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WASHINGTON, May 2 (UPI) -- Circa, a popular news app, is seeking a new buyer after failing to secure new venture capital funds and Twitter--of all organizations--is heeding the call. The social media giant has entered serious talks with Circa, a source told Business Insider, and no settlements have been made. The news app is reportedly researching alternative avenues of transition as well.
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Circa is the first news organization to give readers the tools to follow specific news stories as they develop by sending notifications to their phones. Created by CEO Matt Galligan, Circa was named Best App of 2013 by Apple and Google, having raised nearly $6 million since its launch in 2011.
Galligan feels that Circa floundered when seeking new investors because of the company's heavy mobile focus, Fortune reports. He broke the news to his 20-person staff Thursday, ensuring that there will be no immediate layoffs.
"We didn't put Circa up for sale," Galligan told Business Insider. "We've got a term sheet for a Series A on the table, but after evaluating all the inbound interest for potential acquiring parties, we decided we wanted to give more attention to those conversations."
According to Fortune, Gulligan told his employees that they may keep the brand or apply their skills to a different one. "Or perhaps we integrate everything we've learned about the space and built so far in a way that the unique spirit of Circa lives on in another product," he said.
