Trutap Mobile Social Gateway Winding Down, Seeks Buyer

imageMobile social network and IM gateway Trutap is looking for a buyer and has scrapped 80 percent of its 30 staff after failing to win a second funding round, TechCrunch UK reported, and we have confirmed with the company’s PR. Trutap had raised what we reckon to be $14.2 million in seed, angel and first-round money since conception in 2006, but there’s an irony in its failure to find its latest round – Trutap was founded by former BBC Dragon’s Den investor Doug Richard, its CEO.

Trutap only just launched its version-two app, with an emphasis on friend feeds and user status, a fortnight ago. But the PR told it will now be stripped to just a skeleton staff while options are considered, with a trade sale looking like the preferred route. There were no shortage of Trutap competitors, with the likes of Nimbuzz doing pretty much the same thing no aggregation and individual social nets launching their own mobile offerings through white-label service’s like Intercasting’s Anthem. Any buyer would need to be prepared to provide a gateway to the multitude of social nets, not just their own.