Brainspark

Brainspark, the internet incubator, is reportedly set to distribute its net assets back to its shareholders, following the collapse of discussions with an unnamed party. This latest development follows failed talks with investment bank Durlacher last month, over a planned merger. The company now only consists of five members of staff; the founders of Brainspark, Stewart Dodd, chief executive, and Noah Freedman, chief technical officer, have vacated their positions and assumed non-executive positions as cost-cutting measure. With regards to Brainspark’s financial standing, figures released in June this year valued the company at £12.4m, however in recent months the company has been operating at a loss of approximately £200,000 a month. Brainsparks’s portfolio of investee companies includes, amongst others, Leisurehub.com, Iprox, MetaPak, Que Pasa, EasyArt, Propex Gasworld and Globe-Rail.

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• Topics
• GPs
• UK / Ireland