Hello again - another serving of poor business for you. Twenty Something London, an online referral business, has Twitter and FB accounts that have been dormant for many months.
They do have a website, but it is diabolical - something from the 2000's. Their twitter account is here - https://twitter.com/search?f=tweets&vertical=default&q=twntysmthngldn and hasnt posted since February. Their accounts are well overdue and they are sitting under a CH strike off notice. We suspect they dont look at that page.
TSL took £150k off Crowdcube punters in 2015 claiming to have a business plan to link small businesses via their portal, providing efficient and effective promotion. The pitch valued the company at around £2m based on a lot of PRing. They projected large losses (accurate) backed up by new investment of over £1m (inaccurate). Of course this new investment never appeared - which professional would invest in this? It is possible they never intended the new investment to come through?
What would be interesting for all to see is where the £150k has gone - but due to the accounting system we run in this country that will not happen. You can make your own guess. We have seen this particular 'problem' often on Crowdcube - raise a smallish amount and project to raise more in the next two years. There are several live pitches making the same promise. Why cant people see this for what it is?
Of the two key founders, one resigned last year; once the money was getting a little tight.
It hasnt gone yet but we'd put our money on it.
I can tell you that the owners of the site got people to write reviews for them for free. In return they got to visit restaurants around london and eat, for free. The restaurants are obviously keen for coverage when they hear about it so a lot of people got to eat for free at least.
ReplyDeleteWe raised funding at the same time (and have gone on to raise a lot more and grow our business) but were absolutely confused by this pitch, which was being promoted at a similar time.
It was a nothing site, that had a nothing route to market, but an amazing crowdcube video. I have no idea how they raised £150k.