BARCELONA, SPAIN (05/23/2000) - Close on the heels of Boo.com Group Ltd., 3-month-old U.K. Internet startup netimperative.com announced Monday that it would close its doors after having seen its funding disappear.
Netimperative's announcement managed to displace Boo.com as the gossip subject of choice at the Global Internet Summit, where mostly European Internet industry players were gathered to discuss their future. Felicia Jackson, CEO of netimperative, an online business news site, declined to discuss the company's demise, saying only that its board, led by investors Durlacher and eSouk.com, had voted Monday morning to commence liquidation proceedings.
Netimperative's investment editor, Niki Panourgias, managed to find some upside in the news by breaking the story of her company's collapse on its site - netting a scoop, albeit a bittersweet one.
"From an editorial point of view, netimperative.com will be endeavoring to provide an impartial coverage of the story as would be the case with any company in the same situation," Panourgias wrote.
Azeem Azhar, founder of eSouk, an Internet incubator that invested in netimperative.com during its seed round, said that the current Internet investing climate in Europe has slowed the flow of business plans he is assessing. Azhar, for his part, also sees a silver lining in the downturn, saying the shakeout will help separate the wheat from the chaff in terms of deals that are getting funded. "It's part of growing businesses," says Azhar.
"You're left with determined entrepreneurs."