According to a leaked memo acquired by Fortune.com, the Android based micro console Ouya failed to restructure its debts and is looking for a buyer, fast.
CEO Julie Uhrman sent the memo to company investors and advisors part of which read
Our focus now is trying to recover as much investor capital as possible. We believe we’ve built something real and valuable. I continue to read the tweets and emails of our fans who play OUYA every day, and our catalog is now over 1,000 apps and 40,000 developers. We have the largest library of Android content for the TV (still more than Amazon) — hells ya!
Originally Kickstarted and raising $8.5m, Ouya added additional funds taking it to $15m from investors. Shortly after it added another $10m from venture debt company TriplePoint Capital.
These investors and venture debt company additions are what Ouya is trying to appease with a quick sale, Uhrman wrote
Given our debtholder’s timeline, the process will be quick. We are looking for expressions of interest by the end of this month. Our focus now is trying to recover as much investor capital as possible.
It isn’t the first time Ouya has tried to find a buyer after previously courting Google and Amazon as well as striking deals with Chinese super retailer, Alibaba.