ComplaintsforFundable LLC

• Initial Complaint

  04/16/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Hello I've requested a refund from this company within the same week of me signing up for their service. I paid $59.00 for the service for a month within a few days of me having the service.I felt like the company was scamming people out of their money. I called in on day 2 of service and spoke with a Rep over the phone she told me it was after hours and to call back on Monday. I called back that following Monday for a refund and I was told to file for a refund by email I couldn't file by phone. So I emailed the support team requesting a refund of my $59.00 back this is day 4 of service and was told I couldn't get my money back even though I asked within a few days of services. I did contact my back and requested a dispute with the transaction. I was emailed again by the support team again by Invesr.com and was told they were not given me my refund. This business is scamming people out there. I can see if I had the service for weeks but I contact the company within a few days and asked for a refund over the phone and through email. Can you please help me.

  Business response

  04/22/2024

  Hi,
  
  We have reached out to the client to amicably resolve the issue. We have also refunded the charge.
  Let us know if there's anything else.
  
  Thanks,
  invstor.com Support Team

• Initial Complaint

  09/14/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Fundable, also known as Startups.com is a huge scam. They had a sales rep that has been reaching out to me for three years trying to sell me on using their service. They have a platform where you list your company in an effort to raise capital, similar to other equity crowdfunds. They verbally reassured me that I would raise a significant amount of money. I decided to move forward with it in hopes that I could raise $250K as a bridge load. All in the form of a SAFE Note. From the beginning their sales rep mentioned the following: • He felt very strongly that I could raise more than $250k • Said they had thousands of investors on their platform • They requested a list of investors that they would reach out to but didn't • Said that I would raise most of the money in a month • I asked about the current conservative investment market and he reassured me that it would not be a problem. I moved forward with their service which cost $2499. That got me a redesigned pitch deck that I did not need. And they charge another $99 a month to be listed on the platform. Once my profile was up, they encouraged me to drive all my current investors to their platform to create an account on their site. So it's a great way for them to poach investors. Once your account goes live, they do little to nothing to promote it and if you are anything like me, you will get about five investors that reach out to you on their platform but none of them ever responded. This leads me to believe that the email accounts were fake. In the end, we did not receive any real responses or capital so I canceled the service. I've raised capital on my own and through other equity crowdfunds like ************* and generally, we get investment capital on day one when I'm on their platform. This site seems like a way to make money from creating simple pitch decks and gathering investor info through unsuspecting startups.

  Business response

  09/21/2022

  This concern is unfactual and libelous and we’ve outlined the following reasons why:
  
  Regarding claims that we are a scam, we delivered an active profile to this client which led to 6 investor requests within 11 days of launching his profile on 7/11/2022. These are actual angel investors, not simply generated email addresses, as requests are sent with personal notes as to why the investor is interested in the opportunity, with some investor profiles having their personal LinkedIn connected, along with individual investing preferences listed. One of the investor profiles that requested access has interacted with other profiles dating back to 2019.  
  

  Once requests are accepted, the client is instructed to follow up with these individuals to schedule a meeting. Our playbooks that were sent discussing best outreach strategies outlines that it may take additional follow up to get a meeting scheduled with these individuals and outlines the best practices for that engagement. 
  

  On 7/27, only after two weeks of being on the platform (after being informed that typically you’d hope to be in due diligence cycles with investors within 4-6 weeks of being on the platform), this client asked to discontinue service and was delisted from the platform. This client raised no issues with us at this time and no refund had been requested. Had the client raised concerns about investor interactions at this time, we could’ve addressed and formulating a better action plan. 
  Regarding the claim that we poach investors, this client was never informed to drive his investors to the platform. He was informed that after contact is established by investors in our network through the website, he should attempt to move the conversation to email to start building familiarity with that investor. 
  

  Regarding the claim that we did little to promote the listing, this client was informed on 7/21 we had scheduled a mailing for 8/3 that would go out to our active investors summating his deal and we requested any specific copy they would like included. He cancelled the service before the mailing went out. 
  

  Lastly, we never guarantee a client will receive funding. We actively recruit deals that look like good fits based on past successes, but the reality is that we can not force our investor base to interact with specific deals. With that said, this profile was receiving investor requests within weeks of being published to the platform. It is up to the client at that point to nourish that relationship as we can’t be actively involved in mediations for compliance purposes. 
  

  This document must be reviewed and acknowledged before starting the Funding Accelerator process. Within the SOW itself, there is language explaining that Fundable can't guarantee interest from investors or guarantee funding.  
  "We do not make any claims as to the outcome of any portion of your fundraising campaign. Nor do we perform services not referenced in this SOW.
  

   Specifically: We make no guarantees, warranties, or predictions about your ability to connect with investors. We do not necessarily have a preexisting relationship with the potential investors or media contacts contained in the lists.
  
  We make no guarantees, warranties, or predictions about your ability to secure investment capital through your use of the Site or the services outlined in this SOW. The level of success in your fundraising campaign depends on several factors, such as your business, background, motivation, commitment, and actions. We cannot guarantee a positive result in any particular fundraising campaign. The prior results of our other clients, including those conducting successful fundraising campaigns, do not guarantee a similar outcome."
  
  The goal is to present clients in the most positive light possible but no one can force an investor to fund a deal here. The company and founder must stand on their own traction and viability to convince investors to fund the deal.  
  
  Having delivered the full SOW, Fundable is not in a position to refund fees paid for a service fully delivered in earnest.  This complaint should be removed. 

  Customer response

  11/22/2022

  
  I am rejecting this response because: I still feel that their sales people over promised and under delivered on the product. I also saw other complaints about Fundable  that matched with the experience that I got.

• Initial Complaint

  08/12/2022

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  It would be impossible for me to think less of an organization. The focus is on quickly getting your money. Then they shovel a load of documents at you to fill out and return. My rep, ***** *******, showed up on our first call and barely knew what our company did or why we were raising funds. They took weeks to accomplish minor edits on my deck and finally get them posted. Twelve weeks later they generated exactly two clicks of interest. Zero inquires about investments live, after I had already generated $1.2M in my seed round already. I wrote to the CEO and expressed my concerns with no reply. I expressed dissatisfaction about results with ***** several times, I asked for a meeting with ***** ******* and asked him to have his manager join and he ignored the request. COVID, funerals, COVID again, short staffed...no excuse went unused. This is the quintessential bait and switch. In short, use your $2,500 elsewhere. I know how important $2,500 is for you at this stage of growth. This company is a joke and its results are negligible. Run away. You're welcome.

  Business response

  08/18/2022

  Hi,
  We have amicably resolved the concern with the client.
  Thank you for your assistance.
  Best,
  The Fundable Team

  Customer response

  08/24/2022

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  
  I accept the business's response to resolve this complaint.
  Regards,
  
  ***** ******

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