A deal for Dutch company Startupbootcamp (SBC) to take over Prince Andrew’s former start-up business network, Pitch@Palace, appears to be in doubt.
The takeover, initially expected to provide the Duke of York with a financial boost, has not been finalized, and no agreements have been signed.
The BBC reported that despite an earlier announcement of an intended acquisition and discussions about funding from Bahrain, no transactions have been carried out. Sources cited by the BBC state that SBC is now reconsidering its involvement and wants to sever ties with Waterberg Stirling, an investment company registered in Bahrain in late 2024 by Dominic Hampshire, an adviser to Prince Andrew.
Pitch@Palace, launched by Prince Andrew in 2014, was designed as a platform for start-ups and entrepreneurs to connect with investors. SBC, which has been operating since 2010, supports early-stage companies and has investments in over 1,700 start-ups.
In February, SBC announced its plans to take over Pitch@Palace, calling it a “fantastic opportunity” to revive a dormant network.
BBC sources stated that although meetings were held, including at Buckingham Palace, and joint branding efforts had taken place, no formal deal was reached. The initial takeover plan involved SBC working with Waterberg Stirling as a strategic partner, but this arrangement is no longer in place.
The BBC also reported that Adnan Sawadi, linked to Waterberg Stirling, presented the Pitch@Palace successor, Innovate Global, in China in 2024. During his presentation, he praised Yang Tengbo, who was later accused of espionage. Yang has denied the allegations.
Prince Andrew’s finances have been under scrutiny, with questions raised about his ability to cover security and maintenance costs for the Royal Lodge in Windsor. The sale of Pitch@Palace’s network was expected to provide him with financial support. Prince Andrew has been approached for comment.
