Dating application Siren, which empowered ladies, shuts straight down after running away from cash

Dating application Siren, which empowered ladies, shuts straight down after running away from cash

by Taylor Soper on April 5, 2017 at 11:36 am April 7, 2017 at 7:23 am

Sound the security for ladies shopping for one thing apart from conventional relationship apps: Siren is shutting straight down.

The app that is seattle-based which billed it self instead of websites such as for instance Tinder and Match.com with a concentrate on empowering females, is shutting its doorways after operating away from cash.

Siren co-founder Susie Lee penned an article detailing the reasons for the company’s shutdown tuesday. She noted that Blackrun Ventures, which just last year invested $225,000 as an element of Siren’s seed round, had never “completed their obligation.”

“Instead, we received little, unpredictable quantities, aided by the other investors fearlessly stepping forward,” Lee published. “Through the commitment among these committed individuals we had been in a position to continue development, nevertheless we’re able to never ever prepare beyond a couple of months, hindering development, milestones, and brand new capital possibilities.”

In a meeting with GeekWire, Lee stated that “all closing docs have been finalized, but never finished their dedication.”

“Instead, they issued tiny, unpredictable tranches, frequently with months in the middle, despite sometimes daily requested updates and repeated assurances,” Lee noted.

Blackrun Ventures, which spent included in its investment that is women-focused arm nevertheless lists Siren on its profile web page. We’ve reached away into the company to get more details and can upgrade this post as soon as we hear straight back. Modify: On Friday, Blackrun taken care of immediately GeekWire and supplied this declaration:

“Blackrun Ventures joined up with a wide range of investors to take part in Siren’s $500,000 seed funding round. Given that lead investor, we committed $225,000, of which 75% had been disbursed during the last year following conclusion of research.

We had been invested in supplying the rest associated with investment to aid Siren’s expansion, and delivered our consultant to utilize the group on the strategic way. Regrettably, the founders made the decision on April 4th to shut straight down the business.

The dating application market is crowded and highly competitive, but our reasons behind purchasing Siren had been strategic, and then we had been won over by the eyesight and passion for the company’s founders. Nonetheless, although we nevertheless see possibility of the business enterprise, especially internationally, we respect their choice.”

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“Despite the doubt shadowing us, we did our better to build on our energy, doing every thing inside our power to stay afloat,” Lee composed when you look at the post. “But without an approach to harness and circulate funds for expansion, we just could maybe not develop fast sufficient. The efforts of two co-founders alone weren’t sufficient to take on the companies that are well-funded this area. Unfortuitously, this comes at the same time whenever Siren revealed strong traction—relocation and expansion to nyc, the forming of key partnerships, and individual success stories that inform us we had been onto one thing special.”

Siren CEO Susie Lee celebrates the App associated with the Year win at the 2015 GeekWire prizes.

Established in 2014 by Lee and co-founder Katrina Hess, whom served as COO, Siren differentiated it self off their dating apps by prioritizing women’s security and enabling users to interact through their responses to day-to-day concerns given by neighborhood organizations and regional icons that are cultural. The application relied on discussion as a starting point instead than long pages or photo searching.

“We’ve created the very first mobile platform created for unforeseen and constructive flirting,” Lee told GeekWire in 2014.

After winning the GeekWire App of the season honor in 2015, Lee and Hess relocated Siren to new york the 2009 September as entrepreneurs-in-residence in the brand new Museum’s incubator system, brand new INC.

Lee stated the organization ended up being “pre-revenue,” but had a three-pronged income model eyesight that included online-to-offline partnerships with neighborhood companies, compensated subscriptions, and “psychometric data analysis of aggregate individual responses.”

The application had 38,000 new users, with an 80 response that is percent to initial messages, Lee noted. Siren had raised $960,000. Its just current workers are the 2 co-founders, who will be both now back Seattle.

Here’s Lee’s blog post that is full

Its with hefty hearts—and eyes to your future—that we ought to announce that Friday, April 7, 2017, Siren will likely be shutting our “doors.”

Whilst it’s perhaps not uncommon for a startup to operate away from cash, just how we went away was since unforeseen as it was damaging. At the start of 2016, we shut our round with a lead investor whose mission would be to help female-centric businesses and whom saw the prospective in Siren’s same site as waplog clear differentiation in a saturated market. Yet, around this writing, a calendar that is full later, they will have maybe not finished their responsibility. Rather, we received little, unpredictable quantities, with all the other investors fearlessly stepping forward. Through the commitment of the committed individuals we had been in a position to carry on development, but we’re able to never prepare beyond a couple of months, hindering development, milestones, and brand new capital possibilities.