Monetaflex calls it a day and is dissolved

In what is becoming the norm for Crowdcube funded companies, Monetaflex raised £165k on Crowdcube did very little and has now been dissolved.

We have written about them before here  . It has taken well over a year for the final closure - a year in which investors have not been able to claim their loss relief. The CEO has moved on to create a similar business without those burdensome SHs.

Plenty more in the queue.

New June and July Crowdcube results. Plus ca change.

More results for companies that have used Crowdcube to obtain funding, yet again illustrate that the methods being used provide very poor results.

When 95% of something continuously indicates that the something is not working, surely it is time for a change? Well apparently not, as Crowdcube continue to operate their flawed model; propped up as it is by fake news PR which is then regurgitated verbatim by independent bodies like Beauhurst and Crowdfund Insider as fact - see earlier posts. Beauhurst have now changed their article replacing 'exit' with 'aquisition' and acknowledged our verification of the facts - shame they are not honest enough to give us a credit. They have also taken down all their 'research' into other ECF exits etc. We are happy to help but hope they dont just reprint Crowdcube PR again.  

Here are some more examples for the months of June and July - 

Crowdcube - projected £3.7m profit  Filed loss - £4.7m

Grub Club - investors lost all their money in an asset fire sale. Called an exit by Crowdcube. 

Crowdfunder - projected loss £150k. Filed loss £500k

Birdsong - projected loss £20k. Filed loss £70k

Floodkit  - projected profit £589k. Filed loss 50k

Fourex - projected profit £2.3m. Filed loss £1.4m

Good Egg  - projected profit £209k. Filed loss £70k

Health Connected - projected profit £3.6m. Filed loss £70k

Cauli Rice - projectd profit £93k. Filed loss £960k

Tempus Energy - projected profit £6.5m. Filed loss £360k

ISO Spaces - projected profit £2.6m. Filed loss £250k

Shopwave - projectd profit £2m. Filed profit £89k

Circuitree - sadly closing down due to illness of founder. We wish him well in his fight. 

Teachpitch - projected loss £53k. Filed loss £80k

This is an illustrative, not an exhaustive, list. We have not included Brewdog as they are covered in a separate article on here. The only company we can find that recently filed accounts and is ahead of projections is Hopstuff and those were new projections - their original ones were a joke. Missing targets does not mean its curtains for the company but our records show that a combination of missing targets, late filing and other failings (ie SM inactivity, lack of new stockists, poor reviews, no app etc) suggests a struggling company. Very few of these for which we have figures, get turned around. 

The following companies are late filing - 

Energie Corp 

Otti Prams

Ubrew

Albion Tea

Socapps

Faction Collective - havent filed since YE 15. French run a different accounts system.

Easy Property and E-Prop (moved date to Sept 18).

Teachy

MBJ London

Monetaflex

We are pretty sure that at some stage this particular merry go round will explode. 

Monetaflex has gone - Long Live EarlyAce. A common tale from the Crowdcube.

In more shenanigans on the Crowdcube platform, ex Crowdcube success Monetflex director Simbarashe Chiguma, has set up a newco doing the same thing - EarlyAce. 

Chiguma, a co founder, resigned from Monetaflex last year, just 12 months after the Crowdcube campaign. The company raised £160k on Crowdcube for the business which was an online platform for the sale of invoice credit. We wrote about them here. They recently decided to close with the loss of all investors cash.

In the video that they used to take money off Crowdcube investors, they had all sorts of successful businesses using their services and an 'investor' who was purported to be a highly successful individual. This all  looks a little odd now.

Since incorporating EarlyAce in November 2016, the month he resigned from Monetaflex, Chiguma has been busy raising funding - 4 small tranches which give him around £200k to play with. Lets  hope he does better this time. 

Thanks to our reader for the heads up. 

Where has Crowdcube's Monetaflex gone?

Monetaflex raised over £160k on Crowdcube in 2015. Now the company seems to have disappeared. No website no app, no nothing. Two founders, one just resigned.

This one was backed by a self described investment and SME/start up guru - Peter Gardner. Would love to hear from you Peter if you have any news on this company you promoted - see video here

The clouds on the horizon are slightly darker than this one. Dam is giving way.

So where are they?? Let us know if you do.