Louisa DaleyTicketing tech start-up Pollen is set to fall into administration due to the collapse of sales talks.
According to Steetteam Software Limited, the company that owns Pollen, the start-up will be restructured, and Kroll will be appointed as administrator.
An official statement from the parent company read: “The management team have been in ongoing negotiations with a potential buyer for the parent company but have been unable to agree to terms in an appropriate timeframe, leaving the board and shareholders agreeing the best option is to restructure the business.”
A report from The Telegraph has revealed the news will have a ‘knock-on effect’ for the taxpayer. This is because Pollen previously received support from Rishi Sunak’s ‘Future Fund’, a fund set up during Covid-19 to help launch start-ups.
In April, Pollen raised $150m (£124m) in Series C funding. Its investors included Kindred, Northzone, Sienna Capital, Backed and Draper Spirit.
The administration news follows staffing issues, as in May, 150 Pollen staff members were laid off.
Pollen has begun to postpone and cancel tickets for events taking place in the coming weeks.
In another statement, the parent company said: “Customer experiences and refunds will not be affected” and Streetteam Software Ltd’s subsidiary business “will continue as normal.”