The Burlingame based company has taken $25 million in funding over four rounds that included DEFTA Partners, Edmond de Rothschild Venture Capital, FCPR Israel Discovery Fund, Labrador Ventures, The Bay Area Equity Fund and WaldenVC. The first sign of trouble at MeeVee surfaced in July 2007 when the company cut 20% of its workforce.
According to MeeVee:
Due to accelerated development of the online entertainment market, the Board of Directors at MeeVee has determined that combining with an established player will maximize the potential for the community, technology and content relationships the Company has built.
MeeVee claims that it is “engaged in multiple discussions with potential acquirers that provide the greatest long term upside and synergy,” but then adds “Interested parties should contact Steve Hughey (email@example.com) for more information.” You don’t normally ask for interested parties to contact a company re a sale unless the current talks (if they exist) aren’t going well.
The other sign of trouble and that they’ve just about run out of money: the press release states that MeeVee has 7 full time employees. After the July cut there were 27 employees.
We’re putting MeeVee on Deadpool watch.