Atomico and Lakestar-backed AI research platform Streetbees has moved to appoint administrators, nearly five years on from the startup raising a $40m Series B at a $200m valuation.
Founded in 2015, the UK startup raised $56m in funding from investors, according to Dealroom, including LocalGlobe, Octopus Ventures and Business Growth Fund. It was building a customer insights platform for consumer brands.
Streetbees filed a notice of intention to appoint an administrator on Friday, according to court filings accessed via Caseboard.
“Streetbees has engaged advisors to oversee a process aiming to secure investment or sell the business and its assets,” Streetbees told Sifted.
“We have filed a Notice of Intention to appoint administrators, as a protective measure, to provide the time necessary to progress discussions that are at an advanced stage. We will not comment further on any market speculation.”
Streetbees worked with global brands including L’Oreal, Heineken, Unliner and Intel on market research campaigns.
The move to appoint administrators comes after months of attempts by the company to find a buyer, Sky News reported. The publication said a buyer was being lined up to take control in the coming days.
The startup saw its headcount drop from 314 employees in October 2021 to 139 in July this year, according to Dealroom data. Streetbees did not comment on staff headcount or what would happen to their jobs as a result of the filing.
Read the orginal article: https://sifted.eu/articles/atomico-lakestar-backed-streetbees-moves-to-appoint-administrators/
