Maschmeyer's investment now leads to Rightnow's financial insolvency. - Investment by Maschmeyer fails to save the insolvent startup, Rightnow
Half of RightNow's clients are currently battling for refunds from airlines, streaming giants like Netflix, or fitness centers. Unfortunately, the startup supported by Carsten Maschmeyer is now fighting its own financial battles. According to RightNow CEO Phillip Eischet, insolvency was unavoidable due to failed funding negotiations.
Eischet shared with Gründerszene that the startup's initial business model wasn't sustainable. Despite attracting big-name investors and sponsors for nine years, including Carsten Maschmeyer in 2018, and legal expert Ingo Lenßen in 2019, the company's insolvency was inevitable.
RightNow's mission is to assist customers in pursuing compensation for various issues such as flight cancellations, Netflix price hikes, or unjustified health insurance contributions. More recently, they've ventured into helping gamblers recover their losses. However, debated legalities might have complicated this sector.
Despite RightNow's struggle, Eischet and the team haven't given up. They've launched a new company, RN Inkasso, with a revised strategy. This venture continues to assist clients regain their funds, seemingly unaffected by its predecessor's insolvency.
Insolvency in startups can stem from various reasons. High operational costs, poor cash management, intense competition, regulatory challenges, and wrong strategic decisions are common catalysts. Without detailed info, it's hard to pinpoint RightNow's specific predicaments, but the above factors may have played a role.
As for RN Inkasso, the impact of RightNow's insolvency would depend on their shared finances and operations. If RN Inkasso exists independently, it might not be directly affected. Yet, reputational damage or shared financial burdens could pose challenges.
I'm not going to let bankruptcy define RightNow's legacy, despite its confirmation. Maschmeyer, despite being an early investor, couldn't prevent the startup's financial struggles rightnow. Despite the insolvency, Eischet and the team continue to operate RN Inkasso, hoping to resume helping clients recover their funds.
