The iPhone 15 has arrived. As anticipated, Apple’s 17th-generation handset took center stage at today’s “Wonderlust” event in Cupertino. The device brings over a lot of familiar features, including the Dynamic Island cutout, which is now available across the line.
There are plenty of new arrivals as well, including — perhaps most notably — an updated port. Perhaps not the sexiest addition for a handset but one that’s undeniably practical. About nine months ago, a friend asked whether she should upgrade her iPhone. I told her to hold off for one simple reason: USB-C. After a few false alarms, Apple is finally joining the rest of the smartphone world by adding the otherwise ubiquitous connector. The move was spurred, in part, by EU legislation mandating connector standardization. It’s something the company wasn’t thrilled about, but it’s a net positive for consumers. Vintage Old Telephone
Lightning has gotten a bit long in the tooth, more than a year after its introduction. And frankly, it wasn’t ever a great connector to begin with. Apple has already begun the lengthy process of transitioning away from the Lightning port, moving the iPad line over to the standardized connector.
Catch up on all of our Apple Event 2023 coverage here.
Dynamic Island now offers a number of new features, including airline information. The iPhone 15 features Apple’s Super Retina XDR display at 6.1 inches and 6.7 inches for the Plus model.
The main camera is 48 megapixels and uses pixel binning to combine images into a high-res 24-megapixel image. The handset features improved zoom with 2x telephoto “optical quality,” which should be able to get tighter shots without degrading the image.
Machine learning will now automatically detect whether a person or pet (cats and dogs only, apparently) is in frame and switch over to add the bokeh effect. Smart HDR mode has been improved as well, using depth sensing in the front-facing camera to distinguish objects in the image to offer a fuller color spectrum.
The device is powered by the new A16 bionic chip, which features a six-core GPU. The chip also delivers Ultra Wideband, which offers improved FindMy functionality — similar to what we’ve seen in the new Apple Watch Series 9.
Voice isolation has been improved to better remove ambient noise when in a noisy environment. The existing satellite connectivity is now getting a Roadside Service feature. The company is working with AAA on that one, to help you when you don’t have signal.
The handset is available in yellow, green, blue, black and — yes — pink.
Portrait Mode wowed us when it debuted in 2016 and now it’s wowing us again at today’s #AppleEvent.
Read about the upgrades coming to Portrait Mode on the iPhone 15 here: https://t.co/F3zE5mqXnr pic.twitter.com/K7NQepmVm8
But there have been bright spots. Climate tech is one sector that has been hiring<\/a>, and 2024 looks like it will be continuing the trend.<\/p>\n Clean energy jobs have grown 10% in the past two years, outpacing the economy as a whole, according to a report by industry group E2<\/a>. Through 2032, when the Inflation Reduction Act is set to expire, the fastest-growing job fields include wind turbine technician (45% growth) and solar photovoltaic installer (22% growth), according to the Bureau of Labor Statistics<\/a>.<\/p>\n For startups, 2023 was more muddled. As investors closed their pocketbooks, founders had to make hard choices about how to extend their runways. Some had to resort to layoffs, but not everyone. Many founders I\u2019ve spoken with continue to emphasize that they\u2019re hiring for a variety of roles.<\/p>\n\n Deal Dive: Training the workforce for the clean energy transition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n For those laid off from the general tech sector, climate tech would appear to be an appealing pivot, and for many, that\u2019s proving to be true. Nearly every company needs software developers, project managers and designers. Is there a need for 240,000 of them? Probably not yet. And some that look like a close fit might require a bit of climate or energy knowledge on the part of the applicant.<\/p>\n In other words, there\u2019s a skills gap.<\/div>","protected":false},"excerpt":{"rendered":" While much of the tech world has been besieged by layoffs, climate tech continued to hire. Next year looks no different.<\/p>\n","protected":false},"author":133574548,"featured_media":2494316,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"a171471a-2833-3bba-919c-6e78037ad470","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576957003],"tags":[576858236,449549120,576784740,576779823],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[576796357],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nClimate tech might be the hot job market in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Clean energy jobs have grown 10% in the past two years, outpacing the economy as a whole, according to a report by industry group E2<\/a>. Through 2032, when the Inflation Reduction Act is set to expire, the fastest-growing job fields include wind turbine technician (45% growth) and solar photovoltaic installer (22% growth), according to the Bureau of Labor Statistics<\/a>.<\/p>\n For startups, 2023 was more muddled. As investors closed their pocketbooks, founders had to make hard choices about how to extend their runways. Some had to resort to layoffs, but not everyone. Many founders I\u2019ve spoken with continue to emphasize that they\u2019re hiring for a variety of roles.<\/p>\n\n Deal Dive: Training the workforce for the clean energy transition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n For those laid off from the general tech sector, climate tech would appear to be an appealing pivot, and for many, that\u2019s proving to be true. Nearly every company needs software developers, project managers and designers. Is there a need for 240,000 of them? Probably not yet. And some that look like a close fit might require a bit of climate or energy knowledge on the part of the applicant.<\/p>\n In other words, there\u2019s a skills gap.<\/div>","protected":false},"excerpt":{"rendered":" While much of the tech world has been besieged by layoffs, climate tech continued to hire. Next year looks no different.<\/p>\n","protected":false},"author":133574548,"featured_media":2494316,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"a171471a-2833-3bba-919c-6e78037ad470","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576957003],"tags":[576858236,449549120,576784740,576779823],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[576796357],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nClimate tech might be the hot job market in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
For startups, 2023 was more muddled. As investors closed their pocketbooks, founders had to make hard choices about how to extend their runways. Some had to resort to layoffs, but not everyone. Many founders I\u2019ve spoken with continue to emphasize that they\u2019re hiring for a variety of roles.<\/p>\n\n Deal Dive: Training the workforce for the clean energy transition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n For those laid off from the general tech sector, climate tech would appear to be an appealing pivot, and for many, that\u2019s proving to be true. Nearly every company needs software developers, project managers and designers. Is there a need for 240,000 of them? Probably not yet. And some that look like a close fit might require a bit of climate or energy knowledge on the part of the applicant.<\/p>\n In other words, there\u2019s a skills gap.<\/div>","protected":false},"excerpt":{"rendered":" While much of the tech world has been besieged by layoffs, climate tech continued to hire. Next year looks no different.<\/p>\n","protected":false},"author":133574548,"featured_media":2494316,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"a171471a-2833-3bba-919c-6e78037ad470","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576957003],"tags":[576858236,449549120,576784740,576779823],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[576796357],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nClimate tech might be the hot job market in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Deal Dive: Training the workforce for the clean energy transition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n For those laid off from the general tech sector, climate tech would appear to be an appealing pivot, and for many, that\u2019s proving to be true. Nearly every company needs software developers, project managers and designers. Is there a need for 240,000 of them? Probably not yet. And some that look like a close fit might require a bit of climate or energy knowledge on the part of the applicant.<\/p>\n In other words, there\u2019s a skills gap.<\/div>","protected":false},"excerpt":{"rendered":" While much of the tech world has been besieged by layoffs, climate tech continued to hire. Next year looks no different.<\/p>\n","protected":false},"author":133574548,"featured_media":2494316,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"a171471a-2833-3bba-919c-6e78037ad470","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576957003],"tags":[576858236,449549120,576784740,576779823],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[576796357],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nClimate tech might be the hot job market in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
<\/iframe><\/div>\n For those laid off from the general tech sector, climate tech would appear to be an appealing pivot, and for many, that\u2019s proving to be true. Nearly every company needs software developers, project managers and designers. Is there a need for 240,000 of them? Probably not yet. And some that look like a close fit might require a bit of climate or energy knowledge on the part of the applicant.<\/p>\n In other words, there\u2019s a skills gap.<\/div>","protected":false},"excerpt":{"rendered":" While much of the tech world has been besieged by layoffs, climate tech continued to hire. Next year looks no different.<\/p>\n","protected":false},"author":133574548,"featured_media":2494316,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"a171471a-2833-3bba-919c-6e78037ad470","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576957003],"tags":[576858236,449549120,576784740,576779823],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[576796357],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nClimate tech might be the hot job market in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
For those laid off from the general tech sector, climate tech would appear to be an appealing pivot, and for many, that\u2019s proving to be true. Nearly every company needs software developers, project managers and designers. Is there a need for 240,000 of them? Probably not yet. And some that look like a close fit might require a bit of climate or energy knowledge on the part of the applicant.<\/p>\n
In other words, there\u2019s a skills gap.<\/div>","protected":false},"excerpt":{"rendered":" While much of the tech world has been besieged by layoffs, climate tech continued to hire. Next year looks no different.<\/p>\n","protected":false},"author":133574548,"featured_media":2494316,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"a171471a-2833-3bba-919c-6e78037ad470","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576957003],"tags":[576858236,449549120,576784740,576779823],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[576796357],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nClimate tech might be the hot job market in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
While much of the tech world has been besieged by layoffs, climate tech continued to hire. Next year looks no different.<\/p>\n","protected":false},"author":133574548,"featured_media":2494316,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"a171471a-2833-3bba-919c-6e78037ad470","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576957003],"tags":[576858236,449549120,576784740,576779823],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[576796357],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nClimate tech might be the hot job market in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Chris Moon, left, and Brandon Linn, with Standard Renewable Energy, install solar panels Thursday on the roof of Canyon Pointe, an affordable-housing apartment complex for seniors. The panels were part of efficiency upgrades paid for by the U.S. Department of Housing and Urban Development.(Photo by Marty Caivano\/Digital First Media\/Boulder Daily Camera via Getty Images)<\/p>\n"},"alt_text":"Crew installs solar panels on an apartment building.","media_type":"image","mime_type":"image\/jpeg","media_details":{"width":3968,"height":2664,"file":"2023\/03\/GettyImages-1089895298.jpg","filesize":6385552,"sizes":{"thumbnail":{"file":"GettyImages-1089895298.jpg?resize=150,101","width":150,"height":101,"filesize":6385552,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/03\/GettyImages-1089895298.jpg?w=150"},"medium":{"file":"GettyImages-1089895298.jpg?resize=300,201","width":300,"height":201,"filesize":6385552,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/03\/GettyImages-1089895298.jpg?w=300"},"medium_large":{"file":"GettyImages-1089895298.jpg?resize=768,516","width":768,"height":516,"filesize":6385552,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/03\/GettyImages-1089895298.jpg?w=1024"},"large":{"file":"GettyImages-1089895298.jpg?resize=680,457","width":680,"height":457,"filesize":6385552,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/03\/GettyImages-1089895298.jpg?w=680"},"1536x1536":{"file":"GettyImages-1089895298.jpg?resize=1536,1031","width":1536,"height":1031,"filesize":6385552,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/03\/GettyImages-1089895298.jpg?w=1536"},"2048x2048":{"file":"GettyImages-1089895298.jpg?resize=2048,1375","width":2048,"height":1375,"filesize":6385552,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/03\/GettyImages-1089895298.jpg?w=2048"},"tc-social-image":{"file":"GettyImages-1089895298.jpg?resize=1200,806","width":1200,"height":806,"filesize":6385552,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/03\/GettyImages-1089895298.jpg?w=1200"},"guest-author-32":{"file":"GettyImages-1089895298.jpg?resize=32,32","width":32,"height":32,"filesize":6385552,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/03\/GettyImages-1089895298.jpg?w=32&h=32&crop=1"},"guest-author-50":{"file":"GettyImages-1089895298.jpg?resize=50,50","width":50,"height":50,"filesize":6385552,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/03\/GettyImages-1089895298.jpg?w=50&h=50&crop=1"},"guest-author-64":{"file":"GettyImages-1089895298.jpg?resize=64,64","width":64,"height":64,"filesize":6385552,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/03\/GettyImages-1089895298.jpg?w=64&h=64&crop=1"},"guest-author-96":{"file":"GettyImages-1089895298.jpg?resize=96,96","width":96,"height":96,"filesize":6385552,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/03\/GettyImages-1089895298.jpg?w=96&h=96&crop=1"},"guest-author-128":{"file":"GettyImages-1089895298.jpg?resize=128,128","width":128,"height":128,"filesize":6385552,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/03\/GettyImages-1089895298.jpg?w=128&h=128&crop=1"},"concierge-thumb":{"file":"GettyImages-1089895298.jpg?resize=50,34","width":50,"height":34,"filesize":6385552,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/03\/GettyImages-1089895298.jpg?w=50"},"full":{"file":"GettyImages-1089895298.jpg","width":1024,"height":687,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/03\/GettyImages-1089895298.jpg"}},"image_meta":{"aperture":"5","credit":"MediaNews Group via Getty Images","camera":"NIKON D3","caption":"Chris Moon, left, and Brandon Linn, with Standard Renewable Energy, install solar panels Thursday on the roof of Canyon Pointe, an affordable-housing apartment complex for seniors. The panels were part of efficiency upgrades paid for by the U.S. Department of Housing and Urban Development.(Photo by Marty Caivano\/Digital First Media\/Boulder Daily Camera via Getty Images)","created_timestamp":"1282210293","copyright":"","focal_length":"130","iso":"400","shutter_speed":"0.0005","title":"Daily Camera Archives","orientation":"0","keywords":[]}},"source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/03\/GettyImages-1089895298.jpg","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media\/2494316"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media"}],"about":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/types\/attachment"}],"replies":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/comments?post=2494316"}],"author":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/133574548"}]}}],"wp:term":[[{"id":576957003,"description":"Our climate news coverage consists of the latest startups and investments in solar energy, greentech, renewables, food tech, alternative proteins, as well as circular economy and carbon capture efforts. We also cover research into climate change and how technology can be used to track and mitigate severe weather and climate-related disasters.","link":"https:\/\/techcrunch.com\/category\/climate\/","name":"Climate","slug":"climate","taxonomy":"category","parent":0,"yoast_head":"\nClimate News | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n
