Imzy is shutting down

#1

Post by strange_aeons » Wed, May 24, 2017, 4:59 PM UTC

Re: Imzy is shutting down

#2

Post by minimaxir » Wed, May 24, 2017, 5:08 PM UTC

Wait, what? They raised a $8M Series A less than a year ago! https://techcrunch.com/2016/10/26/imzy-raises-8-million-seri...

That was also the time it was opened to the public. This shutdown appears to be a strong counterpoint against Reddit alternatives becoming an inherently successful business prospect.

Re: Imzy is shutting down

#3

Post by kickme444 » Wed, May 24, 2017, 5:09 PM UTC

Hi, I'm the founder of Imzy. It's a hard day but I want to make myself available, especially to entrepreneurs who may have questions. This last 2 years has been fun, and hard and I've learned a lot. You can reply here or email me at dan@imzy.com

I also have an amazing staff of developers, community minded folks, product people, executives, who are looking for work. Many of them mare open to moving (we are in Salt Lake City) and all are open to remote work. They are all very talented. Please drop me a line if you're interested.

Re: Imzy is shutting down

#4

Post by williamstein » Wed, May 24, 2017, 5:09 PM UTC

I spent 5 minutes on the site, and I still have no clue what it is... I would like to know, since it's interesting to understand what people have tried and gave up on.

Re: Imzy is shutting down

#5

Post by nik736 » Wed, May 24, 2017, 5:09 PM UTC

Surprise, surprise. Last time I heared something about Imzy was when they were handing out beta invites.

Re: Imzy is shutting down

#6

Post by seibelj » Wed, May 24, 2017, 5:10 PM UTC

Turns out the vast majority of people don't want to spend their lives in a permanent "safe space"[0]. That was a fast flameout

[0] https://techcrunch.com/2017/04/25/a-chat-with-imzy-co-founde...

Re: Imzy is shutting down

#7

Post by GuiA » Wed, May 24, 2017, 5:10 PM UTC

minimaxir wrote: post #2

Wait, what? They raised a $8M Series A less than a year ago! https://techcrunch.com/2016/10/26/imzy-raises-8-million-seri... That was also the time it was opened to the public. This shutdown appears to be a strong counterpoint against Reddit alternatives becoming an inherently successful business prospect.

Yeah, ~10 employees in SF + office rent + other various costs (lawyers, accountants, the odd office party, etc.) will easily burn through $4M a year.

Edit: oh wait, that's $8M in October 2016, not 2015 - ie 8 months ago. Burning $1M a month does seem quite high. Maybe they're shutting down early to give some money back to investors?

Re: Imzy is shutting down

#8

Post by drewrv » Wed, May 24, 2017, 5:11 PM UTC

minimaxir wrote: post #2

Wait, what? They raised a $8M Series A less than a year ago! https://techcrunch.com/2016/10/26/imzy-raises-8-million-seri... That was also the time it was opened to the public. This shutdown appears to be a strong counterpoint against Reddit alternatives becoming an inherently successful business prospect.

I'll bet either they're returning some of that to investors, or the money was tranched to begin with and contingent on a certain amount of growth.

Re: Imzy is shutting down

#9

Post by kickme444 » Wed, May 24, 2017, 5:12 PM UTC

GuiA wrote: post #7

minimaxir wrote: post #2

Wait, what? They raised a $8M Series A less than a year ago! https://techcrunch.com/2016/10/26/imzy-raises-8-million-seri... That was also the time it was opened to the public. This shutdown appears to be a strong counterpoint against Reddit alternatives becoming an inherently successful business prospect.

Yeah, ~10 employees in SF + office rent + other various costs (lawyers, accountants, the odd office party, etc.) will easily burn through $4M a year. Edit: oh wait, that's $8M in October 2016, not 2015 - ie 8 months ago. Burning $1M a month does seem quite high. Maybe they're shutting down early to give some money back to investors?

We're in SLC and still have the majority of that money left.

Re: Imzy is shutting down

#10

Post by geofft » Wed, May 24, 2017, 5:12 PM UTC

seibelj wrote: post #6

Turns out the vast majority of people don't want to spend their lives in a permanent "safe space"[0]. That was a fast flameout [0] https://techcrunch.com/2017/04/25/a-chat-with-imzy-co-founde...

That's a pretty funny comment to make on Hacker News, which is regularly accused of being a hivemind and downvoting comments / censoring stories that challenge its ideologies.