I do feel mixed about it, but I hope that the people who are comfortable invested and the people who aren’t didn’t.” You need to find a balance and it’s not an IPO. On the other hand, our historical financials are available on Companies House. “I wanted to share more but in a pandemic you don’t want to share projections because you don’t know how it will turn out – if you share it you are legally liable to it.
“I don’t want this to come out wrong, but when you’re doing a crowdfunder you’re looking for support,” he says. Mikkel58, meanwhile, wished Citymapper luck but said “I won't be sharing in your future, because you won't share your present with us”.įor Citymapper CEO Azmat Yusuf it is “unfortunate” that some people were put off the crowdfunder by the lack of detailed financial information, but he says he has mixed feelings about this feedback. Another person under the pseudonym OliW1, who said they had been “holding out for a prospectus”, followed suit, noting they could not make “an informed decision without details”. “The company has no revenue to speak of and is burning through cash,” he added. In a post entitled “I’m out”, an initial supporter commenting under the pseudonym PSYANIDE said that as there were “no financials, plans or strategy in the pitch” he was cancelling his investment. In the Crowdcube discussion board potential investors bemoaned the lack of financial or strategic information from the loss-making company. Not everyone was taken with the campaign, though. In one of the fastest fundraisers in crowdfunding platform Crowdcube’s history, Citymapper ended up taking £6.7m of new cash in just 24 hours, with the largest single investment coming in at £100,000. The initial £1 million target was smashed within hours and the campaign had to close after just one day when close to 9,000 investors scrambled to get their hands on its shares.
When city navigation app Citymapper launched a crowdfunding campaign earlier this month, it was a resounding success.
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