Two Dutch startups, Tykn and LoCoMoGo, have declared bankruptcy this month.
Tykn, The Hague-headquartered blockchain-based digital identity management platform, was declared bankrupt by the court in The Hague on July 14.
That same day, Locomogo Holding BV, under the name Kipkemoi Enterprise BV in Amsterdam ( Noord-Holland ), was declared bankrupt by the court in Overijssel.
Bankruptcy filings are expected to rise in 2022 as governments withdraw measures adopted to help companies stay afloat during the COVID-19 pandemic, reports trade credit insurer Euler Hermes.
In the Netherlands, around 166 bankruptcies were issued in June, a decrease from 241 reached in the previous month, reveals Statista report.
There is no clear reason as to what caused the bankruptcy of two Dutch startups in question. We at Silicon Canals have reached out to both companies for their comments, and will update this story if we hear back from them.
LoCoMoGo: What you need to know
Founded by Kibet Kipkemoi, LoCoMoGo was born from the belief that every child can learn to code and have fun while doing it.
The company creates products that teach children aged 4 to 12 coding through games.
Their first product: a toy train! The Amsterdam-based company claims that the LoCoMoGo Train is the first non-robot toy to take kids from screen-less coding all the way up to real-world coding when they are a little older.
Earlier this year, LoCoMoGo’s solution was showcased at the CES (Consumer Electronics Show) 2022 in Las Vegas, representing the Netherlands.
Tykn: What you need to know
Founded in 2016 by Khalid Maliki and Jimmy J.P. Snoek, Tykn’s platform allows organisations to issue tamper-proof digital credentials which are verifiable anywhere, at any time.
Further, users are provided with an app, a digital identity wallet that works on every mobile device. Users can prove their ID to access services while remaining in control of what personal data is viewed, shared and stored.
In 2019, the company raised €1.2M from Dutch IT entrepreneur Johan Mastenbroek.