Monday, 24 July 2017

And so it begins. The Q is where will it end?

Yet another Crowdcube success closes. My Mate Your Date files for VWU.

I think it's fair to say we are having a bit of a crisis. The gathering of zombie and almost failed companies that have found funding via Crowdcube, is about to to break the dam. Time to runaway Luke before you get wet.

My Mate Your Date  raised £145k in 2014 and then incredibly £85k in 2015. By now their Crowdcube projections showed revenues of £3.5m and net profits of over £600k. 2017 had revenues of £10m and blah blah blah.....Time to wake up.... now! As far as we can tell the company never really did anything. To be honest it has to have been one of Crowdcube's worst ever pitches. Why did 132 investors sign up? Claims made by the founders were gargantuan  and equally as hard to check given they took place down under.

The 2015/16 funding round of £2m, given such a confident presentation by the mates; never happened. Well at least someone saw sense.

We warned you all about this earlier here when they set up a new app, Quinn. Just as hopeless as the first one. Despite trying to make Quinn and MMYD look like two different companies, CH confirm they are both run by MMYD Ltd and so both will close - or...........

It was clear from the last accounts to YE Nov 2016, that the end was here. All the money burnt and nothing to show for it. Their TW page has had no tweets since summer 2016 despite claiming over 8k followers. One of the founders was a 'chairman' of some important Entrepreneurs Organsation based near Washington DC. Etc Etc............... all verified by the CC Cupboard Dept.

What an incredible waste of time, effort, cash and tax payers rebates. All facilitated by Crowdcube, who took their commission and added the funding to their PR. Well done Darren and Luke - another award for your bulging cabinet. Funders of the UK's most facile business ever.

Plenty more to come. Staff required!!

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