This morning, Friday 27 March 2026, Wonen360 reported in a special newsletter that fonQ Groep B.V. and its main entity Fonq.nl B.V. have been declared bankrupt. Immediately following the announcement, former CEO and Naduvi founder Itai Gross responded to the news. While earlier analyses suggested that the integration of Naduvi dealt a fatal blow to the e-commerce platform, Gross presents a different perspective. "The vulnerability was within the fonQ organisation itself, not the merger," the former executive stated.
© Itai Gross
In a direct phone conversation with the Wonen360 editorial team, Gross challenged previous conclusions. He argued that the suggestion that Naduvi caused the downfall is factually incorrect and "far too simplistic." Rather than being a millstone, he claims that the addition of the outlet platform provided a much-needed boost to operational performance.
Performance improved after the merger
Gross emphasised that since the two brands came together in 2024, the group's performance had been on an upward trajectory. "From the moment the two brands were combined, the company's performance improved significantly," he said. While he could not provide exact figures for the most recent (as yet unpublished) financial year, he described the improvement as substantial compared with the multi-million losses of the previous year.
He also strongly refuted criticism that the organisation had become "top-heavy" as a result of the merger. According to the former CEO, the consolidation actually removed significant costs from the combined organisation and enhanced efficiency.
The core issue: fonQ's financing
According to Gross, the real cause of the bankruptcy lies in fonQ's long-term loss-making, which dates back well before the acquisition of Naduvi. While the integration did bring technological complexity, the fundamental weakness was in the financing structure and the willingness of shareholders to continue investing in the original fonQ model. "Naduvi was actually a step forward with a much better model. The problems were structural within fonQ; the company had been heavily loss-making for a long time."
Step forward failed due to lack of capital
Gross's analysis sheds new light on the company's final phase. While critics view the integration as a mistake, Gross describes it as a rescue attempt that did improve results but ultimately failed when shareholders closed off further funding. The "time bomb" that has been referred to, he claims, had been ticking inside the company walls for much longer.
More information:
fonQ
www.fonq.nl
Naduvi
www.naduvi.nl
