Droplet raised over £500k on Crowdcube in 2015 - valued at around £4m pre money.
This year they tried to raise more on Crowdcube but the pitch was pulled very early on - we wrote about it here. Now they have launched a new pitch, this time on SR raising £433,000 at a pre money valuation of just £3m.
Firstly hats off to SR for being the first platform to have a pitch where the value has reduced since its last round.
The pitch on SR bears little resemblance to the figures given on Crowdcube in the first raise and even less to those given in the pulled CC pitch only 3 months ago. Because SR have chosen not to compare like with like, its impossible to make any judgement but that in itself should ring some alarm bells. The pulled CC pitch had revenues for 2016 of £400k and the company said it was raising a total of over £3m in equity finance this year.
The name of Crowdcube is not mentioned although there is reference to crowdfunding - but not to the pulled campaign. we would certainly want answers to these points.