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Bid deadline today in sale proceedings for troubled music startup Crowdmix

Former London Google Campus participant and hotly-tipped music startup Crowdmix is to have its assets hived off today as part of a sell-off by administrators.

The London-based tech firm, which only launched its app in May this year, was put into administration last month after funding fell through and it failed to pay vendors.

Its big idea was joining communities of music listeners, defined by genres and individual musicians, to help users share music, recommendations and discussions.

After attracting £19m investment, including £6.5m from property magnate Nick Candy, the tech firm opened offices in both London and Los Angeles and vowed to focus on growing its line-up of participating brands and partners.

Now commercial property consultancy Lambert Smith Hampton have been instructed by administrators to find a buyer for the embattled business, with interested parties having until 5pm today to submit their bids.

Commenting on the sale, Paul Proctor at Lambert Smith Hampton believes the sale provides a ‘unique opportunity’ for a buyer to own a growing social media brand with a ‘highly talented pool of employees’.

He added: “By marketing the companies and their assets to potential buyers we hope to not only secure a good result for our client, but safeguard Crowdmix’s employees and ensure the Group fulfils its undoubted potential.”

Whether a buyer can be found remains to be seen following the negative column inches generated in the wake of the brand’s high-profile rise and fall.

Business Insider speculated last month that the firm may only be able to sell off its intellectual property, putting the 130 remaining jobs at risk.

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