Social search startup Delver is closing down in 30 days. The economy crises affected the company at the worst time. In recent months Delver was trying to secure its second round of finance, however the bad economy made things very difficult and the company could not find new investors.
Delver’s CEO Liad Agmon said that he negotiated with several venture capital firms in the past several months but the current credit crises caused VCs to stop investments in early stage startups.
Building a search engine is a very expensive business and Delver’s current investor Carmel can not finance the company operation any longer. Delver is trying to get 6-8 million dollars to keep the operation and development of is revolutionary social search engine.
The company is up for grabs and looking for a buyer. If no investments will come in the next 30 days the company will close down.
Disclosure: I used to work at Delver