n2N Commerce no more
TechCrunch reports on the first start-up death of 2008 (or the last of 2007, perhaps), involving Cambridge-based n2N Commerce.
The company officially launched last January with a $30 million round of funding from Limited Brands and General Catalyst. Joel Cutler and Larry Bohn were the GC board members. Ruben Pinchanski, one of Boston's pioneers of Web development and e-commerce, was the CEO.
One entrepreneur who heard news of the company's troubles tells me that n2N laid off about 70 people before Christmas.
Update: I'm told that the decision to shut-down n2N wasn't made by the full board, but by Limited Brands, which unfortunately was the company's lead investor and primary customer. I suspect we'll see some legal action, since it doesn't sound like GC is too happy about putting money into a start-up that was given just one year to prove its model. GC had two board seats, as did Limited Brands. Pinchanski was the fifth board member.
The company officially launched last January with a $30 million round of funding from Limited Brands and General Catalyst. Joel Cutler and Larry Bohn were the GC board members. Ruben Pinchanski, one of Boston's pioneers of Web development and e-commerce, was the CEO.
One entrepreneur who heard news of the company's troubles tells me that n2N laid off about 70 people before Christmas.
Update: I'm told that the decision to shut-down n2N wasn't made by the full board, but by Limited Brands, which unfortunately was the company's lead investor and primary customer. I suspect we'll see some legal action, since it doesn't sound like GC is too happy about putting money into a start-up that was given just one year to prove its model. GC had two board seats, as did Limited Brands. Pinchanski was the fifth board member.
Labels: e-commerce, General Catalyst, Limited Brands, n2N Commerce
posted by Scott Kirsner at
9:59 AM
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