Freedrum, the Malmö-based startup known for its virtual drum kit, has declared bankruptcy. Swedish Tech News report this marks the second bankruptcy for the company, following a prior insolvency in 2019 when investors intervened to rescue the business.
Freedrum was founded in 2016 by George Charkviani and has since raised over € 2.4 million (SEK 28 million) in equity funding from Almi Invest, LAUNCH Accelerator, and angel investors. Despite reporting a net revenue of SEK 6.1 million in 2023, Freedrum faced financial challenges, with a loss of SEK 10.7 million that year.
The company aimed to revolutionize drum practice by providing an affordable, portable, and silent solution for drummers through its Electronic Drumsticks and Freedrum Studio app. The Freedrum kit enabled users to practice with dynamic control and timing precision and shared a vision of making drumming accessible anytime, anywhere. However, despite initial interest and investment, it struggled with profitability, culminating in the current closure following a corporate restructuring attempt earlier in May.
