An app that wanted to change the way we get news has shut down after running out of money
Circa News, the mobile news app that was founded in 2011 and received $5.7 million in venture capitalist funding, is shutting down - at least for now.
Circa CEO and co-founder Matt Galligan announced on Wednesday that his app and website have been put on "indefinite hiatus" due to a lack of funding.
"Producing high-quality news can be a costly endeavor and without the capital necessary to support further production we are unable to continue," wrote Galligan in a lengthy paragraph on Medium. There apparently was a plan in place to monetize Circa News, but the startup was "unable to close a significant investment prior to becoming resource constrained."
"It's with a deep sadness that we find ourselves in this position," added Galligan, who noted that some members of Circa's 20-person team have already found jobs elsewhere.
In early May, Fortune reported that Circa was looking for a buyer after failing to close on a crucial investment. Nothing new has been published on Circa's website or iPhone app since June 21. Wednesday morning, the news service's editor-in-chief tweeted about the editorial team being left in the dark: