We are disappointed to announce that Blippar is entering into administration.
Over the last several months, the whole team at Blippar has worked hard to focus the business on our B2B offering in order to reach profitability and deliver long-term value to shareholders. This strategy had been approved unanimously by our board and required a small amount of funding, in addition to the funding announced in September, to fulfil our plans. That funding was secured, but it ultimately required shareholders’ approval for Blippar to access it. Regrettably, one shareholder voted against the additional funding, effectively blocking the investment even if they were not asked to participate in any further financing of the business, and despite our extensive efforts to reach a successful resolution.
We will be learning more about the administration process over the coming days and will keep all our stakeholders informed. We are not in a position to provide all of the details, at this time. The administrators, which have been appointed by a UK court, will be expected to find a buyer for all or parts of the business.
Blippar’s services are likely to come to halt once the administrators take control of the business and its servers. As part of the administration process, all employees will be let go. This is an incredibly sad, disappointing, and unfortunate outcome.
Like many start-ups and scale-ups, we are accustomed to adapting and refining our business strategy in an ever-changing industry. Our journey as a frontier tech company in a new emerging industry has been incredibly rewarding. It also hasn’t always been easy and along the way we’ve had to take some hard decisions. At all times our goal has been to help drive the AR industry, encourage innovation, build incredible experiences and tools for our clients, and deliver long-term value to our shareholders.
We are grateful to all our Blippar team members, customers, partners, our board and investors who have contributed meaningfully to our mission to bridge the physical and digital worlds. We are proud to be one of AR’s early pioneers, and we will continue to be champions for Augmented Reality long into the future.