Drone startup which collected record $3.4 million through Kickstarter campaign collapses

UK’s startup which collected $3.4 million on Kickstarter collapses after failing to deliver drones

The United Kingdom based drone manufacturer and a startup which collected a record $3.4 million from backers on Kickstarter has collapsed.  According to a statement sent to its backers, the most-funded European Kickstarter project, Torquing Group has filed for voluntary liquidation.

Torquing troubles began earlier this month when cofounder and CEO Ivan Reedman abruptly left the company citing “personal health issues and irreconcilable differences.”

For the uninitiated, Torquing Group raised around $4.3 million in January 2015 through a Kickstarter campaign to fund production of its handheld drone, known as the Zano. It was able to find backers for its Zano drone within two months.

To date, Torquing Group has only shipped 600 of the more than 15,000 drones ordered.

In a Wednesday statement sent to backers, the company wrote:

Having explored all options known to us, and after seeking professional advice, we have made the difficult decision to pursue a creditors’ voluntary liquidation. All creditors will be contacted by an insolvency practitioner next week.

We are greatly disappointed with the outcome of the Zano project and we would like to take this opportunity to thank everyone who has supported us during this difficult period, especially our loyal employees whose commitment has exceeded all expectations.

The company website appears to be offline, while the Twitter feed has not been updated since earlier this month.

It remains to be seen whether Zano backers will be able to recover the money they had given to Torquing.

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