Singapore-based Bubble Motion, the operator of social network Bubbly, is to liquidate, Tech in Asia reported yesterday.
The company, which is backed by the corporate venturing units of SingTel and Comcast, has raised $55m in funding but may now fold after several acquisition deals have failed to substantiate, two sources told Tech in Asia.
Two potential acquisitions of Bubble Motion in the past nine months in particular led to the company’s stock price falling dramatically in the aftermath.
Bubbly is a voice-based social messaging network which claims to have around 30 million users It offers two services, peer-to-peer and a ‘follow a celebrity’ service.
Bubble Motion raised $5m in 2012 from JAFCO Asia, SingTel’s Innov8 and Sequoia Capital, after receiving $10m in a 2011 round led by SingTel Innov8 that also featured insulation product manufacturer NGP, Singaporean state-backed fund Infocomm Investments, Sequoia Capital and Palomar Ventures.
The company also raised $6m from in 2010 Sequoia and Palomar, as well as Comcast Interactive Capital, a corporate venturing subsidiary of cable company Comcast.