They probably saw crypto as a quick winner to profitability, however, the crypto winter doesn’t look like thawing any time soon.
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Thanks for investigating!
If they’re lying to the crowd, I don’t think lying to their accountants who aren’t auditing is that much more of a stretch based on my experiences as an auditor, haha.
That said, your findings bring some more comfort that they are a real business. I think I do believe that much, but I still suspect that not everything is above board.
Hopefully I’m wrong, since EV battery recycling is going to be critical enterprise.
Agreed, I don’t even have a LinkedIn for those reasons.
I don’t necessarily think it’s cause for serious concern in isolation, but I still think that the absence of the CEO’s background in the pitch and online is cause for more scrutiny when they’re trying to raise £££ from me and others. You’re not likely to be taken by a shark even with the flags up at the beach, but best keep your eyes open.
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I 100% agree with you. IMO it is a good idea to scrutinise and have faith in the senior executives/founders/managers. In fact VC firms pay a great deal of attention to the background of founders.
Over the years I have noticed that one needs to be careful of ‘survival bias’ when picking … seemingly good fits can also lead companies into disaster zones. We also need to be aware that very successful people from certain backgrounds can be absolutely the wrong people in other contexts/situations. Another thing I have seen is that often Leadership is not able to grow as the company grows or more generally they are unable to adapt.
I also feel that founders often set the company culture. And it becomes very difficult to change it later.
Bottom line: you are right. Pay attention to the founders.
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yes, actually what i spotted is the same, those good fits may not mean anything someitmes. Afterall startups are about venture building, there’s no godo formula for that
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Disclaimer: Haven’t done a deep dive on this company, just giving some initial thoughts, I’m relatively well read when it comes to the emerging battery tech.
- If their headline claims were even close to being realised, after two years of R&D, they’d be worth a lot more than EUR1.4m.
- Their energy density is currently “50-60%” of lithium ion yet they appear to be targeting EVs, which is almost a non-starter unless they can significantly improve their tech.
- The space is extremely competitive, with $billions being poured into new battery technologies. Surprising that they wouldn’t be able to get private investment instead of the crowd.
- In summary, if they are legit, the valuation is probably fair in that it reflects the extremely long odds of this startup succeeding. 1000-1 or less likely, I reckon.
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iKVA private link if anyone is interested. iKVA (formerly Kvasir) is raising £680,000 investment on Crowdcube. Capital At Risk.
Is anyone looking at investing in Modern Milkman on Crowdcube? I’ve used them on and off for quite a while and, as a customer, have always found them to be very good, and I love investing in the businesses that I use. However, 247 mil valuation seems steep to me.
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Also no EIS as well
The valuation is ridiculous. 5.5x 2022 reveues (assuming that number is right - probably not).
Its not apples to apples but Ocado trade at 2.2x trailing revenues.
Grind offering shareholders an exit but at a lower share price than their 2021 raise so I think I’ll hold on to my shares. Existing investor plans to invest £12m. £7m at 2021 share price and £5m for the purchase of shares from current shareholders at a 10% discount
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Re Grind:
I invested in the earlier rounds so could sell the lot with 35% profit. It’s a pretty decent position given how brutal Covid was to their bricks and mortar business. However I’m not planning to sell (well maybe just a small amount to have some additional liquidity) as they have pivoted very nicely to the coffee pods business which will become their main revenue stream, are expanding significantly and this £12M injection is a huge endorsement of what they are doing. The fact the £12M wasn’t at a massive discount given today’s environment further adds to this.
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Likewise, I first invested in Grind in 2017 and i’ve taken part in a number of funding rounds since then so I would be looking at a similar profit. I also see the £12m as a great endorsement so i’ll be holding on. The business seems to be heading in the right direction and they’re doing very well financially considering all the economic troubles caused by covid, war in Ukraine, cost of living crisis etc
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Hycube - renewable energy storage - raised on Seedrs in May 2020.
Reported to have taken investment from Bridges Fund Management: Bridges invests in HYCUBE to accelerate the clean energy transition - Bridges Fund Management
No details on the deal yet - and nothing from the company - although they did flag a deal was in the pipeline back in October.
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They did mention it a couple of months ago on Seedrs…
Blockquote
Apologies for the delay in communication.
As I mentioned in my last update, we have been looking for strategic partners to strengthen our company and market position. I am extremely pleased to announce that yesterday we signed an investment agreement with a leading UK based Private Equity firm who shares our sustainable values and will partner with us until exit.
The deal requires registration with the German Company Register to formally complete, after which we will make a joint announcement and give an update on trading. Thanks for your patience and continued support.
Rainer Appold.
Another crowdfunding wo any financial data. But impressed with 3M raise withing span of couple of hours
they are at £4.3m now… Probably the best crowdfunding campaign of the year 2022