Bye bye Blippar, it's been real
Blippar, an augmented reality and computer vision startup whose clients include Coca-Cola and Nestle, has entered into administration.
"Our services are likely to come to halt once the administrators take control of the business and its servers. As part of the administration process, all employees will be let go. This is an incredibly sad, disappointing, and unfortunate outcome," it said in a blog post.
Also of interest: Blippar raises more cash as losses mount
"Over the last several months, the whole team at Blippar has worked hard to focus the business on our B2B offering in order to reach profitability and deliver long-term value to shareholders. This strategy had been approved unanimously by our board and required a small amount of funding, in addition to the funding announced in September, to fulfil our plans," the blog post adds.
That funding was secured, but it ultimately required shareholders’ approval for Blippar to access it. “Regrettably, one shareholder voted against the additional funding, effectively blocking the investment even if they were not asked to participate in any further financing of the business, and despite our extensive efforts to reach a successful resolution."