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(Pocket-lint) - Ouya is in some financial trouble and therefore wants to sell in order to solve its problems.

The company, which began in 2012 with its Android gaming console after raising $8.5 million through crowdfunding, is now for sale, according to Fortune, which obtained a leaked memo from the CEO of Ouya. In the memo, Julie Uhrman told investors and advisers that Ouya couldn't meet one of its investors' (TriplePoint) demands and renegotiation attempts over the debt have been unsuccessful.


Ouya therefore wants to find a buyer and is actively looking for "expressions of interest" by the end of this month. Although Ouya kicked off with a successful campaign on Kickstarter, it has stumbled several times over the last few years, which has caused both consumers and critics alike to pan the platform's interface, first-generation controller, initial financial reward plan for developers, and more.

Despite the hurdles, Ouya raised $15 million in funding in 2013 from various investors and got more than the $10 million from Alibaba just two months ago. It also secured venture debt from TriplePoint Capital, though it's unclear how much. Uhrman's memo suggested the debtholder now has a strict timeline, and because of that, Ouya needs to be sold quickly.

Uhrman believes Ouya is still valuable, though. In her memo, she said Ouya's catalogue now contains over 1,000 apps and 40,000 developers: "We have the largest library of Android content for the TV (still more than Amazon) - hells ya!"

We've contacted the company for a comment and hope to update soon.

Writing by Elyse Betters.