Sarah Ferguson-Endorsed App Fails After Receiving £1 Million in Taxpayer Funds
vVoosh, a tech startup endorsed by Sarah Ferguson, recently entered administration, prompting scrutiny of the former duchess’s business decisions. The company had received over £1 million from UK taxpayers as part of its funding.
Background of vVoosh
Founded in 2010 by Manuel Fernandez, vVoosh aimed to launch a cryptocurrency app. The firm raised approximately £9 million in total, including significant funds from government tax credits. Unfortunately, the app never made it to market, resulting in no revenue to continue operations.
Financial Mismanagement
- vVoosh received £1 million in taxpayer funds via R&D tax credits.
- The company owes £50,000 to La Luna Investments, a firm linked to Ferguson.
- vVoosh is also owed £324,609 by its former director, Fernandez.
Links to Controversy
The company’s failure has raised questions regarding Ferguson’s judgment. In September, several charities severed ties with her following the resurfacing of an email from 2011, where she referred to convicted sex offender Jeffrey Epstein as her “supreme friend.”
Legal and Administrative Challenges
The administrator’s report highlights a significant breakdown in communication among the company’s directors and creditors. Following his resignation, Fernandez ceased communication, further complicating the situation.
Current Status and Future Prospects
As vVoosh approaches its winding-up process, there is considerable uncertainty regarding the return of funds to its creditors. The firm’s only remaining asset is its software platform, which has drawn investments of over £400,000 from American backer Mark Guzy.
Charitable Foundation Issues
Despite its original commitment to donate 10% of profits to charity, the vVoosh Charitable Foundation is set to be deregistered by the Charity Commission. The foundation has not submitted required reports for over four years.
The situation surrounding vVoosh and Ferguson’s involvement continues to unfold, prompting discussions on accountability and the management of public funds in startup ventures.
