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Ve Interactive, a “unicorn” no longer

Summary:
Predicting the future is never easy. Soothsayers have a mixed record and bankers apparently do even worse. In December, GP Bullhound, a boutique tech investment bank, predicted 2017 would be the year two European startups reached a bn valuation. Among their companies to watch was Britain’s Ve Interactive, a tech company specialising in e-commerce solutions.Three months on and the advertising technology startup’s valuation has been slashed from £1.5bn to just £300m, according to anonymous sources cited by The Sunday Telegraph. A spokesperson for Ve declined to comment on the figure.The steep dive came with an emergency £3m funding round earlier this month that rescued the company from the brink of disaster. As we revealed two weeks ago, Ve Interactive has struggled to pay its employees on time each month since December and its founder and chief executive David Brown has left the company, though he remains an “adviser”. It now has a new boss and a new board who are working to raise new funding and get the company back on track — with almost 1,000 staff and 36 offices, job losses would seem likely.None of this will come as a surprise to Alphaville readers.

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Predicting the future is never easy. Soothsayers have a mixed record and bankers apparently do...

Kadhim Shubber
He is a freelance journalist who first bought bitcoins so that he could buy a beer at The Pembury Tavern, Hackney’s bitcoin pub. He has reported for Slate, Wired, The Daily Telegraph, The Sunday Times and Ampp3d. He is currently studying for a Masters in Journalism at City University London.

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