Money for nothing (chicks not free but if you have money..)
Discussion
https://www.seedrs.com/iqualtech#team
How gullible are Seedrs "investors" a short breakdown of this place (in my eyes) is
Bloke and Mrs have degrees and a tiny web company, they probably go to a seminar about own branding on Amazon then go to the Canton Fair get some iPhone leads and a few gadgets, screen their (probably designed by a mate from uni) logo on generic tat and batter Amazon UK, then Europe and then worldwide selling said stuff building what they think is a business (but is just a pop up loss making shop in my eyes). It doesnt sustain the one full time owner and one junior full time member of staff (even the CTO with 33% is part time) so they hit seedrs for £100k on a totally full of generics pitch and guess what its oversubscribed. FFS! I MUST try this whats the downside?
Examples of the pitch is they trade £1m but can only afford 2 full time staff, the "develop" products - how, where, who does ?
Annnnnnd:
The company has an Amazon Lending loan which helps finance stock and is secured against stock held in the Amazon fulfilment centres. This can reach up to £74,500 over this period and is repayable over 6 months. The company also has an outstanding balance to Funding Circle for £50,806.77 which has 21 monthly repayments remaining, and a £20,000 overdraft facility. None of the proceeds of investment are intended to be used to repay any of this debt.
In summary - Importer of tat plays the "lend me money" game to the max getting
£169k from Seedrs
£75k against iPhone leads and speakers in Amazon warehouse
£50k from funding circle
Plus an overdraft
Anyone care to comment on where this is going.
How gullible are Seedrs "investors" a short breakdown of this place (in my eyes) is
Bloke and Mrs have degrees and a tiny web company, they probably go to a seminar about own branding on Amazon then go to the Canton Fair get some iPhone leads and a few gadgets, screen their (probably designed by a mate from uni) logo on generic tat and batter Amazon UK, then Europe and then worldwide selling said stuff building what they think is a business (but is just a pop up loss making shop in my eyes). It doesnt sustain the one full time owner and one junior full time member of staff (even the CTO with 33% is part time) so they hit seedrs for £100k on a totally full of generics pitch and guess what its oversubscribed. FFS! I MUST try this whats the downside?
Examples of the pitch is they trade £1m but can only afford 2 full time staff, the "develop" products - how, where, who does ?
Annnnnnd:
The company has an Amazon Lending loan which helps finance stock and is secured against stock held in the Amazon fulfilment centres. This can reach up to £74,500 over this period and is repayable over 6 months. The company also has an outstanding balance to Funding Circle for £50,806.77 which has 21 monthly repayments remaining, and a £20,000 overdraft facility. None of the proceeds of investment are intended to be used to repay any of this debt.
In summary - Importer of tat plays the "lend me money" game to the max getting
£169k from Seedrs
£75k against iPhone leads and speakers in Amazon warehouse
£50k from funding circle
Plus an overdraft
Anyone care to comment on where this is going.
JustinP1 said:
Looks like someone is still getting paid to run it despite the debt.
As you've said, their stock is generic cheapo phone cables.
The only things of substance are the speakers, however, these are a shameless, shameless rip-off of Beats products. It's the kind of thing that if it were sold in Romford market, Trading Standards may be calling.
It's such a shameless rip-off they even call the copy of Beats Pill "Pill".
The headline on their site is even 'Summer Beats' in the centre. They produce black and red speakers, just like Beats, and whilst the Beat logo is a red circle with a 'b' cut out, their logo is a red circle with an 'i' cutout.
I'm with you in that I'm astonished that a pitch can be dressed up in this way and £160k funding just appears to fund a company funded on debt, and with one full time employee.
The PILL has gone from the website leaving 7 Apple chargers a few bike bits and another speaker - also the blog was updated in January - amazing!As you've said, their stock is generic cheapo phone cables.
The only things of substance are the speakers, however, these are a shameless, shameless rip-off of Beats products. It's the kind of thing that if it were sold in Romford market, Trading Standards may be calling.
It's such a shameless rip-off they even call the copy of Beats Pill "Pill".
The headline on their site is even 'Summer Beats' in the centre. They produce black and red speakers, just like Beats, and whilst the Beat logo is a red circle with a 'b' cut out, their logo is a red circle with an 'i' cutout.
I'm with you in that I'm astonished that a pitch can be dressed up in this way and £160k funding just appears to fund a company funded on debt, and with one full time employee.
Edited by JustinP1 on Thursday 29th September 10:12
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