Wednesday, May 23, 2012

BetterWorks Shutting Down On May 31st

In what is a huge blow to Silicon Beach, Santa Monica-based BetterWorks, the software-and-technology-meets-employee-perks startup run by Paige Craig, told its users today that it is sunsetting its site on May 31st. According to an email from Craig, the company decided to close down the BettterWorks perk platform, and will not longer be active after next Thursday. Craig said that the shutdown came as a result of not being able to sustain a large enough market, relative to the high cost of customer acquisition. BetterWorks--and Paige Craig--have been one of the companies driving the growth in Santa Monica's Silicon Beach. BetterWorks had raised $10M in funding from Redpoint Ventures.

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