Keek which played in the same type of video-sharing space that Instagram and Vine have been succeeding in recently taken a turn for the worst. The Board of Directors recently replaced its Founder and CEO Isaac Raichyk back in October by David Kerzner who’s been named interim CEO until the board finds a full-time replacement.
The company was unsuccessful in raising additional funds this summer forcing the board to make some serious decisions about its future, one of which is the company agreeing to sell itself to Primary Petroleum Corp., a Calgary-based listed junior energy company. In total, Keek was able to raise approximately $30 million but its business model was never disruptive enough to get global traction when there were so many other video-sharing competitors.
