Crowd-funding platform says SeedOfLife made half-baked offer

AN EQUITY crowd-funding platform has hit back at a Gold Coast organic bakery following allegations it was left with a half-baked offer when the lead managers relocated overseas.

SeedsOfLife co-founder Pete Wiltshire had plans to launch a $500,000 equity crowd-funding campaign with Equitise last year in an attempt to supercharge production and push into the lucrative US market.

However, Mr Wiltshire claimed when it was one week away from kickstarting the campaign he found out the people handling their offer document had gone overseas.

He said they were left with a digital marketing manager “who did not have a handle on our business offer document”.

Mr Wiltshire said SeedsOfLife, Australia’s first grain-free, gluten-free and sugar-free bakery, pulled the pin on the

Equitise campaign and wrote off thousands of dollars in fees in the process.

However, a spokeswoman for Equitise claimed Mr Wiltshire’s account was inaccurate.

“Equitise worked for over four months with SeedsOfLife to create an offer document that satisfied regulatory requirements and our own internal due diligence which is in place to protect investors,” she said.

“The team members who left for overseas at the very end of the four months were still involved in the offer and additional team members in Sydney became involved to ensure there was enough support for SeedsofLife to launch their offer.

“Unfortunately, after a lot of time and energy by the Equitise team, the company never completed their offer document or secured enough interest from the crowd to launch the equity crowdfund.”