It's not quite time to rush to the store to return those presents you didn't really want, but content distributor and file sharing service BitTorrent Inc. apparently doesn''t really have a choice when it comes it sending back its Series C round.
A report in
TechCrunch says the startup has taken the very unusual step of undoing its recent $17 million financing round raised in spring and returning it to investors DAG Ventures, DCM and Accel Partners. A new Series C round, worth $7 million, was negotiated and brought BitTorrent to a far lower valuation, sparked in part by the slide in economic condtions following the closing of the original third round.
The company also has slimmed its workforce. It's more bad news for the BitTorrent, which has already been through a couple layoff rounds. Other similar companies, however, have been getting financing even during the rocky economic times. Adap.tv, for example, in September received
$13 million from Spark Capital, Redpoint Ventures and Gemini Israel Funds.
-- Olaf de Senerpont DomisSee Dec. 14 post on BitTorrent from TechCrunchSee Sept. 23 post on Adap.tv from Tech Confidential
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