It is always a big risk in investing on any ICO projects particularly if they don't have already working site because during development something goes wrong then you can lose a lot of investment but if they can able to bring up the model as per they define then surely you can make a lot of money from these investments. So you shouldn't invest more money in it but can try your luck with a small amount.
Most ICO's to me are partially a scam and i don't invest in them either because all they do is solicit funds to develop their project by offering you some tokens which never rises in market and are thus become shitcoins.