Rejuvenation Water Insolvency - another to add to my growing list of crowdfunded failures
Email received from the founder today
"### Rejuvenation Water
For those that have been following my updates, as I toil to raise the finance that we require or seek an acquisition, will know that our runway was getting progressively shorter. I’m afraid to announce that the runway is up and I’ve had to start the insolvency process this week.
Having spent 8 years building Rejuvenation Water, this decision was difficult and very emotional for me but, without the funds that we need to progress, I had little choice.
Here’s where I should reflect on all the cliché highs and lows but, given the losses that will be crystalised, I’d like to just apologise for all those that have backed me and Rejuvenation Water. I still believe in the business, especially the matcha pods and its product - market fit but, in discovering this 7 years into the journey and against the stress of economic and supply chain that we haven’t seen in over a generation, the opportunity to kick on simply didn’t materialise.
This process will mean that the insolvency practitioners will effectively take control of the business, sell any assets that remain in the business and apportion out the proceeds to creditors. Given the few assets that we have in the business, they’ll be little proceeds for creditors and nothing left to equity holders.
For those with SEIS/EIS investment, the loss relief will be due against your next self-assessment.
I am eternally grateful for the support and faith placed in me. The learning curve over the last 8 years has been exponential and I will be using this experience in my next venture. As mentioned in my previous update, I will be assigning 5% of my shareholding in my new business, liquidation.store, an e-commerce platform for to individual investors of Rejuvenation Water.
I’m here to answer any questions that people may have. Simply reply to this email and I can pick it up from there.
I’ll be in touch in due course.
Best,
Kris"