Hyped UK startup sinks into administration

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

Sad, sad day. Thinking of all my @blippar colleagues and friends and so grateful for everything they've taught and given me. To them: pic.twitter.com/1AyEZhLRjf

— Jessica Butcher MBE (@jessbutcher) December 17, 2018

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.