Thepeer, the fintech that shut down in April 2024, returned $357,960 to investors in June, completing the shuttering of the startup founded in 2021. The refund suggests that an angel investor who wrote a $10,000 cheque would have received a $2,280 refund.
Those refunds were possible because the founders, Michael Okoh and Chike Ononye, decided there was no scale-up route for the product and chose to move on.
After announcing the shutdown in April 2024, at least two angel investors wanted answers on how much money the startup had in the bank. They wanted to know how Thepeer spent the $2.1 million it raised in a June 2022 seed round that valued the company at $5 million. One publication said the company had only $450,000 in the bank when it shutdown.
However, the founders told early investors that despite the July 2022 funding announcement, the company had only received $1.35 million in that round. Two publications reported in April that one investor asked to audit the companys accounts before the shutdown was finalised.
A pre-seed investor who asked not to be named told TechCabal that no audit happened.
