You guys seem to be a spectacularly talented team and some informal reference checking confirmed that, but everyone here is hung up on the concern over being able to build a >$100M revenue subscription business in photos in this age of free photo tools. Its totally unclear, for sure, but I haven't been able to get enough momentum behind it with the team.
I wish they had just done a Kickstarter-type investment program. I would have easily hopped on board that train.
Thanks to Rob Bettis for passing the link along. I find this entire thing incredibly interesting. I've linked to the reasons they didn't get more investment, but the entire set of data can be found can found here.