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[Paul Jones <pjones AT metalab.unc.edu>]

http://triangle.bizjournals.com/triangle/stories/2003/01/20/daily16.html

Zoom Culture calls it quits
Chris Baysden  

Chapel Hill-based Zoom Culture is shutting down.

The move was confirmed by Donna Sorensen, vice president of sales, who 
declined further comment. CEO Kip Frey was not available for comment.

Zoom Culture was founded in 1999. It had about 40 employees at the 
company's headquarters and 15 in the field. The shutdown comes almost a 
month after Marty Lafferty resigned as president and chief executive 
officer of the company.

The decision to end operations is quite a turnaround from a year ago, when 
Zoom Culture was raising millions of dollars to finance its vision of 
being a television production company that specialized in producing and 
distributing original digital video content.

In May 2002, Zoom Culture completed a Series B round of financing for $7 
million. The funding was contributed by investors including Chrysalis 
Ventures, Intersouth Partners, Cordova Ventures, the Atlantis Group, 
Tristate Investment Group and Charlotte Angel Partners. In July 2002, the 
company announced that it also had landed commitments for $2.5 million in 
funding from investors led by Intersouth Partners, Chrysalis Ventures and 
Cordova Ventures.

© 2003 American City Business Journals Inc.