Get our rare newsletters
Contact GoalEuropeIf you have questions or need a consultation, get in touch.
While there is often positive news, like the announcement of events and new investments, sometimes it’s necessary to bring some bad news. Today just happens to be one of those days. From StartupAfisha, we have a report that Russian travel-startup Travelmenu has apparently ceased to operate and from Netokracija we have news that the same misfortune has befallen Slovenian startup Vox.io. At this point, only Vox.io has confirmed that their service is coming to an end. According to a report in Tnooz, Travelmenu will be selling off its technology to a larger company and the brand itself will simply come to an end.
In the case of Vox.io, the news seems to serve as a warning that, not matter how well you think that you’re doing, there may be significant bumps ahead. Just last September, there was an article in TechCrunch about their service attracting its millionth user. Back in 2011, they were big winners at Seedcamp London 2011. Now, just a few months after hitting the big one-million-user milestone, they’re finished. This is not the end of the road for the team at Vox.io, of course. The members of that team will move on to other, hopefully more successful projects. Still, shame to see the end of what appeared to be one of the most successful recent startups from the southeastern European region.
With regards to Travelmenu, which was founded in 2007, the situation seems to be considerably murkier at this time. All we know right now is that their website can’t be accessed and there is quite a bit of confusion surrounding their situation. Back in 2011, Travelmenu obtained $1.6 million (1.23 million euro) in funding from Russian VCs Almaz Capital and Runa Capital. In that instance, each contributed $800,000. Then, just over a year ago, we did a post when these same two VCs invested an estimated $1 million (768,000 euro) further into the company. That Series B took Travelmenu’s funding total to $4.6 million (3.53 million euro). Now, though, the future of the company appears unclear. Masha Drokova, the PR representative for Runa Capital, told StartupAfisha that their fund is in the process of exiting the company and that details can’t be revealed while the sale of Travelmenu’s technology is in the process of being sold. Since February 2013 Travelmenu CEO Katrin Buckenmaier
is no longer with the company, according to her LinkedIn profile. Stay tuned.
+44 (020) 3290 3544
vita at goaleurope dot com