VCSTART collective investment platform closes

VCStart closes, the project website reports . The reasons for this include insufficient demand from investors and the reluctance of current project investors to continue financing. Another reason is bypass investment attraction schemes by registered startups.

According to the project team, the decision to close was made after talking with large investors and finding out their further vision of the situation around the project. At the moment, the team promises to concentrate on the return of all funds to its users.

Further in the interests of the company - obligations to investors. Work in this direction is planned from April 7 to April 14 (5 working days), during this time VCStart hopes to wrap up all obligations, but if the project does not have time to complete all liquidation activities, the work will continue until the last payment returned regardless from issued applications for withdrawal of funds.

VCStart is a collective investment platform for raising funds in IT start-ups. Here everyone can place their startup and receive funding from thousands of private investors! Investors can choose the most interesting projects and invest small amounts in them!

The company also undertakes increased liabilities and is going to refund the funds spent on the internal currency of the project - Startbucks . Although initially these funds were not supposed to be possible, given the circumstances, the project is ready to reversely convert all purchased startbucks into ordinary dollars that can be withdrawn from the account.
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Refund Policy:

• account verification in your account,
• execution of an application for withdrawal,
• possible data refinement.

Details about this are written on the closing link .

Existing questions and answers at the moment:

• Not a closed deal for the purchase of shares in the company Bigpicture. The money is not listed to the project author under the investment contract. Funds must be returned to the internal accounts of investors.
• There will be no change in the project format and the sale is also excluded.

The FAQ on the site says:

“Why does our team believe in the success of crowdinvesting?”

“A paradoxical situation has developed in Russia: in our country there are tens of thousands of programmers of the highest qualification, in terms of the level of education of the population we confidently occupy the top positions in the ratings, we are creative and inventive.

On the other hand, hundreds of thousands of private investors are in constant search of investment ideas and cannot find worthy objects for investment. These two groups of people cannot find each other.

We sincerely hope that our team will be able to reverse this situation and build a system through which worthy projects could quickly find funding and find the most loyal users. ”

The sincere hopes of the team, unfortunately, did not materialize.

"Megamind" appealed to VCStart for comment and found out that after 2 weeks, after closing all obligations to the project participants, the CEO of the company will publish a detailed post explaining what happened.