Saturday, 21 November 2015
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.