Madefire, a US-based comic book platform operator backed by visual effects studio Framestore, is closing down, TechCrunch has reported.
Founded in 2011, Madefire had built an online platform which enabled users to read digital comic books through a motion book format that incorporated moving images, text and sound.
In an announcement on its website last month, the company said it had entered into “an assignment for the benefit of creditors” which it described as an insolvency proceeding similar to a bankruptcy.
Madefire also said it would no longer publish new books on its platform and that its customers will be unable to make purchases.
The company raised $6.5m in a 2016 series B round led by Plus Capital that also featured Framestore’s corporate venture capital vehicle, Framestore Ventures, as well as True Ventures, Big Loud Capital, Anthem Venture Partners and private investors Kevin Spacey and Drake.
True Ventures led a $5.2m series A round for the company in 2013 that included Anthem Venture Partners, Crosslink Ventures, Correlation Ventures and assorted angel investors, having also led its $1.1m seed round in 2011.