Once promising Australia-based streaming startup Guvera has joined Rdio, Beats Music, MixRadio and Last.fm in the digital music dustbin. Nearly a year after the Australian Stock Exchange (ASX) blocked the company's bid to go public, which in turn led to the exit of co-founder Darren Herft as CEO, the company has quietly shuttered operations. According to a note to shareholders acquired by the Australian Financial Review, Herft said fellow co-founder Claes Loberg and non-executive director Steven Porch were out of the picture and asked for volunteers to help him "rebuild our company."
Loberg replaced Herft as CEO last July and said he would focus on top markets India and Indonesia, as well as work on expanding into China. At the time, the company had just trimmed the amount of markets where it operated to five, including Saudi Arabia, United Arab Emirates and Australia. At its height, the service was up and running in Hong Kong, Malaysia, the Philippines, Russia, Mexico, Singapore and the United States, among other territories.