"Jobster, the much-hyped and heavily funded online-recruitment-meets-social-networking service, is out looking for more money, after burning through most of the $48 million it has raised since 2005. Founder and CEO Jason Goldberg left the company late last year, and has started a new social news site. Jobster, under new management, is now looking to raise more money, reports ERE.net. In a letter sent to investors, quoted in the story, the company lost about $11 million in 2007 and has less than $3 million left in the bank. Its burn rate about $1 million a month, an amount calculated from information contained in the shareholder letter, the story says."
Sorry I have to use rude English, but, holy crap, they have been burning through 1M$ per month. I wish I had 1M$$ to get started... That's why I keep www.JiansNet.com small and nimble. Who needs that 1 million $$?
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