![]() Abundant claimed that it had been unable to develop the market traction necessary to stay afloat amid the pandemic, despite having collected $10M in venture capital investment and additional funding from The Washington Tree Fruit Research Commission. Robotic apple harvester developer Abundant Robotics announced that it would be closing its doors at the beginning of July. Title: US: fruit harvesting robot company shuts down ![]() While the international context was less favorable, not all local players were able or willing to invest in the company.” All this required significant capital, given the size of the Russian market… “KupiVIP attempted to become omnichannel, involving operating across its websites, mobile app and brick-and-mortar retail stores. KupiVIP board member David Waroquier stated , However, its ranking fell as competition in the space increased, ultimately leading it to experience a 10% year-over-year decrease in sales revenue in 2020.ĭespite having raised $120M in disclosed funding, KupiVIP was unable to compete with rising e-commerce giants like Wildberries and Lamoda, leading parent company Private Trade to close down operations. Founded in 2008, KupiVIP was once one of Russia’s top 10 e-commerce sites - in fact, in 2012 it was valued at $400M. Title: Russian Online Retail Pioneer KupiVIP Shuts Downĭiscount e-commerce retailer KupiVIP and its affiliate Mamsy shut down after Yandex backed out of a deal to buy the company in July. As YCloset scaled, it struggled to keep up with high expenses in shipping, dry cleaning, and staying abreast of the latest fashion trends.” “YCloset’s collapse comes as investor sentiment sours toward the once-popular fashion rental market, which has proven to be capital intensive. Technode brought broader issues in the market to light: Like its US-based counterparts, Rent the Runway and Stitch Fix, YCloset operated using a subscription model and allowed its users to rent branded apparel. ![]() In doing so, the company announced plans to end support for its sales and online channels by August 15. YCloset - a fashion rental startup - shut down in early July, despite having raised $70M in total disclosed funding since its founding in 2015. Title: Alibaba-backed fashion rental app YCloset shuts down after five years Read on for the post-mortems of 8 startups that shut down since June 2021. While these challenges may have been manageable on their own, in many cases, they proved to be fatal when compounded with pandemic-induced pressures. Many startups, rather than seeing an influx of fresh capital, shut down altogether due to a number of factors, such as increased competition ( KupiVIP), a lack of market traction ( Abundant Robotics), and flawed business models ( Yelo). However, this activity was just one side of the private equity coin. Investment to startups skyrocketed in Q2’21, as the quarter saw 390 $100M+ mega-rounds and 2,893 global IPO and M&A exits - representing a 109% increase year-over-year. Startup Failure Post-Mortems 2021 Third Update (9/28/21) Original 50 Startup Failure Post-Mortems ().Startup Failure Post-Mortems 2014 First Update ().Startup Failure Post-Mortems 2014 Second Update ().Startup Failure Post-Mortems 2015 First Update ().Startup Failure Post-Mortems 2015 Second Update ().Startup Failure Post-Mortems 2016 First Update ().Startup Failure Post-Mortems 2016 Second Update ().Startup Failure Post-Mortems 2016 Third Update (11/8/16).Startup Failure Post-Mortems 2017 First Update (2/10/17).Startup Failure Post-Mortems 2017 Second Update (6/9/17). ![]()
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