Wednesday, June 30, 2010

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Online Finance Startup Wesabe Heads To The Deadpool Top
Wesabe , an online personal finance site that looked to help users better keep track of their spending trends, is shutting down. The startup’s homepage now consists of a letter to Wesabe users instructing them to download their account information by July 31, at which point nearly all of the service’s features will be taken offline and data deleted. The lone feature that will remain online indefinitely is the site’s ‘Groups’ page, where members can trade advice about their finances (this part of the site is being taken over by one of Wesabe’s current customers). In the letter, Wesabe CEO Marc Hedlund writes that the site has been operating on a shoestring budget lately, which has led to both some poor customer experiences and the potential for security issues, which is why they’re pulling the plug: In recent months Wesabe has been operating on a shoestring budget, with support from some of the developers and operations people who made up our core team. While the site has remained online and we continue to hear from people who find it helpful, we have not been able to provide the support people need to use it for something so central as financial management. I’ve felt especially terrible that some members have a good initial experience but then hit a problem, often after investing many hours, and aren’t able to get help with it. That’s obviously a bad experience, and not what we want to offer. Also, because Wesabe stores such highly sensitive data, continuing to operate the service with shoestring operations and security staff is not acceptable, and we do not want to continue accepting new accounts if we cannot guarantee the security level we believe our service requires. Wesabe was showing some growth in April 2009 when it launched its iPhone app, but traffic has dropped steadily since then. The site has largely been overshadowed by competitor Mint , which launched at (and won) TechCrunch50 and later went to on be acquired for $170 million by Intuit. We’ve been covering the site since 2006 . In Feburary 2007 it raised $700,000 from O’Reilly AlphaTech Ventures, and later that year raised $4 million in a round led by Union Square Ventures. Wesabe has been added to the Deadpool . CrunchBase Information Wesabe Information provided by CrunchBase
 
The Social Currency CrunchUp And 5th Annual TechCrunch Summer Party Top
It’s summer and that time of year that August Capital graciously hosts us on on their fabulous deck so we can throw a roaring party that sends the VCs running from Sand Hill Road for the month of August. Actually, this year marks our 5th annual summer outing at August Capital and we can’t thank David Hornik and the other August Capital partners enough for keeping the traditional alive. It’s also time for our summer CrunchUp, a one day conference held before the party. We started putting these together when we realized that people were traveling in from around the country just to attend a party. We decided we wanted to spend the whole day with entrepreneurs. First it was the Mobile Web Wars , then the Real Time Stream . This year, we’re really excited to announce that Stanford’s Arrillaga Alumni Center will host our conversation. This summer, we’re hosting the Social Currency CrunchUp. As early adopters of technology, we’ve all grown accustomed that our opinions and product uses are not indicative of the average consumer. So what happens when we hit an inflection point and the masses matter? Do we really know what local merchants / SMBs need to support their businesses? What do we need to know about consumer psychology so our digitally delivered discounts resonate with consumers? What retail rules of the road do we need to honor to close a sale? How do we blend the best of virtual and real currencies to entertain consumers? That’s what we’re going to explore at the Social Currency CrunchUp. We’re going to mix up real-world consumers and traditional retailers and marketers alongside the hottest new startups to shake things up and debate the future. The CrunchUp event during the day will max out at around 500 people. The party is for a larger crowd but sells out extremely quickly. CrunchUp attendees also get a pass to the party. About the Social Currency CrunchUp: July 30, 2010 9 am – 4:00 pm Arrillaga Alumni Center, Stanford University 326 Galvez Street, Palo Alto, CA 94305 Get CrunchUp-Party Combo Tickets Now @ Eventbrite: $295 INCLUDES admission for one (1) to the August Capital party and expedited fast-pass door entry. You DO NOT need to purchase a separate August Capital Party ticket if you purchase a CrunchUp ticket. Tickets are non-transferrable, based on availability. Capacity limited to 500 attendees. All details here . Please contact Jeanne Logozzo or Heather Harde for sponsorship opportunities to help support one of the most popular tech fests of the summer. Contact Laura Boychenko to request a press pass. We’ll release the first batch of August Capital summer party tickets on Friday at 9 am pst. The August Capital summer outing is 5:30 – 10:00 pm on Friday, July 30. Tickets will be released weekly in batches. Stay tuned, they sell out quickly. Photo credit: SiliconValleyBlog.
 
