Now is a good time to bury bad news: Two startups announced shutdowns today

While the tech world is fawning over Apple’s WWDC conference — or still recovering from the shock of Microsoft buying LinkedIn, startups are using the busy news cycle to sneak out bad news.

On Monday, both Storehouse and ThinkUp announced they’re shutting down.

Storehouse, an app that helped people build and publish their own beautiful stories, will shut down on July 15, according to the company’s blog post.

“While we are very proud of what we accomplished, we were unable to achieve the type of growth necessary to justify the continued operation of the service,” its CEO Mark Kawano wrote.

The startup had raised $8.5 million from investors including SV Angel, True Ventures, and Sherpa Capital.

ThinkUp will shut down on July 18, according to its farewell post by CEO Anil Dash. The company would analyse user’s Facebook and Twitter connections to draw insights about their social networks, but it struggled after Facebook and Instagram limited API access.

“There have been significant changes from Instagram, Twitter and Facebook that make it too hard for us to keep the service running, especially since we’ve been struggling as a business. We’re sorry, and we’re going to try to handle this shutdown the right way,” Dash wrote in a Medium post.

Other startups facing a tough funding environment are looking to acquisitions as an out. Move Loot, a Craigslist competitor, is in talks for a “symbiotic” acquisition, the company told Business Insider.

NOW WATCH: This startup is trying to take down the diamond industry with Leonardo DiCaprio

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.