Startup Cemetery

A big resource for entrepreneurs and startup owners, in which we have collected and analyzed why +100 big companies have failed. Learn from mistakes, and avoid being part of the 90% of businesses that fail.

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Crowdmix

Music streaming and sharing platform

General Information
Category
Music
Country
United Kingdom
Started
In 2013
Business Failure
Business Outcome
Acquired
Closed
By 2016
Cause of Failure
Mismanagement of Funds
Founders & Employees
Number of Founders
Two
Name of Founders
Gareth Ingham, Ian Roberts
Number of Employees
Between 101 And 250
Funding
Number of Funding Rounds
1
Total Funding Amount
£14M
Number of Investors
No Data
Description

Crowdmix was to be a music streaming and sharing platform on which people could listen and talk about their favorite bands. The company released a beta invite-only version of the app for DJ and musicians. The official app was never released.

Cause of Failure

Crowdmix extravagantly spent £14 millions of their investors’ money long before realizing a working product to the public.

The company spent lavishly on parties, flamboyant decorations for its offices and international travel for its staff. No one had a clear vision of the product, and founders kept adding features even before having a consolidated trial version. Moreover, Crowdmix lacked a clear  HR policy. This led to overstaffing and consequently contributing to the high running costs, with people being hired to ‘raise the company profile’ rather than because they actually provided a service for the company.

The founding CEO was reportedly forced to leave the company, which was left without any other investor willing to back it up and filed for bankruptcy.

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Shipbeat

Shipping API for e-commerce companies

e-Commerce
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€1.2M
Multiple Reasons
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Denmark
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Two
Between 11 And 50
Between 1M 10M
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Bankruptcy
Koinex

Cryptocurrency exchange platform

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Finances
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In 2017
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Between 51 And 100
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Legal Challenges
Shut Down
Wesabe

Personal finance management website

Finances
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$4.7M
Bad Management
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In 2005
By 2010
Two
Between 11 And 50
Between 1M 10M
Bad Management
Shut Down
This is Brought to You by:
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GetBusy

GetBusy keeps team communication organized, trackable and accountable.

NerdPilots

NerdPilots

Get fast, reliable web, mobile and software development help 24/7.

GrowthMentor

GrowthMentor

Get 1-on-1 advice from vetted growth experts about your business.

Bookafy

Bookafy

Provide your clients and staff with a beautiful appointment booking experience.

Bookafy

HostGator

Easy and affordable web hosting and domain services for entrepreneurs.

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