Failed. Just failed.
It’s the Crowdfunding graveyard.
I mean, if you stuck failing rather than failed things in a graveyard, the world would be full of very unhappy grandparents. 
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I hear you man and totally agree, that’s why I was questioning why we are even talking about a company that is growing at 50% annually on this thread. Ridic.
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Yeah, a failing company can turn things around. It may be unlikely but it’s not impossible. I think this thread should be for the ones that are dead
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I agree with you about Fullgreen. The frequency and quality of their comms are first class. Their execution is consistent and they have achieved a lot in the past 2 years. Whilst more excited about my Freetrade investments I am pleased with the progress Gem Misa and her team are making here and in the US.
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I done some research of my own on Tuesday 23rd I went into my local Morrison’s and marked with a pen very lightly the packets 3 from the front grated cauliflower and grated sweet potato I went back yesterday and they were still there. Let’s not forget this is a fresh vegetable that is put in a packet that is not recyclable with an 18month shelf life. Please do your own DD, I’m saying no more(try it yourselves) I wish you all the best. I mean that!
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You (btw it’s getting difficult and a little boring keeping up with all you usernames) have a very unhealthy habit of beating and bashing a company you are not even invested in? This is a thread about companies that have failed not ones that are growing by 30-50% y-on-y. Please just give it a rest as this is getting slightly weird and extremely unfair to Gem and the team. This is my final comment on this and will not discuss this further, it needs to stop.
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Obviously not that boring if you can’t stop replying. I know you have invested in the company and that is why you are taking umbrage,I understand you are finding it extremely difficult to be impartial and btw I am in no way trying to beat up on any company or individual,I am simply stating the facts(as I see them) I am sorry if you don’t like it.OTWT if they succeed but in my opinion you will lose all of your investment. This is ALSO the last I will say on the matter. Have a lovely day 
Oval Money
Taken from Seeders
"Dear Investors,
It is with great regret that today we find ourselves communicating the difficult decision taken by the Board of Directors of Oval Money Ltd to place the company into administration in the interest of its creditors. In recent weeks we identified a buyer of the company’s assets, in order to provide the required resources to ensure business continuity and support the further growth of the Oval app.
The sale of Oval Money Ltd’s business to ETX Capital has been agreed and will be completed shortly. ETX Capital is a leading online CFD and financial spread broker offering online trading services, primarily to UK and European clients, with access to over 5,000 financial products including stocks, indices, commodities, Forex and cryptocurrencies.
Following the shareholders’ resolution, the company will change its name to Vesta OML Limited.
This difficult year, induced by the pandemic, has put a strain on our business, in a delicate period in which we were working on closing a new financing round, scheduled for June 2020. Given the difficulties in the market, we then decided to evaluate various M&A opportunities, and until the end of 2020 we worked with a large Italian player to complete an acquisition.
This operation was unsuccessful, so we continued in search of funding, completing due diligence operations with various Venture Capitals. With our largest stakeholder expressing their unwillingness to continue to support the business, we were unable to complete the ongoing operations, and although Oval’s business continued to grow, whatever solution we found seemed not to work.
What happens to the app and your savings and investments if you are an Oval user?
The money you have saved and invested on Oval is and will always be safe.
The money deposited on Oval Pay and in the saving Goals is not held by Oval, but is kept by our partner Banca 5 (Intesa SanPaolo), where it is fully guaranteed.
The money invested is managed by Cirdan Capital, which will continue with its normal investment activities without interruption.
As a user of the app, you will be able to continue using it as always and in the future you will be able to benefit from an increasingly wide range of investment products, thanks to the synergies with ETX Capital.
What happens to your Oval crowdfunding investment?
The administrators of Oval Money Ltd will be required to use the funds obtained from the sale to primarily remunerate the company’s creditors, including investors in the convertible Future Fund loan raised last summer, and it is expected that there will be no excess money left to distribute to shareholders.
Unfortunately we have not been able to find a different solution and I truly believe that this opportunity is the best given this very difficult time. It is with great regret that I find myself writing this email, because I know how many of you have believed and continue to believe in the business of Oval and in our team.
It has been an honour for me to be able to count on such an amazing group of supporters, who over the past 4 years have helped us grow successfully, and I truly believe that Oval has been instrumental in shaping the conversation on the democratisation of finance, helping hundreds of people. thousands of customers to start their own path towards a more conscious management of their finances.
As with any startup, the path to profitability is long and winding, and we ran out of fuel to continue our journey, so we had to make this difficult decision, but I am convinced that ETX Capital will be a key partner in carrying out the mission of Oval.
Thank you,
Benedetta
"
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Oval’s my first (crowdfunded) company to go zero. Knowing nothing of the Italian banking market, it was mostly a blind punt. There’s lots of fintechs/neobanks targeting in the UK, a lot of them seem to be doing the same thing, so I thought to invest in one plying a blue ocean of a different geography.
Intesa Sanpaolo (big Italian bank) were an investor too, so it had some validation. Not that much validation though, given we’d already seen an RBS backed fintech fail - Loot, the UK digital current account for students and millennials, enters administration after a potential sale falls through – TechCrunch
I invested the 2019 round, which offered shares, so I will be out of money. However, their last raise was a convertible note in July 2020 which took £1M from the government Future Fund. I wonder how many pennies to the pound taxpayers will get.
Selling to a CFD merchant is a bad outcome to anyone who held investments through the Oval app itself. CFD-clippy says, “You’ve invested in a boring ETF. Why don’t you be a cool guy instead and YOLO it on derivatives?”
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It seems they were struggling before and could not close the necessary round in Q3’20 to keep the business running. There is a claim that their updates included a call for funding, but this was definitely not explicit enough in the updates from 2020 to raise any concerns about the execution. Given they were named a top fintech by Sifted and had created capabilities to invest in crowdfunding via the App, I see it really odd that a company focused on banking and investment would die off during a huge boom for retail investors and sell off their assets.
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Exactly. Savings apps have done great during this time…
I’d love to see the terms of the asset sale, especially around what it means for the leadership team. LOVE to see it, but yep you guessed right that ain’t happening like in all these cases. Something smelling really fishy me thinks…
Zing Zing investors all is not lost?? Get your claim into FOB and recoup your lost investment 
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Interesting - will review in relation to Sugru - another sad investment
I just googled Sugru. It looks a great product. What went wrong with the company?
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Incumbent banks investing in Fintech startup is usually bad news for a startup. Banks like that usually bring their old ways of thinking and decision making to the board of the new business. Revolut, Freetrade has non of that and doing well.
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Have a look at Sugru Action Group on Twitter
I think investors received around 9p in the pound when the company was sold
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This is interesting, it’s also the first complaint FOS have upheld in favour of an investor.
eMoov investors tried as well but it didn’t work, I think the first FOS published decision was eMoov.
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I will hold judgment on Revolut as “Doing Well” until the numbers are released in a week or two
It turns out misleading claims in a raise does have consequences for crowdfunding platforms:
I hope this leads to improved platform DD before we see glorified PowerPoints go live asking for money.
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