A claims management company targeting the misselling of financial products has gone into administration, the FT reports.
Rebus Group completed a crowdfunding campaign last year on Crowdcube to fund its expansion, raising a total of £816,970.
However, administrators ReSolve have now been appointed to oversee the business.
As a result, more than 100 individuals are set to lose funding contributions of between £5,000 and £135,000.
The FT reports that people who paid Rebus upfront fees to investigate misselling claims are also set to lose their money.
The company focused on investments later deemed to be tax avoidance by HMRC, taking fees on the settlement of disputes.
At the time, it said it hoped to raise capital to expand its “specialist service to cater towards supporting the victims of financial misselling”, and said that investors “could anticipate making a multiple of between 6.4 and 10.6 times their cash invested” by 2018.