Streetbees entered administration earlier this month as it sought either a takeover or new investment to stay afloat.

However, the business appointed administrators on Tuesday ( 26th August), with the company blaming current market conditions and “legacy challenges of the business” as reasons for its demise.

All 26 staff at the company will be made redundant, a spokesperson for Streetbees said, and Anthony Simmons and David Hudson of FRP Advisory have been named as administrators.

Streetbees was founded in 2015 and runs an AI end-to-end market research platform, with clients including fast-moving consumer goods, food and beverage, and financial services businesses. The company raised $40m from a Series B funding round in 2020.

A spokesperson for Streetbees said: “Streetbees confirms that it has now entered administration after exhaustive efforts to secure additional investment have proved unsuccessful.

“Despite strong interest from multiple parties, we were unable to conclude a transaction that would provide the necessary capital to continue operations.

“Streetbees, which pioneered human intelligence gathering through its innovative platform, had seen strong traction with its new AI-first product SBX. However, the legacy challenges of the business, compounded by current market conditions, created obstacles they have been unable to overcome.”