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Worst Venture Capitalist Investments
By siliconindia
Fremont: Raising money from a venture capitalist is easier for a startup than raising money from an IPO, as an IPO requires the company to have reached a significant level. The VC fund is generally used to expand the market, develop the product, and leverage the portfolio of the company. However, there are several companies, which took their venture capitalists also down the drain. Here are five of the worst venture capital investments.
Amp'd Mobile
Apm'd Mobile raised $375 million in series E round of funding in 2006 with Old Lane Management as its lead investor, but went out of business in 2007. Amp'd saw investments from Columbia Capital, Highland Capital Partners, Redpoint Ventures, Intel, MTV Networks, Qualcomm, and Universal Music Group. The company filed for Chapter 11 bankruptcy in June 2007, stating around 80,000 of its subscribers as non-paying customers. Version Wireless threatened to cut off its services to Amp'd if its debts were not paid off. Finally an agreement was reached between Amp'd, Verzion, and King Roads (Amp'd Mobile's main creditor) for a cash collateral and permission for Amp'd to use Verzion's network.