We were prepared to close down and give back the remaining funds to our investors, revealed Aage Reerslev CEO at Wrapp when we met him at the Wrapp HQ yesterday. Wrapp, founded in 2011, was initially one of the most hyped startups. The team was very experience and had already the first year investors like Creandum, Atomico (Niklas Zennström), Greylock Partners (Reid Hoffman), and American Express. Expectations were extremely high, the service was launched and did initially perform quite well. But after some time it became clear that the business model did not work. The company, stressed by high expectations and aggressive competition by copy cats, had fallen into the trap of premature scaling. The very tough decision to close down the initially launched service and pivot was taken. International operations were closed down and the team in Stockholm developed a new version of the service based on the experience gained. Going from a hyped startup with all the right names in the team and board, to a company closing down the service, most expected that the Wrapp story had come to an end. But that was not the case, the new version of the service was launched spring 2015 with very strong partners and this time it looks like they got it right. The service now creates significant value for all involved parties (retailer, banks, end users as well as for Wrapp) and the expansion and scale up seems now to be more strategic and controlled. We are happy that we had the opportunity to visit Aage Reerslev and Wrapp and wish them a bright future.