Mode Media, a Silicon Valley-based lifestyle company, has reportedly shut down, despite its once lofty valuation.
The company, which used to call itself Glam Media, had raised about $225 million over the years by offering a collection of sites created mostly for women. You may not have heard of many of those sites, but together they drew in 137 million visitors, enough to make Mode the 10th largest digital publisher in the US, according to ComScore. It was also once valued at $1 billion.
What went wrong is still unclear, but Mode's shutdown appears to have been abrupt. A company memo sent to employees, and seen by The Wall Street Journal, said the company had been seeking a buyer or more financing for months without luck. In the memo, the company apologized for the lack of notice to staff.
The company did not immediately respond to a request for comment. The Journal and Recode originally reported on the shutdown.