Cake Technologies raised £1m on Crowdcube in 2015. Accounts to YE Dec 16 show losses of £2.4m and a large deficit on the BS.
This is odd as friends of mine in the City swear by it. So whats happened to the plans?
Well firstly they have failed to raise the £5m projected equity funds since the £1m on CC. The losses are only £100k higher than projected, which is probably a result of the funding issue. Since the 2016 YE they have only managed to raised another £100k or so which in no way covers their £600k plus deficit. The CA position is horrible.
Maybe a lack of traction and lack of venues who accept it, have slowed things down. The patient doesnt look well though. You could say that the Directors have stretched the explanation of their Going Concern clause to the limit.
WP: Interestingly they appear to have acquired CityHawk, a last-minute table finding app. I searched for it a year or so ago and ended up being linked to Cake. Google searches also seem to point the same way, although I can't see any news on the transaction...maybe they were personal friends (or more) or something...?
ReplyDeleteHi Rob - u might want to check out the website now - says "they are apparently taking a break"! ...hmmm u can guess what that means.
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