With good news being so easy to write about, it’s important to also highlight the startups that made it far, but didn’t hit their long-term goals. Balancion, a personal finance management startup from Finland, tells us they are shutting down on the 29th, citing difficulty in attaining and collaborating with business customers.
The startup was founded in 2008 and is owned by the management and a group of private investors. We first covered them in 2009.
“I’m both grateful and wistful as I have to say that we haven’t achieved our business objectives and are thus forced to shut down our online service”, states the Balancion CEO and founder Jussi Muurikainen.
In their press release, they write:
It has been a strong few years for startups in Finland. In the midst of the startup craze it’s often forgotten, that there is a multitude of failures per each success story. “The final breakthrough often depends of tiny details as was the case with us, one might say”, Muurikainen ponders. “Balancion got past dozens, maybe hundreds of barriers. Our decisive stumbling block was the fact that we weren’t able to find collaboration with business customers quickly enough to secure our financial operation. We simply couldn’t ink that first and, especially in software business, all-important reference deal despite years of on-going negotiations in many different directions”, Muurikainen summing it up.
“I’m humble and thankful to our customers of the mutual journey travelled. I’m equally grateful to our numerous supporters, partners and financiers of everything we accomplished together. We will continue to explore the possibilities of Balancion online service in one form or another. I truly hope our shared story would have a sequel it well deserves”, Muurikainen concludes.