Typically to raise funds you need to be able to show real growth in at least a few metrics. Revenue is great, but if you can show user growth, and/or growing t

Typically to raise funds you need to be able to show real growth in at least a few metrics. Revenue is great, but if you can show user growth, and/or growing time on platform month over month that will get investors excited, even if revenues are down. Sometimes revenue goes down when you change strategy, but you still need to show growth in other metrics to get investors on board. If revenue is down and user growth is down it will be nearly impossible to get someone to put money in that scenario. If you aren't showing growth and revenues are dropping you are in a failing situation and the sooner you accept it and make some hard decisions the better (been there myself more then once). Doesn't mean you have to give up, but you may need to work harder, be more creative, look for alternative revenue sources etc and definitely get the growth metrics heading up. It could also be maybe time has run and you guys are done with this attempt and so closing shop and moving on is best. Only you & your partners know. FWIW, this is where cultivating relationships with high net worth people early and often is helpful. A lot of times they are wiling to fund a good venture even when it doesn't match traditional funding guidelines. Usually this is them funding people they believe in with an idea they think can grow, but it usually requires prior relationships being built and is hard when you are already in trouble. If you have these connections or can develop some to this group of people it might be helpful, if not for this venture for the next. Good luck!