Veoh will be filing for Chapter 7 bankruptcy in the very near future.
Veoh, a company located in San Diego, had raised nearly 70 million dollars.
The company spent through four major funding rounds. Its last round, a $30 million series D, came from a number of heavyweight companies such as Intel, Michael Eisener, and Time Warner. Its funding rounds clocked in at 2.5, 12.5, 25, and 30 million dollars each.
The company last year laid off nearly one-third of its staff, underlying long-standing financial problems.
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The company failed to find a buyer for itself. According to sources, last spring Veoh’s audience was some 25 million uniques. There may some unlocked value in the technology or userbase that Veoh has accumulated, but it seems nearly certain that past investors are in for some sticker shock write-offs.
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