Monday, 9 January 2017

Crowdcube themselves prove that they do not bother to check facts and figures



If you dont believe us when we say Crowdcube are slapdash about the figures they promote for their pitches - then here is the evidence.

A new pitch on the platform Ridewithlocal proves that Crowdcube's systems are well below where you would expect a FCA accredited financing platform's should be.

The pitch has now been corrected as someone spotted the oddity but it could just as easily have gone through to complete the funding using what would have been totally bogus sales projections.

The numbers in question are the 2016 YTD 'sales' figures  - which it turns out are not the revenue figures as stated but are the GMV for the period. 

The snapshot finances have now been changed to show the new figures but really how can such a simple mistake get through the process Luke and Darren decsribe as being thorough? Thorough rubbish maybe. It simply means no one is checking the interns.....again.

If I was an investor in this company I would spend a good few days double checking their figures - looks no one else has bothered.

2 comments:

  1. How on earth does that happen? Major oversight. Clearly no one at CC asking the most basic of questions.

    ReplyDelete
  2. It can only happen because Crowdcube insist on companies using the GMV instead of the real 'revenue' figure - because it make them look much larger. This isnt the first time and sure wont be the last. Companies love to promote their multi million pound GMV (see Silk Fred) without letting on that the value to the company (ie the all important revenue) is a fraction of this.

    ReplyDelete