Pollen

London-based events startup Pollen entered administration in August 2022 after failing to secure a buyer, a collapse that followed months of financial turmoil including missed staff payroll and unpaid customer refunds. The company, which had raised a $150 million Series C just months earlier, was forced into restructuring due to a challenging funding environment and reduced M&A activity. While its consumer-facing subsidiary and college travel business were set to continue separately, the failure to sell the entire company marked a significant downfall for the once-promising venture-backed firm in the global events and travel experience industry.

In May 2022, UK-based travel and entertainment technology company Pollen laid off approximately 200 employees, representing about one-third of its workforce. This significant reduction occurred just weeks after the company announced a $150 million Series C funding round. The layoffs were part of a broader cost-cutting initiative amid a cooling tech market, reflecting challenges in the events and travel tech industry. Pollen, which operated as a two-sided marketplace connecting music festivals with travelers, faced mounting difficulties that later culminated in its bankruptcy, leaving many employees unpaid.

In May 2020, the U.K.-based experience marketplace Pollen laid off 69 employees across North America, representing approximately 31% of its then 216-person workforce. An additional 34 staff in the U.K. were placed on furlough. The layoffs were a direct result of the severe impact the COVID-19 pandemic had on the travel and events industry, which forced countries into lockdown and triggered a recession. Despite having raised $60 million in funding just months prior in October 2019, the startup was forced to make significant cuts to its operations.