PicoBrew, a maker of high-tech beer, spirits and coffee brewing appliances, is up for sale, according to a recent report from The Spoon.
According to the report, company CEO Bill Mitchell said PicoBrew had until mid-December to close a new funding round as part of terms agreed to with a bridge lending group comprised of current and new PicoBrew investors. However, PicoBrew ultimately wasn’t able to close the funding round, the report said, and the bridge lender decided to call in the loan and force PicoBrew into selling the company through receivership.
“It’s important to understand that we operate a diverse and complex business,” Mitchell told The Spoon. “PicoBrew is comprised of three completely different yet complementary businesses and as you might expect from a ten year old startup, we have a diverse and complex cap table as well, both of which have hindered our fundraising efforts.”