UK finance platform Smartfundit.com has gone out of business, weeks after fallling into administration and despite attempts to find a buyer. The company received £3.5 million in VC funding in December last year and as late as April this year was putting out releases highlighting its success. But a message on the company’s website confirms adminstrators from Vantis had been called in.
Today one of those administrators, Michael Young, told paidContent:UK that after failing to find a buyer the business ceased trading on June 16; all 16 staff have lost their jobs and the company’s material assets are being sold off to help pay off outstanding creditors. Young wouldn’t say who those creditors are or how much they are owed. The company had US offices and was active there had no permenant US staff.
The company used to run a system of connecting financiers with companies seeking funding, while giving software companies a platform to sell their products. The company said it received demand for £20 million of funding in March — up from £3.1 million in January. That doesn’t necessarily mean the business processed £20 million of funding, just that it registered interest for that amount — but in any case, the system clearly didn’t provide enough profit to sustain the business as a going concern. The company made a pre-tax loss of £350,000 for the year ending December 31 2008 (via Leasing Life) despite turnover 83 percent higher at £4.4 million.

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