After a few acquisition deals fell through, heavily-funded Singapore social network Bubbly is winding up their business, Tech in Asia reports.
The social site had received USD39 million as a start-up fund from venture companies such as Sequoia Capital, Singtel Innov8 and JAFCO Asia.
After two unsuccessful deals with Chinese-listed companies, the company accepted another venture capital-backed company’s offer. But as plans were just about to be finalised, the acquirer attempted to lower the acquisition price by a sharp 90 percent drop, assuming that the investors would be left with no choice after having made major changes to the company just to close this deal.
This has resulted in investors deciding to liquidate the company than to work with “an unethical company that would do something like this” says a source involved in the situation.
Photo: Bubbly Facebook page
After a few acquisition deals fell through, heavily-funded Singapore social network Bubbly is winding up their business, Tech in Asia reports.
The social site had received USD39 million as a start-up fund from venture companies such as Sequoia Capital, Singtel Innov8 and JAFCO Asia.
After two unsuccessful deals with Chinese-listed companies, the company accepted another venture capital-backed company’s offer. But as plans were just about to be finalised, the acquirer attempted to lower the acquisition price by a sharp 90 percent drop, assuming that the investors would be left with no choice after having made major changes to the company just to close this deal.
This has resulted in investors deciding to liquidate the company than to work with “an unethical company that would do something like this” says a source involved in the situation.
Photo: Bubbly Facebook page