Not every startup<\/span> collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie.<\/p>\n The story of most startup failures is far less exciting. The timing isn\u2019t right, funding dries up, runways run out. Of late, a lot of macroeconomic factors have come into play, as well. These past few years have been especially brutal for startup land. According to a recent PitchBook survey,<\/a> \u201capproximately 3,200 private venture-backed U.S. companies have gone out of business this year.\u201d<\/p>\n Combined, those companies raised north of $27 billion. Even more starkly, it\u2019s a figure that doesn\u2019t include companies that failed after going public or were able to find a buyer. That, after all, would really be stretching the definition of a \u201cstartup.\u201d<\/p>\n It\u2019s worth noting, too, that \u201cfailure\u201d is subjective. Does bankruptcy qualify? It\u2019s certainly not a good sign with regard to your company\u2019s health, but plenty of companies have managed to bounce back to some degree. This particular question has been cause for plenty of discussion around the old TechCrunch virtual watercooler.<\/p>\n For the sake of a piece titled \u201cThe Startups We Lost,\u201d I\u2019ve opted to limit the list to those startups that — to the best of our knowledge — have hit the point of no return. Pushing up daisies. Pining for the fjords.<\/p>\n As the final days fall off the calendar, let\u2019s take a moment to remember some of the startups that didn\u2019t make it.<\/p>\nBraid<\/h2>\n Founded 2019<\/em> \n$10 million raised<\/em><\/p>\n Image Credits:<\/strong> Braid<\/p><\/div><\/p>\n In October,\u00a0Braid<\/a>, a four-year-old startup that aimed to make shared wallets more mainstream among consumers, announced it had\u00a0shut down<\/a>. Founded in January 2019 by Amanda Peyton and Todd Berman (who left in 2020), San Francisco-based Braid set out to offer friends and family an FDIC-insured, multiuser account that was designed to make it easy \u201cto pool, manage and spend money together.\u201d Braid raised a total of $10 million in funding \u201cover multiple rounds\u201d from Index Ventures, Accel and others.<\/p>\n What was refreshing about this closure was Peyton\u2019s candor about what led to Braid\u2019s demise. In\u00a0a blog post<\/a>, Peyton said that Braid had closed its doors in September, and outlined her experiences — and mistakes — in building the company, ultimately realizing that it wasn\u2019t going to be a viable business venture. An estimated 91% of startups fail. If more founders shared their experience like Peyton did so others could learn from them, maybe that number would go down.<\/p>\nCloudNordic<\/h2>\n Founded 2007<\/em><\/p>\n Image Credits:<\/strong> TechCrunch (screenshot)<\/p><\/div><\/p>\n CloudNordic might not be a household name, but a destructive ransomware attack on its systems propelled the company into the limelight \u2014 and its ultimate demise. The Danish cloud host provider shut down this year after close to two decades of operation following a ransomware attack that wiped out the company’s systems and destroyed all of its customers’ data<\/a>. The company said it didn’t have the money to pay the hackers, and\u00a0wouldn’t even if it did<\/a>. With no options left, the company closed its doors.<\/p>\nConvoy<\/h2>\n Founded 2015<\/em> \nMore than $1 billion raised<\/em><\/p>\n <\/a> Image Credits:<\/strong> Convoy<\/p><\/div><\/p>\n The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
The story of most startup failures is far less exciting. The timing isn\u2019t right, funding dries up, runways run out. Of late, a lot of macroeconomic factors have come into play, as well. These past few years have been especially brutal for startup land. According to a recent PitchBook survey,<\/a> \u201capproximately 3,200 private venture-backed U.S. companies have gone out of business this year.\u201d<\/p>\n Combined, those companies raised north of $27 billion. Even more starkly, it\u2019s a figure that doesn\u2019t include companies that failed after going public or were able to find a buyer. That, after all, would really be stretching the definition of a \u201cstartup.\u201d<\/p>\n It\u2019s worth noting, too, that \u201cfailure\u201d is subjective. Does bankruptcy qualify? It\u2019s certainly not a good sign with regard to your company\u2019s health, but plenty of companies have managed to bounce back to some degree. This particular question has been cause for plenty of discussion around the old TechCrunch virtual watercooler.<\/p>\n For the sake of a piece titled \u201cThe Startups We Lost,\u201d I\u2019ve opted to limit the list to those startups that — to the best of our knowledge — have hit the point of no return. Pushing up daisies. Pining for the fjords.<\/p>\n As the final days fall off the calendar, let\u2019s take a moment to remember some of the startups that didn\u2019t make it.<\/p>\nBraid<\/h2>\n Founded 2019<\/em> \n$10 million raised<\/em><\/p>\n Image Credits:<\/strong> Braid<\/p><\/div><\/p>\n In October,\u00a0Braid<\/a>, a four-year-old startup that aimed to make shared wallets more mainstream among consumers, announced it had\u00a0shut down<\/a>. Founded in January 2019 by Amanda Peyton and Todd Berman (who left in 2020), San Francisco-based Braid set out to offer friends and family an FDIC-insured, multiuser account that was designed to make it easy \u201cto pool, manage and spend money together.\u201d Braid raised a total of $10 million in funding \u201cover multiple rounds\u201d from Index Ventures, Accel and others.<\/p>\n What was refreshing about this closure was Peyton\u2019s candor about what led to Braid\u2019s demise. In\u00a0a blog post<\/a>, Peyton said that Braid had closed its doors in September, and outlined her experiences — and mistakes — in building the company, ultimately realizing that it wasn\u2019t going to be a viable business venture. An estimated 91% of startups fail. If more founders shared their experience like Peyton did so others could learn from them, maybe that number would go down.<\/p>\nCloudNordic<\/h2>\n Founded 2007<\/em><\/p>\n Image Credits:<\/strong> TechCrunch (screenshot)<\/p><\/div><\/p>\n CloudNordic might not be a household name, but a destructive ransomware attack on its systems propelled the company into the limelight \u2014 and its ultimate demise. The Danish cloud host provider shut down this year after close to two decades of operation following a ransomware attack that wiped out the company’s systems and destroyed all of its customers’ data<\/a>. The company said it didn’t have the money to pay the hackers, and\u00a0wouldn’t even if it did<\/a>. With no options left, the company closed its doors.<\/p>\nConvoy<\/h2>\n Founded 2015<\/em> \nMore than $1 billion raised<\/em><\/p>\n <\/a> Image Credits:<\/strong> Convoy<\/p><\/div><\/p>\n The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Combined, those companies raised north of $27 billion. Even more starkly, it\u2019s a figure that doesn\u2019t include companies that failed after going public or were able to find a buyer. That, after all, would really be stretching the definition of a \u201cstartup.\u201d<\/p>\n
It\u2019s worth noting, too, that \u201cfailure\u201d is subjective. Does bankruptcy qualify? It\u2019s certainly not a good sign with regard to your company\u2019s health, but plenty of companies have managed to bounce back to some degree. This particular question has been cause for plenty of discussion around the old TechCrunch virtual watercooler.<\/p>\n
For the sake of a piece titled \u201cThe Startups We Lost,\u201d I\u2019ve opted to limit the list to those startups that — to the best of our knowledge — have hit the point of no return. Pushing up daisies. Pining for the fjords.<\/p>\n
As the final days fall off the calendar, let\u2019s take a moment to remember some of the startups that didn\u2019t make it.<\/p>\nBraid<\/h2>\n Founded 2019<\/em> \n$10 million raised<\/em><\/p>\n Image Credits:<\/strong> Braid<\/p><\/div><\/p>\n In October,\u00a0Braid<\/a>, a four-year-old startup that aimed to make shared wallets more mainstream among consumers, announced it had\u00a0shut down<\/a>. Founded in January 2019 by Amanda Peyton and Todd Berman (who left in 2020), San Francisco-based Braid set out to offer friends and family an FDIC-insured, multiuser account that was designed to make it easy \u201cto pool, manage and spend money together.\u201d Braid raised a total of $10 million in funding \u201cover multiple rounds\u201d from Index Ventures, Accel and others.<\/p>\n What was refreshing about this closure was Peyton\u2019s candor about what led to Braid\u2019s demise. In\u00a0a blog post<\/a>, Peyton said that Braid had closed its doors in September, and outlined her experiences — and mistakes — in building the company, ultimately realizing that it wasn\u2019t going to be a viable business venture. An estimated 91% of startups fail. If more founders shared their experience like Peyton did so others could learn from them, maybe that number would go down.<\/p>\nCloudNordic<\/h2>\n Founded 2007<\/em><\/p>\n Image Credits:<\/strong> TechCrunch (screenshot)<\/p><\/div><\/p>\n CloudNordic might not be a household name, but a destructive ransomware attack on its systems propelled the company into the limelight \u2014 and its ultimate demise. The Danish cloud host provider shut down this year after close to two decades of operation following a ransomware attack that wiped out the company’s systems and destroyed all of its customers’ data<\/a>. The company said it didn’t have the money to pay the hackers, and\u00a0wouldn’t even if it did<\/a>. With no options left, the company closed its doors.<\/p>\nConvoy<\/h2>\n Founded 2015<\/em> \nMore than $1 billion raised<\/em><\/p>\n <\/a> Image Credits:<\/strong> Convoy<\/p><\/div><\/p>\n The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Founded 2019<\/em> \n$10 million raised<\/em><\/p>\n Image Credits:<\/strong> Braid<\/p><\/div><\/p>\n In October,\u00a0Braid<\/a>, a four-year-old startup that aimed to make shared wallets more mainstream among consumers, announced it had\u00a0shut down<\/a>. Founded in January 2019 by Amanda Peyton and Todd Berman (who left in 2020), San Francisco-based Braid set out to offer friends and family an FDIC-insured, multiuser account that was designed to make it easy \u201cto pool, manage and spend money together.\u201d Braid raised a total of $10 million in funding \u201cover multiple rounds\u201d from Index Ventures, Accel and others.<\/p>\n What was refreshing about this closure was Peyton\u2019s candor about what led to Braid\u2019s demise. In\u00a0a blog post<\/a>, Peyton said that Braid had closed its doors in September, and outlined her experiences — and mistakes — in building the company, ultimately realizing that it wasn\u2019t going to be a viable business venture. An estimated 91% of startups fail. If more founders shared their experience like Peyton did so others could learn from them, maybe that number would go down.<\/p>\nCloudNordic<\/h2>\n Founded 2007<\/em><\/p>\n Image Credits:<\/strong> TechCrunch (screenshot)<\/p><\/div><\/p>\n CloudNordic might not be a household name, but a destructive ransomware attack on its systems propelled the company into the limelight \u2014 and its ultimate demise. The Danish cloud host provider shut down this year after close to two decades of operation following a ransomware attack that wiped out the company’s systems and destroyed all of its customers’ data<\/a>. The company said it didn’t have the money to pay the hackers, and\u00a0wouldn’t even if it did<\/a>. With no options left, the company closed its doors.<\/p>\nConvoy<\/h2>\n Founded 2015<\/em> \nMore than $1 billion raised<\/em><\/p>\n <\/a> Image Credits:<\/strong> Convoy<\/p><\/div><\/p>\n The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> Braid<\/p><\/div><\/p>\n In October,\u00a0Braid<\/a>, a four-year-old startup that aimed to make shared wallets more mainstream among consumers, announced it had\u00a0shut down<\/a>. Founded in January 2019 by Amanda Peyton and Todd Berman (who left in 2020), San Francisco-based Braid set out to offer friends and family an FDIC-insured, multiuser account that was designed to make it easy \u201cto pool, manage and spend money together.\u201d Braid raised a total of $10 million in funding \u201cover multiple rounds\u201d from Index Ventures, Accel and others.<\/p>\n What was refreshing about this closure was Peyton\u2019s candor about what led to Braid\u2019s demise. In\u00a0a blog post<\/a>, Peyton said that Braid had closed its doors in September, and outlined her experiences — and mistakes — in building the company, ultimately realizing that it wasn\u2019t going to be a viable business venture. An estimated 91% of startups fail. If more founders shared their experience like Peyton did so others could learn from them, maybe that number would go down.<\/p>\nCloudNordic<\/h2>\n Founded 2007<\/em><\/p>\n Image Credits:<\/strong> TechCrunch (screenshot)<\/p><\/div><\/p>\n CloudNordic might not be a household name, but a destructive ransomware attack on its systems propelled the company into the limelight \u2014 and its ultimate demise. The Danish cloud host provider shut down this year after close to two decades of operation following a ransomware attack that wiped out the company’s systems and destroyed all of its customers’ data<\/a>. The company said it didn’t have the money to pay the hackers, and\u00a0wouldn’t even if it did<\/a>. With no options left, the company closed its doors.<\/p>\nConvoy<\/h2>\n Founded 2015<\/em> \nMore than $1 billion raised<\/em><\/p>\n <\/a> Image Credits:<\/strong> Convoy<\/p><\/div><\/p>\n The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> Braid<\/p><\/div><\/p>\n In October,\u00a0Braid<\/a>, a four-year-old startup that aimed to make shared wallets more mainstream among consumers, announced it had\u00a0shut down<\/a>. Founded in January 2019 by Amanda Peyton and Todd Berman (who left in 2020), San Francisco-based Braid set out to offer friends and family an FDIC-insured, multiuser account that was designed to make it easy \u201cto pool, manage and spend money together.\u201d Braid raised a total of $10 million in funding \u201cover multiple rounds\u201d from Index Ventures, Accel and others.<\/p>\n What was refreshing about this closure was Peyton\u2019s candor about what led to Braid\u2019s demise. In\u00a0a blog post<\/a>, Peyton said that Braid had closed its doors in September, and outlined her experiences — and mistakes — in building the company, ultimately realizing that it wasn\u2019t going to be a viable business venture. An estimated 91% of startups fail. If more founders shared their experience like Peyton did so others could learn from them, maybe that number would go down.<\/p>\nCloudNordic<\/h2>\n Founded 2007<\/em><\/p>\n Image Credits:<\/strong> TechCrunch (screenshot)<\/p><\/div><\/p>\n CloudNordic might not be a household name, but a destructive ransomware attack on its systems propelled the company into the limelight \u2014 and its ultimate demise. The Danish cloud host provider shut down this year after close to two decades of operation following a ransomware attack that wiped out the company’s systems and destroyed all of its customers’ data<\/a>. The company said it didn’t have the money to pay the hackers, and\u00a0wouldn’t even if it did<\/a>. With no options left, the company closed its doors.<\/p>\nConvoy<\/h2>\n Founded 2015<\/em> \nMore than $1 billion raised<\/em><\/p>\n <\/a> Image Credits:<\/strong> Convoy<\/p><\/div><\/p>\n The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
In October,\u00a0Braid<\/a>, a four-year-old startup that aimed to make shared wallets more mainstream among consumers, announced it had\u00a0shut down<\/a>. Founded in January 2019 by Amanda Peyton and Todd Berman (who left in 2020), San Francisco-based Braid set out to offer friends and family an FDIC-insured, multiuser account that was designed to make it easy \u201cto pool, manage and spend money together.\u201d Braid raised a total of $10 million in funding \u201cover multiple rounds\u201d from Index Ventures, Accel and others.<\/p>\n What was refreshing about this closure was Peyton\u2019s candor about what led to Braid\u2019s demise. In\u00a0a blog post<\/a>, Peyton said that Braid had closed its doors in September, and outlined her experiences — and mistakes — in building the company, ultimately realizing that it wasn\u2019t going to be a viable business venture. An estimated 91% of startups fail. If more founders shared their experience like Peyton did so others could learn from them, maybe that number would go down.<\/p>\nCloudNordic<\/h2>\n Founded 2007<\/em><\/p>\n Image Credits:<\/strong> TechCrunch (screenshot)<\/p><\/div><\/p>\n CloudNordic might not be a household name, but a destructive ransomware attack on its systems propelled the company into the limelight \u2014 and its ultimate demise. The Danish cloud host provider shut down this year after close to two decades of operation following a ransomware attack that wiped out the company’s systems and destroyed all of its customers’ data<\/a>. The company said it didn’t have the money to pay the hackers, and\u00a0wouldn’t even if it did<\/a>. With no options left, the company closed its doors.<\/p>\nConvoy<\/h2>\n Founded 2015<\/em> \nMore than $1 billion raised<\/em><\/p>\n <\/a> Image Credits:<\/strong> Convoy<\/p><\/div><\/p>\n The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
What was refreshing about this closure was Peyton\u2019s candor about what led to Braid\u2019s demise. In\u00a0a blog post<\/a>, Peyton said that Braid had closed its doors in September, and outlined her experiences — and mistakes — in building the company, ultimately realizing that it wasn\u2019t going to be a viable business venture. An estimated 91% of startups fail. If more founders shared their experience like Peyton did so others could learn from them, maybe that number would go down.<\/p>\nCloudNordic<\/h2>\n Founded 2007<\/em><\/p>\n Image Credits:<\/strong> TechCrunch (screenshot)<\/p><\/div><\/p>\n CloudNordic might not be a household name, but a destructive ransomware attack on its systems propelled the company into the limelight \u2014 and its ultimate demise. The Danish cloud host provider shut down this year after close to two decades of operation following a ransomware attack that wiped out the company’s systems and destroyed all of its customers’ data<\/a>. The company said it didn’t have the money to pay the hackers, and\u00a0wouldn’t even if it did<\/a>. With no options left, the company closed its doors.<\/p>\nConvoy<\/h2>\n Founded 2015<\/em> \nMore than $1 billion raised<\/em><\/p>\n <\/a> Image Credits:<\/strong> Convoy<\/p><\/div><\/p>\n The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Founded 2007<\/em><\/p>\n Image Credits:<\/strong> TechCrunch (screenshot)<\/p><\/div><\/p>\n CloudNordic might not be a household name, but a destructive ransomware attack on its systems propelled the company into the limelight \u2014 and its ultimate demise. The Danish cloud host provider shut down this year after close to two decades of operation following a ransomware attack that wiped out the company’s systems and destroyed all of its customers’ data<\/a>. The company said it didn’t have the money to pay the hackers, and\u00a0wouldn’t even if it did<\/a>. With no options left, the company closed its doors.<\/p>\nConvoy<\/h2>\n Founded 2015<\/em> \nMore than $1 billion raised<\/em><\/p>\n <\/a> Image Credits:<\/strong> Convoy<\/p><\/div><\/p>\n The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> TechCrunch (screenshot)<\/p><\/div><\/p>\n CloudNordic might not be a household name, but a destructive ransomware attack on its systems propelled the company into the limelight \u2014 and its ultimate demise. The Danish cloud host provider shut down this year after close to two decades of operation following a ransomware attack that wiped out the company’s systems and destroyed all of its customers’ data<\/a>. The company said it didn’t have the money to pay the hackers, and\u00a0wouldn’t even if it did<\/a>. With no options left, the company closed its doors.<\/p>\nConvoy<\/h2>\n Founded 2015<\/em> \nMore than $1 billion raised<\/em><\/p>\n <\/a> Image Credits:<\/strong> Convoy<\/p><\/div><\/p>\n The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> TechCrunch (screenshot)<\/p><\/div><\/p>\n CloudNordic might not be a household name, but a destructive ransomware attack on its systems propelled the company into the limelight \u2014 and its ultimate demise. The Danish cloud host provider shut down this year after close to two decades of operation following a ransomware attack that wiped out the company’s systems and destroyed all of its customers’ data<\/a>. The company said it didn’t have the money to pay the hackers, and\u00a0wouldn’t even if it did<\/a>. With no options left, the company closed its doors.<\/p>\nConvoy<\/h2>\n Founded 2015<\/em> \nMore than $1 billion raised<\/em><\/p>\n <\/a> Image Credits:<\/strong> Convoy<\/p><\/div><\/p>\n The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
