Seed Stage Slaughter

The Seed Stage Slaughter Begins: MyNines Shuts Down, CEO to Rue La La

Mown down by the markets

If you’ve been listening closely at tech parties and events over the last month, you could begin to hear the tectonic rumblings of a reckoning. The bubble in seed stage funding that saw hundreds of start-ups raise capital during 2010 is coming to an end. And many of the companies who raised less than $1 million are now running out of cash.

This morning we got an anonymous tip, since confirmed, that flash sales aggregator MyNines, which raised $750K back in April of 2010, has shut down. The company’s website is currently offline. Founder Apar Kothari has been named vice president, head of business development and strategic partnerships at private sale shopping destination site Rue La La. (Sounds like that emerging talent pool we told you was coming.) Read More