R.I.P. Circa News. A mobile news product that gained a cult following among journalists and techies, Circa announced today that it has gone on an “indefinite hiatus.” The site and app had not been updated since June 21.
CEO and cofounder Matt Galligan broke the news through a post on Medium. According to Galligan, the company does not have enough capital to continue publishing:
Our mission was always to create a news company where factual, unbiased, and succinct information could be found. In doing so we recognized that building a revenue stream for such a mission would take some time and chose to rely on venture capital to sustain. We have now reached a point where we’re no longer able to continue news production as-is.
He added that the company failed to close on a “significant investment,” and that Circa opted against an ad- or subscription-based monetization model as a last-minute stopgap.
Circa offered short, mobile-optimized updates on breaking news stories to subscribers. Although the company released a top-notch news delivery platform and attracted a core user base of prominent influencers, it struggled to make the jump to a mass audience and compete with mobile news products offered by old-guard organizations like the New York Times, CNN, and the BBC. Fortune reported in April that Circa had failed to get another round of funding, and was on the hunt for a buyer. (The company had previously raised more than $5 million.)