Greater london hotel ranking startup Top10 can be shutting down

Top10The Top10 team in 2013. Top10, the London startup that showed travelers the 10 best hotels in any given city, has turn off. <br>CEO Tom Leathes confirmed to Business Insider that the company had shut down, and staff had departed. <br>The company's app had a clever concept: It would show 10 good resorts in any given location, as well as cheap prices for bookings. Larger listing sites like Expedia have numerous hotels on their books, but that could be overwhelming. <br>Top10The Top10 app. However , Leathes said that it was an extremely competitive space. Top10 reached a point exactly where growth slowed and it needed to build 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 release 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 listed as an "Editor's Choice" app in 127 countries, and was also chosen as the "best new app. "<br>Staff left Top10 in November as well as the company's founders are now winding in the business and its assets. <br>But that may not be the end of the road for your founding team. Leathes said he is worked with his cofounders on others in the past and said it's probably that they will remain together on long term projects. <br>Top10 supplied 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 down Top10�s hotel price comparison business last month. <br><br>Launching a new company has always been difficult, and early-stage tech companies are always high risk. The resort industry is particularly challenging given the size, reach and budgets of the large players. At Top10 we did an amazing job innovating in this hard space, but ultimately the competitive landscape made it too expensive for us to scale, and for that reason we decided to close the company. <br><br>First and foremost, we wish to thank everyone who has already been part of our journey. We have been spending so much time to ensure all of our customers, staff and other stakeholders are treated fairly during this time period. <br><br>We�re incredibly proud of the innovative products we built at Top10, and the amazing people that made it happen. Most of the team are now moving on to work with various 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