Cambridge has produced yet another Crowdcube flop. Psonar took £316k off 70 investors just over a year ago. It had previously raised another £1.2m. Now it has been put into liquidation with zero assets, owing trade creditors £250k.
Dont know what it is about Cambridge but its having its share of Crowdcube cock ups.
There is no explanation yet as to the what happened. The SofA shows an estimated £11,900 of assets made up almost entirely of a VAT refund - so probably wrong if was worked out by the founders.
The founders have what can only be described as caste iron brilliant credentials - our hats were full after reading all the big names they dropped. Makes you wonder. As does the veracity of the all the signed and pending contracts they had around the world. Is there a chance that Crowdcube checked these?
Where did the £300k plus go? It hasnt ended up creating any assets; they have none. Its just been spent. Mind you with 14 directors you are bound to have large expenses bills.
Surely someone, somewhere needs to be held accountable? This is nuts.
Why didn't you mention that they also raised on SR?
ReplyDeleteI see they did so twice on SR before the CC raise - hadnt picked that up before so thanks. It also begs the Q why didnt CC mention the two SR raises on their pitch?? It mentions that they had raised £1.2m in seed rounnds but not how. £500k was on SR and that is relevent to CC investors.
ReplyDeleteTo the Anon that they had gone bust in 2011, that's not correct. the document you sent me was the asset sale document from this liquidation and it mentioned an application for US copyright which had been sent in 2011 and rejected in 2015. So no, they hadnt gone bust before.
ReplyDeleteTangent, but that picture is of the Oxford skyline...
ReplyDeleteCosine - you should never believe your own eyes.
ReplyDeleteIn that case
ReplyDeletehttps://weblearn.ox.ac.uk/access/content/group/8464e329-91c7-4f27-9a14-ec08e7edb5ae/Dreaming%20Spires%20Photo.jpg
Oxford uni got it wrong too!