News Burst: Clickmango departs quietly

Online healthcare retailer opts to wind down operations with money still in bank, a UK-based online health care startup -- best known for employing TV personality Joanna Lumley as its figurehead -- confirmed Monday it will be shutting down operations in the next few weeks.

The company made the decision after failing to complete a second round of funding, in which it was seeking to raise £300,000 of funding to continue operations, according to a report in the Guardian newspaper.

Venture capital funding has dried up for European startups just months after the dot-com rush began here. Companies such as streetwear e-tailer have been forced to declare bankruptcy and call in receivers to sell off remaining assets.

Clickmango's cofounders said they had decided to shut down operations while the funds still remained to pay off the company's debts.

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