Dating application 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

Sound the security for females to locate one thing aside from old-fashioned relationship apps: Siren is shutting straight down.

The Seattle-based application, which billed it self instead of web sites such as for example Tinder and Match.com with a consider empowering ladies, is shutting its doorways after operating away from cash.

Siren co-founder Susie Lee penned a post Tuesday detailing the reason why 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 had written. “Through the commitment among these 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 financing possibilities.”

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

“Instead, they issued little, 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 out into the company to get more details and can upgrade this post as soon as we hear right back. Improve: on, Blackrun responded to GeekWire and provided this statement friday:

“Blackrun Ventures joined up with a wide range of investors to participate in Siren’s $500,000 seed financing round. Once the investor that is lead we committed $225,000, of which 75% was disbursed during the last year after the conclusion of research.

We had been focused on supplying the rest regarding the investment to aid Siren’s expansion, and delivered our consultant to work alongside the team on the strategic direction. Unfortuitously, the founders made the decision on April 4th to shut the company down.

The dating application market is crowded and highly competitive, but our known reasons for buying Siren had been strategic, so we had been won over by the eyesight and passion regarding the company’s founders. Nonetheless, although we nevertheless see possibility of the company, specially internationally, we respect their decision.”

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“Despite the doubt shadowing us, we did our better to build on our energy, doing every thing in your capacity to remain afloat,” Lee composed into the post. “But without an approach to harness and distribute funds for expansion, we just could maybe not develop fast sufficient. The efforts of two co-founders alone are not adequate to contend with the well-funded organizations in this area. Unfortuitously, this comes at the same time whenever Siren revealed traction—relocation that is strong expansion to ny, the synthesis of key partnerships, and user success tales that inform us we had been onto one thing unique.”

Siren CEO Susie Lee celebrates the App of this Year win at the 2015 GeekWire honors.

Created 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 activate through their answers to day-to-day concerns supplied by regional companies and neighborhood icons that are cultural. The application relied on conversation as a point that is starting than long pages or picture searching.

“We’ve developed the very first platform that is mobile for unforeseen 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 earlier this September as entrepreneurs-in-residence during the New Museum’s incubator system, brand new INC.

Lee said the business had been “pre-revenue,” but had a three-pronged income model eyesight that included online-to-offline partnerships with neighborhood companies, compensated subscriptions, and “psychometric information analysis muslima search of aggregate individual reactions.”

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

Here’s Lee’s complete weblog post:

It’s with hefty hearts—and eyes into the future—that we should announce that April 7, 2017, Siren are going to be closing 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 closed a lead investor to our round whoever objective would be to help female-centric organizations and whom saw the prospective in Siren’s clear differentiation in a saturated market. Yet, around this writing, a full twelve months later on, they usually have maybe not finished their responsibility. Rather, we received tiny, unpredictable quantities, aided by the other investors fearlessly stepping ahead. Through the commitment among these committed individuals we had been in a position to carry on development, nevertheless we could never ever prepare beyond a couple of months, hindering development, milestones, and brand new money possibilities.