Pod Point have raised money on Crowdcube 3 times - each time missing all projections by miles. Each raise has seen an ever increasing valuation based on the the next set of figures. They will surely be back.
In the last raise in March 17, they stated losses for YE June 17 (so 3 months later) would be £2.1m. Filed accounts for YE June 17 show losses of over £4.6m for the year. Staggering incompetence. Especially if you consider what they were promising in the previous 2 rounds.
New deals at the end of 2017 with Tesco and Lidl may alleviate losses, although we are not sure they are due to make any money out of them. No doubt that more charging points for EVs will be required in increasing numbers but it seems these guys have an issue counting.
Backed by some big hitters including Barclays and Draper Esprit, we feel we must have missed something?
Cash burn must be a worry - with £2M additional recent bank borrowing against £6m pa of admin expenses a further cash raise is going to be needed.
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