Thomson ReutersMarch 11, 2013 00:15
By Gerry Shih
SAN FRANCISCO, March 11 (Reuters) - Last spring, the future for Viddy, a video-sharing Facebook app, seemed as sunny as southern California's skies.
Based a block away from Venice Beach, the 30-person startup impressed prospective investors with skyrocketing user growth figures and won funding from them at a $370 million valuation. The tech press hailed it as the "Instagram for video," potentially ripe for a billion-dollar-plus buyout. Justin Bieber wanted to invest - and the pop star eventually did just that.