GorillaPark emerges as GP Ventures
Tech incubator battles on
Posted in Financial News, 21st June 2004 15:34 GMT
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GorillaPark, the largest privately-held tech incubator and business accelerator in Europe and once a bellwether of the now-burst technology bubble, is no longer.
The company was declared bankrupt last week, although it managed to pay its creditors - including Deutsche Bank, Goldman Sachs and Fortis Bank - at least $6m, former CEO Mol told Dutch news site Emerce today. Initial investments amounted to over $75m.
As a result of a management buy-out led by Jerome Mol, the business will now continue as GP Ventures, which nurtures at least three former GorillaPark startups: Vibrant Media, Mobile Commerce and Natural Motion, all based in the UK. Its website is still under construction.
GorillaPark filed for bankruptcy protection in September 2003. At the time Mol claimed that the shake-up had no consequences for the 60 or so people working for the company. But most offices, including those in Amsterdam, were already empty by the beginning of this year. ®
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