NY based Loosecubes, a co-working startup, will shut down its operations according to a blog post on its site. According to PandoDaily, the company raised $7.8 million in June and in 2010 the company raised $1.23 million. Loosecubes’ goal was to become “the Airbnb of office space.” However, with only 16 employees the company managed to run out of cash in six months. Operations will officially end on Friday.
In their blog post, founders Campbell McKellar and Anna Thomas gave no specific reasoning as to why the company is closing down: “The past two and a half years have been such an incredible journey. From a team of two to an incredible company of 16. From a big idea to a community of 25,000+ Loosecubers in over 60 countries around the world. And from a single coworking space to thousands of hosts, from Stockholm to San Diego, who have opened their work environments and minds to a better way of working.” PandoDaily reached out to McKellar but has not yet heard back.