Unfortunately, being cool only gets an app so far. In an announcement, co-founder Matt Galligan explained that his team couldn’t keep the ship afloat:
It’s with great disappointment that we let you know that Circa News has been put on indefinite hiatus. Producing high-quality news can be a costly endeavor and without the capital necessary to support further production we are unable to continue. Our mission was always to create a news company where factual, unbiased, and succinct information could be found. In doing so we recognized that building a revenue stream for such a mission would take some time and chose to rely on venture capital to sustain. We have now reached a point where we’re no longer able to continue news production as-is.
Anthony De Rosa, who left Reuters in 2013 to join Circa as its editor in chief, was more succinct than Galligan.
“We tried to do something very different, we took huge risks, we built a product that spawned a whole new category, and we enjoyed every moment of it, at least until the money ran out and that sucked,” wrote De Rosa.