Online comment platform OpenWeb has entered insolvency proceedings in its native Israel, following the ongoing dispute with its primary lender Mars Growth Capital over approximately $20 million in outstanding debt and the collapse of a proposed restructuring plan.
The Tel Aviv District Court ruled last week that the business and ordered the appointment of a temporary receiver following a request from Mars Growth Capital.
OpenWeb, founded in 2012, allows publishers to host reader discussions, forums and interactive features directly on their websites, rather than sending audiences to third-party social platforms such as Reddit or Facebook.
By 2022, it was valued at $1.5 billion and had spent hundreds of millions on acquisitions. It…