CloudNordic might not be a household name, but a destructive ransomware attack on its systems propelled the company into the limelight \u2014 and its ultimate demise. The Danish cloud host provider shut down this year after close to two decades of operation following a ransomware attack that wiped out the company’s systems and destroyed all of its customers’ data<\/a>. The company said it didn’t have the money to pay the hackers, and\u00a0wouldn’t even if it did<\/a>. With no options left, the company closed its doors.<\/p>\nConvoy<\/h2>\n Founded 2015<\/em> \nMore than $1 billion raised<\/em><\/p>\n <\/a> Image Credits:<\/strong> Convoy<\/p><\/div><\/p>\n The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Founded 2015<\/em> \nMore than $1 billion raised<\/em><\/p>\n <\/a> Image Credits:<\/strong> Convoy<\/p><\/div><\/p>\n The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
<\/a> Image Credits:<\/strong> Convoy<\/p><\/div><\/p>\n The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> Convoy<\/p><\/div><\/p>\n The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
The digital freight broker abruptly closed<\/a> in October 2023, just eight months after the Seattle-based company raised $260 million<\/a> in fresh funding that pushed its valuation to $3.8 billion. Convoy, founded by former Amazon and Google exec CEO Dan Lewis and CTO Grant Goodale, will live on \u2014 sort of.<\/p>\n Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Supply chain logistics platform Flexport acquired the assets<\/a> of the shuttered digital freight network with plans to\u00a0restore Convoy\u2019s trucking logistics services for customers. Flexport didn’t acquire the business or any of its liabilities, but its CEO said it did plan to retain \u201ca small group of team members from their core product and engineering team.\u201d<\/p>\nDaylight<\/h2>\n Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Founded 2020<\/em> \n$20 million raised<\/em><\/p>\n Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> Daylight<\/p><\/div><\/p>\n In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
In May 2023,\u00a0Daylight<\/a>, an LGBTQ+ banking platform that had raised $20 million in funding, announced it would be\u00a0shutting down<\/a> and ceasing operations on June 30. The announcement came months after NY Magazine published an explosive feature on the neobank. The article<\/a>\u00a0honed in on Daylight, whose seed and Series A fundraises TechCrunch had covered\u00a0here<\/a>\u00a0and\u00a0here<\/a>, respectively. NY Mag\u2019s piece detailed a lawsuit brought on by three former employees as well as alleged fabrications and inappropriate behavior on the part of co-founder and CEO Rob Curtis.<\/p>\n In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
In a\u00a0blog<\/a> published in May, Curtis said he felt like \u201cnow is the right time to exit this market.\u201d We heard in October that the suits had been dismissed by a federal court and that Daylight was acquired, but Curtis declined to comment further when we reached out. It was a disappointing outcome but one that highlighted the challenges of neobanks that target specific demographics. At the onset of the COVID-19 pandemic, we saw a flurry of such startups raising money, but since then, things have been relatively quiet. Part of the challenge is providing differentiated services that are actually unique to a certain community. Since Daylight\u2019s closure, Curtis has moved on to a tequila-related venture.<\/p>\nFuzzy<\/h2>\n Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Founded 2016<\/em> \n$80 million raised<\/em><\/p>\n Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> Fuzzy<\/p><\/div><\/p>\n Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Some startups die long, protracted deaths. Not Fuzzy. The pet care telehealth startup was here one day and gone the next. In February, the firm was reportedly<\/a> hyping its growth on internal Zoom calls. Within months, the company had closed up shop. Fuzzy\u2019s site was taken down without any warning issued to customers.<\/p>\n From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
From the sound of things, even some top execs were left wondering<\/a> precisely what had happened to the startup. That certainly hasn\u2019t stopped the competition from attempting to capitalize<\/a> on Fuzzy\u2019s demise.<\/p>\nIRL<\/h2>\n Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Founded 2016<\/em> \n$200 million raised<\/em><\/p>\n Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> IRL<\/p><\/div><\/p>\n IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
IRL\u2019s meltdown was a hot mess. In 2022, the event organizing social app laid off one-quarter of its 100 or so employees. Co-founder and CEO Abraham Shafi put the blame on an extremely volatile market, while stating that the company\u2019s cash runway would last at least until 2024. Then it shut down this June<\/a>.<\/p>\n No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
No social network is completely devoid of bots, but an internal investigation by its board of directors found that such accounts constituted around 95% of its 20 million active monthly users. In a lawsuit filed last month<\/a>, IRL\u2019s co-founders accused their investors of falsifying that figure in order to sabotage the firm, which was previously valued at $1.17 billion.<\/p>\nIronNet<\/h2>\n Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Founded 2014 <\/em> \n$400 million raised<\/em><\/p>\n IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
IronNet founder Keith Alexander at TechCrunch Disrupt in 2017. Image Credits:<\/strong> Noam Galai \/ Getty Images<\/p><\/div><\/p>\n IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
IronNet, founded by former NSA director Keith Alexander, was a once-promising cybersecurity startup, which at its peak raised more than $400 million in funding. But in the end, IronNet was no match for market forces (and poor leadership). After a bumpy ride going public and rounds of layoffs<\/a>, Alexander departed as CEO in July and was replaced with the chairperson of the company’s largest investor. IronNet scrambled to stay afloat, but lasted only a few weeks longer before it laid off everyone else and filed for bankruptcy<\/a>.<\/p>\nMandolin<\/h2>\n Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Founded 2020<\/em> \n$17 million raised<\/em><\/p>\n Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> Mandolin (opens in a new window)<\/span><\/a><\/p><\/div><\/p>\n Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Plenty of startups struggled through the pandemic. Others thrived. Founded in June 2020, the concert livestreaming platform was the right startup at the right time. After all, it had only been a few months since venues across the U.S. closed their doors indefinitely. Mandolin\u2019s subsequent rise was swift, taking on big name events with artists ranging from Lil\u2019 Wayne to the Lumineers.<\/p>\n
A year after its founding, the Indianapolis-based firm raised a $12 million Series A<\/a>, following a $5 million seed round the previous October. In 2022, it seemed as though the platform was still thriving, even as venues across the country had re-opened. Mandolin diversified into other aspects of the live music experience, including venue partnerships and merchandizing.<\/p>\n This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
This April, however, the startup announced on Instagram that it was closing up shop. \u201cAfter 3 incredible years,\u201d it noted, \u201cwe are sad to announce that Mandolin will no longer be offering the digital fan experiences you\u2019ve come to love.\u201d<\/p>\nVeev<\/h2>\n Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Founded 2008<\/em> \n$597 million raised<\/em><\/p>\n Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> Veev<\/p><\/div><\/p>\n Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Veev, a real estate developer turned tech-enabled prefab homebuilder, as of November was on the verge of\u00a0shuttering<\/a>\u00a0after\u00a0reaching unicorn status last year<\/a>, according to multiple reports. Calcalist reported<\/a>\u00a0on November 26 that the company \u2014 which raised a staggering $600 million in total,\u00a0$400 million of which was secured<\/a>\u00a0in March of 2022 \u2014 was going to have to close up shop after an \u201cabrupt cancellation of a capital-raising initiative.\u201d Later that week, it was reported that Veev was \u201cundergoing liquidation<\/a>.\u201d<\/p>\n It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
It was a bit of a shocking turn of events considering just how much money the company had raised not even two years prior. The closure was not the first startup failure for Veev co-founders Heller and Ami Avrahami. Another one of their proptech ventures, Reali, began a shutdown in August of 2022 after\u00a0raising more than $290 million in debt and equity funding<\/a>. Zeev Ventures was an investor in both companies.<\/p>\nZestMoney<\/h2>\n Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Founded 2015<\/em> \n$121 million raised<\/em><\/p>\n ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds. Image Credits:<\/strong> ZestMoney<\/p><\/div><\/p>\n In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
In mid-May, Manish reported on the fact that founders of ZestMoney\u00a0had resigned from the startup<\/a>. The Indian fintech, whose ability to underwrite small ticket loans to first-time internet customers, once drew the backing of many high-profile investors,\u00a0including Goldman Sachs<\/a>. By December, Manish had reported that ZestMoney was\u00a0shutting down<\/a>\u00a0following unsuccessful efforts to find a buyer.<\/p>\n The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
The Bengaluru-headquartered startup \u2014 which also identified PayU, Quona, Zip, Omidyar Network and Ribbit Capital among its backers \u2014 employed about 150 people and had raised over $130 million in its eight-year journey.<\/p>\nZume<\/h2>\n Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Founded 2015<\/em> \n$445 million raised<\/em><\/p>\n Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> Zume<\/p><\/div><\/p>\n \u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
\u201cPizza was our prototype,\u201d co-founder and CEO Alex Garden told me in 2018<\/a>. Three years after its founding, Zume made a major pivot. While it will forever be remembered as the pizza robot startup (that\u2019s a hard identity to shake), the Southern Californian company cast a wider net. First it was exploring non-pizza delivery trucks. Two years later, it pivoted into sustainable food packaging.<\/p>\n Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Throughout its many lives, one certainly can\u2019t pin Zume\u2019s ultimate demise on a failure to adapt. Nor was it a lack of funding, as the company raised nearly half-a-billion in its eight-year history. That includes a 2018 SoftBank round of $325 million that valued the company at north of two billon.<\/p>\n
Zume liquidated its assets in early June.<\/p>\n\n The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
The convicts of Silicon Valley, 2023 edition<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
<\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Not every startup collapse is an FTX or Theranos. They don\u2019t all burn so brightly and explode so spectacularly. More often than not, there won\u2019t be some high-profile court case and prison time. Amanda Seyfried isn\u2019t going to play you in the made for Hulu movie. The story of most startup failures is far less […]<\/p>\n","protected":false},"author":699688,"featured_media":2646288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"6ce6d9ca-98a7-3bc9-b6d9-069f25f5822a","footnotes":"","apple_news_api_created_at":"2023-12-30T15:42:04Z","apple_news_api_id":"0cb559c4-edd8-40e9-bedb-e93ea60673a0","apple_news_api_modified_at":"2023-12-30T20:32:15Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ADLVZxO3YQOm-2-k-pgZzoA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[20429,577030455],"tags":[337157,697217,211367,119414,576606147,576896681,577217185,576989473,576608185,449552858],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nRemembering the startups we lost in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Brian Heater is the Hardware Editor at TechCrunch. He worked for a number of leading tech publications, including Engadget, PCMag, Laptop, and Tech Times, where he served as the Managing Editor. His writing has appeared in Spin, Wired, Playboy, Entertainment Weekly, The Onion, Boing Boing, Publishers Weekly, The Daily Beast and various other publications. He hosts the weekly Boing Boing interview podcast RiYL, has appeared as a regular NPR contributor and shares his Queens apartment with a rabbit named Lucy.<\/p>","cbAvatar":"https:\/\/techcrunch.com\/wp-content\/uploads\/2021\/01\/xynitsmpgmmobpekzxkg.jpg.jpg","twitter":"bheater","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/699688"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users"}]}},{"id":2106820,"name":"Mary Ann Azevedo","link":"https:\/\/techcrunch.com\/author\/mary-ann-azevedo-2\/","description":"Mary Ann is a Senior Reporter at TechCrunch.","slug":"mary-ann-azevedo-2","links":{"twitter":"https:\/\/twitter.com\/bayareawriter"},"position":"Columnist","cbDescription":"Mary Ann is a Senior Reporter at TechCrunch.","cbAvatar":"https:\/\/techcrunch.com\/wp-content\/uploads\/2021\/02\/ea1bce134cfbdf963e7f33aea081552c.png?w=150","twitter":"bayareawriter"},{"id":133574210,"name":"Zack Whittaker","url":"","description":"Zack Whittaker is the security editor at TechCrunch. You can send tips securely via Signal and WhatsApp to +1 646-755-8849. He can also be reached by email at zack.whittaker@techcrunch.com.","link":"https:\/\/techcrunch.com\/author\/zack-whittaker\/","slug":"zack-whittaker","avatar_urls":{"24":"https:\/\/secure.gravatar.com\/avatar\/9c6f2f007a1fadfcf4f9da867130c493?s=24&d=identicon&r=g","48":"https:\/\/secure.gravatar.com\/avatar\/9c6f2f007a1fadfcf4f9da867130c493?s=48&d=identicon&r=g","96":"https:\/\/secure.gravatar.com\/avatar\/9c6f2f007a1fadfcf4f9da867130c493?s=96&d=identicon&r=g"},"yoast_head":"\nZack Whittaker, Author at TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n
Zack Whittaker is the security editor at TechCrunch. You can send tips securely via Signal and WhatsApp to +1 646-755-8849. He can also be reached by e-mail at zack.whittaker@techcrunch.com.<\/p> <\/a>","cbAvatar":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/10\/zw-profile.jpg","twitter":"zackwhittaker","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/133574210"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users"}]}}],"author":[{"id":699688,"name":"Brian Heater","url":"http:\/\/bheater","description":"","link":"https:\/\/techcrunch.com\/author\/brian-heater\/","slug":"brian-heater","avatar_urls":{"24":"https:\/\/secure.gravatar.com\/avatar\/eb77d830ad404e16ee7a4c7000b5f49d?s=24&d=identicon&r=g","48":"https:\/\/secure.gravatar.com\/avatar\/eb77d830ad404e16ee7a4c7000b5f49d?s=48&d=identicon&r=g","96":"https:\/\/secure.gravatar.com\/avatar\/eb77d830ad404e16ee7a4c7000b5f49d?s=96&d=identicon&r=g"},"yoast_head":"\nBrian Heater, Author at TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n
Brian Heater is the Hardware Editor at TechCrunch. He worked for a number of leading tech publications, including Engadget, PCMag, Laptop, and Tech Times, where he served as the Managing Editor. His writing has appeared in Spin, Wired, Playboy, Entertainment Weekly, The Onion, Boing Boing, Publishers Weekly, The Daily Beast and various other publications. He hosts the weekly Boing Boing interview podcast RiYL, has appeared as a regular NPR contributor and shares his Queens apartment with a rabbit named Lucy.<\/p>","cbAvatar":"https:\/\/techcrunch.com\/wp-content\/uploads\/2021\/01\/xynitsmpgmmobpekzxkg.jpg.jpg","twitter":"bheater","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/699688"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users"}]}}],"wp:featuredmedia":[{"id":2646288,"date":"2023-12-29T06:45:59","slug":"startups-we-lost-2023","type":"attachment","link":"https:\/\/techcrunch.com\/2023\/12\/30\/remembering-the-startups-we-lost-in-2023\/startups-we-lost-2023\/","title":{"rendered":"startups-we-lost-2023"},"author":699688,"jetpack_sharing_enabled":true,"license":{"person":"Bryce Durbin\/TechCrunch"},"authors":[699688],"caption":{"rendered":"
