Open and honest is not something you find on Crowdcube pitches - just look at Rattle

You would think that by now this exhausting problem would have been sorted. But is is not in the interests of Crowdcube to sort it - so it hasnt been. Rattle are currently over funding on Crowdcube but havent revealed that their targets, set in 2017, have not been reached. 

Their 2017 projections stated that Yr One would see revenues of £278k - there is no date given for Yr One. However deeper into these projections there is a start month given of October, which is the same month that they finalised their first CC raise of £400k. So we assume that is the start date - October 2017. 

In the current projections, for the raise that has now reached over £900k of its £800k target, YR One's revenue target is a mere £90k and that is for Yr November 2017 to October 2018. So we assume this is a real figure. So that is a miss ~ 300%.  The t/o for the second year as projected in the first CC raise was over £2.2m. Now it is around £600k. And so it goes on. The company say that their progress has been 'solid'. I would also add here that the way they have laid out their projections for both raises makes a comparison hard - something we are sure they didn't do on purpose. 

Now there is nothing wrong with a slower than expected start and to be honest very few investors will have expected a start up to get anywhere close to its Crowdcube projections. But when you come back for a second time on CC, surely it is not unreasonable to expect that you are honest with what you have achieved vis a vis what you claimed. I dont see that anywhere in this second pitch. The use of Dicky Branson's ageing mug shot is an unnecessary part of their glossy pitch deck which could have given way to more important information. If their 2017 projections were so far wide of the mark why would anyone believe their current ones? That is, if you knew that, of course. 

For previous investors this may not matter, as if the company is any good, they would have been keeping their SHs updated. But newbies will be blind to this information - information that is material to any investment decision. Otherwise why pitch back on Crowdcube; just contact existing SHs and do it that way. That is a major fault with Crowdcube's system.  And it is yet another reason why ECFBuzz must fly.