Kyle
We’re only reporting on Color because as you probably know it’s one of the worst deal stories of the decade. The startup founded in Silicon Valley in 2011 by Bill Nguyen and Peter Pham, sky rocketed onto the scene after closing $41 million dollars in their pre-release seed round.
The initial idea for Color was a photo sharing app. After launching the app they didn’t pick up the traction they expected and eventually Pham left. The companies Chief Product Officer DJ Patil also left shortly after Pham. With a bust of an app the team was still sitting on almost all of their seed capital.
Nguyen eventually had the team pivot to a new, silent video application that allowed users to share videos as easily as they did pictures.
Earlier this month many tech sites started reporting that Nguyen was out of the office for a while. He had gone back to Hawaii on a “sabbatical” of sorts. Shortly after those reports, many tech sites began to report that Color may be shuttering it’s operations, and those remaining staffers may be getting on with their lives.
Well, TNW ran a story late Wednesday that suggests that Apple may by the quick-vid service and it may just bail them out of lot of trouble.
TNW reports that the deal could be in the high double digits, hopefully eclipsing the companies first round.
Linkage:
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Who is your source? Word on the street is “a few million” suggesting under 10M. Not that it matters that much.