July 11, 2019
Carrot Insights, a Toronto, Ontario-based technology company that has developed the popular Carrot Rewards app, filed an NOI on July 11, listing $11.4MM in liabilities. Launched in 2015, the company grew to over one million registered users and won numerous awards and recognition, including the 2017 Canadian App of the Year by MobileSyrup. Users earned points from loyalty reward programs such as Aeroplan and Scene Points for attaining walking goals and completing surveys. Despite growing revenues to approximately $6.7MM in 2018, the company was not yet profitable and began to face funding challenges in the late summer/early fall of 2018. Attempts to raise capital were unsuccessful, and in March 2019, the company engaged EY Orenda to attempt to market its business for sale. In June 2019, to conserve cash, the company ceased operating the app and laid off all of its employees. While under creditor protection, the company will continue with the sale process, albeit in a more stabilized environment. EY is the proposal trustee. Counsel is Loopstra Nixon for the company and DLA Piper for the proposal trustee.