When this campaign completes and it already almost has on day 2, Cauli Rice or FullGreen will have taken £4m off Crowdcube investors. Yet they have never once managed to produce figures that compared to the ones in the various campaigns.
It is a truly incredible story. If you check out the Ocado/Waitrose reviews of the product, they are mixed to put it politely. The smell seems to be the main problem. Now it would appear that the founders are pinning their hopes on the US army to buy in volume - assuming they wont mind the smell?
You can imagine the squads at Camp Pendleton signing - 'Cauli Rice, tastes like .ice, smells of .ice, Hmmm Good, Cauli Rice'. Sir YES Sir. You can fill in the missing letters.
The valuation this time is just above the £9.5m from early 2017. The company claims this is legit and yet again wheels out friends, Blue Box, to verify this. Well Im sorry but the previous valuation was based on the previous one and the so on. So if the original is nonsense (and it was) and the promised growth has not appeared for the last 3 years (which it hasnt), then this one is equal nonsense. However just for variety Blue Box have decided this time to use DCF as their chosen method. You are having a laugh guys?
Yet more promises of fantastic new listings come forth in the new campaign - like the other 4 campaigns. Trouble is most of the other ones fell through. Irrelevant but mind bending stats on the position of Cauli Rice in the world's rice hierarchy replace the real numbers. Suffice to say that for yet another year, the company is loss making. In the last raise in early 2017, they showed profits for 2017. In the earlier raises, profits by now had made them millionaires. The pitch shows no profits for 2017 and only a promise of one in the UK for 2018. We have all heard that one before.
Cauliflower rice is a great product. Its available fresh at most supermarkets, you can very easily make your own for next to nothing and it takes a just a few minutes. So why would you want some foul smelling (tasters notes) packet, long shelf life, alternative? And it purports to be a health food!
Good luck to all of you already on board, we have been warning you for years about this and the previous product these guys marketed - Righteous Salad Dressings. We were right about Righteous, so you'd better hope we are wrong about Cauli. You can find numerous posts here.
Full Green ahead.