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.