eCommerce - Thursday, January 5, 2006
Yaga Beefs
Misguided paid-content startup Yaga, which was based in depressing Foster City, CA has gone out of business, saved only from total ignominy by the mercy sale of its "assets" for an "undisclosed sum" by BitPass.
Yaga's target market were magazines that wanted to sell their premium content online - Yaga provided the transaction engine.
Yaga was founded by a couple of guys who had seen success in the past. CEO Chris Kitze previously founded iNBC and ran Wine.com, which both ran aground as well. Kitze's co-founder was Steven Elefant who was also Vice-Chairman of Cybercash and who is now running an online jet fuel eCommerce play.
Yaga spent $22M in VC funding that it had raised from firms like AltoTech Ventures, MVC Capital, InfoSpace and Barry Financial. Adding insult to injury, PaidContent.org's Rafat Ali calls the company out for not paying $3K for its ad campaign.
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