Flashback 2017: Spectre of shutdowns continues to haunt VC-backed startups – Startup failures rarely make headlines. In fact, most startups don’t even announce shutting down. But one shutdown this year came as a reality check, pointing to the other end of entrepreneurship—the less-celebrated, dark side that most startup founders fail to foresee.
Video hosting service, Vid.me shuts down – This month, the user-generated video hosting service, Vid.me announced it was shutting down. Vidme confirmed it was shutting down because it can’t see a way to make money in the face of internet giants Google and Facebook. The company said that new signups and uploads to the Vidme site and apps will be disabled from Friday, and the service will be shut down after Dec. 15
Best Buy’s digital partner for gadget rental, Lumoid, shuts down – Lumoid, a startup founded to help Best Buy offer gadget rentals has shut down after four-and-a-half years. The startup graduated from the Y Combinator incubator program in 2013 and went on to raise a few million dollars in venture capital.
Ratan Tata Backed Online Fashion Startup Kaaryah Pulls Down Shutters – As Per CEO Nidhi Agarwal, The Gurugram Based Startup Closed Shop Due To Lack Of Funds. Commenting on the development, Kaaryah founder and CEO Nidhi Agarwal said, “It was not sudden. We have been trying to raise funds for the last 18 months. We had broken even twice in 30 months. Honestly, my aspiration for the brand was to take it to $15.6 Mn (INR 100 Cr) revenues within 4-5 years of having started it.”
Mattermark is shutting down its own business after selling to FullContact – Mattermark, the site for startup and company data, is shutting down its own business after selling to FullContact.
Homelane is shutting capricoast after acquiring it a month ago – In another, unrelated deal, Home Interiors Startup Homelane announced it was shutting capricoast. Homelane had acquired the Bengaluru based-marketplace Capricoast for $14 Mn a Month ago. Tanuj Choudhary, Chief Business Officer, HomeLane, was quoted saying