Dear Friends of Pabio,
With a heavy heart, we have to say goodbye to you today. Following a difficult year, we are now faced with the unfortunate necessity to declare bankruptcy for Pabio (Koj AG).
When Anand and I founded Pabio in 2020, our goal was nothing less than to revolutionize modern living and make high-quality living spaces affordable and accessible to all. We were able to enjoy steady growth from day one and, over the past three years, have been able to set up more than a hundred apartments in Switzerland and Germany, providing our customers with a beautiful home.
Our business model was heavily dependent on our financing partner: they enabled us to purchase the furniture and pass it on to our customers as a monthly subscription. Without proper funding, unfortunately, it is not possible to continue our business.
Towards the end of last year, our financing partner unexpectedly stopped issuing loans, a consequence of the global economic crisis and rising interest rates. Unfortunately, we were not informed about this early, which put us under immense time pressure. Despite our strenuous attempts to secure alternative funding solutions, we were unable to overcome this hurdle, and regretfully acknowledge that it is not feasible to continue our operations under the present conditions.
Until the last moment, we did everything in our power to save Pabio. There were already advanced negotiations with an interested buyer from Germany. Unfortunately, these talks failed due to the lack of approval from our financing partner. Against this backdrop, we are now forced to file for bankruptcy. This step is not an easy one for any of us and we deeply regret it. The entire Pabio team has worked tirelessly around the clock to turn our vision into reality.
I would like to thank all of our customers, suppliers and investors from the bottom of my heart for their support. You have been an integral part of our vision and your trust has been, and continues to be, our greatest motivation and inspiration. I, along with the entire Pabio team, am deeply grateful to you.
Founder Pabio/Koj AG