Edgeio To Shut Down - In The DeadPool
Mike Arrington's startup is in the deadpool - how on god's earth did they blow through 5 million in 12 months? Most startups in the web 2.0 space don't need more than a 1 million, if that, to prove out a concept. I'd really like to know how that much money was spent in a year....
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. We are putting it into the TechCrunch DeadPool.
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.
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