AltspaceVR hangs it up

AltspaceVR, a hang-out like Second Life, announced that it has run out of money and will be closing its doors. The company posted an open letter blog to announce the closing as of August 3, 7PM PDT. The company said they had been working on a second round of funding but that it fell through. However, since the company’s official start in 2014 it has raised $16 million in funding. To blow through that much money in 3 years raises eyebrows. The company has just 40 employees and 35,000 subscribers. According to TechCrunch the company’s investors included Comcast Ventures, Dolby