Consumer-to-travel agent lead generator Tripology is frantically looking for new funding after a new financial partner pulled out after just a few weeks with the team.
Tripology says the ex-CEO of Cendant's Vacation Rental Group, Markus Deutsch, ended his association with the company "very late last week" despite being widely heralded as a key member of the board when he was unveiled in December 2009.
Deutsch was given a holding in the company through an investment vehicle, but it appears that the relationship may not have worked out as well as expected with Tripology claiming the industry veteran had "indicated they intended not to continue to fund the company as agreed".
In an unfortunate turn of phrase, Tripology has now "terminated staff" and also stopped accepting new payments from travel agents for leads.
The Tripology platform was launched in June 2007 and acted as a online clearing house for consumers to find deals from travel agents and suppliers that were willing to pay for leads.
Former-Wyndham executive John Peters 12 months later with founder Chinedu Echeruo moving to a chairman role. The company boasted its 100,000th consumer request in July 2009.
The sudden problems for Tripology come despite what it says is a strong start to 2010 and "months of unit-economic profitability".
Although services have effectively ground to a halt, Tripology says agents with credits in the system can continue to use them.
The company says in a statement that it is "actively started looking for a new investor and/or strategic partner".
Tnooz has attempted to contact Peters and Deutsch at their respective offices in New York. Deutsch is also owner of Landmark Global Associates.