In April 2022, live events business Pollen announced a Series C funding round of $150m. Just four months later, the business has gone into administration. MBW reported that Pollen’s parent company Streetteam Software Limited has appointed restructuring and insolvency firm Kroll to oversee the process.
“The management team have been in ongoing negotiations with a potential buyer for the parent company but have been unable to agree to terms in an appropriate time frame, leaving the board and shareholders agreeing the best option is to restructure the business,” said Pollen in a statement.
“Despite strong growth since Streetteam Software Ltd.’s inception eight years ago, the knock-on effects of COVID-19 over the last two years, which decimated much of the travel sector, together with the tech stock crash and current consumer uncertainty in light of global economic conditions, put too much pressure on the business whilst at a critical stage of a scale-up’s maturity.”
And that $150m funding? We sense there may be more details to come on what happened to Pollen this year.
Music Ally’s next Learn Live webinar will help you build the strategies for artists to thrive in new international markets!