Just over two months after raising $10 million in Series A funding, Factorli, the small-run, urban hardware manufacturing startup in downtown Las Vegas, has been put on hold according to a statement posted on the Factorli website today. It reads as follows:
An update on Factorli As of last week, Jen McCabe is no longer CEO of Factorli. As a part of this change, she will no longer manage hardware investments for VegasTechFund. Jen’s vision for removing complexity from the hardware development industry was ambitious and we look forward to seeing her achieve great things in the future. This is a challenging time for the Factoli team, but after an analysis of the company’s progress and future capital needs, it has been determined that it would be best to reallocate those resources to other Downtown investments. In consideration of the best interest of the team, the shareholders, and all parties involved, the difficult decision was made to cease operations and development of Factorli as of August 11, 2014. Vendors and potential customers who have business-related questions can email email@example.com for help.
Rumors swirled throughout the downtown Las Vegas community last week that founder Jen McCabe had been let go from her position, as her board of directors had her removed over concerns. The Factorli micro-manufacturing space was situated in the Arts district of downtown Las Vegas. The news comes as a surprise because the Factorli project has garnered a lot of attention, with the recent funding as well as being featured in the first-ever White House Maker Faire in June where President Obama checked out their booth (shown below). Jen McCabe, also a Y Combinator alum, joined us for a Tech Cocktail Week (TCWEEK), our monthly mini-conference, in November 2013 and shared some of the vision for making downtown Las Vegas a place for hardware in the video (below). McCabe was unavailable for comment.