Beara Beara complete U turn and extend their Crowdcube pitch

Beara Beara is on Crowdcube raising more money. Things have not gone quite to plan since the first raise - do they ever. But you wouldnt know that to listen to the founders.

In this raise, there has been a very poor reception. Unlike most CC pitches, investors have commented on the over valuation and the failure to meet projections. Stalwart in their own defence the founders have hunkered down and sat it out until the time ran out....well almost.

Just 5 days ago the CEO was asked if, as a result of the poor response, he would at last reconsider his valuation before time ran out? He responded with a blast from his six shooter, that really this wouldnt be fair on existing shareholders - you know undervaluing their investment! As this is a CC pitch, its fair to assume that this nonsense is advice CC agree with, even if they didnt supply it. 

So just 4 days later, The CEO makes an announcement on CC that they are extending their pitch for another 14 days - apparently he has been so busy overseas creating new leads, that he hasnt had any time to spare for the campaign. Well you know that's total BS and if it isnt the guy shouldnt be running a company. Hidden at the bottom of this update is the reduction in the valuation. Like it's some sort of bad idea that he's trying to hide. 

Firstly the business has always been overvalued. It still is, even with the reduction. Trying to hoodwink investors by telling them something and then reversing that very decision 4 days later shows a total lack of respect. It also shows a massive chasm in any business acumen. Trust is important and you cant have any here.

The leather might be good and the help the business provides for poor Bolivians is admirable but the business management is lame. Why are CC not providing this guy with some sound advice that would allow him the best chance of making something of his endeavours. In our opinion you would be mad to invest in this, even at this new value, simply because the founders have no clue what they are doing.

A final note - one problem this underlines, is that if your first pitch on a platform like CC is over valued, then you will struggle further down the line with any new pitches  - unless you can admit to a downround or you have exceeded expectations. Neither of these options appear on the CC platform. Valuations are agreed with the interns at CC - which rather illustrates our well made point, that if the management of Beara Beara is lame, the management of Crowdcube are donkeys. No offence to donkeys.