Editing London hotel ranking startup Top10 will be shutting down

Top10The Top10 team in 2013. Top10, the London startup that demonstrated travelers the 10 best hotels in any given city, has power down. <br>CEO Tom Leathes confirmed to Business Insider that the company had turn off, and staff had departed. <br>The company's app had a clever idea: It would show 10 good hotels in any given location, as well as inexpensive prices for bookings. Larger list sites like Expedia have hundreds of hotels on their books, but that could be overwhelming. <br>Top10The Top10 app. Nevertheless , Leathes said that it was an extremely aggressive space. Top10 reached a point where growth slowed and it needed to build a global brand in order to have any kind of chance of competing with established players. <br>Top10 raised funding from several respected names. Since its start in 2011, it brought in $12. four million (?. 2 million) within funding from venture capital funds which includes Balderton Capital and Accel Partners. <br>The company's app also received praise from Apple. It was outlined as an "Editor's Choice" app in 127 countries, and was also selected as the "best new app. "<br>Staff left Top10 in November and the company's founders are now winding in the business and its assets. <br>But that could not be the end of the road for that founding team. Leathes said your dog is worked with his cofounders on others in the past and said it's likely that they will remain together on future projects. <br>Top10 provided this statement to Business Insider about the closure of the company:  <br>After three fantastic years in the travel business, and having learnt a huge amount, we decided to wind lower Top10�s hotel price comparison company last month. <br><br>Launching a new company has always been difficult, and early-stage tech companies are always high risk. The resort industry is particularly challenging given the scale, reach and budgets of the big players. At Top10 we do an amazing job innovating in this tough space, but ultimately the competing landscape made it too expensive for us to scale, and for that reason we decided to close up the company. <br><br>First and foremost, we would like to thank everyone who has already been part of our journey. We have been spending so much time to ensure all of our customers, staff along with other stakeholders are treated fairly during this period. <br><br>We�re incredibly proud of the innovative products we built at Top10, and the amazing people that made it happen. Most of the team are now moving on to work with other great startups within our investors? portfolios and beyond, and we can�t wait to see what they build next. <br>NOW WATCH: This is how Uber finds the best people