Dating software Siren, which empowered females, 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

Noise the security for females interested in something aside from old-fashioned relationship apps: Siren is shutting straight down.

The Seattle-based application, which billed it self as an option to internet sites such as for instance Tinder and Match.com with a concentrate on empowering ladies, is shutting its doorways after operating away from cash.

Siren co-founder Susie Lee penned a post Tuesday detailing the causes for the business’s shutdown. She noted that Blackrun Ventures, which year that is last $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 of those committed individuals we had been in a position to carry on development, nonetheless we’re able to never ever prepare beyond a couple of months, hindering growth, 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 between, despite sometimes daily requested updates and repeated assurances,” Lee noted.

Blackrun Ventures, which spent included in its women-focused investment supply, nevertheless lists Siren on its profile web page. We’ve reached away to the company for more details and can upgrade this post whenever we hear right back. Improve: on, Blackrun responded to GeekWire and provided this statement friday:

“Blackrun Ventures joined a quantity of investors to take part in Siren’s $500,000 seed financing round. Given that investor that is lead we committed $225,000, of which 75% had been disbursed over the past one year following conclusion of homework.

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

The app that is dating is crowded and highly competitive, but our known reasons for purchasing Siren had been strategic, and we also had been won over by the eyesight and passion regarding the company’s founders. Nonetheless, we respect their decision. although we still see possibility of the business enterprise, specially internationally,”

<

“Despite the doubt shadowing us, we did our better to build on our energy, doing every thing inside our capacity to remain afloat,” Lee composed when you look at the article. “But without a means to harness and circulate funds for expansion, we merely could perhaps not develop fast sufficient. The efforts of two co-founders alone are not adequate to contend with the well-funded organizations in this room. Regrettably, this comes at any given time whenever Siren showed traction—relocation that is strong expansion to nyc, the synthesis of key partnerships, and individual success tales that inform us we had been onto one thing unique.”

Siren CEO Susie Lee celebrates the App for the win at the 2015 GeekWire Awards year.

Created in 2014 by Lee and co-founder Katrina Hess, who served as COO, Siren differentiated it self off their dating apps by prioritizing women’s security and permitting users to activate through their answers to day-to-day questions given by regional organizations and local icons that are cultural. The application relied on discussion as a point that is starting than long pages or picture surfing.

“We’ve developed the very first platform that is mobile for unanticipated and constructive flirting,” Lee told GeekWire in 2014.

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

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

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

Here’s Lee’s blog post that is full

It really is with heavy hearts—and eyes to your future—that we ought to announce that April 7, 2017, Siren would be shutting our “doors. friday”

As it was devastating while it’s not unusual for a startup to run out of money, the way we ran out was as unexpected. At the start of 2016, we shut a lead investor to our round whoever objective would be to help female-centric organizations and whom saw the possibility in Siren’s clear differentiation in a saturated market. Yet, around this writing, a calendar that is full later on, they usually have perhaps not finished their responsibility. Instead, we received little, unpredictable quantities, aided by the other investors courageously stepping ahead. Through the dedication of those committed individuals we had been in a position to carry on development, nevertheless we’re able to never ever prepare beyond a couple of months, hindering development, milestones, and brand new capital possibilities.