Charly is insolvent

The edtech start-up is allowed to manage its own insolvency. The management team wants to continue.

The learning platform Charly, which was previously launched as Print Peter, is insolvent. The start-up has filed for insolvency proceedings in so-called self-administration for this purpose, according to documents from the local court in Berlin dated March 04, 2022. The news portal Capital and German start-ups had reported on this first.

The notice from Charlottenburg Local Court states that the "insolvency proceedings on the debtor's assets will be opened due to insolvency and over-indebtedness on 01.03.2022 at 12.00 noon." The ordered self-administration could open up the possibility of the start-up reorganizing itself once 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. Originally, Cecil von Croÿ and Karl Bagusat founded it as a kind of online copy store under the name Print Peter. After the accidental death of founder Karl Bagusat in 2019, the remaining comrades-in-arms renamed the start-up to its nickname "Charly" and converted the business model to a digital platform. However, the start-up was apparently unable to operate profitably, still in the red in 2019, for example. However, the start-up did raise 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 backers and how the restructuring goes.