Toby Rowland and Robert Norton, the founders of clickmango, are in discussions with venture capital firm Atlas Ventures to manage new internet investments despite the winding down of their natural health products e-tailer.
Mr Rowland, son of the late tycoon Tiny Rowland, and Mr Norton, announced plans to close clickmango this month after it failed to secure a second round of funding.
Clickmango was seeking bridging finance of £300,000 for the company to continue operation into the autumn. Both entrepreneurs said the decision to wind up clickmango was made while the company had enough cash to pay creditors and its 20 employees. The funding for dotcom companies has dried up with market scepticism about the ability of fledgling dotcoms to deliver returns.
Analysts have cited an oversupply of e-tailers and the lack of clear revenue projections as reasons for the collapse of companies like up-market fashion retailer Boo.com. Even long-established internet bookseller Amazon.com has watched its share price crash from $100 to near $30 recently, reflecting the disillusionment among investors.
Lastminute.com, the online travel retailer and financial services company Interactive Investor International have also watched their stock prices plunge since listing.
Mr Rowland, 31, said that clickmango was in discussions with several "white knights" to take over the company's operation. Clickmango stunned the City last September when it secured £3m in funding in a record eight days.
The rapid speed with which the internet start-up was able to raise funds was attributed to the experience of Mr Norton, former business development director at America Online, and Mr Rowland's background.
Clickmango was trading in a competitive market with several other natural health care websites, including large rival ThinkNatural.com, which is backed by venture capitalist Amadeus, and recently recruited retail group Kingfisher as an investor.
Clickmango was selling about £2,000 in health care products a week since the website was launched in April. It never released details of its customer numbers. "We decided the right course of action was to wind the business up in an orderly fashion without jeopardising outstanding creditors," Mr Norton, 28, said.
"We've some options with Atlas who have offered to back us in future ventures but right now it's a period of reflection and to recharge our batteries."
Mr Rowland added: "I think we want to get the next venture trading for longer than three months."
Joanna Lumley, who played Patsy Stone in the television series Absolutely Fabulous, was one of the high profile shareholders in clickmango. Ms Lumley is understood to have owned some 2% of the company after she agreed to become its figurehead.
A variety of experts, including a holistic veterinarian, were also on the clickmango website while other stars were going to provide "insights" into alternative and holistic medicine.
Ms Lumley's contract with clickmango was a two-year deal with a break clause after one year and a share of the company.
Lord Rothschild's private family trust was another investor in the group. clickmango sells products ranging from herbal teas, vitamins and natural health remedies.
