Largely invested startup shuts down
Ex-Kreditech boss Sebastian Diemer has invested. The venture capitalist B10 also. And the business angels Thomas Knaack, Florian Huber, and Marcus Ewald also participated in Bullet. 500,000 euros came together in the pre-seed round a year ago. Now the operation of the Digital Post startup is discontinued, as it announced yesterday on its website.
The reason: “The market is not yet there for purely digital business processes,” says Bullet CEO Florian Eismann. The digitization of business processes is currently not a “high-priority problem” of a German medium-sized enterprise. In order to bring about a change in the minds of the entrepreneurs, according to Eismann time and above all capital is needed.
How much? Eismann speaks of at least one million euros in order to develop the product meaningfully. Due to the difficult market, new investors were unwilling to invest so much. Nevertheless, Eismann could convince a new financier. But he was only willing to invest 700,000 euros together with the old shareholders.
Too little. That’s why Bullet’s five employees will be leaving soon, sitting in the offices of investor B10 in Kreuzberg. From here, over 120 customers will be looked after until mid-April. On request, the companies can switch to competitor Dropscan, according to Eismann.
Scan service: Sebastian Diemer invests in digital box Kreditech founder Sebastian Diemer has another startup: digital box to digitize private mail. What is behind the new offer?
Bullet was founded by Florian Eismann, Seong-Min Kang and Leo Laun. Laun was previously CEO of Digitalkasten, which has a business model similar to Bullet’s — and in which Sebastian Diemer is also involved. Customers can have their mail sent to a digital address. The letters arrive at a post office in Munich, from where they pick up a logistics partner, mechanically opens and reads.
Originally published at TheStartupFounder.com.