The Boxmotions startup goes into liquidation with a debt of 3 million

The Boxmotions startup has gone into liquidation after filing bankruptcy last December.

Oliver Thansan
Oliver Thansan
13 March 2023 Monday 22:39
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The Boxmotions startup goes into liquidation with a debt of 3 million

The Boxmotions startup has gone into liquidation after filing bankruptcy last December. The Barcelona company, which promised to revolutionize the online management of removals, has a debt of 2.85 million euros, according to what sources involved in the bankruptcy process confirm to this newspaper. The main creditors are transport providers and banks.

Startup sources explain that the situation began to go wrong in the second quarter of 2022. “Boxmotions needed to raise capital to continue with its expansion plan, which required a strong investment in logistics, but it did not succeed because the funds stopped their activity because of the situation." With no money in the box, the startup was forced to present a contest in December. Shortly before, he presented an ERE to dismiss almost the entire workforce (14 workers). Today the firm employs three and had reached thirty in the past.

Born in 2015, the company broke into the storage room sector with the purpose of saving the client the trip to the warehouse, managing the logistics and even the assembly and disassembly of the furniture. The business idea seduced several funds, which contributed more than 3 million euros in various rounds of investment. Among them are Fitalent (Everis), Castel Capital, Inveready, Bstartup (Banco Sabadell), Finaves, Athos Capital, The Crowd Angel, among others. These funds became owners of the company together with the founders, Àlex Corbacho and Pol Karaso, two aeronautical engineers who decided to leave their jobs at Amadeus and Latam Airlines to start a business.

The initial business idea did not come to fruition and the startup recently decided to pivot towards a model focused on moving large furniture for companies. "The new idea was good, it was in demand," investor sources say. According to the accounts that appear in the bankruptcy administration report presented yesterday to commercial court number 3, Boxmotions invoiced 1.2 million in 2022 and 1.4 million in 2021, while the losses were 1.2 and 1 million , respectively.

With a presence in Barcelona, ​​Madrid, Valencia and Paris, the firm trusted its growth to the entry of venture capital, a very common philosophy among startups. So once the funds closed the investment spigot, Boxmotions was forced into bankruptcy. Sources involved in the process assure that the company will liquidate the business without having to sell the production unit.