To date, FundedByMe has helped more than 420 companies raise more than €15 million from more than 60,000 registered crowd investors. While we act as a ‘dating site’ where investors and entrepreneurs can meet one another and ‘fall in love’ – things do sometimes go wrong.
Fat Cat Campaign
With the Fat Cat campaign (open on the FundedByMe platform between November 2014 and closed in January 2015), despite our best efforts, it unfortunately did.
From the FundedByMe end, we followed our usual strict diligence strategy for fact and identity checking the creators of the campaign before allowing the Fat Cat campaign to go live on the platform. At first it seemed like a campaign made for success – bloggers were driving traffic to their page and the entrepreneur seemed engaged and active.
Soon, however, we realized that all was not as it seemed. While we kept our side of the agreement, once the campaign was successfully closed our initial invoices were queried and then went unpaid and our emails remain unanswered.
But more than our outstanding invoices, the bigger concern is that Fat Cat offered shares and other rewards to bloggers who helped them drive traffic to their campaign on our platform. They have not honoured these promises, despite receiving an immense outflow of support from their digital community. We take these allegations very seriously and have, to date, not received any feedback from the Fat Cat founders, despite numerous attempts to get the full truth.
Hereby, FundedByMe wishes to publicly apologise to any bloggers who were negatively affected by the activities of Fat Cat in relation to their campaign on our platform. We wish to distance ourselves from Fat Cat and its owners and will continue to do so until these allegations have been cleared up. As we are not allowed to handle any transactions nor issue shares on the FundedByMe platform, our ability to affect this situation is limited.
What we do have is a very active social network and we can ask for their help to publicly urge the Fat Cat owners to honour their promises made to industry leaders who used their social media powers to drive traffic to the Fat Cat campaign.
And, while you’re at it, please pay your outstanding invoice from FundedByMe too.