Canadian Startup Verelo Shutting Down, Will Return Remaining Funding to Investors

Canadian startup Verelo is shutting down, according to an email sent out to users by cofounder Andrew McGarth. The startup is less than a year old.

The Toronto-based company, which graduated from Extreme Startups in the summer, plans to return all remaining funding to its investors.

“It’s clear that we’re still playing a big game of catch up and have not got the financial backing required to truly fulfill our one big goal of making the Internet a better place,” McGarth wrote in the email.

The company’s other founder, Michael Curry, departed months ago.