We have been here before. A Crowdcube pitch forced to lower its valuation due to lack of interest.
You would have though that with the considerable backing of Dragon Meaden, that this fantasy valuing could be avoided.
Bragging about the fact that you are stocked in over 5000 UK stores and that you export to 32 countries when your entire turnover for 2016 was just over £1m is a little foolish. There has to something very wrong with the product or its pricing for sales per unit to be so very low.
The value has now been dropped by £2.5m pre money. This is still high for a company that has so far completely failed to deliver on its potential or its projections from the previous raise. Still it has just succeeded with its US patent, so maybe things are on the up.
Depends really whether you believe the hype in the business plan. It still has a long way to go to get over its Crowdcube line - dont bet against a new valuation anytime soon.