The Seattle-based company has been struggling to find additional financing since April when it announced a $2 million round of financing led by Loeb Partners and Insignia Financial Group, both based in New York. Elie Feingold, who founded the company in 1998, tells GlobeSt.com that the company got tripped up by August, a notoriously terrible time to find money.
To boot, says Feingold, "we recently learned that our ability to raise bridge capital (from existing investors) was diminished, and that it is going to take quite a while to raise additional capital. In light of that, we had to make the hard decision of letting a significant number of people go."
Still, says Feingold, the company is looking forward, and still has a lot of things going for it. The company's current operating cash is coming from previous bridge-round support from current investment partners, according to Feingold, who would not elaborate.
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