Mr. Conway, who said he had invested $50,000 of seed funding in Ozy in 2013, said he had long had doubts about the company’s long-term viability. In February 2018, he said, he sent an email to Mr. Watson advising him to cut costs and seek a buyer for the company as a backup.

“He did not do that,” Mr. Conway said, “and now look where those poor employees are sitting.”

Mr. Watson did not respond to a request for comment about Mr. Conway’s remarks.

The end of Ozy seemed certain on Friday, when the company’s board released a statement saying “with the heaviest of hearts that we must announce today that we are closing Ozy’s doors.”

The apparent end came after Mr. Watson and the other remaining board member, Michael Moe, the head of the Silicon Valley investment firm GSV Asset Management, concluded that the company could not recover. They issued the farewell statement through a…

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