Web site iBelieve.com lacks investors, closes

Christian Century, Nov 15, 2000

The Web site iBelieve.com--launched in January to be an online spiritual and social outlet for Christians--has announced that it is shutting down due to lack of funding.

"Despite a tremendous launch and site traffic that ranks as the leading Christian community on the Internet, iBelieve.com has not been able to secure additional funding to continue to keep the site up, and we are forced to close our virtual doors effective immediately," says a note to members posted on the site, which shut down October 20.

Jeff Fite, president of the Grand Rapids, Michigan--based company, told Publishers Weekly's BookLine site that when market interest in Internet sites cooled in the spring, his search for more investors went dry. "Our timing was unfortunate," he said.

The company, which laid off its staff of 35 employees, said that it had exceeded initial business objectives, with 550,000 members and 2 million visitors. iBelieve.com was a sister company of Family Christian Stores, a chain of more than 300 retail stores in 39 states. It had received a $30 million first-year investment, funded primarily by the private equity firm Madison Dearborn Partners in Chicago.