Crowdfunding the creation of the next version of LFGSS

Good to see Jeff Lynn is doing something useful

:)

£50k for 10%.

if you're going for 50k and expect to get it, do you even need patrons anymore?

I've just sent an email to the people who voted on the poll, but some of the LFGSS email addresses may be out of date as 8 people didn't receive the email (and it's pointless sending a PM as that would only alert the same email addresses which would bounce).

So for those people, the contents of the email was:

Welcome to the announcement email for people who voted on the poll on LFGSS.

Where are we at?

The site for patrons is ready and will launch tomorrow or Wednesday.
The Seedrs proposal is finished and pending submission.
What do you need to do?

If you're looking to invest, you MUST sign up to Seedrs.com today and complete the process as soon as possible. We are looking to launch on Seedrs tomorrow at 8pm, but we may delay if we hear in the thread that many of you are still waiting to be approved on Seedrs.

If you're looking to support us as a patron, then you need do nothing today as we will email again once we launch the site for patrons.

If anyone has questions either ask them on the thread (linked above), or email me directly (though it is generally better to ask in the thread so others benefit from the answers).

Cheers

David (Velocio)

PS: If you unsubscribe from this mailing list but actually want news emails on this, you will be screwed. MailJet will honour your unsubscribe instantly and not allow me to reverse it.

Not sure if anyone else has managed to transfer funds across but I'm not sure how long it takes. It might be worth delaying another 24 hours to make sure everyone has deposited money...

if you're going for 50k and expect to get it, do you even need patrons anymore?

Yes.

We could have easily offered 20% because we do need the money to ensure we can last 12-18 months.

However long-term it is better to reserve equity for future fundraising and fly responsibly close to the edge. As Seedrs take 7.5% + VAT and we have legal fees too, we're actually getting less than we're raising.

So the patrons help us offset those things and ensure we've got closer to the figure we actually seek.

Initially we hoped for £32k, but far more research on the burn rate and projections on the timetable mean that we really do hope to be able to get to £50k after the fees and legal have all been deducted.

I've run into the problem that the ID check requires me to submit my driving licence number. The problem is that I've neither ever held a driving licence, nor have any plans to get one. This probably doesn't affect very many people. I've sent a message to their support address.

^that

passport is good oliver

I have tweeted @jeffseedrs about that, will see what he says.

Maybe you're not allowed to be German? ;)

Ah well, good job that I'm European then. ;)

#hatenationalism

To anyone that missed it in the noise:

We're submitting to Seedrs tomorrow (Tuesday) around 8pm.

It may be approved and appear immediately, or it may take Seedrs a bit longer to approve. But as it potentially could appear immediately you should sign up to Seedrs ASAP if you wish to be an investor.

All signed up and approved but to put £500 in could take me 48hrs being month end and all. No - I won't be going to wonga for it

PS - took no time at all to do, dead easy

I was rejected at the questionnaire stage, so I'll have to be a patron instead now. Slightly miffed with their value judgements to be honest, but that's life. Doesn't look like you're short of investors anyway.

i registered a few days ago, and transferred £10 earlier

that payment has not yet been registered as received by seedrs

Their assessment of investors is somewhat at odds with their encouragement to have "friends and family" invest.

I actually pointed this out to one of Seedrs own investors who said they'd raise it with them.

Seedrs seem to be acting with self-preservation though. They put seasoned investors and risk awareness above all else. Presumably to avoid being sued out of existence in a decade's time.

As per DJ, I sent a test amount over to Seedrs around 30 minutes ago, and it's not showing yet. I'll keep an eye on it, and see when it appears...

It is a regular bank transfer so will take however long your bank usually takes to transfer to external accounts.

DJ I have registered having hit the poll button a little late. I hope I will be included on your next email and will await further instructions!

Elvis, you may be confusing DJ and DK. Not sure DK will be too impressed.

Sorry, writing on autopilot. I, of course, meant Mr K.

All registered and accepted. Little do they know that I know f'all about investing but am aces at filling in questionnaires.

I will check again on the site tomorrow evening.

I got my email, and signed up and approved at Seedrs, but I cannot find you yet. Is that because you have not yet been signed up there? Uh, oh, just read your email again, and see that you do not launch until tomorrow at 8pm... will see you there then.

As you were everyone.

Nope... I don't find out unless it's by a public source of data open to the world.

If you register as an investor, for any particular company you can see the list of investors, e.g. here: https://seedrs.com/startups/203/investments (only works for logged in seedrs investors). When you choose to make an investment, you can choose to do so "anonymously", such that your name does not appear--that's what the FAQ is referring to. So Microcosm can likely find out who has invested (even if you are not registered with Seedrs, perhaps you have friends who are?) but you have no right to that information.