Lifestyle media company Mode, valued at $1bn just three years ago, has shut down after failing to secure financing or a buyer.

Mode Media, a US-based lifestyle media company backed by media group Hubert Burda that was at one time valued at $1bn, has shut down, the Wall Street Journal reported yesterday.

Founded in 2004 and originally known as Glam Media, Mode operated a lifestyle media platform and advertising network. It recorded almost $90m in revenue in 2015 and expected to build that to $100m this year, a person familiar with the business, told Recode.

However, despite seeking to expand its original…