It's people who don't know what they're doing playing with Monopoly money. I mean really; $11M+ for that site, which existed all of 7 months?! The start up scene boggles my mind.

They didn't spend all of the $11m. Only a tiny fraction of it. And they worked on the site for two years.

Then why did they raise so much? How do you know how much the spent? And two years to build that site?

I'm not convinced any of this was well thought out.

> Then why did they raise so much?

To be prepared if there was success? I don't know

> How do you know how much they spent?

Because the CEO talked about it in another comment

> And two years to build that site?

Yup. A lot of iterating and trying to find the right fit. Why is that so hard to believe?

> I'm not convinced any of this was well thought out

That's the thing - you have almost zero information about this, so declaring all of these things to be obviously-avoidable mistakes is just silly. If you think you would do a better job you're welcome to try, but learning about a company for <5 minutes I don't think there's any possible way for you to make that call.