WHAT?! Not everything and idea works? That’s hard to believe (sarcasm). Now, armed with that revelation here are 7 startups that raised a ton of money but………well, didn’t start (or get very far). Yes boys and girls, there is failure out there and money can be lost. Interestingly, no true fintechs in this list. Anyway, may they rest in peace. Next please.
“Where there’s life, there’s death, and Silicon Valley is no different.
For every billion dollar unicorn, there are endless numbers of start-ups that have passed into the ether — laying off their engineers in matching, branded t-shirts; closing down their game rooms filled with ping-pong tables; and leaving heartfelt goodbye notes for customers on their soon-to-be defunct websites.
We’re halfway through 2017 and already a group of startups that together raised $1.48 billion have shut down….
Beepi, the website that brought together car buyers and used-car sellers, shuttered in February.
Capital raised: $150 million
Peak valuation: $560 million
Quixey, a mobile search engine that was able to crawl apps, laid off most of its staff at the end of February…
Capital raised: $133 million
Peak valuation: $600 million
Capital raised: $73 million
Peak valuation: $400 million
Maple, a New York City-based food delivery service, closed down on May 8….
Capital raised: $29 million
Peak valuation: $115 million
Sprig, a San Francisco-centric service that delivered high-quality meals on demand, made its last delivery on May 26.
Capital raised: $57 million
Peak valuation: $110 million
Hello was the company behind the Sense sleep tracking sensor, which was designed to sit in users’ rooms, rather than on their wrists…
Capital raised: $40 million
Peak valuation: $300 million
Jawbone was a pioneer in wearable devices, with a focus on fitness trackers and portable speakers, but it struggled to pay its vendors.
Capital raised: $1 billion
Peak valuation: $3 billion
Luxe, a start up that valet parks your car when you can’t find a spot, closed its app in April…
Capital raised: $75 million
Peak valuation: More than $110 million