Here's where the company behind the Zano mini-drone squandered its Kickstarter cash
The company behind the Zano mini-drone project that raised £2.3 million on crowdfunding site Kickstarter has revealed where it squandered its money and apologised to those that backed the idea, the BBC reports.
Torquing Group, which imploded spectacularly last week, published a pie chart showing where the money was spent.
The chart is quite hard to read but it reveals that most of the money was allocated to these four areas:
- 46% - Stock and manufacturing
- 14% - Wages
- 9% - Purchase taxes
- 5% - Kickstarter and payment fees
Torquing Group claims a large portion of the funding was also used for developing the Zano prototype.
"Ultimately these upgrades coupled with delays caused by the creation of a bespoke and automatic testing rig had significant financial and timeline impacts upon the project," the Torquing Group said in a statement seen by the BBC.
"We would like to make a sincere apology for the understandable disappointment felt by all of those that have supported the project," Torquing Group added.
The Zano mini-drone was a good idea: a drone that can fit in the palm of your hand, with sensors that help it automatically detect objects and follow you, along with a camera mounted on the front. No piloting skill was necessary.
All in all, 12,075 people backed it (at varying levels) on Kickstarter, with the "first edition" version going for £189.
Kickstarter sent a message to backers of the Zano project, saying: "Like you, we're extremely frustrated by what's happened with this project."
The company said it plans to"co-operate fully" with Trading Standards within Pembrokeshire County Council.