Color Labs, the photo sharing startup which became well-known for securing a whopping $41 million in venture capital but has since had a bumpy road with lagging user numbers and turmoil at the executive levels, is not winding down operations, contrary to an anonymously-sourced report first published by VentureBeat that is circulating today.
“Color is not shutting down,” a spokesperson speaking on the record on behalf of Color and its largest investor Sequoia Capital said in a phone call this morning. The spokesperson declined to comment further.
In addition, several sources close to Color say that neither they, nor anyone they work with, had received the email published by VentureBeat that was supposedly sent to Color employees last night. The email purportedly read in part: “As you may or may not have heard, Color is going through a number of changes. Last week, the Board and major shareholders voted to wind down the company.” We’re hearing that Color executives are currently trying to pin down where and how the report originated.
Sequoia is still an investor in Color, contrary to a report by Business Insider that it had been removed from Sequoia’s website. In recent weeks Sequoia has been renovating its website, which may have something to do some people noting an absence of the company’s name, though the profile seems to be active now. The omission was not intended, from what we understand.
This post will be updated with more information as it becomes available.
Via: TechCrunch
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