VENTURE CAPITAL POST

Etsy is set to reduce its workforce by 11% as part of a broader effort to restructure and streamline costs amid challenging market conditions.

Etsy's shares jumped nearly 10% after the announcement that the online e-commerce site narrowed its net loss in the fourth quarter of 2015. The company expects GMS growth rate to be in the range of 13% to 17% for the three-year period from 2016 - 2018.

Amazon will close its mobile point-of-sale system Amazon Register, and users only have until Feb 1, 2016 to switch to another service provider. Bidnes Etc reported that Amazon.com, Inc, which was just launched last year, is considered unsuccessful. The company no longer welcomes new registration for the mPOS. It will close down after February 1, but it will still provide transaction histories until February 28, 2016.

London-based entrepreneur George Burgess secured $1 million (£604,000) in funding for the next project to develop a mobile app called Gojimo that helps high school students pass their exams.

Etsy chief executive Chad Dickerson said in a report that the company did not foresee a need for a divestiture as it had been profitable the past eight years.