APB Online, operator of APBnews.com, a news organization covering crime, justice and safety, June 5 announced it had exhausted funding and is reducing operations while continuing to seek investment financing. All 140 employees were released, but some are continuing to serve as volunteers this week, posting content and distributing that content to partners. APB Online was in the midst of its third round of financing in March when the market's valuation of Internet companies drastically declined; since then, the company has had a hard time raising capital, and negotiations with strategic partners have taken longer than anticipated. APB last year ran an estimated $10 million campaign via Bozell Kamstra, Boston.
Copyright June 2000, Crain Communications Inc.