Flipboard Start-Up Flounders
Staff Writers
30 Oct 2015
In recent weeks, the news reader app’s co-founder, Evan Doll, and its chief technology officer, Eric Feng, have left, adding to a talent drain in the past year that includes the heads of finance, product and revenue.
The exodus comes as Flipboard’s investors, which bet $210 million on the company, have put more pressure on co-founder and CEO Mike McCue to revive the business model – or find a buyer.Â
Flipboard was initially valued at about US$800 million in late 2013, but has since repeatedly fallen shy of internal revenue goals. It generated sales of about $20 million last year, after targeting as much as $80 million. |