Startups we lost in 2022 lilies<\/p>\n"},"alt_text":"lilies","media_type":"image","mime_type":"image\/jpeg","media_details":{"width":1200,"height":675,"file":"2023\/12\/startups-we-lost-2023.jpg","filesize":85480,"sizes":{"thumbnail":{"file":"startups-we-lost-2023.jpg?resize=150,84","width":150,"height":84,"filesize":85480,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/startups-we-lost-2023.jpg?w=150"},"medium":{"file":"startups-we-lost-2023.jpg?resize=300,169","width":300,"height":169,"filesize":85480,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/startups-we-lost-2023.jpg?w=300"},"medium_large":{"file":"startups-we-lost-2023.jpg?resize=768,432","width":768,"height":432,"filesize":85480,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/startups-we-lost-2023.jpg?w=1024"},"large":{"file":"startups-we-lost-2023.jpg?resize=680,383","width":680,"height":383,"filesize":85480,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/startups-we-lost-2023.jpg?w=680"},"guest-author-32":{"file":"startups-we-lost-2023.jpg?resize=32,32","width":32,"height":32,"filesize":85480,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/startups-we-lost-2023.jpg?w=32&h=32&crop=1"},"guest-author-50":{"file":"startups-we-lost-2023.jpg?resize=50,50","width":50,"height":50,"filesize":85480,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/startups-we-lost-2023.jpg?w=50&h=50&crop=1"},"guest-author-64":{"file":"startups-we-lost-2023.jpg?resize=64,64","width":64,"height":64,"filesize":85480,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/startups-we-lost-2023.jpg?w=64&h=64&crop=1"},"guest-author-96":{"file":"startups-we-lost-2023.jpg?resize=96,96","width":96,"height":96,"filesize":85480,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/startups-we-lost-2023.jpg?w=96&h=96&crop=1"},"guest-author-128":{"file":"startups-we-lost-2023.jpg?resize=128,128","width":128,"height":128,"filesize":85480,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/startups-we-lost-2023.jpg?w=128&h=128&crop=1"},"concierge-thumb":{"file":"startups-we-lost-2023.jpg?resize=50,28","width":50,"height":28,"filesize":85480,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/startups-we-lost-2023.jpg?w=50"},"full":{"file":"startups-we-lost-2023.jpg","width":1024,"height":576,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/startups-we-lost-2023.jpg"}},"image_meta":{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0","keywords":[]}},"source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/startups-we-lost-2023.jpg","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media\/2646288"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media"}],"about":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/types\/attachment"}],"replies":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/comments?post=2646288"}],"author":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/699688"}]}}],"wp:term":[[{"id":20429,"description":"Tech startup news that breaks down the funding, growth, and long-term trajectory of companies across every stage and industry. Startup coverage includes climate, crypto, fintech, SaaS, transportation, and consumer tech.","link":"https:\/\/techcrunch.com\/category\/startups\/","name":"Startups","slug":"startups","taxonomy":"category","parent":0,"yoast_head":"\nStartups | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n
I\u2019ve been one<\/span> of the those \u201cI don\u2019t own a TV\u201d people for a long time. Really my entire adult life, excepting those times when I shared my living space with someone who brought their own to the party.<\/p>\n My exact motivation is a bit hazy all these years later, but at a certain point, it\u2019s a lifestyle you kind of settle into — one that can occasionally make your job as a hardware reviewer a bit of a hassle.<\/p>\n The truth is, however, that the distinction between owning and not owning a television has grown increasingly blurry over the past decade. Perhaps as blurry as the definition of television itself. Think of this cord cutter\u2019s journey as a sort of set top Ship of Theseus<\/a>. At some point along the way, we\u2019ve severed our final ties first to terrestrial television and then to the cable companies.<\/p>\n Movies, live television, sports \u2014 all of these familiar paradigms have adapted to the digital age. Ultimately how much you want your own home setup to resemble previous models is entirely up to you. Personally speaking, I have no allegiance to live television, and Oakland Athletics owner John Fisher has personally seen to the severing of my main connection to professional sports.<\/p>\n All of my home movie\/television viewing first occurred on a laptop, followed by a tablet. In the intervening years, any stance I might have initially taken against owning a television was effectively rendered arbitrary, save for two: space and money. Of course, the price of televisions has continued dropping over time \u2014 though that doesn\u2019t factor in things like sound systems and all the other ephemera. Space, on the other hand, will be a concern for as long as I live in a city like New York on a journalist\u2019s salary.<\/p>\n I\u2019ve contemplated projector life over the years \u2014 I\u2019ve also tested some here and there. There\u2019s something very appealing about a big screen you can stash away when not in use. Until fairly recently, however, it seemed that price and ease of use lagged greatly when compared to the far more popular television option.<\/p>\n In the dozen years since it was founded in Shenzhen, Anker has grown into an accessory powerhouse. By and large, the company has done a good job balancing price, quality and creative design. I\u2019ve recommended plenty of their products over the years and have been tempted to check out an Anker Nebula projector for some time.<\/p><\/div>\n Just ahead of the holidays, I contacted the company to check out a review unit, and shopped around for a decently priced projector screen. My initial goal was picking up something in the 70- to 80-inch range, entirely unsure whether anything larger would fit in my living room and\/or bedroom. Even the low end is significantly larger than the average TV set, which sits somewhere between 30 and 65 inches.<\/p>\n The story of how I ended up with a 100-inch projector screen in my bedroom is an entirely unexciting combination of pricing, comparison shopping and reading reviews. But here we are, from watching all of my TV shows and movies on an iPad to have to step around a movie screen every time I wake up in the middle of the night to use the restroom.<\/p>\n Image Credits:<\/strong> Brian Heater<\/p><\/div><\/p>\n Screens are like so many other things in tech, however: Once you get used to it, you suddenly wonder how you managed to survive so many years without it.<\/p>\n Released earlier this year, the Anker Nebula Capsule 3 is more or less exactly what I\u2019ve been looking for in a projector. It\u2019s extremely compact (the company compares it to the size and shape of a soda can), simple to use and extremely self-contained. The question of price is an interesting one here. The device retails for $800 (though you can routinely find it for $50 less on places like Amazon).<\/p>\n You can find a 60-inch 1080p smart TV for a couple hundred. As with any big ticket purchase, one must do a cost-benefit analysis here. A 100-inch TV will likely cost you more than a grand, while the Capsule 3 outputs up to a 120-inch image. Factor in the projector screen and that\u2019s another $70 in my case. Like many screens, mine is effectively a PVC pipe frame holding up a taut, silky white sheet.<\/p>\n The Capsule<\/a> has a decent Bluetooth speaker and Chromecast built in, which are points in its favor. Actively working against it, though, is the fact that even with a laser projection system, the image only gives you the desired effect in an entirely dark room. You also need to find the right spot to place the projector that avoids potential obstacles. There\u2019s also a calibration process you\u2019ll have to deal with every time you move the projector or the screen.<\/p>\n That last bit is less daunting than it sounds. The system does a decent job auto-calibrating and shrinking the screen size to avoid obstacles. Oftentimes, however, I\u2019ve found myself using either the included remote or the Nebula app to better fit it to my screen\u2019s dimensions.<\/p>\n Image Credits:<\/strong> Brian Heater<\/p><\/div><\/p>\n As far as compact design and portability go, you can\u2019t beat the Nebula right now. I\u2019ve exclusively used it at home, so it\u2019s largely plugged in. But it can get around 2.5 hours of playback on a charge, so that will get you through plenty of movies not directed by Martin Scorsese. When the weather warms up, the idea of rolling up the screen and taking the projector outside is certainly appealing.<\/p>\n At $800, it should probably be regarded as more of a television replacement, rather than a secondary screen. For many, the need for complete darkness and issues around the calibration process are enough reason to recommend against it. If you\u2019ve been seriously considering a home projector and want something portable and easy to use without spending a fortune, the Capsule 3 is easily your best bet.<\/p>\n","protected":false},"excerpt":{"rendered":" I\u2019ve been one of the those \u201cI don\u2019t own a TV\u201d people for a long time. Really my entire adult life, excepting those times when I shared my living space with someone who brought their own to the party. My exact motivation is a bit hazy all these years later, but at a certain point, […]<\/p>\n","protected":false},"author":699688,"featured_media":2645867,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"724fded0-4100-3ee0-abfa-f6a5c7d3c756","footnotes":"","apple_news_api_created_at":"2023-12-30T22:44:02Z","apple_news_api_id":"1b3b65c0-074d-490e-b676-5b9b4ab293c2","apple_news_api_modified_at":"2023-12-30T22:44:02Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AGztlwAdNSQ62dlubSrKTwg","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[449223024],"tags":[447736688,317600,1745],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nI guess I\u2019m a projector person now? | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
My exact motivation is a bit hazy all these years later, but at a certain point, it\u2019s a lifestyle you kind of settle into — one that can occasionally make your job as a hardware reviewer a bit of a hassle.<\/p>\n
The truth is, however, that the distinction between owning and not owning a television has grown increasingly blurry over the past decade. Perhaps as blurry as the definition of television itself. Think of this cord cutter\u2019s journey as a sort of set top Ship of Theseus<\/a>. At some point along the way, we\u2019ve severed our final ties first to terrestrial television and then to the cable companies.<\/p>\n Movies, live television, sports \u2014 all of these familiar paradigms have adapted to the digital age. Ultimately how much you want your own home setup to resemble previous models is entirely up to you. Personally speaking, I have no allegiance to live television, and Oakland Athletics owner John Fisher has personally seen to the severing of my main connection to professional sports.<\/p>\n All of my home movie\/television viewing first occurred on a laptop, followed by a tablet. In the intervening years, any stance I might have initially taken against owning a television was effectively rendered arbitrary, save for two: space and money. Of course, the price of televisions has continued dropping over time \u2014 though that doesn\u2019t factor in things like sound systems and all the other ephemera. Space, on the other hand, will be a concern for as long as I live in a city like New York on a journalist\u2019s salary.<\/p>\n I\u2019ve contemplated projector life over the years \u2014 I\u2019ve also tested some here and there. There\u2019s something very appealing about a big screen you can stash away when not in use. Until fairly recently, however, it seemed that price and ease of use lagged greatly when compared to the far more popular television option.<\/p>\n In the dozen years since it was founded in Shenzhen, Anker has grown into an accessory powerhouse. By and large, the company has done a good job balancing price, quality and creative design. I\u2019ve recommended plenty of their products over the years and have been tempted to check out an Anker Nebula projector for some time.<\/p><\/div>\n Just ahead of the holidays, I contacted the company to check out a review unit, and shopped around for a decently priced projector screen. My initial goal was picking up something in the 70- to 80-inch range, entirely unsure whether anything larger would fit in my living room and\/or bedroom. Even the low end is significantly larger than the average TV set, which sits somewhere between 30 and 65 inches.<\/p>\n The story of how I ended up with a 100-inch projector screen in my bedroom is an entirely unexciting combination of pricing, comparison shopping and reading reviews. But here we are, from watching all of my TV shows and movies on an iPad to have to step around a movie screen every time I wake up in the middle of the night to use the restroom.<\/p>\n Image Credits:<\/strong> Brian Heater<\/p><\/div><\/p>\n Screens are like so many other things in tech, however: Once you get used to it, you suddenly wonder how you managed to survive so many years without it.<\/p>\n Released earlier this year, the Anker Nebula Capsule 3 is more or less exactly what I\u2019ve been looking for in a projector. It\u2019s extremely compact (the company compares it to the size and shape of a soda can), simple to use and extremely self-contained. The question of price is an interesting one here. The device retails for $800 (though you can routinely find it for $50 less on places like Amazon).<\/p>\n You can find a 60-inch 1080p smart TV for a couple hundred. As with any big ticket purchase, one must do a cost-benefit analysis here. A 100-inch TV will likely cost you more than a grand, while the Capsule 3 outputs up to a 120-inch image. Factor in the projector screen and that\u2019s another $70 in my case. Like many screens, mine is effectively a PVC pipe frame holding up a taut, silky white sheet.<\/p>\n The Capsule<\/a> has a decent Bluetooth speaker and Chromecast built in, which are points in its favor. Actively working against it, though, is the fact that even with a laser projection system, the image only gives you the desired effect in an entirely dark room. You also need to find the right spot to place the projector that avoids potential obstacles. There\u2019s also a calibration process you\u2019ll have to deal with every time you move the projector or the screen.<\/p>\n That last bit is less daunting than it sounds. The system does a decent job auto-calibrating and shrinking the screen size to avoid obstacles. Oftentimes, however, I\u2019ve found myself using either the included remote or the Nebula app to better fit it to my screen\u2019s dimensions.<\/p>\n Image Credits:<\/strong> Brian Heater<\/p><\/div><\/p>\n As far as compact design and portability go, you can\u2019t beat the Nebula right now. I\u2019ve exclusively used it at home, so it\u2019s largely plugged in. But it can get around 2.5 hours of playback on a charge, so that will get you through plenty of movies not directed by Martin Scorsese. When the weather warms up, the idea of rolling up the screen and taking the projector outside is certainly appealing.<\/p>\n At $800, it should probably be regarded as more of a television replacement, rather than a secondary screen. For many, the need for complete darkness and issues around the calibration process are enough reason to recommend against it. If you\u2019ve been seriously considering a home projector and want something portable and easy to use without spending a fortune, the Capsule 3 is easily your best bet.<\/p>\n","protected":false},"excerpt":{"rendered":" I\u2019ve been one of the those \u201cI don\u2019t own a TV\u201d people for a long time. Really my entire adult life, excepting those times when I shared my living space with someone who brought their own to the party. My exact motivation is a bit hazy all these years later, but at a certain point, […]<\/p>\n","protected":false},"author":699688,"featured_media":2645867,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"724fded0-4100-3ee0-abfa-f6a5c7d3c756","footnotes":"","apple_news_api_created_at":"2023-12-30T22:44:02Z","apple_news_api_id":"1b3b65c0-074d-490e-b676-5b9b4ab293c2","apple_news_api_modified_at":"2023-12-30T22:44:02Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AGztlwAdNSQ62dlubSrKTwg","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[449223024],"tags":[447736688,317600,1745],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nI guess I\u2019m a projector person now? | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Movies, live television, sports \u2014 all of these familiar paradigms have adapted to the digital age. Ultimately how much you want your own home setup to resemble previous models is entirely up to you. Personally speaking, I have no allegiance to live television, and Oakland Athletics owner John Fisher has personally seen to the severing of my main connection to professional sports.<\/p>\n
All of my home movie\/television viewing first occurred on a laptop, followed by a tablet. In the intervening years, any stance I might have initially taken against owning a television was effectively rendered arbitrary, save for two: space and money. Of course, the price of televisions has continued dropping over time \u2014 though that doesn\u2019t factor in things like sound systems and all the other ephemera. Space, on the other hand, will be a concern for as long as I live in a city like New York on a journalist\u2019s salary.<\/p>\n
I\u2019ve contemplated projector life over the years \u2014 I\u2019ve also tested some here and there. There\u2019s something very appealing about a big screen you can stash away when not in use. Until fairly recently, however, it seemed that price and ease of use lagged greatly when compared to the far more popular television option.<\/p>\n
