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It has not been a good month for Ashton Kutcher’s investment portfolio.
Amid the fallout from WeWork’s canceled IPO, Neighborly, another company partly funded by the actor and venture capitalist, has told its employees it can’t make its payroll.
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What Happened
Anticipated funding for the startup did not close, and the company’s CEO Jase Wilson told employees to stop working, according to Bloomberg.
“As of tonight, we are not in a position to compensate you,” Wilson reportedly said in a memo to employees.
In 2017, the company raised $25 million in a funding round led co-led by 8VC and Emerson Collective. The firm also counts Kutcher’s Sound Ventures as an early investor.
You can learn more about dozens of companies looking to take over the fintech space at the Benzinga Global Fintech Awards in New York City on Nov. 19.
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What’s Next
The company has said it is shifting away from municipal bonds as a focus and into fiber broadband networks.
Neighborly said in July it planned to layoff 25% of its employees as part of the shift, Bloomberg said.
Wilson told the publication Monday that it was necessary to halt payroll to reorganize, but said he does not foresee the company closing.
The CEO declined to comment to Bloomberg on the possibility of bankruptcy.
Related Links:
'Smoke And Mirrors': CNBC Guests Struggle To Find Anything Positive To Say About WeWork
Join Neighborly At This Year's Fintech Awards And Learn How Public Works Can Work For Investors
Photo by TechCrunch via Wikimedia.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.