Ecountries, the online news and business services company founded by Dubliner and former managing director of FT.com Donal Smith, looks set to join the growing list of dotcom failures after it told staff in London today that it had run out of money.
The company refused to comment on the situation but said it would issue a statement later in the day.
Ecountries, which has offices in London, Dublin and New York, got funding from the IDA last year and had ten people in its Dublin office.
The company raised $10 million last year from backers including 3i, Elderstreet and Pi Capital, who provided the first-round backing.
The company offers global business news analysis to several organisations such as ABCNews.com, Work.com; Hoovers; and Independent News and Media.