The 'influencer marketplace' for travel and events has also organised artist-curated weekenders for J Balvin, Diplo and Kurupt FM
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The music, travel and experiences startup collapsed last week, just three months after raising US$150m in new funding
By James Hanley on 18 Aug 2022
Insolvency specialist Kroll has been appointed administrator to music, travel and experiences startup Pollen, which collapsed just three months after raising US$150m in new funding.
Founded in 2014 by brothers Callum and Liam Negus-Fancey, Pollen organised artist-curated weekenders such as a Bring Me The Horizon four-day festival in Malta, the Unruly Culture Splash Weekender in Croatia with Popcaan, Diplo’s Higher Ground festival in Cabo, Mexico and Justin Bieber & Friends in Las Vegas, US.
However, Pollen’s parent company Streetteam Software Limited fell into administration last week, having previously engaged Goldman Sachs to find a buyer for the global business.
Kroll’s Matt Ingram and Phil Dakin will now oversee the sale of the London-based firm’s remaining assets.
“The legacy of the Covid-19 pandemic has had a devastating impact on the growth model of the group”
“Pollen has established leading global brands and is at the forefront of the evolving experience travel sector,” says Ingram. “The legacy of the Covid-19 pandemic has had a devastating impact on the growth model of the group, but the underlying concept, brands and technology that the business has established will present a compelling opportunity as the travel sector recovers. We encourage any interested parties to contact us without delay.”
The administrators have not been appointed to oversee licensees and subsidiary companies who sell the experiences through the Pollen platform.
According to accounts filed with Companies House, Streetteam recorded losses of £51.4 million in 2021, which followed a loss of £39.3m in 2020. The company recently employed more than 250 people in the UK and hundreds more across the wider group.
Pollen raised US$150m in a Series C round in April, only to let over 150 members of staff go in the UK and US a month later. Earlier, it raised over $100m in venture capital funding from investors including Kindred, Northzone, Sienna Capital, Backed and Draper Spirit, while the UK government’s Future Fund also previously invested in the firm.
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