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"The bad news is that the renewal rate was not high enough for us to have sufficient budget for full-time employees. After carefully considering a few different
by mcone 12y ago
"The bad news is that the renewal rate was not high enough for us to have sufficient budget for full-time employees. After carefully considering a few different options, we are making the difficult decision to no longer employ any salaried employees, including founders. Dalton and Bryan will continue to be responsible for the operation of App.net, but no longer as employees."
Did these guys burn through over $3 million in less than a year? They got $2.5 million in August 2013. (http://techcrunch.com/2013/08/14/app-net-new-funding/ http://techcrunch.com/2013/08/14/app-net-new-funding/)
- pcl 12y agoInteresting. The $2.5M that mcone mentioned was venture from Andreeson Horowitz, not subscription revenue. Also, according to CrunchBase [1], their parent company has raised $7M total. I wonder if this announcement means that the parent company is shutting down, or the employees of that company are no longer working on App.net in a full-time capacity. [1] http://www.crunchbase.com/organization/mixed-media-labs http://www.crunchbase.com/organization/mixed-media-labs