Shamba Technologies put out their own lights as another Crowdcube success fails to deliver

Shamba Technologies raised £112k on Crowdcube in 2014 from 144 investors. Now they have applied to be dissolved.

So here we are again. According to the Shamba Crowdcube projections, the company was due to be turning over £6m plus and filing profits of £1.75m last year. Actually last year it sold nothing in 12 months. Not one bean. In 2016 it had sales of £7,000 and no we are not making this up. 

Since then it has been waiting to close and has now started the process. We wrote about them a year ago here. 

The only positive thing you can say about the company and its team is that they have at least closed down without bothering the liquidators. The loan funds indicated in the Crowdcube pitch  - a total of £800k taken in over 2 years, never materialised. That is a common trick which Crowdcube seem to be happy to condone. 

Low or no sales and no cash brings a quick end. Well in this case they limped on for another year.

A common outcome, which is only encouraged by the appalling quality of the Crowdcube vetting system. Wonder if this one will make the first batch of C4 ads. It is still trading according to Crowdcube. That's customer service 4U.