Loosecubes, ‘The Airbnb For Shared Office Space’ Shutting Down

Loosecubes, the community marketplace for shared workspace, sent out an email today saying it is shutting down this Friday, 16 November. Very little detail was provided.

I looked back into the company’s recent history, and they had secured $7.8M in series A funding back in June from NEA, Revolution Ventures, Accel, and Battery Ventures. These are very serious players. The firm had earlier raised $1.2M.

I don’t get it. The concept for Loosecubes seems solid, or I might say the market for co-working seems solid. 

But a fast shutdown of this sort means that the investor lost faith in the concept and/or the team, and decided to shut down and claw back any remaining funds.

I will email a few folks to try to get the back story.

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