Friday, 2 October 2015
Timbergram cant see the wood for the lack of trees.
Timbergram is raising money on Crowdcube. Crowdcube claim to thoroughly vet all pitches before they are published. Anyone reading this blog will know what we think about this claim.
As an example of Crowdcube's DD department's long lunches, we thought we would check out Timbergram's claim, made explicitly in their Crowdcube pitch, that they plant a tree in Africa for every 10 cards they sell. So they claim to have sold 200,000 cards to date and that means they must have planted 20,000 trees.
Their projections show them selling 1m cards a year, equating to planting 100,000 trees in Africa pa. That clearly starts to build up quite a forest.
When questioned about this, the company has decided it does not in fact plant any trees, anywhere, ever. The truth is that it donates a small amount of money to a charity, who are involved in tree planting in Africa - they have no idea how many. The numbers used by Timbergram are complete nonsense and to date they have contributed enough money to plant a small copse. They admit this and have now changed the pitch accordingly.
The equity offer made by Timbergram and 'vetted' by Crowdcube with the inclusion of the tree planting, is wholly misleading. Lunch anyone?