Three-year-old news digest app Circa is shutting down, cofounder and chief executive Matt Galligan announced today in a Medium post.
“Producing high-quality news can be a costly endeavor and without the capital necessary to support further production we are unable to continue,” Galligan wrote.
The app had been for sale since at least April, after the company failed to raise an additional funding round. Circa has raised less than $6 million to date.
With a “for sale” sign dangling across its chest, rumored acquirers ranged from Twitter (in May) to news site Daily Dot (last week).
June 5th: The AI Audit in NYC
Join us next week in NYC to engage with top executive leaders, delving into strategies for auditing AI models to ensure fairness, optimal performance, and ethical compliance across diverse organizations. Secure your attendance for this exclusive invite-only event.
Beyond that, Circa wasn’t able to get more money from investors. And that was significant, because the team didn’t want to bring in money by introducing ads or subscriptions.
“Our ongoing plan was to monetize Circa News through the building of a strategy we had spent a long time developing but unfortunately we were unable to close a significant investment prior to becoming resource constrained,” Galligan wrote.
But this may not be the end of Circa.
“In the interest of continued negotiations around Circa,” Galligan wrote in conclusion, “we will not be speaking to the press about ceased production.”
