Phew - funded at last.
Zero Carbon Foods - or Growing Underground as they chose to call themselves in this their second money expedition to Crowdcube - have finally got there.
Tortuous does their campaign no justice. Extended by a month as no one was interested, then giving away more equity as still no one was interested, they came to their last day today needing £35k, having only managed £165k in 3 months and what d'you know, they made it. Someone put in a large lump right at the end. Who we wont know until the AR01 is filed.
So despite most of the Crowd agreeing that the differential terms used for one investor just prior to this pitch launching were unfair and the also agreeing that the valuation was overcooked, as with Mara Seaweed the platform has managed to create another completion.
Well done to Zero - we'll be watching to report on whether this time you can get close to your predictions.
6pm...........Arghhhhhhhh! No its been extended for another 8 days to over fund!! What is the point in having time scales on this platform - they are only there to con the investors. If you needed further proof that companies have been persuaded to pitcch for smaller sums and then overfund this is it. Why?
Well there is a very simple metric in ECF - get over the 30% mark in the first two weeks of your pitch and you increase your chances of completing massively - this is from Seedrs research. So a smaller total clearly has a smaller 30% mark. Add to that the lemming influence where all completions manage to overfund at a far quicker pace than the investment came in before the target was hit and you can see it makes perfect sense to the platform. For investors it's just another bit of cheap salesmanship.