UK augmented reality start-up Blippar has gone into administration.
Investors failed to agree on emergency funding for a much hyped company that had claimed it would be ‘bigger than the internet’.
The company was founded in 2011 by Ambarish Mitra and Omar Tayeb. Their technology allowed users to scan objects with their smartphones to generate animations.
Malaysian sovereign wealth fund Khazanah Nasional reportedly had blocked an emergency cash injection from another shareholder, property tycoon Nick Candy. The company had claimed to be worth US$1.5bn three years ago.
Business Insider has reported employees were nervous they aren’t going to be paid before Christmas and angry at how little they have been told.
Accounts for 2017 show the company employed 261 people, although more recent reports put the current figure nearer to 125.
David Rubin and Partners have been appointed as administrators.
A statement from the administrators said: “Paul Appleton and Paul Cooper of David Rubin & Partners were appointed as joint administrators of Blippar.com Limited on 17 December 2018. They are managing the affairs, business and property of the Company.
“The appointment of administrators has arisen effectively as a result of an alleged dispute over continued funding. Following their appointment, the administrators are now exploring all possible options for the future of the business for the benefit of all Stakeholders.”