The local online ad service, WebVisible, is now being shut down by Silicon Valley Bank now that is has run out of Cash. WebVisible had plenty of money in 2010 and has now run out and is cash strapped. It had been funded and syndicated the funds from Focus Ventures, Adam Street Partners, RedPoint Ventures and Sutter Hill Ventures. The firm was headquartered in Irvine, Ca the same city as Global Good Networks. The company had already laid off 40 people including managers in 2010 which started to show that the cookie was crumbling. It is important for entrepreneurs to know that hard road that it takes to make a firm successful and that even when you are well funded things can go sour, and fast. $20 million gone in a year or two… very sad to see. We here at the Global Good Network hope to make smart business decisions and end up at the top!
WebVisible received $20 million in funding in 2010:
http://jan.ocregister.com/2010/02/11/oc-web-firm-receives-20-million/31021/
Read more related news:
http://www.topix.net/vc/2011/12/online-local-ad-service-shuts-down
http://www.ocregister.com/articles/webvisible-333427-company-online.html
