HQ Trivia – the trivia game maker – has announced that the company is officially closing letting go 25 members of its staff.
The trivia app was launched back in 2017 and featured 12-question live trivia games. Users were able to win money by answering the questions.
Originally, the firm was supposed to be acquired, but the buyer pulled out and the company was unable to attract new investment.
When it first launched, the company attracted a $15 million investment in a Series A funding round and had over 2 million players at that point.
“We received an offer from an established business to acquire HQ and continue building our vision, had definitive agreements and legal docs, and a projected closing date of tomorrow, and for reasons we are still investigating, they suddenly changed their position and despite our best efforts, we were unable to reach an agreement,” Rus Yusupov, CEO of HQ Trivia, wrote in a statement. “Unfortunately, our lead investors are no longer willing to fund the company, and so effective today, HQ will cease operations and move to dissolution. All employees and contractors will be terminated as of today.”
A string of failures, the depth of co-founder Colin Kroll and growing competition may have all contributed to the closure. Ultimately, the company only attracted 8% of downloads in 2019 (compared to 2018).