Troubled event company Pollen is in administration after failing to find a buyer

London-based events company Pollen has emailed employees confirming it is restructuring after failing to find a buyer, the latest startup to fall victim to a cold funding environment and economic concerns. The announcement comes just a few months after the company announced $150 million in new venture capital funding.

“Our parent company (StreetTeam Software Limited) is appointing administrators to restructure after we were unable to sell the company in its entirety,” founder Callum Negus-Fancey wrote in the email, sent shortly after midnight PT Wednesday. London, and seen by Sifted. .

The company had aimed to be sold outright, he said, but only received offers for its consumer-facing subsidiary, including Pollen. Its busiest college travel business in the US is going independent as part of the restructuring, the email said.

Founded in 2014, the company works with music producers to organize festivals and travel experiences around the world. The company was endorsed by some of Europe’s best-known VCs, including Kindred, Northzone, Backed and Molton Ventures, including a $150 million Series C in April.

Its restructuring follows a few difficult months, after Pollen lost payroll for staff and was accused of owing thousands to customers on unpaid refunds for canceled events.

The company had previously hired Goldman Sachs to try to find a buyer, according to the email. The process had been unsuccessful, Negus-Fancey said, due to reduced M&A activity and the market’s new focus on profitability.

“We weren’t considered a big enough priority to buy in this climate, even by companies that had previously tried to buy us for much more money,” he writes.

“I’m sorry we weren’t able to close a deal where we sold the business in its entirety and kept the whole company together.”

Freya Pratty is a reporter at Sifted. She tweets from @FPratty.

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