Modo Shuts Down, Idealab Blamed
from the does-this-makes-sense? dept
I was surprised to read today that Modo.net was shutting down. It had been receiving quite a lot of hype, and I’d heard from numerous people who really liked the device. According to the article, sales were doing well, and growing rapidly. An unnamed source blames Idealab for pulling their funding for Modo. This strikes me as very odd. Idealab has been struggling to find good companies to fund (apparently) so that they can pull off their IPO. Modo is in a hot space (wireless), had a good idea, and actually seemed to have strong end-user demand. So, why would Idealab pull their funding?