Powa Technologies
Fintech/paymentsUK
💀 Dead / Bankrupt
Peak $2.7 BillionToday
~-100%
from peak
- 🦄Became a unicorn2013
- 📈Peak valuation$2.7 Billion ’15
- 💔Became a UnitardFeb 2016
- 💸Last valuationWiped out
🔥 Raised & burned
$200M
Total raised
$63.5K/day
Burned · 8.6y alive
Funding: Computing/City AM
Current status
Administration (Feb 2016)
How it happened
Powa Technologies, led by Dan Wagner, promoted its PowaTag mobile-payments product and claimed a valuation around $2.7B. Heavy spending against thin revenue drained its cash, and the company collapsed into administration in February 2016. Assets were sold off for a fraction of the capital raised.
Source: FT; mobile commerce (PowaTag)
