Yesterday, Chuck Lapointe, CEO of Narcity Media Group (NMG) called off the group’s crowdfunding campaign before its launch. NMG announced the equity crowdfunding venture at the end of May, saying that the cash infusion would help to support its development of technology and rewards cashback program.

After the initial invitation, there was early interest totalling more than $3 million. In his statement Lapointe says the company assumed that about 30% of those interested would convert to investments. After launching a private link for follow through, the company realized that that wouldn’t be the case.

Early investors will be refunded.

Lapointe stated that NMG still believes in the potential of community ownership and in the meantime will focus on delivery and execution of its new mission and turnaround.