A tech company that was given £770,000 in public money has closed its only office in Wales.
Blurrt received the money from Finance Wales and its successor - the Development Bank of Wales - in instalments since 2015.
The firm's chairman Nick Miller said the restructuring was necessary "to protect the interest of shareholders".
The bank said it was "working closely" with the Cardiff-based firm, which will continue operations in shared premises.
Eight people were employed in the office which closed in July at the Tramshed Tech Hub in Grangetown, Cardiff.
'Committed to Wales'
Four people lost their jobs, but Mr Miller told BBC Wales that the other four would continue to work for Blurrt within the shared workspace at the former tram depot.
He said the company, which also has offices in London and New York, is "still committed to Wales" but that it "has proved difficult to find finance to take us to the next level in Wales".
Blurrt, which describes itself as "a leading social media insights platform" was established in Newport in 2012 and moved to Cwmbran later that year before becoming one of the Tramshed's first tenants when it opened in 2016.
The majority of the £770,000 was invested by the Welsh Government-owned Development Bank of Wales in shares in the firm.
The loan element - the value of which was not disclosed to BBC Wales - has not yet been repaid.
A spokesperson for the bank said: "We are aware of the company's plans to restructure and continue to work closely with the management team."