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Akimbo lays off most of its staff, closing down

akimbo_logo.jpg

Valleywag is reporting that online video company Akimbo is closing its doors.

The San Mateo, California, based company had initially focused on set top boxes raised $4 million just three months ago to go a different direction.

They had initially attempted to raise $8 million but were only able to raise half of that.

Unfortunately that direction ended up being burning through the money, laying off all but three employees and closing their doors. The remaining employees are reportedly there to perform an orderly shutdown of the operation.

[Via Valleywag]

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