Business Finance

Martian Watches forced to close its operations after a failed Kickstarter Campaign

The rapidly growing trend and popularity for wearables are at its peak, however, it has not been a very profitable business for many market leaders.  Earlier in the week, another Kickstarter campaign by the Martian Watches turned out to be a big fail.

Martian Watches, established in 2007 has officially announced the sale of all its assets, which includes the patents and property rights, to pay off the debts to all its creditors. The Martian’s team put in all its efforts to raise funds through new investors and all its current stakeholders.

Eventually, nothing worked out for Martian Watches, hence it had to close down after successfully delivering 480 units of its MVoice G2 model in a span of one month. The Kickstarter program raised about $366,976 from almost 2,000 backers, however, received a net profit of only $276,666 after the deduction of costs.

There is no clarity of how the firm plans on repaying its Kickstarter participants, but it is said to come up with a solution within one month from now.

About the author

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Tina Alexandra

She has completed her mass media and loves to teach students English, Geography, and History. She is a newbie at TheFinanceDesk and her major role is to edit, review and write articles.

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