Wednesday, 4 May 2016

Early Bird's worm gets caught in late frost

We have written quite a few posts on Early Bird. They have raised around £500k on Crowdcube in two seperate tranches.

The second Crowdcube raise at the end of 2015 was a memorable one. They had to change the offer several times to get over the £300k line, including moving the line closer (use our search facility to see other posts). This was mainly as a result of missing their original Crowdcube targets by many miles. At the same time they were punting their wares on Angels Den. They are one of flightier tarts on the circuit.

In this last Crowdcube pitch - projections to YE May 2016 showed an annual revenue of over £1m. Now a little birdy tells us that revenues for April this year were under £20k for the month. Yes a total of under £20k for the month.

Do the math.

The company claim that all their KPI's are tracking towards or are on target - eh? Someone must have stolen the original goal posts.  

The same birdy tells us that these guys are now moving on from Crowdcube and Angels Den and will be launching a funding round on the not quite crowdfunding platform Envestors....... soon. This new £500k capital raise was never mentioned in the last Crowdcube raise only a few months ago.

All we can say is good luck!

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