Wednesday, 14 December 2016

Cookoo cancels its Crowdcube campaign

Cookoo have cancelled their £1m Crowdcube campaign - leaving empty handed.

This company went into liquidation on 25th February 2017, with all hands lost. Maybe if they had asked us first??

Cookoo, a platform that links cooks with consumers, launched a Crowdcube campaign about two weeks ago. It was a quite a decent effort although you had to wonder at the valuation and the projections.

The one thing that killed it for us was the use of a geezer on their video, This guy claimed to be some big noise in the world of start ups and his slot on the video, where he backed the company, was the gravitas that made it work . However a fairly rudimentary check showed he had achieved nothing and his Linkedin page was what could best be described as wholly optimistic. One thing we do know for sure is that he is not and never has been the MD of Virgin Care as he claims.

Why Crowdcube didnt pick up on this we will leave to your imagination. 

The business isn't a bad idea per se, although scaling it in the time given, is in our opinion not something the two girls who run it, are capable of. It may go on to great things at a slower more considered pace which in the long run will be to everyone's benefit.

We imagine they gave up because they found, as we did recently, that Crowdcube do not deliver. We helped a recent pitch, which also cancelled early, and they reported back to us that the investor event that Crowdcube put on for them and others, was largely attended not by investors, but by other businesses (potential CC clients) and a whole host of would be consultants trying to sell their wares to the unlucky pitching companies. No doubt these geezers had been charged by CC to attend. It was, according to this well established, profitable company, not only a waste of time but also extremely irritating.

All in all yet more proof that Crowdcube need to close down or change the way they operate.

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