VR video hub, Vrideo, has announced that it has ceased trading with immediate effect. The company was founded in 2014 and received $2 million in funding, launching the platform in beta in March last year.

Despite offering apps for Oculus Rift, SteamVR, PlayStation VR, GearVR and Google Cardboard, the Los Angeles based company was unable to compete with bigger content providers such as YouTube and Facebook. Vrideo founder and CEO, Alex Rosenfeld said, “We’ve accomplished all this up against competitors that have three to 50 times (!) our funding.”

Rosenfeld explains the decision to close down saying, “We’ve now stretched this modest funding as far as it could take us, especially in light of the rising costs associated with our growth.”

Vrideo users who would like to retrieve videos they don’t have locally should email the company at [email protected].