In 2016, the space startup announced the development of a three-stage rocket to deliver low Earth orbit payloads. At the same time, the company announced the development of a lunar soil exploration vehicle, took part in a lunar rover challenge, and called for support for the startup project "on its way to outer space" through donations. The ambition has vanished soon – according to Companies House, the company ceased operations in July 2017. The last website update was in September 2017, and an interview with the founder on TMRO:Space announced in August 2017, has never been on the air.
Molfar performed the background check on the founder. Since 2012, the entrepreneur has developed crowdfunding projects related to the coffee business: a food grade silicone capsule coffee maker, an aluminum coffee maker, and a coffee delivery app. The only space-related project, a balloon for taking selfies, raised 1% of the requested funds. The other projects haven’t received the necessary funding as well, and the only product that was successfully funded has never been shipped to customers.
Startup due diligence is a risk mitigation mechanism you can employ before closing a deal. Molfar analysts use business intelligence practices to determine the financial and legal status of an investment project, the potential for successful competition and future growth on the market. Background check on project staff shows the level of competence, the reputation of the founders, and affects the decision to invest.