Charly is insolvent

The start-up from the edtech sector is allowed to manage the insolvency itself. The management team wants to carry on.

The learning platform Charly, which was previously launched as Print Peter, is insolvent. The start-up has applied for insolvency proceedings under so-called self-administration, according to documents from the local court in Berlin dated March 4, 2022. The news portal Capital and Deutsche-Start-ups first reported on this.

The announcement from Charlottenburg Local Court states that "insolvency proceedings will be opened on the debtor's assets due to insolvency and over-indebtedness on March 1, 2022 at 12:00 noon". The self-administration ordered could open up the possibility of the start-up being restructured again under its own steam. Co-founder Cecil von Croÿ confirmed in writing to Capital that the company intends to continue with the learning platform. According to the report, the start-up is in contact with old and new investors and wants to reposition itself. Business operations will continue.

The start-up already has an eventful history behind it. It was originally founded by Cecil von Croÿ and Karl Bagusat as a kind of online copyshop under the name Print Peter. Following the accidental death of founder Karl Bagusat in 2019, the remaining team members renamed the start-up "Charly" and converted the business model to a digital platform. However, the start-up was evidently unable to operate profitably and was still in the red in 2019, for example. However, the start-up raised money, for example around three million euros in February 2021. In total, the start-up claims to have received around seven million euros from investors. What happens next will depend on whether there are new investors and how the restructuring goes.