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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- loosecubes (swiss-miss.com)