Innovation makers have raised around £600k on Crowdcube in two pitches.
The first pitch showed them making a profit for YE May 16 of £707k. Accounts just filed for the year have losses of £250k. By May of this year they projected annualised profits of over £1.5m.
It's a neat enough product, although the patent has been pending for a while. But why cant they produce projections that are at least on the same planet as their real figures? They made that elementary mistake on the first raise.
Even allowing for the changed filing dates, the projections from just a year ago are way off the real figures for the last year. Its is really pretty pathetic unless it's being done on purpose. It must be a case of business naivity but it's one that has a habit of repetition.
Now they will almost certainly be raising more cash this year. Cant wait for the increased valuation and its accompanying legion of alternative facts.