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Dozens of job losses as Guardian-backed research firm Streetbees collapse
An AI-powered market research firm backed by The Guardian's publisher and once valued at $200m has collapsed, triggering dozens of job losses.
Sky News has learnt that Streetbees, which has counted Unilever and Vodafone among its clients, fell into administration on Monday after last-ditch efforts to find a buyer proved unsuccessful. The professional services firm FRP Advisory has been appointed as administrator.
Streetbees, which has also worked with Heineken, Ferrero and Avon, raised tens of millions of pounds in funding from blue-chip backers. It landed 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.
That funding round reportedly valued the company at $200m. Responding to an enquiry from Sky News, a spokesperson for Streetbees said: "Streetbees confirms that it has now entered administration after exhaustive efforts to secure additional investment have proved unsuccessful.
"Despite strong interest from multiple parties, we were unable to conclude a transaction that would provide the necessary capital to continue operations. "Streetbees, which pioneered human intelligence gathering through its innovative platform, had seen strong traction with its new AI-first product SBX.
"However, the legacy challenges of the business, compounded by current market conditions, created obstacles they have been unable to overcome. "Unfortunately, all staff will be made redundant.".
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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