Facebook App Is Finally iOS 4-Compatible. Fast App Switching, High Rez Graphics Top
Well, it took a bit longer than other iPhone apps that aren’t, you know, the most downloaded apps of all time, but Facebook has finally today updated its iPhone app to be iOS 4-compatible. A couple weeks ago, I ripped Facebook for releasing an update without this support (and a broken UI to boot). Competitors like Twitter and LinkedIn were iOS 4-compatible either before or immediately after the launch of the new OS on the 21st. Facebook version 3.1.4, which has just gone live, finally gets Facebook up to speed. All indications are that adding fast app switching and support for high resolution icons is relatively easy, so it was odd that Facebook, again, the most popular app, was taking so long. But that may have something to do with the service’s relatively new iPhone team after developer Joe Hewitt decided he wanted to work on other projects. Facebook still has no native iPad app despite that fact that tons of people continue to search for one, and it would undoubtedly be one of the most popular apps on that platform too. Facebook for iPhone 3.1.4 also brings “minor bug fixes” (the UI has been fixed), and support for Korean and Russian localizations. You can find the free app here . CrunchBase Information Facebook iPhone Information provided by CrunchBase
 
Is Move Networks Trying To Pull A Veoh? Top
A bizarre Tweet sent by video streaming technology company Move Networks have prompted many to wonder if the company is close to shutting down. The Tweet reads: “Want some slightly used company assets and some amazing video streaming IP rights? $150,000,000 and it’s yours! Foosball table included.” NewTeeVee reports that the company’s CEO Roxanne Austin, the former president and COO of DirecTV, is resigning and that the majority of Move Networks’ entire staff was laid off. Move Networks allows broadcasters to deliver live and on-demand high-quality video to PCs and other web-enabled devices. As of early last year, Move powered HD video streaming for a number of major media properties, including ABC, Fox, the Discovery Channel, and Animal Planet and even acquired Inuk Networks. It’s unclear what went wrong at Move. The company has raised a considerable amount of money, over $90 million, from prominent investors such as Steamboat Ventures, Cisco and even Microsoft. While the company also suffered from layoffs last year, many startups were forced to trim the fat due to the recessionary economy. As NewTeeVee reports, Move has lost a number of big clients over the past year and failed to raise a significant amount of funding. And it could be hoping to follow in the footsteps of fellow troubled video startup Veoh, which was sold to Qlipso earlier this year. From the Tweet issued today, it looks like Move wants to sell its assets completely in addition to folding. While Veoh and Move have very different businesses, both models reside in the online video space, which seems to be changing rapidly. Attempts to reach Move Networks were unsuccessful. CrunchBase Information Move Networks Information provided by CrunchBase
 
ModCloth Raises $19.8 Million Series B For Indie Fashion Top
Indie fashion site ModCloth has raised $19.8 million in Series B funding in a round led by Accel Partners, with participation from existing investors Floodgate and First Round Capital. As part of the deal Accel’s Theresia Gouw Ranzetta will join ModCloth’s Board, joining Mike Maples (Floodgate) and Josh Kopelman (First Round), along with ModCloth cofounders (and husband-and-wife) Eric and Susan Koger. I sat down with the Kogers earlier this week to talk about ModCloth. For those that haven’t used the site before, it features a range of vintage-inspired clothing from indie designers. ModCloth handles distribution of the clothing itself, and cofounder Susan Koger chooses which clothing is incorporated into ModCloth’s selection. The company has been profitable since 2009. ModCloth plans to use the money to expand its inventory and distribution capabilities (Eric Koger notes that the company’s biggest issue is that frequently sells out of some hot items). It also will be building out more social features, including a more robust voting mechanic that will allow users to help choose which design samples should make it to production (this already exists in an early form, but the company will be enhancing it so it can identify the members with the best taste, who could win employment offers and prizes). Eric and Susan Koger started the company back in 2002 in a limited form, and expanded it after graduating from CMU in 2006. The company now has over 150 employees — a fact that would likely surprise many of the site’s customers given its indie roots. The company is opening a new office in San Francisco (which will serve as its headquarters) as well as a supply chain-oriented office in Los Angeles. Here’s a video interview I did with the founders: CrunchBase Information ModCloth Information provided by CrunchBase
 

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