For years, Blippar seemed like it was on the cutting edge of a much-anticipated new technology. It launched many augmented reality programs for users with handheld devices. But now the company is shutting down.
In a blog post published last night, the U.K.-based Blippar announced that it was entering into administration. According to the post, the company had been working on a B2B pivot “in order to reach profitability and deliver long-term value to shareholders,” which would require a small amount of additional funding. One shareholder supposedly refused to okay the cash infusion. Now the company says it is laying off all of its staff. It’s unclear if these employees will be able to receive the wages and severance the company owes them.
Though it was often lauded–some valuations had the company at $1 billion–Blippar was also reportedly burning through money at a fast clip. A 2017 report from Business Insider said that it was spending upwards of $3 million a month (the company denied this claim). The report, which cited anonymous employees, detailed Blippar’s trials, tribulations, and many pivots.
It now seems the company was indeed struggling. It’s possible another business will buy Blippar as part of this administration process, but it’s unclear what future it has. “This is an incredibly sad, disappointing, and unfortunate outcome,” the blog post said.