High-profile gay financial entrepreneur Ivan Massow has launched an astonishing attack on gay portal Queercompany, claiming it is arrogant and lacks substance.
Massow, chairman of Massow Rainbow Group, says he is unimpressed with what the website has to offer and believes it is “throwing money at advertising”.
Massow says: “They think just because they have spotted a niche in the gay market it will work. But it offers nothing new – it’s a gimmick.”
He adds: “It’s dot-com arrogance. The kids think they can defy all knowledge of laws and business. They spend all their money on advertising, making it into an aspirational brand. You could say it is a service without a product.”
Massow says he wouldn’t be surprised if Queercompany spends &£2.5m of its budget on -advertising and &£60,000 on a launch party. Queercompany raised &£3.5m in backing from Norwegian venture capitalist Smedvig last April.
Henrietta Morrison, co-founder and chief executive officer of Queercompany, says Massow’s comments are ridiculous. She says the company will have spent about &£1m by the time its campaign finishes in March, adding: “In terms of hard cash, we are way off spending a million.”
Queercompany aims to become the leading website for gays and lesbians, with content and services such as travel and finance.