// startup autopsy
IQcard
Loyalty cards without loyal customers
marketfitSlow Death
Years-long decline before final shutdown · Fatal mistake: IQcard failed to secure enterprise contracts at scale before its single funding round was exhausted, leaving no runway to survive Russia's post-2014 macro collapse.
Key Events Timeline
FOUNDING
IQcard founded in Russia to build loyalty card SaaS for retail sector.
FUNDING
Raised $7.7M in what would become its final funding round.
REGULATORY ACTION
Russia's geopolitical crisis post-Crimea annexation froze tech investment climate and enterprise IT budgets.
SHUTDOWN
IQcard ceased operations after exhausting runway with no follow-on funding available.