Crowdcube's My Mate Your Date is annulled - no really

My Mate Your Date - another Aussie run effort, has closed just 2 years after raising £145k on Crowdcube from 132 imbeciles. 

Yet another total farce promoted by Crowdcube has met its end. A VL seems to suggest that at least here there were no creditors. 

The two founders, Jared Mooring and Dan Joyce are names to watch out for. Both made claims related to start ups/business activities in Australia, that now look highly dubious. Both made claims to over 6000 signed up members etc etc. Of course none of this would have been checked by the guys in the Exeter broom cupboard.

Scam - my dear old thing, we couldnt possibly comment.

Around about now the company was supposed to completing a year with revenues of £1.7m and net profits of over £200k. It failed to raise further substantial funding - you cant fool all the people all of the time - hence its demise.

We warned about this outfit recently - here - who said reviews were worthless?

Sorry to say there is plenty more slurry on the way. 

And so it begins. The Q is where will it end?

Yet another Crowdcube success closes. My Mate Your Date files for VWU.

I think it's fair to say we are having a bit of a crisis. The gathering of zombie and almost failed companies that have found funding via Crowdcube, is about to to break the dam. Time to runaway Luke before you get wet.

My Mate Your Date  raised £145k in 2014 and then incredibly £85k in 2015. By now their Crowdcube projections showed revenues of £3.5m and net profits of over £600k. 2017 had revenues of £10m and blah blah blah.....Time to wake up.... now! As far as we can tell the company never really did anything. To be honest it has to have been one of Crowdcube's worst ever pitches. Why did 132 investors sign up? Claims made by the founders were gargantuan  and equally as hard to check given they took place down under.

The 2015/16 funding round of £2m, given such a confident presentation by the mates; never happened. Well at least someone saw sense.

We warned you all about this earlier here when they set up a new app, Quinn. Just as hopeless as the first one. Despite trying to make Quinn and MMYD look like two different companies, CH confirm they are both run by MMYD Ltd and so both will close - or...........

It was clear from the last accounts to YE Nov 2016, that the end was here. All the money burnt and nothing to show for it. Their TW page has had no tweets since summer 2016 despite claiming over 8k followers. One of the founders was a 'chairman' of some important Entrepreneurs Organsation based near Washington DC. Etc Etc............... all verified by the CC Cupboard Dept.

What an incredible waste of time, effort, cash and tax payers rebates. All facilitated by Crowdcube, who took their commission and added the funding to their PR. Well done Darren and Luke - another award for your bulging cabinet. Funders of the UK's most facile business ever.

Plenty more to come. Staff required!!

My Mate your Date gone walkabout and returns as Quinn the App.

My Mate Your Date, an Australian duos idea (where else would come up with such a crass name) has gone dark but shareholders via Crowdcube now have a new App version named 'Quinn'.

In one of Crowdcube;s more amusing disasters, MMYD funded not once but twice through the FCA regulated platform - the second time just over a year ago. Total raised was £240k.

Searches for the company's website have drawn a total blank and as this is very much (or was ) an internet dating site, that doesnt look too good.

However the Aussie boys behind this company seem to have come up with a new idea - an App called Quinn which apparently uses AI (Australian Intuition?) to evaluate your love life and find you the perfect partner. The Apple Store has had so few reviews since May 2016 that they dont register a rating.

There is one review there which is revealing -

Customer Reviews

Complete rubbish, app is a waste of time. 

     

by Broken Bloomin Crap

If I could give this no stars I would. Terrible matches, drip fed at a rate of 5 a day. Quinn chat pretends to talk to you to ask you questions that will improve your matches, then after about 5 it just crashes and goes to a blank screen. Support don't even bother to answer your emails. Do yourself a favour and skip this one.

Activity on Quinn's TW and FB sites has been nil since early Summer 2016 - so not looking too promising. Their website has no press reviews under the media icon.  We sent them a message but had no reply. Does that go down as a small overseas heist?

My Date ......you're Late

Mymateyourdate raised £145k on Crowdcube in January this year. The value of their company was then said to be £650k.

Now they are back on CC, raising £75k at an increased value of £1m.

So what takes a start up from an opening £650k to £1m or an increase of 50% in just 10 months?

Certainly not turnover - projected to be £244k for YE Dec 2015 in the C pitch from January but coming in at £19 for the year. Yes that's nineteen pounds and no pence. Mind that gap.........

Of course the new pitch doesnt mention the January projections - why would it, it might put people off.

So what's missing?

Well it seems that in the January raise, the company aimed to have VC investment of £1.5m in place this year. This never materialised and the new pitch just reiterates the January pitches mantra that a VC round will be on stream in 2016. We dont know why the VCs were not interested in 2015 but the company is sure they will be in 2016. Keep then waiting....makes then keener, sort of approach maybe?

Interestingly the company had a £42k 3 year loan with a related Co. in Australia - where the founders come from. This has been reduced in the year to £27k - presumably using funds raised via the January equity raise. Naughty that.

All in all this pitch doesnt tell you much about what they have previously promised and what they have actually delivered. It should do that up front and then see if people want to invest.