous shareholders know this only too well.
You should see her linkedin profile.
ReplyDeleteI have. She originally seemed nice and honest. Now i think she is past her sell by date.
DeleteYou might like this http://www.virginmediabusiness.co.uk/pitch-to-rich/start-up/cauli-rice-ltd1/
DeleteInteresting. Unfortunately Branson has a very big mouth and its not always attached to his brain. He came out in support of Simon Dixon's Bank to the Future con and his face is still the main image used by Dixon. No doubt voters for Cauli Rice are either investors or just ignorant. They 456 votes against Justparks 96! Gemma is a master at PR.
DeletePerhaps I need to hire her for my own tech start-up!!
DeleteJust to make sure I understand you Cauli Rice got 456 votes and Justpark has only 96 at time of counting?
DeleteYup at the time of the post - so there goes your faith in the crowd's knowledge. PR over substance every time
Deleteyup. there it goes.
Delete> I have. She originally seemed nice and honest. Now i think she is past her sell by date.
ReplyDeleteIt's a bit sort on content. That raises a lot of questions. I'm not making any judgement about her integrity.
Firstly thank you for the comment. It would carry a little more weight if it was provided with a name.
ReplyDeleteI speak from results only - to date zero. Promises by the thousand but never met by results. Id be happy to be wrong but there are an lot of good dressings out there and cauli-rice is so easy to make fresh and is far better for you than a dried format - so for me this is a complete non starter. What next long shelf life free range eggs in powder form?
Best of luck though.
I shall name thee old man river. Hahahahaha very good to get your views even if they are nonsense. Obviously you have never made fresh cauli rice.
ReplyDelete