Launching a startup needs guts and of course finance. Most of the entrepreneurs think they’re building the next big thing, but in reality, more than half of them fails. Many of them stumble at a point that ultimately dries up their cash flow, causing the company to collapse. The recent firm to go bankrupt is none other than gaming startup GetSocial based out of The Hague.
For the starters, GetSocial is a cloud-based mobile acquisition and engagement platform that empowers any mobile app developer with tools to maximize user acquisition, engagement and retention.
Raised €8 million in total!
Notably, the company raised €2.5 million back in 2016 led by investors like Astor Participaties and Novamedia from Boudewijn Poelmann, the man behind the Postcode Lottery. Since its inception, GetSocial has raised a total of €8 million.
No clarity on bankruptcy!
Recently, the company has filed bankruptcy and there is no clear reason as such on what caused the bankruptcy. Moreover, Jeroen Bouwman, CEO of GetSocial and his team are working on possibilities of having the company restarted in the short term. He said, “I can not give any details about that, which the curator would not appreciate.”
Working on restart!
According to the report from Rtlz, even after some substantial funding by lenders the company came into financial need. “The money was gone, but that happens often with startups,” says CEO Jeroen Bouwman.”We were busy getting the company to take over, but we had to conclude an agreement with our creditors, which ultimately did not work out.”
The curator in charge of the bankruptcy Stephanie Mosterd acknowledged the fact that there are parties with which GetSocial got in touch before the bankruptcy. “But I’m looking for multiple candidates.”
Stay tuned to Silicon Canals for more updates in the tech startup world.