Color.com is a location photo- and video-based sharing social networking company. Color.com raised $41 million in Series A, but they failed to gain much traction since launching and raising so much. To make matters worse for the company, Color.com co-founder Peter Pham is believed to have quit. [TechCrunch]

Color.com is a service that came out of nowhere this week and shocked the press. The company has developed an application for smartphones that automatically lets you share photos with the people around you. Essentially they are calling it photo sharing with an “implied social network.”