Last night, one of the Golden Boys of Seedrs successful pitches stable, got a roasting from the BBC Dragons. Beeline entered the Den with high hopes of attracting £100k for 2.5%. They left with rear ends smoking.
All of the Dragons' points about the cycling gadget made perfect sense to us. A gadget that doesnt really do much, certainly not cutting edge and will most likely be irrelevant in a year's time. More than £500k burnt so far with little knowledge as to where it has gone. A future raise with dilution anticipated within 6 months. A ludicrous valuation which gives future investors little hope of a return.
The Beeline boys' hands tied by their SH and previous valuations. In fact the boys seemed incredibly clueless to us, although that may have been the pressure of the Den. They were far from convincing.
The most positive thing that was said about the pitch was that the packaging was nice. Thanks Deborah. We are not big fans of DD - telly at its worst most of the time. For once they were spot on.
We see all of the above daily and investors still invest. When will they learn?