Alfie Joshua Alfie Joshua is the editor at Auto in the News. Find him on Twitter, Facebook, and Pinterest.

Zano says it’s sorry for throwing away $3.5 million in crowdfunding

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Reaching your funding goal on Kickstarter is only half the battle, the other half is actually providing backers with the product or service that they’re funding. Unfortunately, despite raising $3.5 million and becoming Europe’s most-funded Kickstarter project, Zano was not only unable to deliver the mini-drone that it had promised, but managed to blow away all of the money as well. Although Zano has apologized to backers and explained what happened, it made no mention of whether or not backers would ever be refunded. 

Following our statement on 18th November, this is an update on the course of the project and the usage of the funds during the ZANO project. Firstly, the board of directors would like to apologise for the lack of communication from the team following the last statement. We find ourselves in the position of having never pursued voluntary liquidation prior to the events of recent weeks, meaning that we have had to operate with caution to ensure that we have undertaken the correct procedural steps to wind up the company and are doing so with the best intentions. The pie chart below is a basic representation of the allocation of the funds utilised during the project in 2015. The figures presented are derived from our currently unaudited company accounts. We strongly refute any allegations made that may suggest that the board of directors have misappropriated any funds. We have received first contact from Trading Standards within Pembrokeshire County Council and will co-operate fully.

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Alfie Joshua Alfie Joshua is the editor at Auto in the News. Find him on Twitter, Facebook, and Pinterest.

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