The venture firm behind mobile media startup 3Guppies, VantagePoint, has closed down the company. This is despite still having $8 million of an original $20 million left to burn in the bank. VentureBeat reports that the company’s 40 employees were sent home last week, but will be paid through the end of the month.
3 Guppies was started after VantagePoint spent $20 million acquiring two companies: MoPhone, a mobile social networking company, and 3Guploads, a mobile content company (ringtones). However, the mobile ringtone market has been drying up over the last year as margins tighten and mobile phones become more open.
3Guppies allowed users to share and store pictures in a free mobile locker as well as create your own MP3 ringtones and download video to any cell phone. The offering is similar to those of Juicecaster and Treemo.
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