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. 

Crowdcube's Shamba Technology has no news, no money and no assets.

Shamba Technologies raised £112k on Crowdcube in 2014. From the accounts most of this is now spent and the company has no fixed assets.

It is quite literally an extraordinary business. Its balance sheet suggests it is dormant and has been for some time. The website news section has had no news for over 12 months.

Yet it won a Siemens award in 2016 - small but still an award.

It was supposed to help get electricity to the poor in Africa, using a combination of small time solar powered units and their IOsolar system, which being modular, allowed it to be built in stages as and when it could be afforded. To be fair it is not a bad idea and its for a great cause.

We have no idea what has gone wrong. It was,according to Crowdcube, to be making around £1m profit in 2016 and almost £2m in 2017. In fact it made a small loss on negligible trading. A £400k loan was supposed to be in place for 2016 according to Crowdcube but this has not appeared. The turnover was projected to go from £40k to £1.7m in the twelve months post funding. Clearly that didnt happen either.

We hate to say it but we have been telling you for years that the kind of businesses Crowdcube supports will, in the round, go nowhere.