Solid Labs Ltd or Primotoys raised £274k on Crowdcube in 2016 to invest in their children's board game Cubetto. Things have not gone too well. Now in a letter to shareholders the remaining director tells a tale.
The last filed accounts for Primo showed losses of £1m and a deficit of over £1m. Of course the Crowdcube projections were a little more optimistic. We wrote about them here. They raised over $700k on Kickstarter but comments suggest that didnt end well either. To cap it all, this year they launched another KS campaign for a new version of the game, which raised another $200k. According to recent posts on KS, this game has not been delivered and there is no delivery date. Ring any bells?
Ignoring the KS show and the fact that none of stuff you are about to read has been passed onto KS supporters who have already paid, SHs in Solid Labs, have now received an email explaining that a newco Pigzbe SA registered in Switzerland, has repaid the outstanding debts and will now be the major shareholder in Solid Labs as they take the group of companies forward. There is no mention of who is behind Pigzbe SA, what they do or when they were incorporated. So here it is.
Pigzbe SA and Pigzbe Ltd, a UK registered company also not mentioned in the email, were both set up this year and both have the same director - the director of Solid Labs, Filippo Yacob. The Swiss company has registered capital of just £77k although information in Switzerland, like its cheese, is full of holes. This is the company clearing over £1m of debts for Solid Labs.
Pigzbe Ltd, now 100% owned by Pigzbe SA and with no capital, appears to be in the middle of an ICO, with a hard cap of $8.5m. It has an app which is used by children as an online piggybank; run using their new Wallo coin wallet. It gets short shrift on Reddit. To date, the ICO claims that over $7m has been bought. It's crazy stuff this Crypto. Oh and it's totally unregulated; which is fortunate.
You can find various people on the Pigzbe website who might be of interest. The crypto entrepreneur and ex pensions news item, Philip Nunn is one. The site claims it is important that children learn about Crypto from an early age - surely some mistake there!
Something here doesnt add up. Maybe other investors have a view? It is certainly is a long way from the plan that Cowdcube promoted! Apparently Swiss cows are the easiest when it comes to milking.
https://icobench.com/ico/pigzbe
ReplyDeleteNice piece from the White Paper approved by Finra in Switzerland, seems they are as diligent as Crowdecube and Seedrs
ReplyDelete1.5 A little bit about us
The Pigzbe concept has been in development since 2015 and was incorporated as a
business in January 2018. We’re a crew of seasoned designers, makers, founders and
investors in the consumer electronics, product design, fintech, cyber-security and
banking space.
Two of our founders, Filippo Yacob and Jon Marshall, have been involved in the
development and delivery of an award-winning portfolio of ed-tech and consumer
electronics products for families and children. Filippo is the Founder of Primo and
created the Cubetto Playset. Jon was part of the team that designed the Kano
Computer, the SAM Labs IOT system and more. As an aggregate, the team has
shipped millions of products across 180+countries, covering almost the entire planet
We also draw from years of experience working on projects for companies like Apple,
Google, NASA, Nokia, Honda, IBM, B&W, Yamaha, VEON, Bloomberg and more.
We’re an exceptionally strong team with a proven execution track record.