Covid unicorn Hopin enters liquidation as it moves head office to US
Tech unicorn Hopin, which was once worth $7.75bn, has entered liquidation less than a year after it sold off its titular events platform as it moves its head office to the US.
The London-based company disposed of its technology assets, customer relationships, engineering and go-to-market talent from Hopin’s Events platform and Session Product in August 2023 to California-based RingCentral For a reported $50m.
Following the deal, Hopin remained a separate company with a “vision of building a community suite for creators and influencers”, according to founder Johnny Boufarhat, who stepped down as CEO.
However, a new filing with Companies House has confirmed that Hopin Limited has entered liquidation, with PwC overseeing the process.
Hopin was founded in 2019 with its success culminating in a $400m Series C round in 2021 that left the company with a valuation of $7.75bn.
However, the business struggled after the height of the pandemic and cut hundreds of jobs.
Its latest accounts, for the year to January 31, 2022, are overdue to be filed with Companies House.
CEO Badri Rajasekar said: “As part of a larger strategic corporate consolidation initiative that we put in place mid last year, we have made the strategic decision to voluntarily move Hopin’s parent company and headquarters from the United Kingdom to the United States.
“We decided to make this shift to simplify our capital structure, focus operations on our live streaming and video hosting businesses and drive efficiency across our company.
“As stated, the parent company and headquarters of the Hopin group is now based in the United States.
“With this reorganization, Hopin Ltd (UK entity), is now a non-trading company and is in the process of being wound up and liquidated.
“Our international operations have not significantly changed and the business continues to exceed growth expectations.”
PwC declined to comment when approached by Morning Wire