Powa Technologies, a British 'unicorn' company valued at £1.8billion, was forced into administration on Friday afternoon, after, astonishingly, it ran out of money. We understand that investors withdrew funds after the Financial Times reported that the mobile commerce company had been struggling to pay its staff and suppliers and had only $250,000 in the bank.
Powa has never raised money via crowdfunding. All its investment rounds have been done in the mainstream of finance. But we're covering the story here because we've read such negative press about crowdunding and failure in the last week or two, and we want our readers to be able to make a relevant comparison.