It is embarrasing

Crowdcube's 'partnership' attempt with US platform Seedinvest is an embarrassment. Crowdcube are now degrading the UK in the international market place using Government, or rather our funds. 

Hailed as Crowdcube's breakthrough moment by the Crowdcube PR dispensing machine, the Keen Home pitch is a joke, accompanied by joke questions on the forum which only prove how sophisticated their punters are.

Ignoring whether the loss making home systems company is worth anything like its $15m price tag, the whole set up at Crowdcube confirms the platform's amateurism.

This is not a partnership; it's an attention seeking mess. Keen's real target is $8m in this raise (which is not made clear by CC) - of which they have only achieved $3.7m to date. So they state they need $8m but the min raise level for completion is set at $750k. How on earth can that work? That gap is too large - it means that if they only raised say a $4m they can only put in place half of their stated plans before running out of cash. Who would invest in that? The whole basis of ECF, as we run it in the UK, is that the company plan needs £X to make it work, so if the company doesnt get to £X, the transaction is cancelled. It's common sense. 

On the CC forum there is a Q which illustrates a total ignorance of the way these things work. Keen never wanted $570k for 19% of the company as this punter says - he is simply ill informed and confused. He goes on to suggest that the company is selling 80% of its equity!! It is alarming that such people have access. 

The whole thing has, anyway, been a total flop - for everyone. This of course may be a  blessing. UK investors have only put £60k out of the $3.7m current total and the pitch seems to have died in its second week on this side of the pond. But why did the management at Crowdcube ever think this was a good idea? Apparently the dispenser says that it gives UK investors a unique opportunity toown part of a great USA business. Enough said. From Desperation comes desperation.

Unfortunately for the rest of us, it makes the UK look bereft of any business sense. 

 

It is really quite pathetic

Crowdcube at it again. Totally blatant misuse of information to big themselves up on the newest pitch for Keen Home Inc.

Firstly I will make clear that this is not a criticism of this business - we have not looked at.

So it's not enough to pile up the dross, now CC are so desperate they have taken to mass manipulation of the figures.

You might be as surprised as we were on reading about the new pitch by USA based firm Keen Home. They had, on day 3 of their CC pitch, completed 493% of their £570k target. The figure on the CC site stated as funded is £2.8m.

But wait this is CC after all so there has to be some trick in there.

Yup there is - only £27k of that money has been raised by Crowdcube. Not £2,800,000 - just £27,000. So less than 1% of the headline claim. The rest comes from a raise (called a joint raise pitch, whatever that is) in the USA by Seedinvest, a US ECF platform.

So why the hell do they have promote what is nothing more than a simple and very misleading lie? Well they just dont seem able to help themselves. The information above is all there if you look at the pitch but it isnt what you see in the headline home page.

Why would they do that? Well they know the FCA never does a thing about any of their nonsense, so they are clear there. It makes the platform look fantastic and helps to bury the rest of the dross they are promoting, all of which are struggling to get to 50%.

It taint right , taint honest, taint proper.  It's Crowdcube.