Blippar warns shareholders it is facing insolvency
Augmented reality studio Blippar is “on the brink of collapse”, it has been reported.
The London-based tech firm is preparing to call in administrators, according to The Sunday Times, following a dispute between investors Nick Candy and Malaysian sovereign wealth fund Khazanah.
The report claims Blippar’s board warned shareholders on Friday that Khazanah had blocked emergency fundraising and it had been left with “no current option other than to give notice to start insolvency proceedings”.
Blippar has worked with a number of brands including Cadbury
Some 75 jobs would be put at risk by the company’s failure.
After launching in 2011 Blippar expanded into New York, LA, San Francisco, Chicago, New Delhi, Bangalore and Singapore.
Its image recognition technology has been used by major brands including Cadbury, Kellogg’s and McDonald’s.
The firm insisted it was in a “financially strong position” even as it shuttered its San Francisco operation to cut costs in the summer of 2017.
But in June this year it was reported that the company had raised an extra £20m from investors to stave off losses and help the company stay afloat.
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