Startup from Scholz’s nephew bankrupt after 2 1/2 years: “I’ve never seen anything like it”

Jakob and Fabian Scholz, nephews of Chancellor Olaf Scholz, had to file for bankruptcy for their company Rubarb together with their co-founder Levin Craig. Rubarb GmbH had to file for insolvency due to imminent insolvency, since “financing commitments had unfortunately been withdrawn”. This was done “in order to be able to use the restructuring options of the insolvency code at an early stage”.

“We very much regret that we could not avoid this step. While we were still very optimistic in May, the mood on the capital market has unfortunately deteriorated dramatically in the meantime – due to the ongoing war in Ukraine and the collapse of the crypto markets”, says Fabian Scholz, CEO of Rubarb.

“We sincerely apologize for the situation Rubarb GmbH is in today,” Rubarb said in a statement on Thursday. In retrospect, the chancellor’s nephews also admit that they made serious mistakes in dealing with their financiers. They apologize for “a part of our communication style in the past few weeks that we should have handled better in retrospect”. The financial technology company Rubarb was founded just 29 months ago.

Investor angry at Scholz’s nephew: “I’ve never seen anything like it”

In the run-up to the bankruptcy, Rubarb discussed various ways and options for a solution with his investors. “We are aware that our investors are not satisfied with the situation. We very much regret that we ultimately did not find another way to continue the company. All of us, our employees, partners and investors, have put a lot of investment, passion and commitment into the project. It hurts to fail as a start-up.”

“Finally, we would like to strongly recommend that you do not speak to the press,” the Rubarb founders let their investors know.

A financier has already raised serious allegations against the Scholz nephews to the “Handelsblatt”: “I’ve never seen anything like it. How can you run a fundraiser in February out of business in less than five months?” Because of their relationship to the Federal Chancellor, the financier thought beforehand, “They can’t do Wild West there”.

Tip: Chancellor – What Olaf Scholz earns and what his wife contributes to wealth

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