Twig

Twig, incorporated as Diem Group Ltd in June 2020 and renamed in 2022, offered an app and card that paid users instantly for second-hand clothes, phones and other items, positioning itself as a circular-economy 'bank of things'. Founder Geri Cupi raised a £4M seed and then a $35M Series A in 2022 led by Fasanara Capital, and bought the refurbished-phone marketplace Mobi Market in 2022 and Vybe in 2023. Unable to close a Series B in the 2023 funding market, the company entered creditors' voluntary liquidation on 23 January 2024 with Anthony Hyams and Kelly Knight of Insolve Plus appointed liquidators. Filings showed £15.4M owed, including £9.2M to unsecured creditors and £6.2M under a floating charge to Fasanara. Mobi Market went into a separate administration overseen by Menzies.

Company in creditors' voluntary liquidation owing about £15.4M; Fasanara Capital is the largest creditor under a £6.2M floating charge. Cupi said customers with outstanding orders had no exposure and only a handful of staff were affected. Subsidiary Mobi Market entered administration under Menzies.

A large Series A followed by acquisitions set a burn rate that depended on a Series B arriving on schedule; when the 2023 market closed, there was no runway to adjust. Debt-style funding from the lead investor left it as the main secured creditor.