In the dozen years since it was founded in Shenzhen, Anker has grown into an accessory powerhouse. By and large, the company has done a good job balancing price, quality and creative design. I\u2019ve recommended plenty of their products over the years and have been tempted to check out an Anker Nebula projector for some time.<\/p><\/div>\n Just ahead of the holidays, I contacted the company to check out a review unit, and shopped around for a decently priced projector screen. My initial goal was picking up something in the 70- to 80-inch range, entirely unsure whether anything larger would fit in my living room and\/or bedroom. Even the low end is significantly larger than the average TV set, which sits somewhere between 30 and 65 inches.<\/p>\n The story of how I ended up with a 100-inch projector screen in my bedroom is an entirely unexciting combination of pricing, comparison shopping and reading reviews. But here we are, from watching all of my TV shows and movies on an iPad to have to step around a movie screen every time I wake up in the middle of the night to use the restroom.<\/p>\n Image Credits:<\/strong> Brian Heater<\/p><\/div><\/p>\n Screens are like so many other things in tech, however: Once you get used to it, you suddenly wonder how you managed to survive so many years without it.<\/p>\n Released earlier this year, the Anker Nebula Capsule 3 is more or less exactly what I\u2019ve been looking for in a projector. It\u2019s extremely compact (the company compares it to the size and shape of a soda can), simple to use and extremely self-contained. The question of price is an interesting one here. The device retails for $800 (though you can routinely find it for $50 less on places like Amazon).<\/p>\n You can find a 60-inch 1080p smart TV for a couple hundred. As with any big ticket purchase, one must do a cost-benefit analysis here. A 100-inch TV will likely cost you more than a grand, while the Capsule 3 outputs up to a 120-inch image. Factor in the projector screen and that\u2019s another $70 in my case. Like many screens, mine is effectively a PVC pipe frame holding up a taut, silky white sheet.<\/p>\n The Capsule<\/a> has a decent Bluetooth speaker and Chromecast built in, which are points in its favor. Actively working against it, though, is the fact that even with a laser projection system, the image only gives you the desired effect in an entirely dark room. You also need to find the right spot to place the projector that avoids potential obstacles. There\u2019s also a calibration process you\u2019ll have to deal with every time you move the projector or the screen.<\/p>\n That last bit is less daunting than it sounds. The system does a decent job auto-calibrating and shrinking the screen size to avoid obstacles. Oftentimes, however, I\u2019ve found myself using either the included remote or the Nebula app to better fit it to my screen\u2019s dimensions.<\/p>\n Image Credits:<\/strong> Brian Heater<\/p><\/div><\/p>\n As far as compact design and portability go, you can\u2019t beat the Nebula right now. I\u2019ve exclusively used it at home, so it\u2019s largely plugged in. But it can get around 2.5 hours of playback on a charge, so that will get you through plenty of movies not directed by Martin Scorsese. When the weather warms up, the idea of rolling up the screen and taking the projector outside is certainly appealing.<\/p>\n At $800, it should probably be regarded as more of a television replacement, rather than a secondary screen. For many, the need for complete darkness and issues around the calibration process are enough reason to recommend against it. If you\u2019ve been seriously considering a home projector and want something portable and easy to use without spending a fortune, the Capsule 3 is easily your best bet.<\/p>\n","protected":false},"excerpt":{"rendered":" I\u2019ve been one of the those \u201cI don\u2019t own a TV\u201d people for a long time. Really my entire adult life, excepting those times when I shared my living space with someone who brought their own to the party. My exact motivation is a bit hazy all these years later, but at a certain point, […]<\/p>\n","protected":false},"author":699688,"featured_media":2645867,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"724fded0-4100-3ee0-abfa-f6a5c7d3c756","footnotes":"","apple_news_api_created_at":"2023-12-30T22:44:02Z","apple_news_api_id":"1b3b65c0-074d-490e-b676-5b9b4ab293c2","apple_news_api_modified_at":"2023-12-30T22:44:02Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AGztlwAdNSQ62dlubSrKTwg","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[449223024],"tags":[447736688,317600,1745],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nI guess I\u2019m a projector person now? | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Just ahead of the holidays, I contacted the company to check out a review unit, and shopped around for a decently priced projector screen. My initial goal was picking up something in the 70- to 80-inch range, entirely unsure whether anything larger would fit in my living room and\/or bedroom. Even the low end is significantly larger than the average TV set, which sits somewhere between 30 and 65 inches.<\/p>\n
The story of how I ended up with a 100-inch projector screen in my bedroom is an entirely unexciting combination of pricing, comparison shopping and reading reviews. But here we are, from watching all of my TV shows and movies on an iPad to have to step around a movie screen every time I wake up in the middle of the night to use the restroom.<\/p>\n
Image Credits:<\/strong> Brian Heater<\/p><\/div><\/p>\n Screens are like so many other things in tech, however: Once you get used to it, you suddenly wonder how you managed to survive so many years without it.<\/p>\n Released earlier this year, the Anker Nebula Capsule 3 is more or less exactly what I\u2019ve been looking for in a projector. It\u2019s extremely compact (the company compares it to the size and shape of a soda can), simple to use and extremely self-contained. The question of price is an interesting one here. The device retails for $800 (though you can routinely find it for $50 less on places like Amazon).<\/p>\n You can find a 60-inch 1080p smart TV for a couple hundred. As with any big ticket purchase, one must do a cost-benefit analysis here. A 100-inch TV will likely cost you more than a grand, while the Capsule 3 outputs up to a 120-inch image. Factor in the projector screen and that\u2019s another $70 in my case. Like many screens, mine is effectively a PVC pipe frame holding up a taut, silky white sheet.<\/p>\n The Capsule<\/a> has a decent Bluetooth speaker and Chromecast built in, which are points in its favor. Actively working against it, though, is the fact that even with a laser projection system, the image only gives you the desired effect in an entirely dark room. You also need to find the right spot to place the projector that avoids potential obstacles. There\u2019s also a calibration process you\u2019ll have to deal with every time you move the projector or the screen.<\/p>\n That last bit is less daunting than it sounds. The system does a decent job auto-calibrating and shrinking the screen size to avoid obstacles. Oftentimes, however, I\u2019ve found myself using either the included remote or the Nebula app to better fit it to my screen\u2019s dimensions.<\/p>\n Image Credits:<\/strong> Brian Heater<\/p><\/div><\/p>\n As far as compact design and portability go, you can\u2019t beat the Nebula right now. I\u2019ve exclusively used it at home, so it\u2019s largely plugged in. But it can get around 2.5 hours of playback on a charge, so that will get you through plenty of movies not directed by Martin Scorsese. When the weather warms up, the idea of rolling up the screen and taking the projector outside is certainly appealing.<\/p>\n At $800, it should probably be regarded as more of a television replacement, rather than a secondary screen. For many, the need for complete darkness and issues around the calibration process are enough reason to recommend against it. If you\u2019ve been seriously considering a home projector and want something portable and easy to use without spending a fortune, the Capsule 3 is easily your best bet.<\/p>\n","protected":false},"excerpt":{"rendered":" I\u2019ve been one of the those \u201cI don\u2019t own a TV\u201d people for a long time. Really my entire adult life, excepting those times when I shared my living space with someone who brought their own to the party. My exact motivation is a bit hazy all these years later, but at a certain point, […]<\/p>\n","protected":false},"author":699688,"featured_media":2645867,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"724fded0-4100-3ee0-abfa-f6a5c7d3c756","footnotes":"","apple_news_api_created_at":"2023-12-30T22:44:02Z","apple_news_api_id":"1b3b65c0-074d-490e-b676-5b9b4ab293c2","apple_news_api_modified_at":"2023-12-30T22:44:02Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AGztlwAdNSQ62dlubSrKTwg","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[449223024],"tags":[447736688,317600,1745],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nI guess I\u2019m a projector person now? | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> Brian Heater<\/p><\/div><\/p>\n Screens are like so many other things in tech, however: Once you get used to it, you suddenly wonder how you managed to survive so many years without it.<\/p>\n Released earlier this year, the Anker Nebula Capsule 3 is more or less exactly what I\u2019ve been looking for in a projector. It\u2019s extremely compact (the company compares it to the size and shape of a soda can), simple to use and extremely self-contained. The question of price is an interesting one here. The device retails for $800 (though you can routinely find it for $50 less on places like Amazon).<\/p>\n You can find a 60-inch 1080p smart TV for a couple hundred. As with any big ticket purchase, one must do a cost-benefit analysis here. A 100-inch TV will likely cost you more than a grand, while the Capsule 3 outputs up to a 120-inch image. Factor in the projector screen and that\u2019s another $70 in my case. Like many screens, mine is effectively a PVC pipe frame holding up a taut, silky white sheet.<\/p>\n The Capsule<\/a> has a decent Bluetooth speaker and Chromecast built in, which are points in its favor. Actively working against it, though, is the fact that even with a laser projection system, the image only gives you the desired effect in an entirely dark room. You also need to find the right spot to place the projector that avoids potential obstacles. There\u2019s also a calibration process you\u2019ll have to deal with every time you move the projector or the screen.<\/p>\n That last bit is less daunting than it sounds. The system does a decent job auto-calibrating and shrinking the screen size to avoid obstacles. Oftentimes, however, I\u2019ve found myself using either the included remote or the Nebula app to better fit it to my screen\u2019s dimensions.<\/p>\n Image Credits:<\/strong> Brian Heater<\/p><\/div><\/p>\n As far as compact design and portability go, you can\u2019t beat the Nebula right now. I\u2019ve exclusively used it at home, so it\u2019s largely plugged in. But it can get around 2.5 hours of playback on a charge, so that will get you through plenty of movies not directed by Martin Scorsese. When the weather warms up, the idea of rolling up the screen and taking the projector outside is certainly appealing.<\/p>\n At $800, it should probably be regarded as more of a television replacement, rather than a secondary screen. For many, the need for complete darkness and issues around the calibration process are enough reason to recommend against it. If you\u2019ve been seriously considering a home projector and want something portable and easy to use without spending a fortune, the Capsule 3 is easily your best bet.<\/p>\n","protected":false},"excerpt":{"rendered":" I\u2019ve been one of the those \u201cI don\u2019t own a TV\u201d people for a long time. Really my entire adult life, excepting those times when I shared my living space with someone who brought their own to the party. My exact motivation is a bit hazy all these years later, but at a certain point, […]<\/p>\n","protected":false},"author":699688,"featured_media":2645867,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"724fded0-4100-3ee0-abfa-f6a5c7d3c756","footnotes":"","apple_news_api_created_at":"2023-12-30T22:44:02Z","apple_news_api_id":"1b3b65c0-074d-490e-b676-5b9b4ab293c2","apple_news_api_modified_at":"2023-12-30T22:44:02Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AGztlwAdNSQ62dlubSrKTwg","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[449223024],"tags":[447736688,317600,1745],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nI guess I\u2019m a projector person now? | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Screens are like so many other things in tech, however: Once you get used to it, you suddenly wonder how you managed to survive so many years without it.<\/p>\n
Released earlier this year, the Anker Nebula Capsule 3 is more or less exactly what I\u2019ve been looking for in a projector. It\u2019s extremely compact (the company compares it to the size and shape of a soda can), simple to use and extremely self-contained. The question of price is an interesting one here. The device retails for $800 (though you can routinely find it for $50 less on places like Amazon).<\/p>\n
You can find a 60-inch 1080p smart TV for a couple hundred. As with any big ticket purchase, one must do a cost-benefit analysis here. A 100-inch TV will likely cost you more than a grand, while the Capsule 3 outputs up to a 120-inch image. Factor in the projector screen and that\u2019s another $70 in my case. Like many screens, mine is effectively a PVC pipe frame holding up a taut, silky white sheet.<\/p>\n
The Capsule<\/a> has a decent Bluetooth speaker and Chromecast built in, which are points in its favor. Actively working against it, though, is the fact that even with a laser projection system, the image only gives you the desired effect in an entirely dark room. You also need to find the right spot to place the projector that avoids potential obstacles. There\u2019s also a calibration process you\u2019ll have to deal with every time you move the projector or the screen.<\/p>\n That last bit is less daunting than it sounds. The system does a decent job auto-calibrating and shrinking the screen size to avoid obstacles. Oftentimes, however, I\u2019ve found myself using either the included remote or the Nebula app to better fit it to my screen\u2019s dimensions.<\/p>\n Image Credits:<\/strong> Brian Heater<\/p><\/div><\/p>\n As far as compact design and portability go, you can\u2019t beat the Nebula right now. I\u2019ve exclusively used it at home, so it\u2019s largely plugged in. But it can get around 2.5 hours of playback on a charge, so that will get you through plenty of movies not directed by Martin Scorsese. When the weather warms up, the idea of rolling up the screen and taking the projector outside is certainly appealing.<\/p>\n At $800, it should probably be regarded as more of a television replacement, rather than a secondary screen. For many, the need for complete darkness and issues around the calibration process are enough reason to recommend against it. If you\u2019ve been seriously considering a home projector and want something portable and easy to use without spending a fortune, the Capsule 3 is easily your best bet.<\/p>\n","protected":false},"excerpt":{"rendered":" I\u2019ve been one of the those \u201cI don\u2019t own a TV\u201d people for a long time. Really my entire adult life, excepting those times when I shared my living space with someone who brought their own to the party. My exact motivation is a bit hazy all these years later, but at a certain point, […]<\/p>\n","protected":false},"author":699688,"featured_media":2645867,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"724fded0-4100-3ee0-abfa-f6a5c7d3c756","footnotes":"","apple_news_api_created_at":"2023-12-30T22:44:02Z","apple_news_api_id":"1b3b65c0-074d-490e-b676-5b9b4ab293c2","apple_news_api_modified_at":"2023-12-30T22:44:02Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AGztlwAdNSQ62dlubSrKTwg","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[449223024],"tags":[447736688,317600,1745],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nI guess I\u2019m a projector person now? | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
That last bit is less daunting than it sounds. The system does a decent job auto-calibrating and shrinking the screen size to avoid obstacles. Oftentimes, however, I\u2019ve found myself using either the included remote or the Nebula app to better fit it to my screen\u2019s dimensions.<\/p>\n
Image Credits:<\/strong> Brian Heater<\/p><\/div><\/p>\n As far as compact design and portability go, you can\u2019t beat the Nebula right now. I\u2019ve exclusively used it at home, so it\u2019s largely plugged in. But it can get around 2.5 hours of playback on a charge, so that will get you through plenty of movies not directed by Martin Scorsese. When the weather warms up, the idea of rolling up the screen and taking the projector outside is certainly appealing.<\/p>\n At $800, it should probably be regarded as more of a television replacement, rather than a secondary screen. For many, the need for complete darkness and issues around the calibration process are enough reason to recommend against it. If you\u2019ve been seriously considering a home projector and want something portable and easy to use without spending a fortune, the Capsule 3 is easily your best bet.<\/p>\n","protected":false},"excerpt":{"rendered":" I\u2019ve been one of the those \u201cI don\u2019t own a TV\u201d people for a long time. Really my entire adult life, excepting those times when I shared my living space with someone who brought their own to the party. My exact motivation is a bit hazy all these years later, but at a certain point, […]<\/p>\n","protected":false},"author":699688,"featured_media":2645867,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"724fded0-4100-3ee0-abfa-f6a5c7d3c756","footnotes":"","apple_news_api_created_at":"2023-12-30T22:44:02Z","apple_news_api_id":"1b3b65c0-074d-490e-b676-5b9b4ab293c2","apple_news_api_modified_at":"2023-12-30T22:44:02Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AGztlwAdNSQ62dlubSrKTwg","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[449223024],"tags":[447736688,317600,1745],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nI guess I\u2019m a projector person now? | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Image Credits:<\/strong> Brian Heater<\/p><\/div><\/p>\n As far as compact design and portability go, you can\u2019t beat the Nebula right now. I\u2019ve exclusively used it at home, so it\u2019s largely plugged in. But it can get around 2.5 hours of playback on a charge, so that will get you through plenty of movies not directed by Martin Scorsese. When the weather warms up, the idea of rolling up the screen and taking the projector outside is certainly appealing.<\/p>\n At $800, it should probably be regarded as more of a television replacement, rather than a secondary screen. For many, the need for complete darkness and issues around the calibration process are enough reason to recommend against it. If you\u2019ve been seriously considering a home projector and want something portable and easy to use without spending a fortune, the Capsule 3 is easily your best bet.<\/p>\n","protected":false},"excerpt":{"rendered":" I\u2019ve been one of the those \u201cI don\u2019t own a TV\u201d people for a long time. Really my entire adult life, excepting those times when I shared my living space with someone who brought their own to the party. My exact motivation is a bit hazy all these years later, but at a certain point, […]<\/p>\n","protected":false},"author":699688,"featured_media":2645867,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"724fded0-4100-3ee0-abfa-f6a5c7d3c756","footnotes":"","apple_news_api_created_at":"2023-12-30T22:44:02Z","apple_news_api_id":"1b3b65c0-074d-490e-b676-5b9b4ab293c2","apple_news_api_modified_at":"2023-12-30T22:44:02Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AGztlwAdNSQ62dlubSrKTwg","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[449223024],"tags":[447736688,317600,1745],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nI guess I\u2019m a projector person now? | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
