Editing London hotel ranking startup Top10 is definitely shutting down

Top10The Top10 team in 2013. Top10, the London startup that demonstrated travelers the 10 best resorts in any given city, has turn off. <br>CEO Tom Leathes confirmed to Business Insider that the company had turn off, and staff had departed. <br>The company's app had a clever idea: It would show 10 good hotels in any given location, as well as cheap prices for bookings. Larger list sites like Expedia have hundreds of hotels on their books, but that may be overwhelming. <br>Top10The Top10 app. Nevertheless , Leathes said that it was an extremely competitive space. Top10 reached a point exactly where growth slowed and it needed to develop a global brand in order to have any kind of chance of competing with established players. <br>Top10 raised funding from some respected names. Since its launch in 2011, it brought in $12. 4 million (?. 2 million) in funding from venture capital funds which includes Balderton Capital and Accel Partners. <br>The company's app also obtained praise from Apple. It was detailed as an "Editor's Choice" app within 127 countries, and was also selected as the "best new app. "<br>Staff left Top10 in November and the company's founders are now winding up the business and its assets. <br>But that may not be the end of the road for your founding team. Leathes said your dog is worked with his cofounders on other companies in the past and said it's probably that they will remain together on long term projects. <br>Top10 provided this statement to Business Insider about the closure of the company:  <br>After three fantastic years in the travel business, and having learned a huge amount, we decided to wind straight down Top10�s hotel price comparison business last month. <br><br>Launching a new company has always been difficult, and early-stage technology companies are always high risk. The resort industry is particularly challenging given the size, reach and budgets of the big players. At Top10 we did an amazing job innovating in this difficult space, but ultimately the competing landscape made it too expensive for us to scale, and for that reason we decided to close up the company. <br><br>First and foremost, we wish to thank everyone who has already been part of our journey. We have been working hard to ensure all of our customers, staff as well as other stakeholders are treated fairly during this period. <br><br>We�re incredibly proud of the innovative products we built at Top10, and the amazing people that made it happen. Many of the team are now moving on to work with other great startups within our investors? portfolios and beyond, and we can�t wait to see what they build next. <br>NOW WATCH: This is how Uber finds its best people