News and business services web site, Ecountries looks likely to
join the list of failed internet companies unless immediate further
funding can be found. One reason given for the failure was that the
site's B2B marketplace did not attract users.
Ecountries, the UK-based news and business services web site, looks
likely to join the list of failed internet companies unless
immediate further funding can be found.
Staff were told on Wednesday that the web site would close that
evening because its funding had dried up. The site was still
operational this morning and a statement from the company is
awaited. The company may go into receivership any day now.
Ecountries is reported to have originally raised $7 million
followed by a further $3 million last year from venture capitalists
led by 3i, Elderstreet and Pi Capital. The company is now seeking
additional funding to secure the future of its web site.
The site was set up last year by Donal Smith and Jonathan
Schmidt, both former Financial Times Group executives and was
launched in September 2000, several months later than planned due
to technical problems. eCountries.com provides news and analysis as
well as acting as a marketplace for accredited suppliers of
professional services to global businesses. The main revenue was
intended to be derived from the web site’s business-to-business
marketplace, which has failed to attract as many users as
anticipated.
