December 17, 2018 – Blippar has announced that it is entering into administration. The company stated that over the last several months, the team at Blippar has been focusing the business on the company’s B2B offering, in order to reach profitability and deliver long-term value to shareholders.
This strategy was approved unanimously by Blippar’s board and required a small amount of funding, in addition to funding announced in September. According to the company, funding was secured, but required shareholders’ approval for Blippar to access it – of which, one shareholder voted against the additional funding, effectively blocking the investment.
In a statement published on the company’s blog, it read: “Like many start-ups and scale-ups, we are accustomed to adapting and refining our business strategy in an ever-changing industry. Our journey as a frontier tech company in a new emerging industry has been incredibly rewarding. It also hasn’t always been easy and along the way we’ve had to take some hard decisions. At all times our goal has been to help drive the AR industry, encourage innovation, build incredible experiences and tools for our clients, and deliver long-term value to our shareholders.
“We are grateful to all our Blippar team members, customers, partners, our board and investors who have contributed meaningfully to our mission to bridge the physical and digital worlds. We are proud to be one of AR’s early pioneers, and we will continue to be champions for Augmented Reality long into the future.”
Administrators have been appointed by a UK court, and will be expected to find a buyer for all or parts of the business. Blippar stated that its services are likely to come to halt once administrators take control of the business and its servers. As part of the administration process, all employees will be let go.
Image credit: Blippar