What if you could consolidate all your credit cards onto one piece of plastic?
The startup Plastc aimed to do just that. But the company went belly-up this month after an investor pulled his plans to inject nearly $7 million in the company.
Plastc claimed it had working prototypes to show investors, and had received nearly $9 million in pre-orders.
Plastc, the company that promised to put all of your credit cards on one chunk of plastic, is officially dead.
Early backers of the startup found out the news after the company sent an email to all of the 80,000 people who pre-ordered the device on Thursday. The company raised more than $9 million in pre-order sales, according to a Magnify Money blog, when it launched in 2014. Today, the company is filing for bankruptcy and will shut down after failing to deliver its product to a single person.
“We are disappointed and emotionally distraught, and while we know this is extremely disappointing for you, we want our backers to know that we did everything we could to make Plastc Card a reality,” the company said in an emailed statement to its backers that was forwarded to Gizmodo.
The company claims that it was expecting to close a $3.5 million Series A funding round in late February and that it had functioning cards to show its investors. The round of funding was supposedly going to be used in its entirety to produce and ship functioning cards to pre-order customers. The principal investment group postponed, then eventually terminated its round of funding according to the company.
Photo by Ed Ivanushkin via Flickr CC License