Mysteries

Why Did Much-Loved Loosecubes Shut Down Five Months After Raising $7.8 M.? A Postmortem

The now-shuttered HQ. (Photo: Loosecubes)

Yesterday’s news about Loosecubes closing caught the New York tech scene by surprise. The company, one of the early movers in shared office space, just raised $7.8 million in venture funding back in June. They’d been a little quiet in recent months, and the coworking business is a competitive one, but no one figured Loosecubes was on the fast track to the deadpool. It was the kind of company that even non-techies easily understood and appreciated.

So the sudden shutdown, besides bumming out fans, left two nagging questions: What went wrong? And where did all that venture capital go? When we called, Loosecubes’ office number had already been disconnected. An email to their press team returned only a canned response from cofounder Anna Thomas: Read More