This post is focusing solely on the VC funding aspect and proclaiming it as the cause for failure but ignoring the fact that Ello was dead in the water regardless of it. The company had no users and no business model. Heck a reasonable amount of ethical advertising may actually have done some good for the community and helped the product survive.
Also, the founders of Elo were creatives, not programmers. So they couldn't throw a microSaaS on a VM, forget it and go write the next microSaaS, rinse and repeat.