#5
Color Labs — $41M for an Untested Photo App
Color Labs raised a staggering $41 million pre-launch for an untested social photo-sharing app in 2011, then burned through every dollar within 18 months. The app confused users with its real-time, location-based sharing concept, failing to gain any traction. A concrete sign of its failure: the company sold its patents to Apple for just a few cents on the dollar, recouping only a fraction of its funding.
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