Powered Now raised £580k in September 2014 - so only 9 months ago. This first raise is not mentioned in their new pitch on Crowdcube. The stated target then was only £350k - same as the new raise.
So why are they raising more money so soon when their plans to raise £350k were so oversubscribed? Simple - the projections used in the first raise were the usual Crowdcube nonsense. They spent far more on marketing and made far fewer sales. This is not to say that it wont eventually succeed but it is typical of the naive approach used by pitches and encouraged by Crowdcube, which is verging on the ignorant.
Of course the first round investors will now be diluted and then diluted again when this round proves to be over optimistic. They have not filed accounts since September so there is no way of verifying the numbers used in this second pitch. If they are anything like the first one, then they can be binned.
People are still piling in though - why are we so surprised. Once a gambler starts losing, thats when he spends most of his money.
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