Social music startup Crowdmix has been sold to its top investor. Business Insider reports that billionaire developer Nick Candy -- half of the controversial Candy brothers -- purchased the London-based app through auction after the company went into administration in July.
At its height, Crowdmix had 160-odd employees and offices in London and Los Angeles, fueled by over £14 million ($18.5 million) in venture capital funding, though earlier reports put that number much higher. Despite its ample resources, the company never released the actual app and it reportedly had trouble paying its employees.
Candy, who invested £8 million in the app during its development stage, bought the company through his Candy Ventures SARL and is said to want to relaunch it with a smaller staff.
In June, co-founder and CEO Ian Roberts departed amid reports of financial issues. At the time, the startup said it was days away from completing a fourth round of funding that would "ensure operational growth" and enable remaining executives to "take the business forward."
Those execs included co-founder Gareth Ingham, who took over as CEO, and Rob Wells, the former Universal Music digital head who joined as COO and CEO of the Americas in October 2015.
In the App Store, where it has one review ("Can't get it to work"), Crowdmix describes itself as a place that "gets people together around the stuff they love." You can join or create "crowds" for sharing content and more through music, videos and photos. The App is supposed to feature a feed of posts from both users and influencers, including artists, and streams music via third-party services like Spotify.