Blippar, an early augmented reality app that raised more than $130 million in venture funding from investors like Qualcomm and Candy Ventures, announced today that it is “entering into administration” and will be laying off all its employees as administrators appointed by a U.K. court decides what to do with its assets. The startup just closed a $37 million round in September.http://bit.ly/2H4NbTY company, founded in 2011, was on the cusp of a number of trends that took flight in the augmented reality space, but as competition heated up from the tech giants investing in AR, the fast-spending startup couldn’t boost its revenues and was losing money incredibly quickly in search of new customers.The U.K. startup claims that its collapse follows some internal shareholder drama, where an emergency influx of $5 million was blocked by Khazanah, a strategic investment fund from the Malaysian government, leading to the startup’s shutdown. via /r/business http://bit.ly/2CeqF5v
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