BuyWithMe Lays Off Half Its Staff
Site has reportedly failed to raise another investment round
New York-based daily deals site BuyWithMe, which has spent the past few months buying up competitors, has fired more than half of its employees, BetaBeat first reported yesterday.
According to a laid-off employee who spoke with BetaBeat, the site hasn't been able to raise sufficient funding and is now on the verge of going under. “They were trying to raise a hundred million dollars at a $500 million valuation and there were no takers. If they had done a more conservative round, the company wouldn’t be in this kind of trouble,” an employee source told BetaBeat.
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