As far as compact design and portability go, you can\u2019t beat the Nebula right now. I\u2019ve exclusively used it at home, so it\u2019s largely plugged in. But it can get around 2.5 hours of playback on a charge, so that will get you through plenty of movies not directed by Martin Scorsese. When the weather warms up, the idea of rolling up the screen and taking the projector outside is certainly appealing.<\/p>\n
At $800, it should probably be regarded as more of a television replacement, rather than a secondary screen. For many, the need for complete darkness and issues around the calibration process are enough reason to recommend against it. If you\u2019ve been seriously considering a home projector and want something portable and easy to use without spending a fortune, the Capsule 3 is easily your best bet.<\/p>\n","protected":false},"excerpt":{"rendered":"
I\u2019ve been one of the those \u201cI don\u2019t own a TV\u201d people for a long time. Really my entire adult life, excepting those times when I shared my living space with someone who brought their own to the party. My exact motivation is a bit hazy all these years later, but at a certain point, […]<\/p>\n","protected":false},"author":699688,"featured_media":2645867,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"724fded0-4100-3ee0-abfa-f6a5c7d3c756","footnotes":"","apple_news_api_created_at":"2023-12-30T22:44:02Z","apple_news_api_id":"1b3b65c0-074d-490e-b676-5b9b4ab293c2","apple_news_api_modified_at":"2023-12-30T22:44:02Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AGztlwAdNSQ62dlubSrKTwg","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[449223024],"tags":[447736688,317600,1745],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nI guess I\u2019m a projector person now? | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Brian Heater is the Hardware Editor at TechCrunch. He worked for a number of leading tech publications, including Engadget, PCMag, Laptop, and Tech Times, where he served as the Managing Editor. His writing has appeared in Spin, Wired, Playboy, Entertainment Weekly, The Onion, Boing Boing, Publishers Weekly, The Daily Beast and various other publications. He hosts the weekly Boing Boing interview podcast RiYL, has appeared as a regular NPR contributor and shares his Queens apartment with a rabbit named Lucy.<\/p>","cbAvatar":"https:\/\/techcrunch.com\/wp-content\/uploads\/2021\/01\/xynitsmpgmmobpekzxkg.jpg.jpg","twitter":"bheater","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/699688"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users"}]}}],"author":[{"id":699688,"name":"Brian Heater","url":"http:\/\/bheater","description":"","link":"https:\/\/techcrunch.com\/author\/brian-heater\/","slug":"brian-heater","avatar_urls":{"24":"https:\/\/secure.gravatar.com\/avatar\/eb77d830ad404e16ee7a4c7000b5f49d?s=24&d=identicon&r=g","48":"https:\/\/secure.gravatar.com\/avatar\/eb77d830ad404e16ee7a4c7000b5f49d?s=48&d=identicon&r=g","96":"https:\/\/secure.gravatar.com\/avatar\/eb77d830ad404e16ee7a4c7000b5f49d?s=96&d=identicon&r=g"},"yoast_head":"\nBrian Heater, Author at TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n
Brian Heater is the Hardware Editor at TechCrunch. He worked for a number of leading tech publications, including Engadget, PCMag, Laptop, and Tech Times, where he served as the Managing Editor. His writing has appeared in Spin, Wired, Playboy, Entertainment Weekly, The Onion, Boing Boing, Publishers Weekly, The Daily Beast and various other publications. He hosts the weekly Boing Boing interview podcast RiYL, has appeared as a regular NPR contributor and shares his Queens apartment with a rabbit named Lucy.<\/p>","cbAvatar":"https:\/\/techcrunch.com\/wp-content\/uploads\/2021\/01\/xynitsmpgmmobpekzxkg.jpg.jpg","twitter":"bheater","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/699688"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users"}]}}],"wp:featuredmedia":[{"id":2645867,"date":"2023-12-27T12:29:47","slug":"cmc_7600","type":"attachment","link":"https:\/\/techcrunch.com\/cmc_7600\/","title":{"rendered":"Anker Nebula Capsule 3"},"author":699688,"jetpack_sharing_enabled":true,"license":{"person":"Brian 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EOS 5D Mark IV","caption":"","created_timestamp":"1703694429","copyright":"","focal_length":"50","iso":"800","shutter_speed":"0.025","title":"","orientation":"1","keywords":[]}},"source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/CMC_7600.jpg","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media\/2645867"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media"}],"about":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/types\/attachment"}],"replies":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/comments?post=2645867"}],"author":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/699688"}]}}],"wp:term":[[{"id":449223024,"description":"Product news and hardware reviews, focusing on the latest hardware innovations from the latest startups to the biggest players like Apple, Samsung, Amazon Google, Microsoft and DJI, from smartphones, smartwatches and smart homes to drones, connected fitness, laptops, wearables and AR\/VR.","link":"https:\/\/techcrunch.com\/category\/hardware\/","name":"Hardware","slug":"hardware","taxonomy":"category","parent":0,"yoast_head":"\nHardware | Read the latest product reviews on TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n
India, a major<\/span> player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 faces challenges to offer accessible growth capital<\/a> to late-stage startups while trying to lure Tesla<\/a> and other foreign EV manufacturers to enter its domestic market.<\/p>\nHow EVs fared in 2023<\/h2>\n In 2023, India, the world’s largest two- and three-wheeler manufacturer, sold almost 24 million vehicles, including commercial and personal four-, three- and two-wheelers, according to the latest data on the government’s Vahan portal. Of the total number of vehicles registered, more than 1.5 million were EVs, capturing 6.35% of the total base, including 813,000 electric two-wheelers. While the overall growth was nearly 10% from about 22 million vehicles sold in 2022, EV sales grew by close to 47% from 1.03 million EVs sold last year.<\/p>\n This brings the total number of electric vehicle sales in the country to nearly 3.5 million. Two-wheelers accounted for more than 47% of sales, four-wheelers represented about 8% and the rest came from e-rickshaws and three-wheelers.<\/p>\n India’s EV sales grew from nearly 125,000 in 2020 to over 1.5 million in 2023, per the data provided by Vahan.\u00a0Image Credits:\u00a0<\/strong>Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n India’s annual growth in EV sales in 2023 is significant; however, it’s not as high as in the previous two years, which were over 209% in 2022 and 166% in 2021. One of the reasons for the dip in the sales of EVs is the cut in subsidies given to two-wheeler customers through the $1.38 billion incentive scheme called Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles, commonly called FAME-II, that came into effect in June and dropped the monthly sales of electric two-wheelers in the country over 56%<\/a> in that month alone. The sudden drop in electric two-wheeler sales has arguably impacted the country’s overall EV market, as India is predominantly a two-wheeler market and has limited manufacturers in the electric car segment.<\/p>\n Ravneet S. Phokela, chief business officer of electric two-wheeler startup Ather Energy, told TechCrunch the market took a hit for about three months due to the FAME-II update, though it has rebounded to pre-subsidy change levels as of October.<\/p>\n “From the bounce back, how the rapid growth is going to be remains to be seen, but we expect it to be more gradual than exponential. However, the days of 100% quarter-on-quarter growth are gone,” he said over a call, adding that the change would help in the medium-term perspective.<\/p><\/div>\n “In a way, while the subsidy impacted us in the short term financially, if I just take a macro view, there has actually been a good outcome because now, the market pricing is close to non-subsidy levels, which means the market has gotten used to price levels that we can explore broadly when subsidy goes over,” Phokela noted.<\/p>\n The subsidy update has also caused consolidation and sudden exits of many small-scale electric two-wheeler brands, including the ones selling rebranded Chinese vehicles. Phokela said that the top four players, namely Ola, TVS Motor, Ather Energy and Bajaj, which combined had around 26% to 27% share about nine months ago (before the government updated FAME-II in May), currently capture about 80% of the total electric two-wheeler market.<\/span><\/p>\n Ather Energy sold an average of about 80,000 to 85,000 units this year and expects a similar sales figure for 2024, Phokela said.<\/p>\n Apart from electric two-wheelers, the FAME-II scheme applies to three- and four-wheeler sales to boost EV consumption in the country.<\/p>\n New Delhi has given more than $628 million in subsidies through December 1 under FAME-II on the sale of 1.15 million vehicles, according to the government data shared<\/a> in the parliament.<\/p>\n EV manufacturers have demanded that the government continue offering subsidies to let the market sustain its growth and expand further to meet the country’s electrification target to have 30% EV penetration by 2030.<\/p>\n “Given that the costs are still not optimized yet for the supply chain, it is important for the government to continue the subsidy for two to three years and taper it down,” Phokela said.<\/p>\n Industry sources told TechCrunch that market players have requested the government provide predictability in its policies and avoid bringing abrupt changes, such as the case of FAME-II updates, to let them make assumptions and base financial and business planning accordingly.<\/p>\n “A lack of predictability is the biggest killer point for the industry,” an executive at an electric two-wheeler company stated on the condition anonymity. “Even if you are saying six months, please tell us that it will be for six months and then turnaround, but don’t say two years and end in one year.”<\/p>\n In addition to FAME-II, the Indian government has offered a $3.11 billion production-linked incentive scheme to attract investments and push domestic manufacturing of automobile and auto components in the country. Indian car manufacturers Tata Motors and Mahindra & Mahindra have emerged as the early beneficiaries of the incentive scheme. The government reported more than $1.43 billion of investments came until the second quarter of the financial year 2023-24 as a result of the scheme.<\/p>\n Tata Motors saw a growth of 63% in EVs and increased EV penetration in its portfolio to 12% this year, a company spokesperson said in a statement to TechCrunch.<\/p>\n Automobile manufacturers, including Ather Energy and Tata Motors, introduced their new EV models in the country to expand their presence and attract new customers.<\/p>\n Phokela underlined that “premiumization” emerged as a notable consumer trend this year, particularly in the Indian electric two-wheeler market. The trend of premium models coming to the market will continue in 2024, he predicted.<\/p>\n All four top electric two-wheeler brands have vehicles between the price range of $1,400 to $1,800, while the traditional internal combustion engine two-wheelers are available at an average price of $1,000.<\/p>\n In the last 12 to 18 months, the electric two-wheeler market also saw growing sales from the tier two and tier three towns. For Ather Energy, Phokela said only 43% of its sales came from tier one cities, while 57% was from tier two and tier three towns \u2014 despite its limited distribution in those regions. The startup is now expanding its distribution to get even higher sales.<\/p>\n Some market observers believe that the growth of electric two-wheeler sales in the developing parts of India is due to hefty electricity subsidies. However, Phokela argued that if that were the reason, there would be a significant growth in the demand for low-end vehicles, not the premium models. People in non-metro cities consider EVs as status validation and a way to show off, he said.<\/p>\nCommercial use cases as a major investor attraction<\/h2>\n Although top electric two-wheeler manufacturers have so far targeted the personal mobility segment in the Indian market, investors are bullish on the growth of commercial use cases.<\/p>\n “In the next two to three years, the majority of the traction will come from B2B use cases \u2014 whether it is three-wheeler cargo, three-wheeler passenger, eco-mobility, food delivery, hyperlocal delivery, fast\/quick commerce, the use of EVs there is the one that’s accelerating much faster,” Kunal Khattar, founder and general partner at Indian VC fund AdvantEdge Founders, told TechCrunch.<\/p>\n He said while the share of commercial vehicles is about 30 million, or 10% of the total number of vehicles on the road in India, they consume almost 70% of the energy of all the vehicles.<\/p>\n Commercial electric vehicles consume a large percentage of energy in India.\u00a0Image Credits:<\/strong> Sanchit Khanna\/Hindustan Times<\/p><\/div><\/p>\n “If you’re in the business of energy, whether it is battery manufacturing or swapping, energy storage or building charging infrastructure, your entire focus should be on B2B,” he noted.<\/p>\n Sandiip Bhammer, founder and co-managing partner at New York-based climate tech VC fund Green Frontier Capital, told TechCrunch the opportunity to gain faster and more rapid growth in the commercial segment is significantly higher than in the consumer segment.<\/p>\n “The economic viability of two-wheeler and three-wheeler segments on the commercial side is much clearer than on the passenger car segment,” he said.<\/p>\n Investors believe that compared to the consumer segment, the commercial segment is less prone to be impacted by subsidy changes. This is because businesses consider the total cost of ownership rather than the face value of the vehicle they purchase.<\/p>\n Khattar said the B2B segment will be 100% electric in India in the next two to three years, irrespective of whether subsidies and other incentives would be available.<\/p>\n The country plans to add thousands<\/a> of battery-operated auto-rickshaws and e-buses to electrify public transportation across states in the coming months. Likewise, it looks to offer EV charging stations<\/a> at various local gas stations.<\/p>\nCapital flow in the market<\/h2>\n Equity investments in India’s electric vehicle (EV) market decreased by 52%, from $2.1 billion in 2022 to $1 billion in 2023, according to the data shared with TechCrunch by VC analyst firm Tracxn earlier this month. The number of funding rounds also dropped 62%, from 135 in the previous year to 51. However, EV funding was not as dire as in some top-performing sectors, such as tech, SaaS, agritech and health tech, where equity investments dropped by over 80%.<\/p>\n Bhammer of Green Frontier Capital said the drop in EV funding this year was mainly due to valuations that were too high in many of the existing startups.<\/p>\n “If you look at new companies that are raising capital, they are actually raising capital at a much more reasonable valuation than the older companies doing extension rounds,” he said.<\/p>\n India’s EV funding declined to $1.5 billion in 2023, per the data provided by Tracxn. Image Credits:<\/strong> Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n Investors are optimistic about the capital flow growth in 2024 but cautious about muted numbers, particularly in the consumer segment, due to FAME-II changes and lack of clarity on subsidy extension.<\/p>\n “We need the support of the government, in terms of subsidies and taxes and all of that, because of the fact that we are not mainstream yet,” Khattar of AdvantEdge Founders said.<\/p>\n One key reason for being hopeful is India’s growing global presence and becoming a part of the China+1 strategy for most global companies.<\/p>\n “China has now started de-growing. So, India is the beacon of hope in an otherwise pretty dull emerging markets scenario,” Bhammer said.<\/p>\nWhat’s coming up next?<\/h2>\n While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy<\/a> to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market.<\/p>\n “Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n “Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n “Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n “We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n “What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
