Admazely failure

Admazely

Easy-to-setup retargeting for web shops

Description

Admazely was a Copenhagen based startup that offered simple to set up retargeting tools for web shops. Its objective was to give technological advertising solution for online businesses to effectively re-engage website visitors who that go through with the offerings purchase.

Stats

Category
Marketing
Country
Denmark
Started
In 2011
Closed
By 2013
Number of Founders
Four
Name of Founders
David Björklund, Peter Vilsholm Therkildsen, Sylwia Erhardt-Bednarska, Søren Holbech Nielsen
Number of Employees
Between 1 And 10
Number of Funding Rounds
1
Total Funding Amount
$600K
Number of Investors
3
Precise Cause of Failure
Lack of Funds
Business Outcome
Bankruptcy

Cause of Failure

Admazely shut down in May 2013 on the grounds that it ran short on financing and didn't figure out how to secure more cash.

Besides funding, an additional problem appeared when several people had to leave the company. One of the co-founders decided to leave the company to relocate with his partner. Admazely also lost two key English-speaking sales people that till then had been very successful in driving sales from the UK market. With low cash supply, the loss of crucial people in his team and a high burning rate, Admazely decided to file for bankruptcy within a year of its launch.

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