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Firstbase.io Inc., a business services startup that helps companies incorporate in the U.S., has filed for Chapter 11 bankruptcy protection in New York, citing up to $50 million in debt. The filing comes more than three years after the company secured investment from startup accelerator Y Combinator.

Firstbase.io Files for Bankruptcy : Bankruptcy Filing Details

In the petition filed Wednesday, Firstbase listed assets between $1 million and $10 million and named nearly 80 creditors, including Google, the Internal Revenue Service, and Stripe. The case has been assigned to U.S. Bankruptcy Judge Lisa G. Beckerman.

Company Background and Y Combinator Connection

Firstbase.io joined Y Combinator’s winter 2021 cohort and had registered around 5,000 companies in 160 countries by that time, positioning itself as a key service provider for startups seeking U.S. incorporation. At the time, the company employed 20 people.

Firstbase.io Files for Bankruptcy : Legal Representation and Next Steps

Firstbase is represented by Dawn Kirby of Kirby Aisner & Curley LLP. The company has not yet commented on the bankruptcy filing, and further developments are expected as the case progresses under Chapter 11.