It was only a couple of years ago that it was the darling of Kickstarter, blowing past its target goal of $950,000 with surprising ease and ending up with over eight and a half million dollars in funding. The start-up in question is Ouya, manufacturer of the Android micro gaming console, and thanks to a leaked memo from its CEO, Julie Uhrman, it would seem that the company has hit choppy waters as it now seeks a buyer.
After its Kickstarter campaign, Ouya went on to secure further funding from investors such as Kleiner Perkins, Nvidia and Shasta Ventures among others, one of which was an investment company TriplePoint. Now it seems that its time for Ouya to repay the venture capital. It’s unknown just how much capital TriplePoint invested, but given that Alibaba recently invested $10 million in Ouya, it must be a significant amount.
It is unclear exactly how much was lent by TriplePoint, except that it must have been more than the $10 million that OUYA raised just two months ago from Alibaba. Debt restructuring negotiations were unsuccessful. In her memo, Uhrman writes: “Given our debtholder’s timeline, the process will be quick. We are looking for expressions of interest by the end of this month.”
The investment bank, Mesa Global, has been hired to manage the process of looking for a buyer. Are you surprised at Ouya’s predicament? With the recent release of Android TV, has opportunity passed Ouya by?
Source: Fortune
Come comment on this article: Debt repayment issues dictate that Ouya needs to find a buyer quickly
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