Its is really very depressing.
3 times this week we have been contacted by shareholders in companies that funded via Crowdcube, to ask us to help them find out what is happening.
We are of course happy to help where we can - but what the hell are Crowdcube doing? Appearing at Crowdfest to soak up the adulation of their own industry's PRing.
Today's contact came about Chupamobile - which raised £740k on Crowdcube in 2014. Ignoring what they do, what they have achieved to date is waste this money as far as we can tell. Projections showed them in profit for 2015 and making a profit of over £1m for 2016. But the reality is, as it always seems to be, that they have clocked up the losses and continue to do so. Only silently.
That aside, why is it that companies feel they can abuse the very people who funded them? Why are Crowdcube not involved in pushing companies to give a minimum of quarterly updates via email - how long would that take? Where is the bloody FCA when you need them? Stumbling through another review in which they have used the gangsters to advise on the regulation.
Things are clearly not right when a blogger from deepest Scotland is the messenger for so many shareholders. Less preening more action please Mr Williams!