Mode Media Shuts Operations at Once-Hot Lifestyle Startup
- Company is said to have held staff meeting to announce closure
- Once called Glam Media, it had planned IPO as far back as ’11
This article is for subscribers only.
Five years ago, Glam Media was planning an initial public offering that was set to deliver a big payday for its venture capital backers. That never panned out, and the lifestyle media startup, since renamed Mode Media Corp., told employees Thursday that it is shutting down operations, said people familiar with the matter.
Mode Media had been seeking to raise funds in recent months, and the closure was abrupt, said the people, who asked not to be named because the details are private. The company has raised more than $150 million since it was founded in 2004, according to data compiled by Bloomberg.