Streetbees to be Wound Up after Sale Talks Fail

Efforts to find a buyer for London-based mobile intelligence firm Streetbees have proved unsuccessful, and the company is now entering administration, with all staff to be made redundant.

Streetbees was founded in 2015 by Tugce Bulut and Oliver May, and captures real life, in-the-moment decision and behaviour data from millions of 'bee' panellists. Clients can access chat with photos and videos from consumers around the world. The firm's innovative approach attracted several rounds of funding, including more than $46m in a series B round in 2020, reportedly valuing the company at around $200m - at this point it also reported a boom year and said it planned to increase headcount from 100 to 230 during the next twelve months. The co-founders announced two years ago that they were leaving the business, with former Chief Commercial Officer Vidisha Gaglani and previous CTO Sean O'Connell taking the reins.

Responding to an enquiry from Sky News, a spokesperson for Streetbees confirmed this week that the company had entered administration on Monday 'after exhaustive efforts to secure additional investment have proved unsuccessful', and 'despite strong interest from multiple parties.' The spokesperson added that the firm had 'seen strong traction with its new AI-first product SBX, [but] the legacy challenges of the business, compounded by current market conditions, created obstacles they have been unable to overcome.'

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.