In 2023, India, the world’s largest two- and three-wheeler manufacturer, sold almost 24 million vehicles, including commercial and personal four-, three- and two-wheelers, according to the latest data on the government’s Vahan portal. Of the total number of vehicles registered, more than 1.5 million were EVs, capturing 6.35% of the total base, including 813,000 electric two-wheelers. While the overall growth was nearly 10% from about 22 million vehicles sold in 2022, EV sales grew by close to 47% from 1.03 million EVs sold last year.<\/p>\n
This brings the total number of electric vehicle sales in the country to nearly 3.5 million. Two-wheelers accounted for more than 47% of sales, four-wheelers represented about 8% and the rest came from e-rickshaws and three-wheelers.<\/p>\n
India’s EV sales grew from nearly 125,000 in 2020 to over 1.5 million in 2023, per the data provided by Vahan.\u00a0Image Credits:\u00a0<\/strong>Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n India’s annual growth in EV sales in 2023 is significant; however, it’s not as high as in the previous two years, which were over 209% in 2022 and 166% in 2021. One of the reasons for the dip in the sales of EVs is the cut in subsidies given to two-wheeler customers through the $1.38 billion incentive scheme called Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles, commonly called FAME-II, that came into effect in June and dropped the monthly sales of electric two-wheelers in the country over 56%<\/a> in that month alone. The sudden drop in electric two-wheeler sales has arguably impacted the country’s overall EV market, as India is predominantly a two-wheeler market and has limited manufacturers in the electric car segment.<\/p>\n Ravneet S. Phokela, chief business officer of electric two-wheeler startup Ather Energy, told TechCrunch the market took a hit for about three months due to the FAME-II update, though it has rebounded to pre-subsidy change levels as of October.<\/p>\n “From the bounce back, how the rapid growth is going to be remains to be seen, but we expect it to be more gradual than exponential. However, the days of 100% quarter-on-quarter growth are gone,” he said over a call, adding that the change would help in the medium-term perspective.<\/p><\/div>\n “In a way, while the subsidy impacted us in the short term financially, if I just take a macro view, there has actually been a good outcome because now, the market pricing is close to non-subsidy levels, which means the market has gotten used to price levels that we can explore broadly when subsidy goes over,” Phokela noted.<\/p>\n The subsidy update has also caused consolidation and sudden exits of many small-scale electric two-wheeler brands, including the ones selling rebranded Chinese vehicles. Phokela said that the top four players, namely Ola, TVS Motor, Ather Energy and Bajaj, which combined had around 26% to 27% share about nine months ago (before the government updated FAME-II in May), currently capture about 80% of the total electric two-wheeler market.<\/span><\/p>\n Ather Energy sold an average of about 80,000 to 85,000 units this year and expects a similar sales figure for 2024, Phokela said.<\/p>\n Apart from electric two-wheelers, the FAME-II scheme applies to three- and four-wheeler sales to boost EV consumption in the country.<\/p>\n New Delhi has given more than $628 million in subsidies through December 1 under FAME-II on the sale of 1.15 million vehicles, according to the government data shared<\/a> in the parliament.<\/p>\n EV manufacturers have demanded that the government continue offering subsidies to let the market sustain its growth and expand further to meet the country’s electrification target to have 30% EV penetration by 2030.<\/p>\n “Given that the costs are still not optimized yet for the supply chain, it is important for the government to continue the subsidy for two to three years and taper it down,” Phokela said.<\/p>\n Industry sources told TechCrunch that market players have requested the government provide predictability in its policies and avoid bringing abrupt changes, such as the case of FAME-II updates, to let them make assumptions and base financial and business planning accordingly.<\/p>\n “A lack of predictability is the biggest killer point for the industry,” an executive at an electric two-wheeler company stated on the condition anonymity. “Even if you are saying six months, please tell us that it will be for six months and then turnaround, but don’t say two years and end in one year.”<\/p>\n In addition to FAME-II, the Indian government has offered a $3.11 billion production-linked incentive scheme to attract investments and push domestic manufacturing of automobile and auto components in the country. Indian car manufacturers Tata Motors and Mahindra & Mahindra have emerged as the early beneficiaries of the incentive scheme. The government reported more than $1.43 billion of investments came until the second quarter of the financial year 2023-24 as a result of the scheme.<\/p>\n Tata Motors saw a growth of 63% in EVs and increased EV penetration in its portfolio to 12% this year, a company spokesperson said in a statement to TechCrunch.<\/p>\n Automobile manufacturers, including Ather Energy and Tata Motors, introduced their new EV models in the country to expand their presence and attract new customers.<\/p>\n Phokela underlined that “premiumization” emerged as a notable consumer trend this year, particularly in the Indian electric two-wheeler market. The trend of premium models coming to the market will continue in 2024, he predicted.<\/p>\n All four top electric two-wheeler brands have vehicles between the price range of $1,400 to $1,800, while the traditional internal combustion engine two-wheelers are available at an average price of $1,000.<\/p>\n In the last 12 to 18 months, the electric two-wheeler market also saw growing sales from the tier two and tier three towns. For Ather Energy, Phokela said only 43% of its sales came from tier one cities, while 57% was from tier two and tier three towns \u2014 despite its limited distribution in those regions. The startup is now expanding its distribution to get even higher sales.<\/p>\n Some market observers believe that the growth of electric two-wheeler sales in the developing parts of India is due to hefty electricity subsidies. However, Phokela argued that if that were the reason, there would be a significant growth in the demand for low-end vehicles, not the premium models. People in non-metro cities consider EVs as status validation and a way to show off, he said.<\/p>\nCommercial use cases as a major investor attraction<\/h2>\n Although top electric two-wheeler manufacturers have so far targeted the personal mobility segment in the Indian market, investors are bullish on the growth of commercial use cases.<\/p>\n “In the next two to three years, the majority of the traction will come from B2B use cases \u2014 whether it is three-wheeler cargo, three-wheeler passenger, eco-mobility, food delivery, hyperlocal delivery, fast\/quick commerce, the use of EVs there is the one that’s accelerating much faster,” Kunal Khattar, founder and general partner at Indian VC fund AdvantEdge Founders, told TechCrunch.<\/p>\n He said while the share of commercial vehicles is about 30 million, or 10% of the total number of vehicles on the road in India, they consume almost 70% of the energy of all the vehicles.<\/p>\n Commercial electric vehicles consume a large percentage of energy in India.\u00a0Image Credits:<\/strong> Sanchit Khanna\/Hindustan Times<\/p><\/div><\/p>\n “If you’re in the business of energy, whether it is battery manufacturing or swapping, energy storage or building charging infrastructure, your entire focus should be on B2B,” he noted.<\/p>\n Sandiip Bhammer, founder and co-managing partner at New York-based climate tech VC fund Green Frontier Capital, told TechCrunch the opportunity to gain faster and more rapid growth in the commercial segment is significantly higher than in the consumer segment.<\/p>\n “The economic viability of two-wheeler and three-wheeler segments on the commercial side is much clearer than on the passenger car segment,” he said.<\/p>\n Investors believe that compared to the consumer segment, the commercial segment is less prone to be impacted by subsidy changes. This is because businesses consider the total cost of ownership rather than the face value of the vehicle they purchase.<\/p>\n Khattar said the B2B segment will be 100% electric in India in the next two to three years, irrespective of whether subsidies and other incentives would be available.<\/p>\n The country plans to add thousands<\/a> of battery-operated auto-rickshaws and e-buses to electrify public transportation across states in the coming months. Likewise, it looks to offer EV charging stations<\/a> at various local gas stations.<\/p>\nCapital flow in the market<\/h2>\n Equity investments in India’s electric vehicle (EV) market decreased by 52%, from $2.1 billion in 2022 to $1 billion in 2023, according to the data shared with TechCrunch by VC analyst firm Tracxn earlier this month. The number of funding rounds also dropped 62%, from 135 in the previous year to 51. However, EV funding was not as dire as in some top-performing sectors, such as tech, SaaS, agritech and health tech, where equity investments dropped by over 80%.<\/p>\n Bhammer of Green Frontier Capital said the drop in EV funding this year was mainly due to valuations that were too high in many of the existing startups.<\/p>\n “If you look at new companies that are raising capital, they are actually raising capital at a much more reasonable valuation than the older companies doing extension rounds,” he said.<\/p>\n India’s EV funding declined to $1.5 billion in 2023, per the data provided by Tracxn. Image Credits:<\/strong> Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n Investors are optimistic about the capital flow growth in 2024 but cautious about muted numbers, particularly in the consumer segment, due to FAME-II changes and lack of clarity on subsidy extension.<\/p>\n “We need the support of the government, in terms of subsidies and taxes and all of that, because of the fact that we are not mainstream yet,” Khattar of AdvantEdge Founders said.<\/p>\n One key reason for being hopeful is India’s growing global presence and becoming a part of the China+1 strategy for most global companies.<\/p>\n “China has now started de-growing. So, India is the beacon of hope in an otherwise pretty dull emerging markets scenario,” Bhammer said.<\/p>\nWhat’s coming up next?<\/h2>\n While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy<\/a> to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market.<\/p>\n “Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n “Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n “Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n “We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n “What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
India’s EV sales grew from nearly 125,000 in 2020 to over 1.5 million in 2023, per the data provided by Vahan.\u00a0Image Credits:\u00a0<\/strong>Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n India’s annual growth in EV sales in 2023 is significant; however, it’s not as high as in the previous two years, which were over 209% in 2022 and 166% in 2021. One of the reasons for the dip in the sales of EVs is the cut in subsidies given to two-wheeler customers through the $1.38 billion incentive scheme called Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles, commonly called FAME-II, that came into effect in June and dropped the monthly sales of electric two-wheelers in the country over 56%<\/a> in that month alone. The sudden drop in electric two-wheeler sales has arguably impacted the country’s overall EV market, as India is predominantly a two-wheeler market and has limited manufacturers in the electric car segment.<\/p>\n Ravneet S. Phokela, chief business officer of electric two-wheeler startup Ather Energy, told TechCrunch the market took a hit for about three months due to the FAME-II update, though it has rebounded to pre-subsidy change levels as of October.<\/p>\n “From the bounce back, how the rapid growth is going to be remains to be seen, but we expect it to be more gradual than exponential. However, the days of 100% quarter-on-quarter growth are gone,” he said over a call, adding that the change would help in the medium-term perspective.<\/p><\/div>\n “In a way, while the subsidy impacted us in the short term financially, if I just take a macro view, there has actually been a good outcome because now, the market pricing is close to non-subsidy levels, which means the market has gotten used to price levels that we can explore broadly when subsidy goes over,” Phokela noted.<\/p>\n The subsidy update has also caused consolidation and sudden exits of many small-scale electric two-wheeler brands, including the ones selling rebranded Chinese vehicles. Phokela said that the top four players, namely Ola, TVS Motor, Ather Energy and Bajaj, which combined had around 26% to 27% share about nine months ago (before the government updated FAME-II in May), currently capture about 80% of the total electric two-wheeler market.<\/span><\/p>\n Ather Energy sold an average of about 80,000 to 85,000 units this year and expects a similar sales figure for 2024, Phokela said.<\/p>\n Apart from electric two-wheelers, the FAME-II scheme applies to three- and four-wheeler sales to boost EV consumption in the country.<\/p>\n New Delhi has given more than $628 million in subsidies through December 1 under FAME-II on the sale of 1.15 million vehicles, according to the government data shared<\/a> in the parliament.<\/p>\n EV manufacturers have demanded that the government continue offering subsidies to let the market sustain its growth and expand further to meet the country’s electrification target to have 30% EV penetration by 2030.<\/p>\n “Given that the costs are still not optimized yet for the supply chain, it is important for the government to continue the subsidy for two to three years and taper it down,” Phokela said.<\/p>\n Industry sources told TechCrunch that market players have requested the government provide predictability in its policies and avoid bringing abrupt changes, such as the case of FAME-II updates, to let them make assumptions and base financial and business planning accordingly.<\/p>\n “A lack of predictability is the biggest killer point for the industry,” an executive at an electric two-wheeler company stated on the condition anonymity. “Even if you are saying six months, please tell us that it will be for six months and then turnaround, but don’t say two years and end in one year.”<\/p>\n In addition to FAME-II, the Indian government has offered a $3.11 billion production-linked incentive scheme to attract investments and push domestic manufacturing of automobile and auto components in the country. Indian car manufacturers Tata Motors and Mahindra & Mahindra have emerged as the early beneficiaries of the incentive scheme. The government reported more than $1.43 billion of investments came until the second quarter of the financial year 2023-24 as a result of the scheme.<\/p>\n Tata Motors saw a growth of 63% in EVs and increased EV penetration in its portfolio to 12% this year, a company spokesperson said in a statement to TechCrunch.<\/p>\n Automobile manufacturers, including Ather Energy and Tata Motors, introduced their new EV models in the country to expand their presence and attract new customers.<\/p>\n Phokela underlined that “premiumization” emerged as a notable consumer trend this year, particularly in the Indian electric two-wheeler market. The trend of premium models coming to the market will continue in 2024, he predicted.<\/p>\n All four top electric two-wheeler brands have vehicles between the price range of $1,400 to $1,800, while the traditional internal combustion engine two-wheelers are available at an average price of $1,000.<\/p>\n In the last 12 to 18 months, the electric two-wheeler market also saw growing sales from the tier two and tier three towns. For Ather Energy, Phokela said only 43% of its sales came from tier one cities, while 57% was from tier two and tier three towns \u2014 despite its limited distribution in those regions. The startup is now expanding its distribution to get even higher sales.<\/p>\n Some market observers believe that the growth of electric two-wheeler sales in the developing parts of India is due to hefty electricity subsidies. However, Phokela argued that if that were the reason, there would be a significant growth in the demand for low-end vehicles, not the premium models. People in non-metro cities consider EVs as status validation and a way to show off, he said.<\/p>\nCommercial use cases as a major investor attraction<\/h2>\n Although top electric two-wheeler manufacturers have so far targeted the personal mobility segment in the Indian market, investors are bullish on the growth of commercial use cases.<\/p>\n “In the next two to three years, the majority of the traction will come from B2B use cases \u2014 whether it is three-wheeler cargo, three-wheeler passenger, eco-mobility, food delivery, hyperlocal delivery, fast\/quick commerce, the use of EVs there is the one that’s accelerating much faster,” Kunal Khattar, founder and general partner at Indian VC fund AdvantEdge Founders, told TechCrunch.<\/p>\n He said while the share of commercial vehicles is about 30 million, or 10% of the total number of vehicles on the road in India, they consume almost 70% of the energy of all the vehicles.<\/p>\n Commercial electric vehicles consume a large percentage of energy in India.\u00a0Image Credits:<\/strong> Sanchit Khanna\/Hindustan Times<\/p><\/div><\/p>\n “If you’re in the business of energy, whether it is battery manufacturing or swapping, energy storage or building charging infrastructure, your entire focus should be on B2B,” he noted.<\/p>\n Sandiip Bhammer, founder and co-managing partner at New York-based climate tech VC fund Green Frontier Capital, told TechCrunch the opportunity to gain faster and more rapid growth in the commercial segment is significantly higher than in the consumer segment.