In a month where the wheels are rapidly coming off the Crowdcube company carrier. another Crowdcube success looks like closing. Or does it.
ineed has raised over £200k from Crowdcube in various quantities since 2012. It has consistently failed to deliver on any of its Crowdcube promises. Now its website is off line and new one has appeared offering a new service. Our first report that this company was closing looks like it was wrong - apologies and thanks to the prompt from Anon below.
In other news, Crowdcube recently presented a Sugru update PRing, declaring that the business, which took over £3m off Crowdcube investors only a year ago, has sold over 10m tubes of its glue. There was no mention of the enormous gap between the Crowdcube sales forecasts and the actual sales and the slightly sad attempt currently live on Envestors to raise another £1.5m - a raise that was not in the Crowdcube pitch; which took more than 3 times its £1m target. But who the hell cares - right?
Transparency is still not a word Crowdcube seem comfortable with.
Crowdcube are awful. There now appears to be the chance that HISTORIC financials of some companies they've allowed to present on their website, were wrong. Historic financials are facts, not speculative. So CC not only allow pie in the sky, fanciful projections to pass. In my mind this is COMPLETELY unacceptable. Couple this with purposely and grossly inflated valuations and it leaves very little chance for both investor and entrepreneur to deliver, anything EVER. Regarding Sugru, all it shows me is that Robin Klein is fallible in his investment decisions.
ReplyDeleteIs this it? http://ineedapp.com/
ReplyDeleteThis does appear to be run by the same company Ineed Ltdyes but its not the original idea or site. So maybe not closed down just a change in direction - thanks for the info.
DeleteFurther to the above, a googl;e search for ineed only comes up with the closed site -which for an internet based business aint great.
DeleteIneed now closed
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