At the beginning of the year, Ari Herstand posted a positive review of mobile concert app Lively on Digital Music News. Shortly after that Lively raised $2 million, hitting a total of $2.65 million in funding. Lively’s founder and CEO Dean Graziano told GeekWire that the company had turned down three acquisition offers. In May, Lively hired Scott Kawa – a music/tech executive with 14 years of experience.
The future seemed promising for this startup.
Now it is apparent that Lively should have taken an acquisition offer. The company has just laid off most of their staff and is shutting down.
Graziano says the company ran out of money and did not have enough time to raise more. He told The Seattle Times: “The label deals took a little bit longer than we had hoped“. He also says that the company needs to raise one million dollars to stay alive. Let’s face it, that probably won’t happen.
It doesn’t seem like Lively saw this coming. Just two weeks ago they were releasing a Kindle version of their app.
Nina Ulloa covers breaking news, tech, and more. Follow her on Twitter: @nine_u