$800m ‘UK startup’ goes bankrupt after brothers run ‘down to earth business’

The British founders of “party start-up Bolin” spent hundreds of thousands of dollars throwing fancy drugs and booze-soaked parties before filing for bankruptcy despite once being valued at $800 million.

  • Two British startups affiliated with the party have gone bankrupt with debts of $83 million
  • Pollen was once worth $800 million but employees say party culture has been party culture
  • Ex-employees said the brothers threw ‘fancy drugs and booze-soaked get-togethers’

According to one report, two tech entrepreneurs who owned an $800 million ‘party startup’ ran their company while spending hundreds of thousands on drug-fueled parties.

British brothers Callum Negus-Fancy, 32, and Liam, 29, founded the events and ticketing company Verve, later renamed Pollen, which sold packages of music festival tickets with stays at luxury resorts.

The tech startup at the festival went bankrupt in August with more than $83 million in debt in unpaid bills, despite previously raising more than $200 million from venture capital firms.

Former employees told The Insider of the Brother it’s a massive, mega-party featuring widespread use of ecstasy, acid, cocaine, ketamine, and mushrooms.

British brothers Callum Negus-Fancy (pictured), 32, and Liam, 29, once owned an $800m 'party startup' but ran their company while spending hundreds of thousands on drug-fueled parties, according to a report.

British brothers Callum Negus-Fancy (pictured), 32, and Liam, 29, once owned an $800m ‘party startup’ but ran their company while spending hundreds of thousands on drug-fueled parties, according to a report.

The tech startup at the festival went bankrupt in August with more than $83 million in debt in unpaid bills (Liam Negus-)

The tech startup at the festival went bankrupt in August with debts of more than $83 million in unpaid bills (Photo: Liam Negus-Fancy)

“It was harder not to find the drugs than to find them,” a former Pollen employee told Insider.

The brothers spent $500,000 on a lavish five-day festival featuring acrobatic dancers and shapeshifters in May 2019 — to celebrate with $30 million in funding, according to Insider.

The company’s executives were said to have created a party culture, with employees regularly taking shots of alcohol during the workday.

“I just remember getting into the office at 10 a.m. and taking pictures, and it was like Tuesday,” a former employee told Insider.

MailOnline sought comment from Pollen. A company representative told Insider that only those of legal drinking age get access to alcohol.

Jaden Smith performs at XS Nightclub as part of a three-day trial,

Jaden Smith performs at XS Nightclub as part of a three-day trial, “Justin Bieber & Friends, The Vegas Weekender” by Pollen Presents

The former employees also alleged that employees asked each other sexually explicit questions about company retreats, including questions such as: ‘Of the people in this room, who do you think is most likely to have slept with three other people in this room at some point in their lives’? professional. ? ‘

The Insider reported that participation in the “games” was optional but that employees felt required to participate in them.

The Pollens were also said to hold ‘closed’ parties where they would rent out karaoke bars and ice rinks.

Ostensibly, the “lockouts” were experiences of bonding with the team, but former employees said they were seen as an opportunity to “get totally ripped off.”

Former employees told The Insider that the cocaine was passed out at after-parties, but the company denied the claim.

In April 2018, a former employee alleged that Liam slid his hand down her back and over her buttocks at a Las Vegas venue rented to celebrate the company’s $25 million acquisition of JusCollege, a company that sold travel packages to college students.

A company representative told Insider that the claim is “totally untrue.”

Earlier this year, Pollen’s parent company, Streetteam Software Limited, declared the company insolvent.

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