Home Business News Hyped UK startup sinks into administration

Hyped UK startup sinks into administration

by Purvai Dua
18th Dec 18 11:09 am

Much hyped UK tech-firm Blippar has collapsed into administration.

The augmented reality firm, founded by Ambarish Mitra, has blamed a dispute between investors for the move. Mitra was a brand ambassador for the UK to promote British innovation around the world, according to reports.

A major shareholder, Malaysian sovereign wealth fund Khazanah Nasional, blocked an emergency $5 million round of funding for the startup, which lost £35m ($44m) in 2017. The funding round would have diluted Khazanah’s share in the company.

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