Friday, 7 September 2018
Videogram Worldwide closes but is still promoted by Crowd For Angels as a success
Garbage tends to collect in one spot - the recent discovery of a South Pacific garbage patch is one example. Unfortunately Equity Crowdfunding has become another.
Videogram raised money on Crowdcube and then raised some more on Crowd for Angels. Videogram has now closed having spent this money and done little else.
This would be just another normal story in the world of ECF if it were not for Crowd for Angels. They are promoting Zapaygo's new ICO - well that is what they are calling it. In order to launch the ICO, Zapaygo, who raised money on Crowdcube in 2017, have to reach $2m on Crowd for Angels. That seems very unlikely, unless the world really is flat.
What makes Crowd for Angels extraordinary is that they promote Videogram on their website as a success. If you hadnt read this blog you might be inclined to believe them - the company was finally dissolved a week ago.
In the Zapaygo promotion for $2m, we are told that Zapaygo's payment system has been tested by the NEC and is about to enter its beta testing with them. Well that certainly was not the case when we spoke to the NEC, although they did confirm that they have an agreement with the company. The Crowdcube raise was an oddity see here.
What ECF needs is more clarity and more honesty - not more rubbish filling up the Southern Oceans.