So here we are - Syndicate Room have raised £2.6m of their £2.3m target. On Syndicate Room.
What are we to make of this?
We have a VC investor putting in £1m and turning around the enhanced due diligence its investment criteria stipulates in just 24 hours - according to the site. Some achievement for both SR and Unicorn AIM VCT's.
For some reason SR are not allowed (again from the site) to publish financial data on their pitch. So questions about profitability go unanswered. You can be sure that SR is not in profit - none of the ECf platforms are.
So a valuation of £25m now must be based on what?
Maybe the new development that they are so keen on - their launch into IPO's. But then the attempts to actually get involved in IPO's to date have been flops. So it cant be that. Must be a belief that they can deliver what so far has been undeliverable - a large ROI.
I like their Salty the Movie pitch best. How long does it take to make a film? Still waiting for news on this one!
220 investors clearly believe they can.