The server startup company Protonet now had to file for bankruptcy. Despite crowdfunding success of three million euros, the company went bankrupt two years later.
As the 'Märkische Allgemeine' and 'Futurezone' report, Protonet-Betriebs-GmbH went bankrupt.
The crowdfunding campaign was considered one of the model startups in Germany and was able to raise three million euros from 1,800 small investors in 2014.
On Wednesday, company founder Ali Jelveh announced that an application for insolvency had been filed with the Hamburg district court.
The company aimed to develop a server for smaller companies and private households that would function like large cloud services but would not outsource sensitive data.
However, the smart home project “Zoe” failed and Protonet was accepted into the legendary Californian startup program “Y Combinator” and the parent company was founded in the USA.
Many old investors in Germany expressed sharp criticism.
No black numbers written
Jelveh justifies the bankruptcy with a rejection from an important investor:
“Unfortunately, we were unable to convince one of the lead investors and therefore were unable to successfully complete the next round of financing, which was essential and necessary for us.”
In a press release, the founder also stated that despite many successes and a prominent public presence, he had not managed to stay in the black.
What will become of Protonet Inc. has not yet been decided. However, Protonet recommends that every customer move to their own domain.
Sources: Märkische Allgemeine , Futurezone
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