Friday, 15 January 2016

Seedrs' Upper Street failure loses almost £500k

Image result for images of shoe makers

Upper Street raised £230k only 7 months ago on Seedrs.

Now they are in liquidation.

It is very hard to see where the cash has gone.

The liquidators report says the assets are pretty well worthless and they owe the bank and creditors almost £300k.

So from May to December 2015 the compnay has manged to spend over £200k of investors money, assuming their own revenue was zero and has nout to show for it. 

The founder, Julia Elliot Brown, spent the summer describing herself as an entrepreneur. Enough said.

What would be interesting is if she would now like to tell us all what went wrong - then we could all learn a lesson or two.

PM - It appears that the new Venrex/Seedrs run fund lost £50k on this, one of their new fund's first investments. Venrex raised £1m on Seedrs to invest in the Crowd Fund - claiming they were democratising the VC investment business. Good to hear boys.

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