12-10-2007, 10:49 AM
Quote:Edgeio, a company I co-founded in 2005, had a final board meeting this evening and made the decision to shut down operations of the company...
Edgieo first launched in February 2006 after a beta period. The company raised a small angel round of financing, then in October 2006 closed a $5 million Series A from Intel Capital and Transcosmos.
The company burned through that money according to plan, meaning they ran out this month. The product roadmap was fulfilled, meaning development lags didnt hurt the company. But the revenues didnt come in and user/partner milestones werent met. And that meant no one else was going to put more money into the company...
full article: http://www.techcrunch.com/2007/12/06/edg...-deadpool/
more:
Quote:Edgeio becomes the latest local site to shut its doors. Judy's Book also announced it was closing quite recently. Before Judy's Book, it was Backfence and InsiderPages, though the latter was technically sold.
One of the paradoxes of the local market is that it represents a huge and growing category, but it's terribly challenging to monetize for a startup. As Andrew Goodman said to me, local "is a marathon not a sprint." He's absolutely correct. And for that reason most VCs, and VC funded sites by extension, don't have the stomach and time horizon to succeed in local. Their "three years and out" philosophy is not a viable one in local in the majority of cases, although there are exceptions. ..
full article: http://searchengineland.com/071207-100836.php