Web currency pioneer Beenz.com is seeking a buyer or additional
funding as it tries to keep its U.K. operations afloat, a spokesman said
The New York-based company, like other e-currency sites, is reeling from the
one-two punch of a declining economic environment at the same time credit
card companies have tightened
their grip on consumer transactions on the Web.
The company, which raised about $80 million in four rounds of funding before
venture capitalists began slamming the door on Internet start-ups, said it is
already in discussions with "several potential" partners that may help the
long-term viability of the e-currency firm.
In the United Kingdom, Beenz is already restructuring and reducing corporate
The company closed offices in Sweden and France, but continues operations in
the U.K., Italy, China and Japan, according to a company spokesman.
Despite the gloomy business environment, Beenz is pushing forward with its
RewardzCodes products, which allow consumers to earn beenz, but at the
cost of providing a tracking code supplied by manufacturers interested in
gathering statistical information on customers and their needs.
In December, Beenz said it would lay off 25 people from its New York office
in December, with other cuts coming from around the world.