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Tuesday, July 12, 2016

CROWDMIX KAPUT

Crowdmix, the grossly ambitious British start-up backed by former UMG digital exec Rob Wells and digital/marketing/A&R veteran Dick Wingate, is going into administration, according to Business Insider.

Founded in 2014 by Ian Roberts and Gareth Ingham, the idea was to launch a music-related social network, details of which were sparse.

Around 160 staff were recruited in London and Los Angeles, with Wells named Global Commercial Officer and CEO – The Americas and Wingate President, Artist & Entertainment Services for North America.

More than £14m in venture capital funding has been raised, with billionaire property tycoon Nick Candy the largest investor, pumping £6.5m into the business. In total, Crowdmix spunked £25m, according to their PR man, who is owed £12k.

The first inklings of its imminent downfall came in June when Roberts left with around 8% of staff after an invite-only version of the app had launched in May. The remaining staff members were given the bad news Monday.

 
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