Superjam raised £308k in 2015 on Crowdcube. Now accounts for YE January 2018 show profits of £15k against the targeted £1.3m EBITDA they published in their pitch. What the accounts really show is little activity for a company on its way to this impressive number.
Superjam was set up by budding entrepreneur and philanthropist Fraser Doherty when he as 16. We have struggled to find any real indication that this business has ever made large sums. It says in their PR they do and that is what Crowdcube bought into. But a profit £15k isn't a profit of £1.3m or really even on the same planet.
Fraser has other businesses, one of which, Beer52, has also used Crowdcube. He is an MBE for his charity work. Well it couldnt have been his business.
They made a big thing of their charity work in the Crowdcube pitch -
SuperJam is also giving back to the community via our registered charity The SuperJam Tea Parties, which runs hundred of free tea parties for the elderly. The company plans to use your investment to develop and launch additional brands within the same market, such as jams for children, peanut butters, honeys and maple syrup.
According to figures at OSCR 2017 activity was £1,200 spent £1,200 received. We havent found any new brands, in any market. Although there are mentions of honey and peanut butter on the Korean site but they dont appear to be for sale.
The last tweet on their page is promoting the 2015 Crowdcube raise. They have 700 followers. The last post on FB was July 2016.
This is what they said on the CC pitch -
Waitrose are only stocking the Blueberry and Balckcurrent jam and that is only on line. Its on special offer. We couldn't find it for sale anywhere else in the UK and no other stockist is listed on the Superjam website.
We have written about Jam Boy several times. But obviously not as many times as he has written about himself. News about the progress of Superjam being exported to all four corners of the globe seems to have been exaggerated.
Just when we thought that the news of Revolut's paper gain might make some sense for Crowdcube investors, here we are again with normal service resumed. Equity being sold on false information and fantasy projections.