Dot Bomb Splat! Classifieds Site Edgeio Runs Out Of Cash! See Ya!

[mandy]

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 didn’t hurt the company. But the revenues didn’t come in and user/partner milestones weren’t 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:

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

[regic]

Edgeio's assets are being auctioned off on DomainTools

A few days ago Techcrunch broke the news that Edgeio was joining the dead pool. The business is being shut down and the company is closing. That leaves one thing left to do. Edgeio has listed all their assets for sale in our auction platform. We are holding a special auction for them at www.domaintools.com/edgeio-auction/. The auction starts immediately and will run for the next week and end on Friday the 21st and 11:00am PST. The auction process will stay open if any bids are received in the last five minutes of the auction.... Escrow will close this calendar year and funds will be delivered to the seller before the end of 2007. The edgeio assets are starting at a reserve price of $250,000.

http://blog.domaintools.com/2007/12/edgeio-auction/

the auction: http://www.domaintools.com/edgeio-auction/