PopCom raised over $6M from retail investors via StartEngine and Wefunder. Now, CFWatchdog investigates where the money went, as financials show $0 revenue and minimal assets.
Introduction
In the world of equity crowdfunding, few stories are as simultaneously inspiring and troubling as that of Dawn Dickson and her company PopCom, formerly known as Solutions Vending International, Inc. Heralded as a groundbreaking female tech entrepreneur and praised for her early use of Reg CF and Reg A+ to raise capital from the crowd, Dickson raised over $6 million from more than 10,000 investors. The mission? To revolutionize vending machines by integrating AI, data analytics, and regulatory compliance for selling everything from cosmetics to cannabis.
But today, six years after the first crowdfunding raise and more than four rounds later, the PopCom story presents a concerning picture: minimal revenue, vanishing assets, opaque operations, founder relocation overseas, and a mounting set of red flags that every investor should scrutinize.
Timeline of Crowdfunding Rounds
Here is a summary of the verified fundraising rounds conducted by PopCom:
| Date | Platform | Amount Raised | Valuation (Pre-money) | Round Type |
|---|---|---|---|---|
| Apr 2019 | StartEngine | ~$1,069,999 | ~$9M | Reg CF |
| Jul 2020 | StartEngine | ~$1,052,703 | ~$25M | Reg CF |
| Oct 2021 | StartEngine | ~$3,802,228 | ~$26.3M | Reg A+ |
| Nov 2022 | StartEngine | ~$308,277 | ~$26.5M | Reg CF |
| Aug 2025 | PicMii | ~$32,486 | ~$11,975,640 | Reg CF |
Total known raise: Over $6.2 million from retail investors via equity crowdfunding.
The PopCom Pitch
The core pitch was bold: PopCom would reinvent the vending machine industry with smart kiosks called “PopShops” that incorporate facial recognition, AI-driven analytics, compliance tools for regulated products, and real-time customer data. In a post-COVID world, self-service kiosks would dominate. Investors were promised the future of retail.
Media coverage fanned the flames. Dickson was profiled in Forbes, Entrepreneur, Inc., and spoke at major tech events. The company was held up as a success story of Black female entrepreneurship and a case study for non-traditional capital access.
A Stunning Lack of Traction
Despite the millions raised, the company’s audited financial filings tell a very different story:
- 2023 Form C-AR shows:
- Total assets: $750
- Total cash and cash equivalents: $0
- Total revenue: $0
- Auditor’s opinion: Going concern warning (significant doubt about ability to continue operating)
This suggests that every dollar raised has been spent, yet there is no revenue-generating business in operation.
In earlier offering circulars, the company stated it had not generated revenue and had only prototypes in development. Even in 2022, PopCom was still pitching a pipeline rather than a product.
Despite claims that 11 PopShops had been deployed with 12 more planned, no third-party verification, photos, or contracts have been provided in any public filing. The company appears to have no paying customers at scale, and no visible deployment footprint.
Founder Control and Lack of Investor Rights
Another area of concern is governance:
- Dawn Dickson holds 100% voting control via Class B shares.
- All crowdfunding investors purchased non-voting Class A shares.
- There are no board seats, no regular disclosures beyond what’s required, and no investor rights or protections.
This structure gives Dickson unchecked authority over use of funds and direction of the company.
Use of Funds: A Black Hole
Offering circulars included use-of-funds statements that sounded logical:
- Manufacturing PopShop machines
- Software development
- Marketing
- Trade show appearances
However, no financial disclosures ever reconciled actual spending versus projections. In fact, the last SEC filing makes no mention of remaining assets, and there is no explanation of where the $6M+ has gone.
Recent investor feedback:
“She is full of it…she addressed the buzz and concern of the stalled success of popcom due to her attitude…I was an initial investor and she’s a person who doesn’t listen and has no consideration for investors who believed in her but wanted answers not attitude. Now, she’s in Ghana posing as a real estate developer / owner’s rep. The vending machine retail space is alive and well she just wasn’t the one I should have invested in. The last investor call she hosted was basically her telling us all off and belittling her investors as being delusional if we thought we deserved more info than what she had already provided. She is everything that is wrong with crowdfunding and believing a great publicity campaign. She is a serial fundraiser and it appears she takes the money and runs.“
Founder Relocation and Transparency Issues
While not disclosed in SEC filings, Dawn Dickson has publicly stated that she lives part-time in Ghana, West Africa. Speaking engagements confirm she was based there for extended periods during and after the last raise.
In that time, PopCom’s activity slowed, investor updates were sparse, and social media suggested a luxurious lifestyle abroad, including appearances related to real estate.
No disclosure has been made to investors regarding:
- Founder salary or compensation
- Company expenses for international travel or relocation
- Whether investor capital funded non-business assets or personal projects
The optics, at minimum, are troubling.
No Exit, No Return, No Accountability
Equity crowdfunding investors have received no dividends, no buybacks, no liquidity. Their non-voting shares cannot be sold on any secondary market.
Valuations in follow-on rounds remained inexplicably high despite lack of revenue. As of 2022, PopCom still claimed a $26M+ valuation despite $0 revenue and nearly $0 in assets.
This leaves thousands of retail investors stranded, while the founder continues to maintain control and seek new funding.
Legal Entity Activity
Recent formations include:
- Solutions Vending International SPV, LLC (June 2025)
Such structures can be legitimate, but in light of investor concerns, it raises the question of whether investor capital or IP is being moved to a new entity without consent or disclosure.
What Crowdfunding Investors Deserve to Know
In light of this investigation, the following questions must be answered:
- Where did the $6.2M in investor capital go?
- How many PopCom machines were actually built and deployed?
- What are the current company assets?
- What revenue (if any) has the company generated since inception?
- What compensation has Dawn Dickson received since 2019?
- Was any investor capital used to fund international real estate or personal ventures?
- Is the company actively operating, or has it been shuttered?
- Why is a new SPV entity being formed under the same founder?
- Will crowdfunding investors ever receive updates, transparency, or any return?
A Case Study in Crowdfunding Gone Wrong
Dawn Dickson’s story was once celebrated as a beacon of inclusion and innovation in startup finance. But the reality uncovered by this investigation tells a much darker tale of unchecked founder control, vanishing investor money, no commercial success, and troubling signs of capital misuse.
Crowdfunding is a powerful tool, but only if founders are held accountable, investors are protected, and transparency is non-negotiable.
If you are an investor in PopCom or know someone who is, we encourage you to contact our investigative team at report@cfwatchdog.com.
This article is part of an ongoing series tracking accountability in Reg CF and Reg A+ fundraising.
Stay vigilant.
