Buyers are currently being sought for London-based music social network Crowdmix, which went into administration earlier this month.
Specialist property and asset consultants at national commercial property consultancy Lambert Smith Hampton (LSH) has been instructed by administrators to market the business and assets of the company, which was founded by Ian Roberts and Gareth Ingham at London's Google Campus in 2013.
The Crowdmix app allows users to join and create groups based around genres, artists and influencers, connect with other fans, and to create and share content. It also connects streaming services into one place.
Having raised around £19 million of funding, largely from angel investors and shareholder capital, Crowdmix was officially launched in May 2016 to iOS and Android app stores.
With trademarks and patents registered in the UK and USA, along with an experienced management team – including ex-Universal Music Group digital chief Rob Wells – the sale is expected to attract significant interest. Crowdmix plans to earn revenue by charging consumer brands to promote their content within the app, with API connections built with major blue-chip music services and record labels.
Commenting on the opportunity, Paul Proctor at Lambert Smith Hampton said: “This sale provides a unique opportunity to acquire an exciting and fast growing social media brand, which benefits from a growing fan base and a highly talented pool of employees. By marketing the companies and their assets to potential buyers we hope to not only secure a good result for our client, but safeguard Crowdmix’s employees and ensure the Group fulfils its undoubted potential.”
Best bids for the business and assets are being sought by 5pm,Thursday 21st July. For further enquiries please contact hgow@lsh.co.uk at Lambert Smith Hampton.
