Crowdcube's wrecking ball working overtime
Recently we found out that a company funded through Crowdcube had been dissolved but its product was still being made and sold - illegally as it happens under the old company name. None of the investors were informed of what was happening. It was left up to investors to chase Crowdcube for an answer
The response from Crowdcube to this revelation is educational. You might expect a certain degree of concern or even surprise.
You would be disappointed.
Basically they don't care. The company funded, applied to be struck off with the required notices and it seems sold its brand, paid off its creditors and maybe pocketed a nice sum. Crowdcube were paid their commission so the only losers were the Crowdcube members who invested. But hey that's their lookout, the silly mugs,
Life is a bar steward, but anyone over 25 knows this.
What is surprising is that Crowdcube are yet again able to walk away from a situation where their pitch allowed this company to lie about their sales figures - or to put it another way create its own mythical sales projections. There is no way for the public to check these projections. They have to rely on the platform doing some basic due diligence and taking a little responsibility.
Dont forget that this company was one of only 15% that passed muster to be allowed onto the Crowdcube platform. According to Crowdcube. What the other 85% look like is beyond imagination.
QED everything you read on the platform is bullshit. We mean everything.
If you start from this premise, then you just might see a return at some stage in the next 10 years. We doubt it, but you might.