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.
(Bill Taylor/CEO)
"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
Yik Yak — the anonymous social media app that was at the center of several college harassment scandals — announced its closure on April 28, after struggling to keep users on its platform...Capital raised: $73 million
Peak valuation: $400 million