Twig, a “circular economy” fintech that has raised £32m from investors, is shutting down less than four years after launching.
In brief:
- The London-based startup initiated the insolvency process earlier this month for both its primary business and Mobi Market, a subsidiary it acquired in 2022.
- Twig, which describes itself as a “bank of things”, competes with services such as MusicMagpie, allowing customers to send in gadgets and other items for payment.
- In 2022 Twig secured $35m in Series A funding from investment firm Fasanara Capital, its largest creditor that also invested £4m during the company’s seed round.
What does this mean?
“In common with the rest of the startup market in 2023 we faced a challenging environment to complete the series B fundraising and ultimately we were unable to secure sufficient financing for the period ahead,” CEO Geri Cupi said.
