Saturday, 5 December 2015
Affresol show further losses but raise £850k
Affresol is good example of what happens to companies after they fund on Crowdcube.
The business raised capital on the platform in 2013 - on the pitch projections that showed a profit for 2015 of almost £3.5m. We posted on them in March this year.
Accounts filed for YE May 2015 show further losses, £320k for the year and £1.8m accumulated.
Clearly people believe in this product as the recent £245k Welsh Government grant and further funding rounds have shown.
It remains to be seen if it will deliver and if the Crowdcube shareholders who have been hugely diluted will see a return if it does.
Yet again the gap between the predictions on Crowdcube and the outcome has so far been on scale that is incredible even for this platform. Just another example, if more were needed, that all Crowdcube pitches use projections devoid of any grasp on reality.