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"Veoh, a video-sharing website that raised around $70 million funding and was at one point a quick growing rival to YouTube, has filed for Chapter 7 bankruptcy, according to a source familiar with the matter.  CEO Dmitry Shapiro offered Mashable a \"no comment\" when reached this afternoon.\nInvestors in the company included Goldman Sachs, Time Warner and Spark Capital, who were all eager to get into Veoh and a host of other video-sharing startups that raised massive amounts of funding after YouTube exploded and sold to Google for $1.6 billion in October 2006.  YouTube, of course, has gone onto only further dominate that part of the web while most of the startups have struggled to gain ground.\nCombined with the significant layoffs and restructuring that took place at Veoh last year, today\u2019s news comes as little surprise.  Traffic has also been on a steady decline, falling from better than 5.5 million unique visitors in December \u201908 to around 3.2 million unique visitors in December \u201909.\nWe've also heard from sources that the company had been looking to sell in recent months.  Apparently, however, it has been unable to find a buyer, and now will undergo a formal liquidation as part of Chapter 7."^^<http://www.w3.org/2001/XMLSchema#string>
<http://mashable.com/2010/02/11/veoh-bankruptcy/>