<article>London-based augmented reality startup Blippar confirms that the startup is entering into administration, in other words, facing insolvency, it said in a <a href="https://www.blippar.com/blog/2018/12/17/company-update">blog post on it website</a>.</article>

London-based augmented reality startup Blippar confirms that the startup is entering into administration, in other words, facing insolvency, it said in a <a href="https://www.blippar.com/blog/2018/12/17/company-update">blog post on it website</a>.
&#8220;We will be learning more about the administration process over the coming days and will keep all our stakeholders informed. We are not in a position to provide all of the details, at this time. The administrators, which have been appointed by a UK court, will be expected to find a buyer for all or parts of the business. Blippar’s services are likely to come to halt once the administrators take control of the business and its servers. As part of the administration process, all employees will be let go. This is an incredibly sad, disappointing, and unfortunate outcome,&#8221; said the startup.
The development was <a href="https://www.dealstreetasia.com/stories/khazanah-blippar-insolvency-113047/">first reported by The Times</a>, which stated Blippar was on the brink of collapse after a dispute between its investors, British luxury property developer Nick Candy and Malaysia&#8217;s sovereign wealth fund Khazanah Nasional Bhd.
Khazanah is said to have blocked an emergency fundraising by the unicorn startup as the funding round would have diluted its share in Blippar, according to a <a href="https://www.theverge.com/2018/12/18/18146069/blippar-augmented-reality-startup-administration-uk">report by The Verge</a>.
&#8220;Over the last several months, the whole team at Blippar has worked hard to focus the business on our B2B offering in order to reach profitability and deliver long-term value to shareholders. This strategy had been approved unanimously by our board and required a small amount of funding, in addition to the funding announced in September, to fulfil our plans.&#8221;
&#8220;That funding was secured, but it ultimately required shareholders’ approval for Blippar to access it. Regrettably, one shareholder voted against the additional funding, effectively blocking the investment even if they were not asked to participate in any further financing of the business, and despite our extensive efforts to reach a successful resolution,&#8221; added Blippar, without naming the investor who blocked the investment.
Khazanah declined to comment on Blippar. It invested in the startup through its European unit Khazanah Europe Investment Ltd (KEIL) in 2016 as part of a $54-million Series D round. This September, Blippar raised $35-million in a Series E round led by Candy&#8217;s tech investment firm Candy Ventures and Qualcomm Ventures to help it stay afloat and to accelerate its path to profitability.
Launched in 2011, Blippar has operations in New York, Los Angeles, San Francisco, Chicago, New Delhi, Bangalore, and Singapore. Its San Francisco office was shut down last year.
Also read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/khazanah-blippar-insolvency-113047/">Khazanah-backed AR startup Blippar to face insolvency: Report</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/augmented-reality-start-up-blippar-raises-54-million-32787/">MY state fund Khazanah leads $54m round in augmented reality startup Blippar</a>

Blippar’s services are likely to come to halt once the administrators take control of the business and its servers.

Khazanah-backed AR startup Blippar slips into administration, to halt services

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Khazanah-backed AR startup Blippar slips into administration, to halt services

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief