SingTel Innov8–backed Israeli startup venture Everything.me, which also counts Telefonica Ventures, Mozilla, Draper Fisher Jurvetson (DFJ) and, Horizons Ventures as investors, has abruptly ceased operations. The startup had designed and released a launcher for Android devices that adds contextual capabilities to smartphones.
Geektime reported (page in Hebrew; English version) that the venture, which had launched in May 2010 with the founding team of Rami Kasterstein, Ami Ben David and Joey Simhon and raised a total of $35.5 million in funding over three rounds.
According to the venture’s Crunchbase profile, Everything.Me was described as: “…a launcher for Android devices that adds contextual capabilities to mobile phones. It delivers the right apps, contacts and information to the homescreen, exactly at the right place and time. Whatever a person is into, wherever they are, they’ll get personalised suggestions that match their interests and lifestyle.”
Despite 15 million app installs, the venture ceased operations due to a failure in developing an appropriate and sustainable business model which could generate sufficient revenues to support further operations and growth of the firm. Due to this, the firm – which still maintains cash reserves from investors – decided to wind down and release its 36 employees.
According to Geektime, the company’s main product was highly popular and rated among the top ten in its category across 40 different countries, with several users acquired via recommendations generated from its built-in system. However, this performance did not necessarily translate to business success.
Whether its assets will be acquired remains to be seen, given that the venture is still solvent. This is the second reported venture to fold in the Singtel Innov8 portfolio, following the closure of Australian venture NinjaBlocks earlier this year.
Commenting on the development In an interaction with Geektime, Simhon, its co-founder and CTO stated: “It’s a painful decision. We have built an amazing team and product, where we put into it our all and received the love of users. I have no doubt we’ll be hearing a lot about it [the closure] from now and that they [staff] will bring their own unique way we formulated building products and technology to other companies that will be lucky to get them.”