Thursday, 18 January 2018

Crowdcube companies' results are serious cause for concern

Meet on VC raised £200k on Crowdcube in £2014. Their projected profit for the last year was over £3m. They recently filed losses of £330k and their balance sheet is short of almost £400k. They have no function.

Apparently they changed their name to Close, according to the Crowdcube webiste. Which is almost appropriate.

Their website is 'coming soon' but we doubt that. They have 72 followers on Twitter and last tweeted in 2015.

In the long list we are compiling, of companies filing accounts recently, that have failed to come close to expectations, they are close to the top of the flops.

The Crowdcube pitch tells us that they aim to have revenues of £18m by 2017 and a value of £35m. Philip Marshman, who headed the pitch, left two years ago - once he had spent the cash. How can you have what Marshman describes as a software platform without a website or any SM presence?

Just add the D and be done with it.

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