n2N Commerce no more
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