Plastc in 2014 dazzled technologists with the promise of a flexible piece of plastic to deal with all your payment card duties. The corporate, which managed to boost at the very least $9 million in income from round 80,000 pre-orders, is sadly no extra.
Plastc revealed on Thursday that it has exhausted all choices to boost the cash it must proceed. As such, it is ceasing all operations efficient instantly and is exploring choices to file chapter 7 chapter. All workers have been let go together with buyer care and social media specialists.
The startup explains that it was anticipating to shut on a $three.5 million Sequence A spherical of funding on February 28 of this yr that will have been used to mass produce Plastc playing cards for pre-order clients.
The principal funding group postponed their funding and inside a few weeks, we’re instructed, the spherical fell aside. One other investor got here to the desk with $6.75 million but once more, on the final minute, the investor backed out (simply yesterday, apparently).
Once more, with out extra capital, Plastc says it can’t transfer ahead with manufacturing which means they won’t be able to meet any pre-orders. In different phrases, these 80,000 or so those who backed the startup have misplaced their cash. Ouch.
With so many different tech-inspired payment choices already accessible, nonetheless, Plastc would seemingly have had a troublesome time surviving in as we speak’s setting.