Video startup Floobs to file for bankruptcy

Floobs, a livestreaming video startup, says it is poised to file for bankruptcy today or tomorrow.

Nordic regional tech blog ArcticStartup has confirmed the news with the founders, who cite sales of their B2B product not matching their current burn rate. Floobs was based out of Helsinki.

Co-founder Kai Lemmetty says they were due to close an angel round before Christmas, but this didn’t happen after one of the parties backed out, collapsing the deal.

Floobs had signed up clients like football clubs, especially in Spain, but this clearly wasn’t enough and came too late.

However, people with videos on the site should be able to download them before the site goes dark, they say.

Co-founders Kai Lemmetty and Joonas Pekkanen haven’t disclosed any future plans as yet.

Floobs launched in Berlin in late 2008.