Saturday, 30 December 2017

Cake take a break and are closed for now. So sorry!

Cake Technologies raised over £1m on Crowdcube in 2015; valuing the company at more than £10m. Now their website states they have completed that phase and are moving on with partners to the next phase. We have no idea what that means except that Cake is no longer functioning. 

This may of course be good news, as the company we wrote about here was heading west rapidly and had failed to raise any significant new cash in 2017. They certainly sound as if this is good news in their unapologetic stream of PRing that now greets Cakers on their home page - here. Id be smiling too if I had got away with burning around £2m in 24 months. 

So the company appears to be in mothballs - which if I remember correctly is not a flavour best suited to desserts. What actually happens next is anyone's guess. They are certainly not giving any clues. There does seem to be some connection between the new (Oct 17) directors and American Express but nothing confirmed. In terms of the market, new players since 2015 include Revolut, who now offer a similar service via their card. 

Thanks to the anon heads up on this one. 

1 comment:

  1. You're welcome. Thanks Rob for all your fantastic commentary. Before I found your website - I thought I was the only one who couldnt believe what they were seeing with the valuations, projections, lack of dd at crowdcube. Now I know that I am not the only one. Thanks for all your invaluable insight and research. Look forward to your excellent postings.