colour, a photo sharing app that launched in August of 2010, has the unpleasant distinction of having raised $41 million before it even launched, by far one of the largest sums bestowed on any software company prior to them acquiring a single customer. Its technology, a location based social network that automatically found and shared photos with relevant people nearby, was hyped by every tech blogger who had the good fortune of enjoying early access to the product. And of course, after launching, the product was roundly reviled and sunk like a stone.
News broke yesterday that colour was shutting down, followed by the news the colour was not shutting down, followed by the news that colour was being acquired by Apple for at least $10 million, followed by the news that no, Apple was just paying $2-5 million for the company’s engineers. While the companies actual fate is still uncertain, Apple paying somewhere between $2-5 million for what’s left of colour actually makes perfect sense.