Social networking site TeeBeeDee shutting down soon

Robin Wolaner, the founder and CEO of 2-year-old TeeBeeDee, a social network for 40-plus-year-olds, says the company has run out of steam.

In a note to users published on the site, Wolaner said the site will be shut down on July 13.

“We thought we had raised sufficient money to get us to a sustainable business, but many factors changed in the two years since our launch,” she wrote. “As you have no doubt noticed in the past few months, we lacked the resources to continue developing the product to meet the needs of our community.”

Wolaner added: “As the founder, I’d like to close by saying that while our business opportunity proved disappointing, the contributions from our members rarely disappointed. I am proud to call so many of you my friends, and thank you for caring about TeeBeeDee.”

The site, a play on the phrase “to be determined,” has billed itself as a “social network for grown-ups.” Unfortunately, many of its baby boomer users have flocked to Facebook. In February, Facebook reported that its fastest-growing segment is women aged 55 and older, and that 45% of Facebook is now over age 26.

Wolaner is a longtime publishing executive, who founded and served as CEO of Parenting magazine before she became CEO of Sunset Magazine and an executive vice president at CNet Networks, which is now owned by CBS.

San Francisco-based TBD raised more than $6 million in funding over three rounds from Shasta Ventures, Monitor Ventures and individual investors, beginning in 2007.

TBD board member Shelby Bonnie, who co-founded CNet Networks with Halsey Minor, was out of town and unavailable for comment.

Tod Francis, a managing director at Shasta and a TBD board member, said that he does “not believe any information is being released on this at this time.” He declined to comment further.