‘Promising’ tech company Rodeo declared bankrupt, founder untraceable

The Amsterdam tech company Rodeo Software, which raised tens of millions of euros from investors two years ago, has been declared bankrupt by the judge. Those involved confirm this NRC.

Founder and former CEO Pieter Vos cannot be found, according to several sources who tried to contact him in recent days. He is under forensic investigation for possible financial malpractice at Rodeo. A group of investors has seized his assets for 67 million euros, wrote The Financial Times last week.

“The request to declare bankruptcy was submitted last Monday, it was handled quite quickly,” says lawyer Laurie van Leeuwen, who has been appointed as curator by the court. She cannot yet say anything about the seizure, the ongoing forensic investigation and the whereabouts of founder Vos. “I am now busy taking stock of what has happened in recent weeks. It’s too early to say more about that now. We will certainly look at the role of everyone involved.”

Current Rodeo CEO Erik-Jan Gelink, a former director at Transavia, says he is working under the leadership of the curator on “the most professional possible settlement of the bankruptcy”. “I cannot provide any further details about that.”

Promising start-up

Tech entrepreneur Pieter Vos founded Rodeo Software in 2016. The company provides accounting services to the “creative industries,” according to its website, in the United States, the United Kingdom, the Netherlands and Germany.

Rodeo seemed like a promising tech company. The start-up has raised capital in several investment rounds in recent years. In 2020, a group of Dutch investors invested 7.5 million euros in the company, followed two years later by an investment of tens of millions of euros from abroad, led by American tech investor PSG Equity. These investors have now seized from founder Vos; According to the FD, his home in Amsterdam is in the process of being seized.

According to multiple sources, before PSG Equity stepped in, Rodeo also had contact with other possible lenders, who did not trust the company’s story. For example, in presentations to investors, Rodeo would present companies as customers that were in reality not customers.

Staggering growth

Rodeo also presented investors with staggering growth rates, according to a document that NRC has realized. Turnover is expected to grow from almost 5 million euros in 2020 to more than 57 million euros in 2023. According to those involved, the forensic investigation focuses, among other things, on the turnover and the number of customers that Rodeo reported in recent years.

Rodeo’s commissioners fired Vos at the end of March after an internal investigation. After this, a forensic investigation into the financial affairs of Rodeo was also initiated.

Curator Van Leeuwen cannot yet say what the consequences of the now declared bankruptcy will be for this investigation. The company spokesperson has not yet responded to questions from NRC.

Founder Pieter Vos also did not respond to contact requests. His LinkedIn profile photo recently changed to a picture of a beach.

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