Online TV catch-up service SeeSaw is to close next month after failing to find an investor or buyer.

The free service, which uses technology originally employed for the Project Kangaroo venture, as made publicly available in February last year, after less than a month of a closed beta trial of 20,000 web users.

Similar to music-streaming service Spotify, around 3,000 hours of free content from broadcasters including the BBC, Channel 4 and Five are available but come peppered with 60-second adverts that can not be skipped. Alternatively, the premium service that offers around 1,000 hours of paid-for shows from broadcasters including Comedy Central, BBC Worldwide and MTV is also offered.

However, Arqiva, the firm behind the venture, revealed it has failed find an investment partner or buyer for the service and will be forced to abandon it.

"We're sad to announce that next month will be the end of the road for SeeSaw," the service said on its blog.

"Following a strategic review of its business activities Arqiva, our parent company, is no longer able to support the service."

The service is expected to stop running on June 20.