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Backplane Social Networking Startup by Lady Gaga failed

Backplane was founded in year 2011 and received an overall funding of $18.9 million failed. Investors in the startup are trying to introduce a new platform place.xyz in place of Backplane.

Backplane is backed by Lady Gaga’s is asocial networking platform that aim to connect like minded people. The startup was founded in January 26, 2011 and was funded around $18.9 million overall in 3 rounds from 15 investors. It was a niche based startup that let like minded people to socialize. The startup was funded well.

The motive is to setup a platform where people with similar interest can connect with brands. But somehow the startup is not able to maintain the success ratio and now it’s closed. The official site redirects to place.xyz that has a similar format. The failure of startup points to many learning points to consider. What caused the startup to flop after having a constant flow of funds? The initial stage of startups is crucial to pitch the new service to a user.

After spending more than 4 years the startup declared a failure. A few startups do failed due to lack of funding. But Backplane is rather supported well. One assumption could be doing the existing competitors that have more scope and coverage over the new startups. Key investors in the startup are still trying to revamp and bring something new in the place of Backplane. The new effort is in the form of place.xyz. This new site is having a similar format where people with like minded interest can meet and interact with each other.

Takeaways:

  • Backplane is a social network startup that failed. The startup founded in the year 2011 and received an overall funding of $18.9 million.
  • A new social networking startup similar to Backplane, place.xyz is introduced that offer socializing platform to people with similar interest.
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