Protonet: How Germany’s crowdfunding superstar became an investment flop

Protonet set the record for crowdfunding in Germany before filing for bankruptcy. Here is how it happened.

The Hamburg startup Protonet, which offered an affordable, secure server with cloud storage solutions for small companies, experienced a number of highs and lows before filing for bankruptcy in February 2017.

Protonet, which was founded by Ali Jelveh and Christopher Blum in 2008, set Germany's record for crowdfunding: 3 million euros in 133 hours.

The bigger the hype, the harder the fall? Not according to Jelveh: "It is ok when something doesn't work. It is ok to fail."

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