Content discovery company StumbleUpon is expected to layoff as many as 70 of its 100 employees this week after the company was unable to secure additional funding.
According to Venture Beat, employees were informed that they were being laid off last week and the company is retaining people from its engineering and sales teams.
The last disclosed round of funding StumbleUpon raised was $17 million back in 2011. The company which spun out from eBay in 2009 has been on its own since.
StumbleUpon was a great avenue for content discovery which drew in advertisers, but since then Facebook, Twitter and YouTube are increasingly becoming the platforms everyone wants to advertise on.
Further, news discovery platforms such as FlipBoard have also gained popularity, but StumbleUpon hasn’t seen its userbase grow since 2012.