⚠️ I Nearly Fell for a Fundraising Scam – Please Read This!

[Connor Smith1]

Hey everyone, Connor here

Just wanted to share a close call I had recently that could’ve cost me over a grand — hoping it helps someone else avoid the same mistake.

A few weeks ago, I was contacted by someone claiming to be an investor. They looked legit at first glance — LinkedIn profile, branded email address, decent-looking website, and they seemed genuinely interested in my startup.

But then things got weird…

They asked for a £1,200 "due diligence fee" to process the investment
Claimed it was refundable and just part of their standard process
Pushed me hard to send it quickly, saying the "fund was closing soon"
I couldn’t find their company on the FCA register
Their domain was only a few weeks old when I checked

Thankfully, I paused before transferring any money and spoke to a few people in the community (and on here!). Turned out it was a scam.

If you're fundraising, please remember:

• Never pay an investor upfront — real investors cover their own due diligence

• Always check the FCA register for legitimacy: https://register.fca.org.uk

• Look up domain ages and verify LinkedIn profiles thoroughly

• Trust your gut — if it feels off, it probably is

It’s embarrassing to admit how close I got, but if it saves even one other founder, it's worth sharing.

If anyone else has had similar experiences or wants to talk, feel free to drop a reply Let’s look out for each other.

– Connor

[James]

Thanks so much for sharing this, Connor — seriously brave and incredibly helpful for others.

Sadly, you're not alone. We've seen a rise in these kinds of scams recently targeting early-stage founders who are just trying to grow their businesses.

At Startup Networks, we’re committed to protecting our members. A few things we’re working on behind the scenes:

We’re compiling a list of verified investors and platforms to help filter out time-wasters and scammers
We’re building more scam awareness resources, including guides and checklists
If you ever get a weird message or investment offer, please flag it or DM the admin team — we’ll help you check it out

Let’s keep this thread open and active — if you’ve had any similar experiences, drop a comment. The more we talk, the safer we all are.

Appreciate you again for posting this, Connor