The dark side of Kickstarter campaigns has reared its ugly head. Brim Brothers made big waves when the company announced it was working on a wearable power meter device, and its Kickstarter campaign quickly exceeded its funding goal.
But on Tuesday, CEO Barry Redmond announced the company is ceasing operations without bringing a finished product to market. That means anyone who pledged money to the campaign won’t see the promised goods.
“What this means for you as a customer is that we can’t deliver your power meter, and we can’t provide a refund,” said Redmond in a letter to supporters. “For me personally this is what hurts most, and I wish there was something I could do to change it.” The company’s fundraising goal was 100,000 euros ($108,850), but the Kickstarter raised 183,133 euros.
Redmond goes on to say that the manufacturing challenges proved to be greater than the company anticipated, and Brim Brothers has essentially run out of money. “Over the last eight years we solved so many of the challenges, and created new technologies, but we have fallen short of that last hurdle. We very nearly made it.”
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