Canadian startup Verelo is shutting down, according to an email sent out to users by cofounder Andrew McGarth. The startup is less than a year old.
The Toronto-based company, which graduated from Extreme Startups in the summer, plans to return all remaining funding to its investors.
“It’s clear that we’re still playing a big game of catch up and have not got the financial backing required to truly fulfill our one big goal of making the Internet a better place,” McGarth wrote in the email.
The company’s other founder, Michael Curry, departed months ago.