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August 27, 2017 08:00 am

Another Crowdfunded Startup Takes Customers' Money, Then Shuts Downs

An anonymous reader quotes the Bay Area Newsgroup:A Bay Area startup that promised to give music lovers state-of-the-art wireless earphones is instead closing its doors, becoming the latest in a string of crowd-funded companies to take customers' money and shut down without shipping a product. San Francisco-based Kanoa ran out of capital and shut down this week, leaving in the lurch scores of customers who paid $150 or more to pre-order high-tech earphones they never received. The company emailed customers on Wednesday to break the bad news, directing them to a letter posted on the Kanoa website... Kanoa is just the latest local crowdfunded company to disappoint customers. Last summer San Francisco-based startup Skully imploded, to the dismay of 3,000 customers who paid $1,500 each for high-tech motorcycle helmets they never received. In February, Lily Robotics, another San Francisco-based startup, filed for bankruptcy. Unlike Skully and Kanoa, Lily promised to reimburse the more than 60,000 customers who paid for but never received its camera drones. In a letter online the company claimed they are "in negotiations" with potential investors, "and also large tech companies on an acquisition" -- but unless and until funding materializes, "we do not have enough capital to stay operational..." "We know you are disappointed, and can only ask that you understand that we genuinely tried."

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