Qdooz Limited (08925353): administration
- Status
- Administration ended
- Administration began
- 2020-05-07
- Administrators' firm
- Begbies Traynor
- Formerly
- Mymentor Limited; The-Mentor.Tv Limited; Attitude Determines Altitude Ltd
- Incorporated
- 2014-03-06
- Location
- Manchester
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
From the administrators' statement
The following has been provided by the directors of the Company:
Over the last few years QDooz raised over £5m from 76 angel investors to build what was to become the world’s first digital Continuing Professional Development (CPD) accredited learning platform in Soft Skills. In 2019 a beta product was built that would serve the 129 Royal Chartered Professional Membership Organisations whose 4m members have to do an-annual amount of CPD and who were keen to study soft skills. Other Distribution partnership deals followed, e.g. Totaljobs whose 20m candidate database would benefit from an enhanced capability in Soft Skills and others. The business model was that of a 25% revenue share to channel partners.
_Launch of an enhanced Product (with changes required by new channel partners — with over — 60m of potential users) was underway with an estimated June timing. The business would have been cash flow positive from month one after launch and so needed to raise further angel funding to see the business fo through and out the other side of launch.
Administrators' statement of proposals (2020-07-02) · Companies House register