Wednesday, 4 October 2017

Crowdcube top their own table of failures


There is certain irony to the recent results we have collated, that show Crowdcube, the UK's best known equity crowdfunding site, sitting on top of the list of the largest variance between projections and reality.

September has produced a large number of filed accounts for Crowdcube funded businesses and taken with ones from previous months, we have an accurate picture of how these companies have operated in relation to the promises they made when raising funding on Crowdcube's FCA regulated platform.

It is nearly all bad - with Crowdcube leading the way.

Here are some highlights - the projections and filed NP are for a single, 12 month period -

Crowdcube      YE Sept16 - Projected NP £3,764,000 -  Filed NP (£5,352,000)-Var  (£9,116,000)

Hochanda        YE Sept16 -                        (£1,000,000) -                (£8,500,000)          (£7,500,000)

Airlander         YE Sept16 -                        £     526,000 -                 (£2,800,000)          (£3,300,000)

Watertogo        YE Sept16 -                        £2,500,000  -                  (£   200,000)          (£2,700,000)

The list goes on and on. Of the 118 companies that we have recent filed accounts for, ie June/July and Sept 17, that raised money on Crowdcube, all but 4 have missed their projections. We have another 30 that are late filing.

This week Crowdcube claimed that things were going well. They claimed to have landed over £25m in investments for companies in the last Q to Sept 17. We all know that is rubbish. Need we say more. 

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