Blippar.com Ltd, a tech startup that produces virtual reality apps for smartphones and had claimed to be one of the first UK tech ‘unicorns’, valued at more than $1bn (£790m), has gone into administration following an alleged dispute over continued funding
In a statement, Blippar said the administrators ‘are managing the affairs, business and property of the company’.
Paul Appleton, managing partner, and Paul Cooper, partner at David Rubin & Partners, have been appointed as joint administrators of the company. David Rubin & Partners said: ‘The appointment of administrators has arisen effectively as a result of an alleged dispute regarding continued funding.
‘Following their appointment, the administrators are now exploring all possible options for the future of the business for the benefit of all stakeholders.’
Blippar was founded in 2011 by Ambarish Mitra and Omar Tayeb, and developed technology to allow users to scan objects with their smartphones to generate animations or special offers.
Its backers include Nick Candy, the property developer, and Qualcomm Ventures. The company reported a loss of £34.4m for the 12 months to March last year, and said it had raised $37m from investors in September.
Report by Pat Sweet
