An AI-powered market analysis agency backed by The Guardian’s writer and as soon as valued at $200m has collapsed, triggering greater than 100 job losses.
The skilled companies agency FRP Advisory has been appointed as administrator.
Streetbees, which has additionally labored with Heineken, Ferrero and Avon, raised tens of thousands and thousands of kilos in funding from blue-chip backers.
It landed a $40m Collection B funding spherical from traders together with Lakestar, LocalGlobe and GMG Ventures – the early-stage funding arm of Guardian Media Group – in 2020.
That funding spherical reportedly valued the corporate at $200m.
“Despite strong interest from multiple parties, we were unable to conclude a transaction that would provide the necessary capital to continue operations.
“Streetbees, which pioneered human intelligence gathering via its modern platform, had seen robust traction with its new AI-first product SBX.
“However, the legacy challenges of the business, compounded by current market conditions, created obstacles they have been unable to overcome.
“Sadly, all workers shall be made redundant.”
