Disclaimer: This is a personal post-mortem on a failed investment. It is published for educational purposes only and does not constitute investment advice.
The Investment
In early 2025, I invested £250 in Pitch59 via WeFunder. Pitch59 was building a video-first pitching platform — think a LinkedIn profile, but instead of text, you record a 59-second video pitch. The thesis was that video would become the dominant medium for professional self-presentation, and Pitch59 was positioning itself as the infrastructure layer for that shift.
It was a small bet — £250 is the minimum I'll commit to any deal — but it was my first equity crowdfunding investment, and I was genuinely excited about the concept.
It is now written off.
What Went Wrong
Looking back with the benefit of hindsight, there were several warning signs I either missed or rationalised away.
The market timing was off. The video-first professional networking thesis made sense in theory, but the market wasn't ready. LinkedIn's dominance in professional networking is extraordinary, and the switching cost for users is enormous. Pitch59 needed to convince both job seekers and employers to change their behaviour simultaneously — a classic two-sided marketplace problem that is brutally hard to solve.
The product was a vitamin, not a painkiller. A 59-second video pitch is a nice to have, not a need to have. The best startup investments solve urgent, painful problems. Pitch59 was solving a mild inconvenience.
The KingsCrowd score was borderline. The score was 3.5 — exactly at my threshold. In retrospect, I should have been more cautious about deals that only just clear the bar. A 3.5 is not a strong buy signal; it's a "maybe worth a closer look."
The team lacked the network to drive adoption. For a platform like this to succeed, you need deep relationships with HR departments and enterprise clients. The founding team's background didn't suggest they had those relationships.
What I'd Do Differently
The £250 loss is not the lesson. The lesson is in the process.
I would now apply a stricter filter to two-sided marketplace businesses. The chicken-and-egg problem is one of the hardest challenges in startups, and I need to see a clear, credible strategy for solving it before I invest.
I would also be more sceptical of deals that only just clear my KingsCrowd threshold. A 3.5 is not the same as a 4.0. The margin of safety matters.
Finally, I would spend more time on the "why now?" question. The video-first professional networking thesis wasn't wrong — it was just early, and in startup investing, early is often the same as wrong.
The Honest Accounting
Investment: £250
Current Value: £0
Unrealised Loss: -£250 (-100%)
Status: Written Off
This is the reality of early-stage investing. Not every bet pays off. The goal is to make enough good bets that the winners more than cover the losers. Pitch59 was a loser. I've documented it honestly, learned from it, and moved on.
