Plastc no more.
Plastc, an unpronounceable brand that promised to bring out a digital card storing up to 20 credit cards, has folded.
Operating from the domain Plastc.com, the start-up announced that due to failed attempts to receive investor funding of $6.75 million, it’s closing down.
In the process, they are not only laying off all employees, they’re also waving farewell to those backers who pre-ordered the Plastc card, to the tune of $9 million dollars.
“The support of our amazing backers has been incredible, which makes this announcement even harder. We were so incredibly ready for production in order to hit our deadlines but without capital it is impossible for us to move forward and we will not be able to fulfill any pre-orders.”
Plastc now is exploring options to file for Chapter 7 bankruptcy protection, in order to legally dispose of its financial obligations. More than 80,000 backers won’t be happy, for sure.
Another such incident of a start-up folding without delivering a single product, involved drone company, Lily Robotics.
They are now keeping company to Soundfocus, another such victim of overly confident VC funding, which we covered.
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I had ordered 2 cards which, unfortunately, I won’t be receiving. Their technology was far superior to Coin (OnlyCoin.com), which I used for a while but it had issues. I’m guessing that their IP will be sold off – probably to an insider- and we’ll still see these cards be produced.
Braden – Yikes. It was supposed to be e-ink, but how many of these are actually nothing more than demo videos, I wonder.
I took advantage of a buy one, get one black Friday deal with Plastc back in 2014, but they obviously never delivered. These smart card companies are dropping like flies because they can’t adapt to EMV.
Edward – Sorry to hear that 🙁
Smartphones+app do this already 😉