No more Readbug

After recently trying (and failing) to raise more funds to pivot their ‘Netflix for magazines’ product into a reading material platform for universities dubbed ‘Readbug Academy’ they have today (26th April 2017) updated their Seedrs status to ‘Winding Up’.

Their security flaws certainly didn’t help, nor did their very niche range of magazines and with the likes of Readly heavily investing in advertising and partnerships with the like of McDonalds I’m afraid I could see this one coming.

Over the course of three funding rounds they took £344,621 from Seedrs investors, Matthew Hammett’s final update tells us “with no assets or liquidity it is the boards view that we will now look to have the company voluntarily struck off” – I’m sure in a day or two the discussion board will be full frustrated comments and the same old questions about claiming tax relief.

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