We are flattered and grateful for the faith in us, and for wanting to help still bring Ada to fruition. However, as Triggertrap CEO Haje Jan Kamps mentions in this article, one of the core problems is that the product itself is far, far more expensive to manufacture than we had hoped.
That means that even if we do somehow manage to raise enough money (we're talking about an additional £100,000, possibly more), there's still a chance that things go wrong, even with the additional funding, which would put us right back at where we are today.
In our mind, that means that the choice is this: Should we try to borrow, find investment or ask our backers for an additional 30% funds, and invest another 6 months of our time into delivering after all, for a product we know could still stumble if further manufacturing issues crop up? Or continuing at this point be an example of falling for the sunk cost fallacy, where we decide to try to salvage what we've done so far by investing even more?
We discussed this at great depth internally, and reached a conclusion. With only 20% of the Ada project fund left, spending any more would be a case of throwing good money after bad. As such, we decided to offer refunds of the remaining funds.