Price comparison app yboo has gone into administration.
Co-founder and former CEO Martyn Gould made the announcement on LinkedIn on October 13, after a filing on the firm’s Companies House page the previous day confirmed the appointment of an administrator.
Last year, Angelfish Investments put £650,000 of funding into yboo for a 35 per cent stake and also provided more than £1 million in a secured working capital loan.
In a statement, Angelfish said: “Whilst yboo has substantially completed its technology and generated some initial revenues, it has not achieved full commercialisation as quickly as anticipated.
“The directors attempted to raise the additional funds needed to complete the development stage and move into full revenue generation. However, this has proved unsuccessful. “With no immediate prospect of yboo obtaining new funding, Angelfish issued a formal demand for repayment of its loan under the terms of the debenture.”
Simon Bonney and Michael Kiely of Quantuma have been appointed as administrators.
Gould recently appeared on the BBC programme Dragons’ Den, but was unsuccessful in securing investment. Mobile News has reached out to him for comment.
