Real Stories From Failed Unicorns
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Even unicorns go bankrupt
Real stories to learn from
Convoy
Shipping
The end of the Convoy was the dustbin of history
The end of the Convoy was the dustbin of history
Convoy was a freight brokerage that raised $800 million from investors, including $260 million in early 2022 at a $3.8 billion valuation. After failing to find a buyer, Convoy declared bankruptcy in October 2023.
Convoy was a freight brokerage that raised $800 million from investors, including $260 million in early 2022 at a $3.8 billion valuation. After failing to find a buyer, Convoy declared bankruptcy in October 2023.
Terraform Labs
DeFi
Formed its way into bankruptcy
Formed its way into bankruptcy
Terraform Labs developed a blockchain protocol & payment platform used for algotithmic stablecoins that raised over $200 million from investors following its founding in 2018. The TerraUSD token collapse in May 2022 wiped out nearly $45 billion in market capitalization. The company filed for bankruptcy in January 2024.
Terraform Labs developed a blockchain protocol & payment platform used for algotithmic stablecoins that raised over $200 million from investors following its founding in 2018. The TerraUSD token collapse in May 2022 wiped out nearly $45 billion in market capitalization. The company filed for bankruptcy in January 2024.
Bird
Mobility
The Icarus of scooter startups
The Icarus of scooter startups
Bird was an urban scooter company that raised $776 million & whose valuation peaked at $2.5 billion in 2019. It was de-listed from the NYSE in September 2023, shortly before declaring bankruptcy.
Bird was an urban scooter company that raised $776 million & whose valuation peaked at $2.5 billion in 2019. It was de-listed from the NYSE in September 2023, shortly before declaring bankruptcy.
Zume
Food & beverage
Turns out, the cheese should be delivered while on the pizza
Turns out, the cheese should be delivered while on the pizza
Zume was a robot pizza delivery startup that raised $446 million & whose valuation peaked at $2.25 billion in 2018. The company shut down operations in 2023.
Zume was a robot pizza delivery startup that raised $446 million & whose valuation peaked at $2.25 billion in 2018. The company shut down operations in 2023.
Olive AI
Healthcare
Unable to massage its way to success
Unable to massage its way to success
Olive AI aimed to humanize AI for healthcare & automate repetitive tasks. The company raised $902 million between 2017 & 2021, reaching a valuation of $4 billion. Less than 18 months after raising $400 million, the company wound down all operations in 2022.
Olive AI aimed to humanize AI for healthcare & automate repetitive tasks. The company raised $902 million between 2017 & 2021, reaching a valuation of $4 billion. Less than 18 months after raising $400 million, the company wound down all operations in 2022.
Plastiq
Fintech
This plastiq was not recyclable
This plastiq was not recyclable
Plastiq was a payments platform company that raised $158 million & whose valuation peaked at $940 million in January 2022. It declared bankruptcy in May 2023.
Plastiq was a payments platform company that raised $158 million & whose valuation peaked at $940 million in January 2022. It declared bankruptcy in May 2023.
Hopin
SaaS
“Hopin’” wasn’t enough for Hopin
“Hopin’” wasn’t enough for Hopin
Hopin built a suite of audience engagement tools, and raised over $1.6 billion from investors. Once valued at $7.6 billion, Hopin sold its main business for $15 million in August 2023.
Hopin built a suite of audience engagement tools, and raised over $1.6 billion from investors. Once valued at $7.6 billion, Hopin sold its main business for $15 million in August 2023.
Veev
Real Estate
The heck does “Veev” mean, anyhow?
The heck does “Veev” mean, anyhow?
Veev was a homebuilder which aimed to solve the housing crisis through modular homes. The company raised $647 million & shut down in late 2023.
Veev was a homebuilder which aimed to solve the housing crisis through modular homes. The company raised $647 million & shut down in late 2023.
Beepi
Automotive
Investors should have heeded the horn signals: get out of the way!
Investors should have heeded the horn signals: get out of the way!
Beepi was an online peer-to-peer marketplace for used cars that raised $149 million, & whose valuation peaked at $560 million. The company wound down operations in 2017.
Beepi was an online peer-to-peer marketplace for used cars that raised $149 million, & whose valuation peaked at $560 million. The company wound down operations in 2017.
Solyndra
Climate tech
Not such a sunny ending
Not such a sunny ending
Solyndra was a manufacturer of solar photovoltaic systems that raised over $1.6 billion in funding. Following competitors’ technological advances allowing for a 90% decrease in the price of polysilicon, a key component of competing products, Solyndra was unable to compete. The company declared bankruptcy in 2011.
Solyndra was a manufacturer of solar photovoltaic systems that raised over $1.6 billion in funding. Following competitors’ technological advances allowing for a 90% decrease in the price of polysilicon, a key component of competing products, Solyndra was unable to compete. The company declared bankruptcy in 2011.
The bottom line
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