Post-Powa Dan Wagner quits Attraqt to head for fledgling tech venture

Dan Wagner, the controversial entrepreneur behind failed start-up Powa, has quit as chairman of AIM-listed Attraqt, another company he founded.

Wagner said he is leaving loss-making Attraqt, an e-commerce software firm behind the Freestyle Merchandising platform, to focus on “his new technology start-up”.

His new venture is thought to be Rezolve, which was known as Powa Commerce between February and March. The function of the new start-up is unknown.

Existing non-executive director Nick Habgood will be Attraqt’s interim chairman and will lead the search for a new independent chairman. Investors cheered Wagner’s departure as the shares jumped 3.25p, or 11%, to 31.75p. He retains a 13% stake.

Powa collapsed in February after burning through $220 million in a few years at the expense of 74 jobs.

It was one of the UK’s few “unicorn” tech start-ups with a valuation of more than $1 billion and had been praised by Prime Minister David Cameron.

Wagner said today: “It is companies like Attraqt that push the boundaries of technology innovation enabling their customers to be more efficient.”

Attraqt made revenues of £2.9 million last year, up 40%, with a £700,000 loss.