Sugru, glues answer to post-it notes, raised £3.4m on Crowdcube in 2015 at a pre money value of £24m.
Now they are back - but this time on Envestors, valued at £30m. Why stop there, why not £40m?
So how have they preformed against their sensational Crowdcube success only a year or so ago.
Well if you believe what Envestors tell you; brilliantly.
However if you check the figures as we have, the answer is not quite so good. YE Dec 2015, which we were sent in an anon tip off as they failed to file them early to be helpful, shows that they have missed their Crowdcube targets by over £1m in revenue or a shortfall of over 25%. Obviously they also missed their loss target for the year. Further, all the future years projections have now been tightly cut back.
What's also clear from these figures is that, yet again, we find the actuals, published by Crowdcube only after their OTL Dept had scrutinised them, are wrong. As we have said before here, when we find these actuals to be wrong, its always on the side that helps the pitch sell its equity.
We do think that Sugru is a good product and the team they have is credible. Clearly though the ideas behind the Crowdcube raise have not all come to fruition - a £1m shortfall in revenues is large. So why would you believe their figures now?
As ever, none of this is mentioned in Envestors glowing pitch. The only glimpse of past raises is given in Envestors' Sugru document claiming that previous investors have seen a 9X growth - which, as we all know, is total nonsense in reality.
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