UK founders of ‘party start-up’ company ‘Pollen’ spent hundreds of thousands of dollars throwing lavish drug and alcohol-fueled parties’ before filing for bankruptcy when they were once valued at $800 million
- The start-up of two British brothers went bankrupt with a debt of 83 million dollars
- Pollen was once worth $800 million, but employees say it was a party culture
- A former staffer says their brethren’s CEOs staged ‘lavish drug and alcohol fueled rallies’
According to a report, two tech entrepreneurs who once owned an $800 million “party startup” have failed their businesses while spending hundreds of thousands of dollars on drug-fueled parties.
British brothers Callum Negus-Fancey, 32, and Liam, 29, founded events and ticketing company Verve, later renamed Pollen, which sold music festival ticket packages with stays in luxury resorts.
The festival’s tech startup filed for bankruptcy in August with debts of more than $83 million in unpaid bills, despite previously raising more than $200 million from venture capital firms.
Former employees have told The insider massive extravagant parties of the brothers which are characterized by widespread consumption of ecstasy, acid, cocaine, ketamine and mushrooms.
British brothers Callum Negus-Fancey (pictured), 32, and Liam, 29, once owned an $800million ‘party startup’ but ran their business in the ground while spending hundreds of thousands of dollars for drug-fueled parties, report says
The festival’s tech startup went bankrupt in August with debts of more than $83 million in unpaid bills (Picture: Liam Negus-Fancey)
“It was harder not to find drugs than to find them,” a former Pollen employee told Insider.
The brothers spent $500,000 on a five-day glamping festival featuring acrobatic dancers and contortionists in May 2019 — to celebrate a $30 million funding round, according to Insider.
Company executives reportedly created a party culture, where staff regularly drank glasses of alcohol during the workday.
“I just remember coming into the office around 10 a.m. and taking pictures, and it’s like a Tuesday,” a former employee told Insider.
MailOnline has sought comments from Pollen. A company representative told Insider that only those of legal drinking age served alcohol.
Jaden Smith performs at XS Nightclub as part of a three-day experience, “Justin Bieber & Friends, The Vegas Weekender” by Pollen Presents
Former employees have also alleged that staff members asked sexually explicit questions about company pensions, including questions such as: “Of the people in this room, who do you think is most likely to to sleep with three other people in this room at some point in their career? ?’
The Insider reported that participation in the “games” was optional, but employees felt obligated to participate.
Pollen was also said to have “lock-in” parties where they rented out karaoke bars and roller rinks.
On the surface, the “lockdowns” were team bonding experiences, but former employees said they were seen as an opportunity to “get completely erased.”
Former employees told The Insider that cocaine was distributed at after-parties, but the company denied the allegation.
In April 2018, a former employee alleged that Liam slipped his hand down his lower back and across his buttocks at a Las Vegas venue that had been rented to celebrate the company’s $25 million acquisition of JusCollege. , a company that sold student travel packages.
A company representative told Insider the allegation was “completely false.”
Earlier this year, Pollen’s parent company, Streetteam Software Limited, announced that the company was insolvent.