Social.fm, a music site that was known as Mercora until last year, has officially folded.
"We regret to inform you and apologize for this inconvenience, but Social.fm will be shutting down the system on July 31st, 2008," a message on the site read.
The shutdown was first reported by GigaOM.
Despite having raised $5 million in venture funding from Norwest Venture Partners and, Social.fm never found its niche. It originally started out as a peer-to-peer Web radio and music search site, and CEO Srivats Sampath that his company "beat Steve Jobs to the iPhone" by letting people share music wirelessly through its smartphone-based "M" service.
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