Iāve just cancelled too. Disappointed because I was really confident in these guys.
I donāt speak Spanish (assumed!) but I donāt think anyone is particularly happy with this.
Iām leaving mine for now, waiting for the fallout.
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So far, just 37 people have pulled out since around 10am today, so less than 1% of all investors. The amount of money pulled out is 2.08%, which is still a small dent.
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There seems to be a lot of Spanish first time investors (In Crowdcube and crowdfunding in general) in BNext, so many people is confused (Iām one of them 
) and some are asking how they can cancel the investment.
BNext is claiming the drag along clause is common practice in crowdfunding.
I havenāt withdrawn my investment yet, but I will do it shortly.
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I guess it comes down to what sort of value you think BNext will end up having at exit. If it can survive early acquisition attempts and the credit market stays strong it should quite easily surpass price expectations in the drag along (drag down).
That said itās all theoretical because not many (if any) Fintechs have actually exited, so thereās no acid test of value ATM.
The issue is we now know that the company and its board are happy to screw the crowdfunders - who know what other tricks they will pull in the future.
This isnāt normal at all. When institutional investors are involved, they are normally keen to avoid be accused of ripping people off. DN Capital and Speedinvest clearly donāt care.
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I was seriously excited about BNext. Now thinking of dropping my investment in them as well.
It wasnāt much, as I donāt want to commit too much to illiquid investments. But itās a matter of principle. This was some underhanded shit they pulled off. This means, for all intends and purposes, that they are dishonest and canāt be trusted with proper agency of our investment. Then it becomes a matter of opportunity cost. Give money to them, and in a way reinforce stupid behaviour in the crowdfunding area, or pull the rug under them and at least send a message while funding companies that are more honest and upfront with their intentions?
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To be fair, the drag-along clause was not something that they created for the Crowdcube round. Itās found in the current SHA, created at the time when they raised their Series A. It protects new investors, since they have liquidation preference above previous investors and founders (and now also crowd investors, who are at the bottom rung of the ladder). Essentially, it protects the 22M that VCs put in in Series A.
Thoughts on Oval Money?
Has anyone looked at Brew By Numbers? Live on CC now.
From a multiples perspective it looks vastly more expensive than most breweries that have crowdfunded.
Not sure if itās just me but struggling to see meaningful justification for the valuation gap.
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Is anyone thinking to invest in Nova currently on CC? Looks like a good deal.
Cancelled a large investment in BNext not having this nonsenseā¦
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I also cancelled my Bnext investment. Maybe it will end up being a great return for those who keep it but the way they gave handled this is unacceptable and shows a lack of regard for the crowd investors. This should have been a part of the pre investment legal terms, not a footnote in an investors email update.
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Just cancelled my Bnext investment, like others have concerns on the integrity of the business towards crowdfunding investors.
So much noise around Bnext. Folks attribute so much to Bnext as if it always was a public company already in terms of corporate governanceā¦ if youād like everything to be perfect, put your cash into a public company, otherwise if you expect a >5x cash return it will be fair to assume that some flops can happen along the wayā¦ Has anyone for interest checked what the equivalent terms are for Freetrade?
Now at Ā£2,733,346 
For Freetrade, as far as I know, a drag-along clause is triggered if a majority of holders of A-ordinary shares decide to sell, no matter the price. Investors on CC hold B-investment shares, which carry no voting rights --hence have no saying if thereās an offer for the company
Whatās different for Freetrade though is that there is no liquidation preference (at least not in the articles from round 5). Hopefully this hasnāt changed at Series A.
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Speaking of shareholdings, Baanx is live on Seedrs, and the info on ārelated companiesā section looked a bit odd to me. Has anyone checked it out?