It is hard understand why Crowdcube keep playing the same game, when they are clearly losing it.
Hiding information from investors and using misleading information in their pitches is a practice that really must stop.
The latest example is Droplet.
In the pitch, the lead of Droplet is given a glowing CV - ''Steff is an entrepreneur with a track record in making things happen'' the pitch purrs. Yet it takes a only a few minutes to find out that Mr Aquarone success is skin deep. He has had two collapses - going down owing over £800k and really done little of any great note on the success side. In fact we couldnt find an example of Mr Aquarone ever making a profit worthy of mention.
His 'film' Tortoise in Love, which he claims in the pitch was sold around the world, received poor reviews everywhere we found it and appears to have had a £160k budget according to IMDB. Mr Aquarone's production company, Immense Productions, which was involved in the film, closed shortly after it was released, with a negative balance sheet.
No one here thinks failure is an inherently bad thing. You learn more from failing than you do from success.
But it really is time for Crowdcube, in particular, to pick their game up and start telling investors what actually happened. If you cant believe what the business pitch tells you about the CEO, then why would you have any faith in its projections? It is all pretty desperate stuff.