Faves.com is getting a second (actually, maybe even a third or fourth) chance. But the Seattle online social bookmarking service won’t pay the huge dividend that investors once hoped for. Mike Koss, one of the early backers and former co-CEO, tells GeekWire that he’s in the middle of transferring the domain name and service to Kane Miller of San Diego.
Koss said that he received several offers for the company’s assets after announcing last month that he planned to pull the plug.
But there won’t be any Champagne corks popping at the Faves.com offices. Koss, who invested in the company in 2006 and has helped guide its course in recent years, said investors won’t see a positive return.
“…This will return a small amount of money to those who participated in the last round, though I can say that everyone is taking a big loss,” Koss said.
We’ve reached out to Miller for comment, and we’ll update the post when we hear back. Koss said that it was his understanding that Miller planned to continue to operate Faves.com “as is” until more development resources could be added.
Originally formed as Blue Dot, Faves.com is nothing but a survivor. The company — which was pronounced dead several times — has continued to re-emerge with new investors, structures and strategies.
We’ll be watching to see what happens in this latest chapter.
Previously on GeekWire: How a Seattle startup missed its shot to become the next Facebook