Girly teen site dies after 46 days
Kibu.com thought $22m would last longer
Execs at Kibu.com, a virtual hangout for teenage girls, have pulled the plug on the site just 46 days after its launch.
The California-based venture, which grabbed $22 million from high-profile investors such as Netscape co-founder Jim Clark, officially blamed its death on bad market timing. It has returned all remaining cash to investors.
Kibu, which offered online chat and teen tips on fashion, beauty and boys, apparently announced the closure to staff on Friday and gave most of its 65 workers the boot on the same day, CNET reported. "Unfortunately, Kibu's timing in financial markets could not have been worse," the company said in a statement.
"With public and private markets for consumer Internet companies showing no signs of life, Kibu managers and directors concluded that Kibu's significant financial assets and employee talent would find a better return elsewhere."
And the Kibu entrepreneurs haven't let the grass grow under their feet - and are already advertising their talents on a fresh Website, kibupeople.com.
Kibu originally thought the investor cash gained in February would last until next spring, and the company had aimed to make a profit by late 2001. ®