Sunday, October 09, 2011

We7 nearly makes a million

It's difficult to know exactly what the We7 financial results are telling us.

There's some good news: turnover trebled, to £965,374.

There's some bad news: losses were £2.97million.

There's some good news, in that the gap between spending and income has never been so small.

There's some disconcerting news, in that We7 must have known where they were before launching the not-universally-loved refocusing.

Although they're still running at a loss, there is some cash behind them:

We7 secured £3.6m in funding in May this year from investors, including Qualcomm Ventures and Pentech Ventures, with a further £2.1m to be paid in the final quarter of this year. It also won a government grant worth £1.8m for this year and 2012.
There's a lot of goodwill there, but it's now become a crazy game-show, trying to plug the losses before the cash runs out. Let's hope they make it.