In recent years, the German start-up scene has produced many companies that have sought to shake up the market with innovative ideas and products. But not all have made it: among the latest bankruptcy victims is KitzVenture, a company from Bavaria that specializes in developing high-tech products.
KitzVenture’s insolvency at the end of March 2021 surprised many observers: after all, the company had only completed a successful crowdfunding campaign last year, raising around 1.5 million euros in the process. But now all efforts seem to have been in vain: Munich Local Court has opened insolvency proceedings and appointed an insolvency administrator to oversee the company’s operations.
So far there is no concrete information about why KitzVenture went bankrupt. Insiders speak of management mistakes and strategic missteps, others suspect that the company simply had too little capital to implement its ideas. At present, however, it is still unclear what factors ultimately led to the insolvency and what fate awaits the numerous investors who lent money to the company.
KitzVenture bankruptcy with 2.9 million. Euro, reasons for insolvency unclear
Kitzbuhel-based startup KitzVenture has filed for insolvency and owes its creditors a total of 2.9 million euros. The exact reasons for the insolvency are not yet clear and are currently being investigated by the relevant authorities.