Cricket Scoring Company CricHQ Owes Millions To Investors

Technology start-up CricHQ "owes millions of dollars to its investors after it failed to make money from its cricket scoring app," according to Chloe Winter of STUFF. The Wellington-based firm, which claimed to record one in every 10 balls bowled internationally, "appeared to be taking the cricketing world by storm before its collapse in October." In the first receivers' report, it was revealed the company owes NZ$1.4M ($980,000) to creditors, excluding Singapore investment firm Tembusu, which invested $10M in '15. It is "unclear how much Tembusu's claim will be." The company, which counts former Black Cap captain Stephen Fleming and My Food Bag co-Owners Cecilia and James Robinson among its shareholders, launched in '09 "after developing a cloud-based software platform that automates scoring." CricHQ "struggled to raise money for more than a year, despite targeting investment funds and wealthy individuals." However, after eight years in business, it "failed to raise enough money to stay afloat" (STUFF, 12/20).