Canadian-based mobile news startup Circa, who recently updated its Circa News app for iOS with support for the Apple Watch, has today announced that it is shutting down, at least for now.
The company CEO and co-founder Matt Galligan said on Medium that his app and website have been put on “indefinite hiatus” due to a lack of funding. “Producing high-quality news can be a costly endeavor and without the capital necessary to support further production we are unable to continue”, he said.
“Our mission was always to create a news company where factual, unbiased, and succinct information could be found. In doing so we recognized that building a revenue stream for such a mission would take some time and chose to rely on venture capital to sustain. We have now reached a point where we’re no longer able to continue news production as-is.
It’s with a deep sadness that we find ourselves in this position. We’re well aware that many of the concepts that Circa News introduced to the market are being found in a number of other news outlets, though sincerely we hope that those ideas which we pioneered continue to be an inspiration for others”.
Circa News was founded in 2011 and received $5.7 million in venture capitalist funding. Galligan mentions that there apparently was a plan in place to monetize Circa News, but the startup was “unable to close a significant investment prior to becoming resource constrained”. He also notes that some members of their team have already moved on to other opportunities, while some are looking for an opportunity to continue their carrier in journalism.
“Finally, we’d like to thank any and all of those who may have contributed and played a part in our story?—?big and small alike. We hope that someday someone may finish the story that we started, succeed where we may have faltered, and that a news experience built for the future and not burdened by the past will have a shot.
Thank you, Matt Galligan, Circa Co-founder”