There is something very odd about the recent raise by Doorsteps - the online estate agent run by a teenager.
Firstly, when the pitch was live, the founders made a big deal of a potential very large investor coming on board. Such was the importance and likelihood of this, that the platform allowed the pitch, which was already over funded to 140%, to extend its campaign.
So the original target was £400k. The pitch got to over £550k and then the extension opened.
If you check the pitch on Crowdcube, they finished at £395k.
So under the original £400k and well off the £550k plus they appeared to have hit. Where was the large investor? Fictional? What happened to the extra £150k? And what happened to the rule that if you dont get to your total, you get nout?
This was all happening back in August 2017.
Now on the 14 November, the filings show little or no evidence that Doorsteps or Upside Capital Ltd, has raised much at all.
A SH01 filing dated 6 November, states that the company allotted 495 shares for £1 each. IE they gained £495 in cash from investors. It also states that the total allotted at this date (6 Nov 2017) is 12m. There is only one class and they are A shares. So CC shareholders bought 0.0000412% of the company for £495. That certainly isnt the deal Crowdcube are promoting.
You may remember we had the same problem with Vita Mojo recently - see here. How many more filings have been hopelessly misfiled by Crowdcube since 2011??
There is more.
The company's filed Confirmation statement made to June 7 2017, shows the total allotted shares as 100. So how it became 12m only a few months later with no new filings in between is a mystery.
Obviously all of these filings are total make believe. But they need correcting or CC shareholders who thought they were buying real shares in Doorsteps will end up with dust. It's evident that Crowdcube interns 'helped' Doorsteps create this fantasy.
It really is not difficult to get all of this right. But it does seem it is beyond Crowdcube. And what does it say about a company's abilities that they cant get something as simple as a filing correct.