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Guardian-backed research firm Streetbees on brink of collapse
An AI-powered market research firm which has counted Unilever and Vodafone among its clients is on the brink of collapse.
Sky News understands that Streetbees, which was founded in 2015, has filed a notice of intention to appoint the professional services firm FRP Advisory as administrator. Sources said that a buyer was being lined up to take control of the business in the coming days.
Streetbees' impending collapse follows efforts to find a solvent buyer - in a process also run by FRP - over the last couple of months. Staff are understood to have been briefed on the insolvency filing late last week.
Streetbees, which has also worked with Heineken, Ferrero and Avon, has raised tens of millions of pounds in funding from blue-chip backers. It raised a $40m Series B funding round from investors including Lakestar, LocalGlobe and GMG Ventures - the early-stage investment arm of Guardian Media Group - in 2020.
GMG Ventures has since rebranded as Mercuri. A spokesperson for Streetbees said: "Streetbees has engaged advisors to oversee a process aiming to secure investment or sell the business and its assets.
"We have filed a notice of intention to appoint administrators, as a protective measure, to provide the time necessary to progress discussions that are at an advanced stage. "We will not comment further on any market speculation.".
Amir Nisi
Creative and experienced content writer with 6+ years of experience lazy to create unique content strategy for News5 to turn website visitors into customers.
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