Reef, the content management company that raised $27 million at the beginning of this year, is winding down its operations. The company’s third round of venture financing was led by Carlyle Europe Venture Partners and included IDG Ventures, Finafund, 3i, Viventures and SG Cowen Securities, which acted as placement agent. Richard Kirk, chief operating officer of Reef, blamed difficult market circumstances for the failure of the business.
The most recent funding round included the conversion of bridge loans and brought the total raised by the company since 1999 to €87 million. Previous investors include Goldman Sachs, Cisco, Net Fund Europe and Profigo. Reef received €40 million in October 2000 and €14.25 million the preceding year.
The company is headquartered in Belgium and developed software that allows companies to create websites, portals and Intranets. Reef employed a staff of 70, divided equally between Europe, where there are offices in Brussels, London and Neu-Isenburg, Germany, and North America (San Francisco, Boston, Montreal and Chicago). A receiver has been appointed in Belgium.