Sunday, December 31, 2006

Israeli start up runs out of sugar

It seems like the number of Israeli Internet startups just keeps growing, but some don't make it. The Israeli startup Raw Sugar is one that evidently didn't.

RawSugar can mosts easily be described as a competitor. Its purpose was to develop online systems to save and disseminate lists of favorite sites. But in recent months it has gradually let all its workers go, apparently because it ran out of resources.

The founders say they are in the process of selling the company or part of its technological assets.

Founded in 2004, Raw Sugar failed to obtain venture backing, relying solely on its founders' resources, and some funding from private investors.

Raw Sugar also offered a search engine for site owners, based on tags collected by surfers. The engine enabled search by gradually limiting the field, through choosing tags.
Meanwhile the company's website remains up and running, and usable. But the founders say its demise is a matter of months.

Sources: Haaretz, Tech Crunch


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