Adtech startup Unlockd goes into administration following Google threats
Local adtech startup Unlockd has gone into administration, claiming Google’s attempts to ban the company from its mobile advertising platforms has crippled the business.
Unlockd displays ads on smartphone lock screens in return for users receiving loyalty rewards. It suffered a blow in April, shortly before its planned IPO, when Google threatened to ban the service, claiming it was in breach of its Play Store and AdMob services’ terms and conditions.
The Unlockd team faces an uncertain future after the company went into administration today
While disappointing not a great surprise. I’m amazed that after spending $60m, they are still so reliant on Google Ads. I also really don’t understand how they previously said they have 20m recurring revenue. If this was actually the case surely they can get to a level of profit. I’m interested to see more about this unravelling.. just glad it didnt IPO and cost ordinary mum and dads their life savings.
…following Google threats and a shit business model.
Didn’t they recently get a massive cash injection via a funding round?
wonder where all of that went
You can’t build a business purely designed to make money amd assume Google will play ball. If you build a business designed to save the world, then Google might play embrace you. Such arrogance!?
What sort of people would be prepared to watch an ad every time they unlock their phone?
What sort of people does the weight of advertising dollars chase?
Are telcos and tech companies looking to make CX better or worse for users?
This was always on the cards.
The real story here is where did the $60m go? Not an insignificant amount of money to burn in 2 years.
Imagine this IPO’d?
And how was it valued at $170m by supposedly prudent investors?
If you invested and didnt recognise the risk associated with such an exploit, you didn’t deserve your money to begin with.
It was never a serious business idea,
It’s quite silly how all of the Australian trade media have jumped on the ‘Google are baddies’ angle that this company has pitched. Maybe people just don’t want to watch a sh!tload of ads on their phones after all?
How can you blame google when you are in violation of their policies? I mean, would you want someone to come into your house and do what they please and totally disregard your rules?
Every app developer out there knows you can’t build a long term business on someone else’s property. Google, Alpple and Facebook hold all the cards.
How much did Berriman and the co-founders pocket?
I suspect the real reason investors have been scared off is the fact that they’ve hoovered through almost $70m in funding with not much to show for it, and now need cash from IPO to survive. Doesn’t suggest a strong, or even viable, business model……
I suspect the real reason investors have been scared off is that they’ve hoovered through almost $70m in funding with nothing much to show for it, and now need cash from an IPO to survive. Seems that paying/bribing people to watch ads on their phone is not such a great business model. Who woulda thunk…?
Someone give Rebecca Heng a job right now!
Very talented Ad Ops person and now officially Unlock’d from her current role.
How can you blame Google when you created a business that violates their T&C’s? $60+mil down the drain?… I think the Founder and CEO have a lot to answer for. I’d suspect there is a number of unhappy investors.
Dear google staffers and legal team – get off the Mumbrella comments thread.