My mate wanted to invest in freetrade but his investment hasn’t been taken out his account yet. There have also been people pulling out due to bad service? Im just wondering what is going on as my investment has been taken out its just a bit concerning that money is just getting pulled let right and centre???
Quotes from people “I think I am going to bail on this investment. Im fed up now with zero communication and its made me feel uneasy”
"Its also because of the fact that Freetrade have not been responding to investor questions in other threads, seems a bit coincidental that this started to happen around the sam time funding completed. This is shocking
I must say out of all the companies I’ve invested in on Crowdcube, Freetrade is the one that is most transparent and communicate most with their investors and community. Do the investors on Crowdcube not look at the community? That might help them? Also I thought it was widely known that the funds would be taken in late June but I could be wrong on this one.
Yes. If you were in the first 3.3m ish of the raise I think you were contacted almost immediately by CC and funds have been collected. Anyone in this phase that can confirm? If you were in the second half of the round it will be collected in, I think, early July. This is where I am and contact so far has been limited I agree. There is reference to this at the top of the pitch
“This Freetrade raise will have two separate offers of shares, which will be completed and closed separately, but there is no difference: the price and terms are the same in both offers. Please read the FAQs below for further information. £3.3m of the funds relates to the first offer and for logistical reasons is represented as a single investment, however, it was raised from 2707 individual investors.“
but a little more communication with second phase investors by CC about collection details would not have gone amiss.
Thanks and yes communication is vital with any investment. I would love to hear Freetrades thoughts on the whole thing? Did they manage to get the full £7m as it seems there have been a lot of cancellations due to bad communication?
They likely have concerns as there’s not been any clear direct communication that I’m aware of about this whole split investment and the second half been taken later than the first.
Also a quarter of a million in pending investment has been withdrawn so they may have seen that and don’t know why. People pull out of these things all the time, but if it’s more than usual compared to other crowdcube investments? No idea
Ben, I was unaware as well and the process has been really smooth for me as well. I was only made aware of it by my mate who is frustrated with communication and he said a few others on the crowd cube forum were as well. I would just hate to see people cancelling their investment for something as simple as communication??
Indeed, as many posters said above, payment from investors that invested in what was technically the second offer, will be collected in July. See the FAQ on the pitch page for more context about the offers.
It sounds like you invested in the first offer, and your friend did so in the second one.
We’ve reached out to Crowdcube’s collections team, so we can confirm a more exact timeframe for the July (second offer) payment for you as soon as possible.
A number of people always cancel their investment, that is completely normal and expected, and it’s been consistent with how crowdfunding rounds go. That is literally what the cooling-off period is for.
We’re quite busy when it comes to communications:
We run this forum to be able to directly talk to you.
We’ve been doing regular virtual meetups via Zoom video calls, and we found that scaled well. The executive team has done a number of AMA (‘Ask Me Anything’) sessions, and most recently, we had a product update.
I hope that helps, we’ll communicate about the July completion a lot more from next week (newsletter is dropping soon, everyone!). Thanks for your feedback.
Many thanks Viktor and I will make sure I pass this onto my friend. I thought I would make you aware of this anyway. Hope you have a great weekend and the mrs is signing up this weekend. She is a big fan of Etsy & Boohoo