Ugobe, the company behind the Pleo, is struggling to save itself from extinction as it tries to raise fresh funding and keep its pipeline of products alive.
Over the last six months, the company has seen a host of top management departures, run through two CEOs, closed down its office in California and pared down its marketing and PR staff in an attempt to weather the current economic storm. Emails to the company's media contact info on the its website bounce back. And good luck trying to get someone to pick up the phone when you call its corporate office.
So is Ugobe still alive? Yes, says company President and COO Doug Swanson. "Believe me, we are still in business," he says. In July, Ugobe CEO Bob Christopher stepped down and former CFO Liz Gasper took the reins. Christopher says he left the company to move on to other ventures he was interested in. Gasper focused on cutting down the company's burn rate and finding fresh funding.
With the collapse of the credit environment, though, fund raising came to a halt. Meanwhile, the company's entire board of directors resigned before Christmas to give control of Ugobe back to the co-founders, says Swanson.
Ugobe also closed down its Emeryville, California office and moved all operations to its other outpost in Boise, Idaho. The company has only about 20 employees now.
Last month, Gasper left the company and original co-founder Caleb Chung found himself back in the hot seat. Chung did not respond to requests for an interview.
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