Dating application Siren, which empowered females, shuts straight down after running away from cash Leave a comment

Dating application Siren, which empowered females, shuts straight down after running away from cash

by Taylor Soper on April 5, 2017 at 11:36 am April 7, 2017 at 7:23 am

Noise the security for females hunting for one thing apart from old-fashioned relationship apps: Siren is shutting straight down.

The app that is seattle-based which billed it self as an option to websites such as for instance Tinder and Match.com with a concentrate on empowering ladies, is shutting its doorways after operating away from cash.

Siren co-founder Susie Lee penned an article detailing the reasons for the company’s shutdown tuesday. She noted that Blackrun Ventures, which a year ago spent $225,000 as part of Siren’s seed round, had never “completed their obligation.”

“Instead, we received tiny, unpredictable quantities, using the other investors fearlessly stepping forward,” Lee had written. “Through the commitment of those committed individuals we had been in a position to carry on development, nevertheless we could never ever prepare beyond a couple of months, hindering development, milestones, and brand new capital possibilities.”

In a job interview with GeekWire, Lee stated that “all closing docs have been finalized, but never finished their commitment.”

“Instead, they issued tiny, unpredictable tranches, frequently with months in the middle, despite sometimes daily requested updates and repeated assurances,” Lee noted.

Blackrun Ventures, which spent as an element of its investment that is women-focused arm nevertheless lists Siren on its profile web page. We’ve reached away to the company to get more details and can upgrade this post whenever we hear straight back. Improve: on, Blackrun responded to GeekWire and provided this statement friday:

“Blackrun Ventures joined up with a quantity of investors to take part in Siren’s $500,000 seed financing round. Once the lead investor, we committed $225,000, of which 75% was disbursed over the past one year following conclusion of research.

We were dedicated to supplying the rest of this investment to aid Siren’s expansion, and delivered our consultant to do business with the united group on the strategic way. Unfortunately, the founders made the decision on April 4th to shut the company down.

The dating app market is crowded and highly competitive, but our good reasons for purchasing Siren had been strategic, and then we were won over by the vision and passion of this company’s founders. However, although we nevertheless see possibility of the company, specially internationally, we respect their choice.”

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“Despite the doubt shadowing us, we did our better to build on our energy, doing every thing in your capacity to remain afloat,” Lee penned within the post. “But without an approach to harness and circulate funds for expansion, we merely could perhaps not develop fast sufficient. The efforts of two co-founders alone are not sufficient to take on the well-funded businesses in this area. Unfortuitously, this comes at the same time whenever Siren revealed traction—relocation that is strong expansion to ny, the forming of key partnerships, and individual success tales that tell us we had been onto one thing unique.”

Siren CEO Susie Lee celebrates the App associated with the win at the 2015 GeekWire Awards year.

Created in 2014 by Lee and co-founder Katrina Hess, whom served as COO, Siren differentiated it self off their dating apps by prioritizing women’s security and permitting users to interact through their responses to day-to-day concerns supplied by regional companies and neighborhood icons that are cultural. The application relied on discussion as a point that is starting than long profiles or picture searching.

“We’ve created the very first mobile platform created for unforeseen and constructive flirting,” Lee told GeekWire in 2014.

This past September as entrepreneurs-in-residence at the New Museum’s incubator program, NEW INC after winning the GeekWire App of the Year award in 2015, Lee and Hess relocated Siren to New York City.

Lee stated the organization ended up being “pre-revenue,” but had a three-pronged income model eyesight that included online-to-offline partnerships with regional companies, compensated subscriptions, and “psychometric information analysis of aggregate individual reactions.”

The software had 38,000 users, with an 80 per cent reaction price to initial communications, Lee noted. Siren had raised $960,000. Its just current employees are the 2 co-founders, that are both now back Seattle.

Here’s Lee’s blog post that is full

It really is with hefty hearts—and eyes to your future—that we should announce that Friday, April 7, 2017, Siren would be shutting our “doors.”

As it was devastating while it’s not unusual for a startup to run out of money, the way we ran out was as unexpected. At the beginning of 2016, we shut a lead investor to our round https://amor-en-linea.net/ whoever objective would be to help female-centric businesses and who saw the possibility in Siren’s clear differentiation in a saturated market. Yet, around this writing, a full twelve months later on, they will have perhaps not completed their responsibility. Alternatively, we received little, unpredictable quantities, with all the other investors fearlessly stepping ahead. Through the commitment of the committed individuals we had been in a position to carry on development, nonetheless we’re able to never ever plan beyond a couple of months, hindering growth, milestones, and brand new money possibilities.

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