Sunday, 10 February 2019

What's up at Crowdcube's Chupamobile? £750k invested in 2014 and now where are they?



Sorry if we are sounding a little repetitive. We just report the facts. Chupamobile's late accounts for YE Dec17, show little activity and less cash. Trustpilot reviews for Jan 2019 suggest the service has crashed.


Chupamoble were due to file profits in the millions last year and presumably this. Well that didnt happen - we just had further losses. So these things take longer than anyone knew - give them a break! Why do you always have to shine a light on the negative? 

Recent posts for January 2019 here  suggest there is something a little more serious going on. Users are not being paid for their apps. Other reviews confirm this pattern.

They need to refinance. But who would .................. Expect a Crowdcube pitch shortly.

The CEO is an interesting guy - Stefano Argiolas - an Italian. His LI page here  makes a claim that he raised $2m for Chupamobile

'In 2012 I founded Chupamobile and grow the company from scratch to a Multimillion Dollars Company in less than 2 years. Found the most amazing angel investors and raised $2M to support our global expansion.' 

Accounts do not show this investment and the company certainly never made any millions of anything. Stefano is like the Crowdcube founders  - a marketing guy. The company book value was just over £5k at the end of December 2017. In 2014, investors paid over £3.5m for it. It is a classic Crowdcube success. There are 3 strike off notices filed at CH. 

It appears he is now in the Rome area running a new business based in Italy - https://hej.ai/, which he set up in 2017. That might explain why the reviews keep mentioning the lack of any customer service for Chupamobile.

We tried very hard to find a positive here. Maybe some loss relief would help. 

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