// startup autopsy

Mine

A SaaS vision that couldn't survive the fundraising gap

marketfitSilent Shutdown

Quiet closure with no public announcement · Fatal mistake: Failed to convert early user interest into paying enterprise customers with strong enough retention metrics to support a Series A fundraise.

Founded	2011
Closed	2014
Country	USA
Sector	Saas

50%

Key Events Timeline

2011-01-01

FOUNDING

Mine founded in the USA as a SaaS platform targeting business users.

2012-06-01

FUNDING

Mine raises $0.6M in seed funding, its only external investment round.

2013-03-01

PRODUCT LAUNCH

Mine launches its core SaaS product but struggles to convert free users to paid plans.

2014-06-01

SHUTDOWN

Mine shuts down after failing to raise follow-on funding or achieve sustainable recurring revenue.

Full Analysis

Analyst plan

Documented cause

Mine raised $0.6M in seed funding in 2012 but struggled to achieve sustainable growth in the competitive US SaaS market. The company failed to expand beyond early adopters, a critical limitation that prevented ...

it from building the user base necessary for recurring revenue generation. Without follow-on funding to sustain operations or develop competitive advantages, Mine faced mounting cash constraints. The

Verified lesson

“...”

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€0.7M

Peak valuation

HypeCycle · MoatType · ResearchTags

Mine raised €0.6M before failed to convert early user interest into paying enterprise customers with strong enough retention metrics to support a series a fundraise. ended it. See the documented cause, verified lesson and all failure signals.

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