Seedrs Gartenzwerg applies for liquidation and plans possible phoenix whilst still accepting donations on Indiegogo.

Gartenzwerg raised £260k on Seedrs in February 2018. Now it has written to these same shareholders to say adieu and sorry. Ahhh. And if you are lucky you can still give them your money via their active Indiegogo Campaign!! Backers are not amused. 

Of course the £260k was well spent and there is the stated hope of a phoenix post liquidation - is stating that even legal? Acting with the intention of ditching creditors via an administration and liquidation is not allowed. But seriously, who is going to notice. HMRC  - no way.

They are currently still on Indiegogo, despite telling backers they are not now going to get anything,  where they have pre sold £36k of their product and the page seems to be still taking cash in 'In Demand' mode, which has a certain irony. Read the updates and comments here. All sorts of excuses about how expensive the moulding would be  - didnt you think of that before you took other peoples' cash?

Here is a Q&A from 5 months ago - remember this customer has already paid - :(((

I am not away on holiday in Dec. Can I get it delivered in Jan (already ordered)

Gartenzwerg TechnologiesCampaigner5 months ago

Hi Leanne! Yes, of course, no problem. :)

It is a free for all. We advise companies to help themselves to this free money whilst it lasts. Investors will not be let down time and time again without some reaction. 

We are LIVE - our new Indiegogo campaign to raise cash for a new platform has just been launched.

You can find the link to the Indiegogo page below. WE are now LIVE. A campaign to fund the first Independent Information Resource for Equity Crowdfunders. Your chance to help make it happen.

https://www.indiegogo.com/projects/ecf-buzz-the-crowd-investors-information-centre/x/19804529#/

Please take a look and let us know what you think. 

Memberships are discounted for this campaign and early members will receive special perks. 

It is time investors took back some control!

JOIN US.  

Renovagen pivots and turns to Indiegogo to spark production of its mini unit for free distribution to NGOs.

Renovagen used Crowdcube to raise £1.25m from over 900 investors in 2014 and 2016. Plans have become a little crumpled since. In a new PR push, the company is now raising $50k on Indiegogo to enable it to hand out its mini unit, FOC, to NGOs. It is certainly a novel approach.

The company has not delivered as per its Crowdcube sales pitches. The larger units have taken too long to sell through. 

What is striking about this new Indiegogo pitch is the chaos. Looking at the 'rewards' we gave up trying work out what was what. There is a branded baseball cap with no branding and some fast fold cups and water bottles. There are also potable solar power things  - a key ring torch for example and a branded solar charger. It is a very mixed message. Prices for these rewards suggest that this is charity drive rather than a creative project. Not the norm for Indiegogo.

It is incredibly vague about how the cash will be spent. A minimum target, we are told, is $50k but they hope to fund to many times that. We are also told that these mini units are not yet in production - they are prototype. Then we are told that the cash will be split between 'our overhead costs' of production and the delivery of the free units. No percentages are given. Hmmm. Vague assurances are given that X units will be dilivered FOC but that depends on getting in an undisclosed level of cash. So, for all donors know the 'overhead' may be taking 50% or more of the donation. That means that people donating may be, in reality, paying for the company to stay alive. That is not what Indiegogo campaigns do and it is not what this campaigns claims it is doing.

So why so vague?

There is a list of NGOs who have expressed an interest in receiving a free a solar power unit - in reality this list could have included every single NGO on the planet. Who wouldn't want a totally free unit?

It will be interesting to see where this raise goes. There can be no doubt that it will benefit NGOs working in some of the worlds poorest and most needy areas. But what will it do for the 900 investors in Renovagen?  

Indiegogo about to launch an Equity Crowdfunding offer

Indiegogo have announced they are to launch an Equity Crowdfunding offer - so you'd better watch out

Following the passing and enactment of the Title III section of the JOBS Act in the USA, things could look very different for ECF in the future.

Indiegogo have been helping projects fund for years and have a very large army of followers - or potential investors. They were instrumental in the JOBS Act, so it has clearly been their intention to enter this space. When they do, it will be a bit like dropping a baby elephant into your bath - the rubber ducks may get shot out the side.

Whether they have what it takes to complete the rigorous SEC paperwork and create investible pitches remains to be seen, but we wouldnt bet against it.

UK platforms eyeing up the new US market will now have to think again. In fact it is entirely possible that Indiegogo will use its UK operation to cover ECF here. 

Interesting times ahead.