A UK advertising technology startup which claimed to have a "unicorn" valuation has gone into administration after attempts to save it failed.
Ve Interactive landed an injection of cash from a group of investors in March to keep things going and its founder stepped aside, but the company has officially gone into administration after last ditch talks today failed.
It's understood a creditor prior to the investment forced the administration and efforts are now being made to secure the future of the business, including jobs and assets, with hopes that it can be rescued out of administration as soon as tomorrow.
Founder David Brown was replaced as chief executive in March following reports that the company was struggling to pay staff and it managed to secure fresh cash to keep going from a consortium led by Aston Ventures, early investor Mark Pearson and a group of significant shareholders.
The firm employs almost 1,000 people in 36 offices. However, doubts had been raised as to its sustainability in recent months.
According to documents seen by the FT, which first reported the company was heading for administration, the startup had 500 individual investors many of them high-net worth individuals. It had attracted £50m prior to the last cash injection and claimed a valuation of $1bn. However, that was reportedly slashed to £300m.
Stuart Chambers, the former chairman of British tech success Arm, was announce as a non-executive director of Ve Interactive last year.