Administration Looms for StreetBees

London-based mobile intelligence platform StreetBees is to appoint administrators, apparently as a protective measure while discussions with a potential buyer are finalised. The story was broken by Sky News.

StreetBees was founded in 2015 by Tugce Bulut and Oliver May, and captures real life behaviour from millions of 'bee' panellists at the moment their decisions are made, enabling clients to access chat with photos and videos from consumers around the world. Its innovative approach attracted several rounds of funding, including more than $46m in a series B round in 2020, when it reported a boom year and said it planned to increase headcount from 100 to 230 during the next twelve months. Two years ago the co-founders announced they were leaving the business, with former Chief Commercial Officer, Vidisha Gaglani, and previous CTO Sean O'Connell taking the reins.

According to Sky the company has been working on finding a buyer for two months, assisted by professional services firm FRP Advisory, who will now serve as administrator. Sky quoted sources indicating that 'a buyer is being lined up to take control of the business in the coming days.'

A spokesperson for the company, quoted on sky.com, said: 'StreetBees has engaged advisors to oversee a process aiming to secure investment or sell the business and its assets. We have filed a notice of intention to appoint administrators, as a protective measure, to provide the time necessary to progress discussions that are at an advanced stage.

'We will not comment further on any market speculation.'

Web site: www.streetbees.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.