Powa unicorn remains bought by Israeli tech firm

Lynsey Barber
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The last remains of Powa have been sold (Source: Getty)

The final remains of failed so-called unicorn tech startup Powa Technologies has been sold off to an Israeli tech firm weeks after collapsing into administration.

Nasdaq-listed Supercom has been revealed as the buyer of PowaPOS, the last remaining business of the three that made up Powa, for an undisclosed sum.

It's understood, however, that PowaPOS went for around just half a million pounds.

PowaWeb, which was sold to digital agency Greenlight for £200,000, and PowaPOS brought in the majority of revenue for Powa, which stood at £4.9m last year.

A total of £143m was invested in the now-collapsed business, which had valued it at more than $1bn. The combined sale of the business raised just £43.5m and the majority of that - £42.8m - was a buyout from investor Wellington Capital and former director and Notion Capital partner Ben White in the form of debt release.

Read more: Death of a unicorn: Inside one of the biggest startup failures of all time

PowaPOS was touted as a mobile payment system similar to Square and iZettle.

Chief executive Jeff Dumbrell said: "We will be announcing some exciting changes to our organisation over the coming weeks, and remain fully committed to protecting our customers' investments including continuity of service across our range of solutions."

Meanwhile, founder and chief of the collapsed company Dan Wagner yesterday told an audience at an entrepreneurs forum that he was already involved in a new business project.

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