We are launching another section on VentureWoods – the VentureBuzz section – post any buzz you have heard – might be a rumor, might be a gossip, might be just some juice! Is that hot startup on its way down? Or is it getting bought? Did they announce a deal that never existed? Share something here that news doesnt know! We will try and keep this as free as we can, except wont allow personally disparaging remarks.
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Go, have fun!
Latest posts by Alok Mittal (see all)
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Hey guys.. I came across this thread on blog catalog..
http://www.blogcatalog.com/discuss/entry/how-many-of-u-hv-invested-with-blogertize
Is this an Indian startup?? .in extension confused me. Never heard about it that much.. If there is anything that u’ve covered on http://www.blogertize.in . do lemme know.
Ciao
Shouldn’t the latest buzz be on top like VW posts?
Banibrata, I welcome suggestions on dos and donts. On the legal front, I do not think one is liable, because one hasnt entered a confidentiality agreement with the other party – if one has, it is certainly not in order that they share that information here. btw, “Overheard” could be a nice brand name for this section as well!
One of the things we will start enforcing is to keep this conversation off the venturebuzz page – this page is purely for buzz
Bio-metric payment solution provider “PAYBYTOUCH” ends operations due to bankruptacy!
Biometrics company Pay By Touch regretfully announced that it would be shuttering its doors following nearly six years since its first biometric transaction in 2002.
Several factors were responsible for bringing the company to a halt. The first was a poor strategy for growth. Rather than focus on organic growth, the emerging player grew by acquisition. It purchased other biometric start-ups like biopay(another biometric payment service), cardsystems.
Although the company never turned profit, it was a magnet for blue-chip investors. The company raised an astonishing $300 million in financing from sources ranging from hedge funds to high-net worth individuals. Investors ranged from recognizable management groups such as Plainfield Asset Management, Farallon Capital Management, Och-Ziff Capital Management, Mobius Venture Capital, Rembrandt Venture Partners to supermarket billionaire Ronald Burkle, co-owner of the Pittsburgh Penguins hockey team, Mario Lemieux, and the Getty family.
Again from a user point of view the service was more complicated since it required them to remember 7 digit Pins and again another four digit PIN for transactions.
It’s also interesting to public bankruptcy document filed by Mr.john rogers the founder of PBT. As per the document he has $1,275.68 in a Schwab account, $93.23 in a UBS account, $4,335.21 at Wells Fargo Bank, an $8,000 security deposit with his landlord, $2,000 in household goods, and $2,500 worth of clothing to his name. Again he spends $1,000 on clothes each month . He owes American Express a grand total of $68,272.67..
Paybytouch is second bio-metric payment solution provider shutting it’s operations, the first was innoventry which came out with an innovative bio-metric ATM solution that lets users withdraw cash through their terminals installed at retail outlets. The the service saw the user base grew by around 2 million in a years time, the company filed for bankruptcy in 2001 unable to raise further funds(it had raised closed $400m from a group of investors).
Cool .. very very interesting … would be a good place to bitch around 😛
VCs be prepared.