John Poisson, the CEO of Wantful, announced that the company suspended operations.
According to a post on his blog, Poisson said that the San Francisco and New York-based personalized e-commerce/gift-giving startup did not achieve the accelerated growth needed to secure later-stage venture capital.
Founded in 2011, the company had already raised $5.5m in 2012 (read here).
Among the achievements in their 18 months in market, Poisson cited the following: “an enormously well-received gift offering; widely-lauded experiences for web, tablet, print, and in-store; a network of 600 vendors creating the most exceptional products around, with a robust and streamlined logistics architecture to support them; an assortment and an approach to content that inspired and engaged; and the brilliant and tireless team responsible for it all“.
Read his entire post here.