Business Insider reports that the latest new thing, AltSchool, is not making it.

Backed by Mark Zuckerberg and tech entrepreneur-Trump acolyte Peter Thiel, started by a former Google executive, AltSchool was lauded lavishly when it opened. It was supposed to revolutionize education.

AltSchool, an educational software developer and network of “micro-schools” with four locations in California and New York, is shuttering another outpost.

The startup’s schoolhouse in Manhattan’s East Village will close its doors at the end of the academic year, according to an email obtained by Business Insider from vice president of schools at AltSchool, Sam Franklin, to parents of AltSchool students on Thursday night.

It’s the second closure that AltSchool has announced in two days, after the buzzy ed-tech startup revealed it’s closing its location in Silicon Valley. AltSchool appears to be refocusing its energy on licensing its educational software to existing schools, rather than creating new ones.

In an email to parents, Franklin apologized to parents who may have learned about the school closures “in the news rather than hearing it from us.”

AltSchool counted the Oxycontin billionaire family, the Sacklers, among its investors. Also Laurene Powell Jobs. All the really smart and very rich folks.

Sad. Very sad. Just a tax write-off.