<\/p>\n “The economic viability of two-wheeler and three-wheeler segments on the commercial side is much clearer than on the passenger car segment,” he said.<\/p>\n Investors believe that compared to the consumer segment, the commercial segment is less prone to be impacted by subsidy changes. This is because businesses consider the total cost of ownership rather than the face value of the vehicle they purchase.<\/p>\n Khattar said the B2B segment will be 100% electric in India in the next two to three years, irrespective of whether subsidies and other incentives would be available.<\/p>\n The country plans to add thousands<\/a> of battery-operated auto-rickshaws and e-buses to electrify public transportation across states in the coming months. Likewise, it looks to offer EV charging stations<\/a> at various local gas stations.<\/p>\nCapital flow in the market<\/h2>\n Equity investments in India’s electric vehicle (EV) market decreased by 52%, from $2.1 billion in 2022 to $1 billion in 2023, according to the data shared with TechCrunch by VC analyst firm Tracxn earlier this month. The number of funding rounds also dropped 62%, from 135 in the previous year to 51. However, EV funding was not as dire as in some top-performing sectors, such as tech, SaaS, agritech and health tech, where equity investments dropped by over 80%.<\/p>\n Bhammer of Green Frontier Capital said the drop in EV funding this year was mainly due to valuations that were too high in many of the existing startups.<\/p>\n “If you look at new companies that are raising capital, they are actually raising capital at a much more reasonable valuation than the older companies doing extension rounds,” he said.<\/p>\n India’s EV funding declined to $1.5 billion in 2023, per the data provided by Tracxn. Image Credits:<\/strong> Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n Investors are optimistic about the capital flow growth in 2024 but cautious about muted numbers, particularly in the consumer segment, due to FAME-II changes and lack of clarity on subsidy extension.<\/p>\n “We need the support of the government, in terms of subsidies and taxes and all of that, because of the fact that we are not mainstream yet,” Khattar of AdvantEdge Founders said.<\/p>\n One key reason for being hopeful is India’s growing global presence and becoming a part of the China+1 strategy for most global companies.<\/p>\n “China has now started de-growing. So, India is the beacon of hope in an otherwise pretty dull emerging markets scenario,” Bhammer said.<\/p>\nWhat’s coming up next?<\/h2>\n While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy<\/a> to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market.<\/p>\n “Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n “Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n “Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n “We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n “What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
India’s annual growth in EV sales in 2023 is significant; however, it’s not as high as in the previous two years, which were over 209% in 2022 and 166% in 2021. One of the reasons for the dip in the sales of EVs is the cut in subsidies given to two-wheeler customers through the $1.38 billion incentive scheme called Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles, commonly called FAME-II, that came into effect in June and dropped the monthly sales of electric two-wheelers in the country over 56%<\/a> in that month alone. The sudden drop in electric two-wheeler sales has arguably impacted the country’s overall EV market, as India is predominantly a two-wheeler market and has limited manufacturers in the electric car segment.<\/p>\n Ravneet S. Phokela, chief business officer of electric two-wheeler startup Ather Energy, told TechCrunch the market took a hit for about three months due to the FAME-II update, though it has rebounded to pre-subsidy change levels as of October.<\/p>\n “From the bounce back, how the rapid growth is going to be remains to be seen, but we expect it to be more gradual than exponential. However, the days of 100% quarter-on-quarter growth are gone,” he said over a call, adding that the change would help in the medium-term perspective.<\/p><\/div>\n “In a way, while the subsidy impacted us in the short term financially, if I just take a macro view, there has actually been a good outcome because now, the market pricing is close to non-subsidy levels, which means the market has gotten used to price levels that we can explore broadly when subsidy goes over,” Phokela noted.<\/p>\n The subsidy update has also caused consolidation and sudden exits of many small-scale electric two-wheeler brands, including the ones selling rebranded Chinese vehicles. Phokela said that the top four players, namely Ola, TVS Motor, Ather Energy and Bajaj, which combined had around 26% to 27% share about nine months ago (before the government updated FAME-II in May), currently capture about 80% of the total electric two-wheeler market.<\/span><\/p>\n Ather Energy sold an average of about 80,000 to 85,000 units this year and expects a similar sales figure for 2024, Phokela said.<\/p>\n Apart from electric two-wheelers, the FAME-II scheme applies to three- and four-wheeler sales to boost EV consumption in the country.<\/p>\n New Delhi has given more than $628 million in subsidies through December 1 under FAME-II on the sale of 1.15 million vehicles, according to the government data shared<\/a> in the parliament.<\/p>\n EV manufacturers have demanded that the government continue offering subsidies to let the market sustain its growth and expand further to meet the country’s electrification target to have 30% EV penetration by 2030.<\/p>\n “Given that the costs are still not optimized yet for the supply chain, it is important for the government to continue the subsidy for two to three years and taper it down,” Phokela said.<\/p>\n Industry sources told TechCrunch that market players have requested the government provide predictability in its policies and avoid bringing abrupt changes, such as the case of FAME-II updates, to let them make assumptions and base financial and business planning accordingly.<\/p>\n “A lack of predictability is the biggest killer point for the industry,” an executive at an electric two-wheeler company stated on the condition anonymity. “Even if you are saying six months, please tell us that it will be for six months and then turnaround, but don’t say two years and end in one year.”<\/p>\n In addition to FAME-II, the Indian government has offered a $3.11 billion production-linked incentive scheme to attract investments and push domestic manufacturing of automobile and auto components in the country. Indian car manufacturers Tata Motors and Mahindra & Mahindra have emerged as the early beneficiaries of the incentive scheme. The government reported more than $1.43 billion of investments came until the second quarter of the financial year 2023-24 as a result of the scheme.<\/p>\n Tata Motors saw a growth of 63% in EVs and increased EV penetration in its portfolio to 12% this year, a company spokesperson said in a statement to TechCrunch.<\/p>\n Automobile manufacturers, including Ather Energy and Tata Motors, introduced their new EV models in the country to expand their presence and attract new customers.<\/p>\n Phokela underlined that “premiumization” emerged as a notable consumer trend this year, particularly in the Indian electric two-wheeler market. The trend of premium models coming to the market will continue in 2024, he predicted.<\/p>\n All four top electric two-wheeler brands have vehicles between the price range of $1,400 to $1,800, while the traditional internal combustion engine two-wheelers are available at an average price of $1,000.<\/p>\n In the last 12 to 18 months, the electric two-wheeler market also saw growing sales from the tier two and tier three towns. For Ather Energy, Phokela said only 43% of its sales came from tier one cities, while 57% was from tier two and tier three towns \u2014 despite its limited distribution in those regions. The startup is now expanding its distribution to get even higher sales.<\/p>\n Some market observers believe that the growth of electric two-wheeler sales in the developing parts of India is due to hefty electricity subsidies. However, Phokela argued that if that were the reason, there would be a significant growth in the demand for low-end vehicles, not the premium models. People in non-metro cities consider EVs as status validation and a way to show off, he said.<\/p>\nCommercial use cases as a major investor attraction<\/h2>\n Although top electric two-wheeler manufacturers have so far targeted the personal mobility segment in the Indian market, investors are bullish on the growth of commercial use cases.<\/p>\n “In the next two to three years, the majority of the traction will come from B2B use cases \u2014 whether it is three-wheeler cargo, three-wheeler passenger, eco-mobility, food delivery, hyperlocal delivery, fast\/quick commerce, the use of EVs there is the one that’s accelerating much faster,” Kunal Khattar, founder and general partner at Indian VC fund AdvantEdge Founders, told TechCrunch.<\/p>\n He said while the share of commercial vehicles is about 30 million, or 10% of the total number of vehicles on the road in India, they consume almost 70% of the energy of all the vehicles.<\/p>\n Commercial electric vehicles consume a large percentage of energy in India.\u00a0Image Credits:<\/strong> Sanchit Khanna\/Hindustan Times<\/p><\/div><\/p>\n “If you’re in the business of energy, whether it is battery manufacturing or swapping, energy storage or building charging infrastructure, your entire focus should be on B2B,” he noted.<\/p>\n Sandiip Bhammer, founder and co-managing partner at New York-based climate tech VC fund Green Frontier Capital, told TechCrunch the opportunity to gain faster and more rapid growth in the commercial segment is significantly higher than in the consumer segment.<\/p>\n “The economic viability of two-wheeler and three-wheeler segments on the commercial side is much clearer than on the passenger car segment,” he said.<\/p>\n Investors believe that compared to the consumer segment, the commercial segment is less prone to be impacted by subsidy changes. This is because businesses consider the total cost of ownership rather than the face value of the vehicle they purchase.<\/p>\n Khattar said the B2B segment will be 100% electric in India in the next two to three years, irrespective of whether subsidies and other incentives would be available.<\/p>\n The country plans to add thousands<\/a> of battery-operated auto-rickshaws and e-buses to electrify public transportation across states in the coming months. Likewise, it looks to offer EV charging stations<\/a> at various local gas stations.<\/p>\nCapital flow in the market<\/h2>\n Equity investments in India’s electric vehicle (EV) market decreased by 52%, from $2.1 billion in 2022 to $1 billion in 2023, according to the data shared with TechCrunch by VC analyst firm Tracxn earlier this month. The number of funding rounds also dropped 62%, from 135 in the previous year to 51. However, EV funding was not as dire as in some top-performing sectors, such as tech, SaaS, agritech and health tech, where equity investments dropped by over 80%.<\/p>\n Bhammer of Green Frontier Capital said the drop in EV funding this year was mainly due to valuations that were too high in many of the existing startups.<\/p>\n “If you look at new companies that are raising capital, they are actually raising capital at a much more reasonable valuation than the older companies doing extension rounds,” he said.<\/p>\n India’s EV funding declined to $1.5 billion in 2023, per the data provided by Tracxn. Image Credits:<\/strong> Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n Investors are optimistic about the capital flow growth in 2024 but cautious about muted numbers, particularly in the consumer segment, due to FAME-II changes and lack of clarity on subsidy extension.<\/p>\n “We need the support of the government, in terms of subsidies and taxes and all of that, because of the fact that we are not mainstream yet,” Khattar of AdvantEdge Founders said.<\/p>\n One key reason for being hopeful is India’s growing global presence and becoming a part of the China+1 strategy for most global companies.<\/p>\n “China has now started de-growing. So, India is the beacon of hope in an otherwise pretty dull emerging markets scenario,” Bhammer said.<\/p>\nWhat’s coming up next?<\/h2>\n While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy<\/a> to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market.<\/p>\n “Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n “Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n “Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n “We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n “What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Ravneet S. Phokela, chief business officer of electric two-wheeler startup Ather Energy, told TechCrunch the market took a hit for about three months due to the FAME-II update, though it has rebounded to pre-subsidy change levels as of October.<\/p>\n
“From the bounce back, how the rapid growth is going to be remains to be seen, but we expect it to be more gradual than exponential. However, the days of 100% quarter-on-quarter growth are gone,” he said over a call, adding that the change would help in the medium-term perspective.<\/p><\/div>\n “In a way, while the subsidy impacted us in the short term financially, if I just take a macro view, there has actually been a good outcome because now, the market pricing is close to non-subsidy levels, which means the market has gotten used to price levels that we can explore broadly when subsidy goes over,” Phokela noted.<\/p>\n The subsidy update has also caused consolidation and sudden exits of many small-scale electric two-wheeler brands, including the ones selling rebranded Chinese vehicles. Phokela said that the top four players, namely Ola, TVS Motor, Ather Energy and Bajaj, which combined had around 26% to 27% share about nine months ago (before the government updated FAME-II in May), currently capture about 80% of the total electric two-wheeler market.<\/span><\/p>\n Ather Energy sold an average of about 80,000 to 85,000 units this year and expects a similar sales figure for 2024, Phokela said.<\/p>\n Apart from electric two-wheelers, the FAME-II scheme applies to three- and four-wheeler sales to boost EV consumption in the country.<\/p>\n New Delhi has given more than $628 million in subsidies through December 1 under FAME-II on the sale of 1.15 million vehicles, according to the government data shared<\/a> in the parliament.<\/p>\n EV manufacturers have demanded that the government continue offering subsidies to let the market sustain its growth and expand further to meet the country’s electrification target to have 30% EV penetration by 2030.<\/p>\n “Given that the costs are still not optimized yet for the supply chain, it is important for the government to continue the subsidy for two to three years and taper it down,” Phokela said.<\/p>\n Industry sources told TechCrunch that market players have requested the government provide predictability in its policies and avoid bringing abrupt changes, such as the case of FAME-II updates, to let them make assumptions and base financial and business planning accordingly.<\/p>\n “A lack of predictability is the biggest killer point for the industry,” an executive at an electric two-wheeler company stated on the condition anonymity. “Even if you are saying six months, please tell us that it will be for six months and then turnaround, but don’t say two years and end in one year.”<\/p>\n In addition to FAME-II, the Indian government has offered a $3.11 billion production-linked incentive scheme to attract investments and push domestic manufacturing of automobile and auto components in the country. Indian car manufacturers Tata Motors and Mahindra & Mahindra have emerged as the early beneficiaries of the incentive scheme. The government reported more than $1.43 billion of investments came until the second quarter of the financial year 2023-24 as a result of the scheme.<\/p>\n Tata Motors saw a growth of 63% in EVs and increased EV penetration in its portfolio to 12% this year, a company spokesperson said in a statement to TechCrunch.<\/p>\n Automobile manufacturers, including Ather Energy and Tata Motors, introduced their new EV models in the country to expand their presence and attract new customers.<\/p>\n Phokela underlined that “premiumization” emerged as a notable consumer trend this year, particularly in the Indian electric two-wheeler market. The trend of premium models coming to the market will continue in 2024, he predicted.<\/p>\n All four top electric two-wheeler brands have vehicles between the price range of $1,400 to $1,800, while the traditional internal combustion engine two-wheelers are available at an average price of $1,000.<\/p>\n In the last 12 to 18 months, the electric two-wheeler market also saw growing sales from the tier two and tier three towns. For Ather Energy, Phokela said only 43% of its sales came from tier one cities, while 57% was from tier two and tier three towns \u2014 despite its limited distribution in those regions. The startup is now expanding its distribution to get even higher sales.<\/p>\n Some market observers believe that the growth of electric two-wheeler sales in the developing parts of India is due to hefty electricity subsidies. However, Phokela argued that if that were the reason, there would be a significant growth in the demand for low-end vehicles, not the premium models. People in non-metro cities consider EVs as status validation and a way to show off, he said.<\/p>\nCommercial use cases as a major investor attraction<\/h2>\n Although top electric two-wheeler manufacturers have so far targeted the personal mobility segment in the Indian market, investors are bullish on the growth of commercial use cases.<\/p>\n “In the next two to three years, the majority of the traction will come from B2B use cases \u2014 whether it is three-wheeler cargo, three-wheeler passenger, eco-mobility, food delivery, hyperlocal delivery, fast\/quick commerce, the use of EVs there is the one that’s accelerating much faster,” Kunal Khattar, founder and general partner at Indian VC fund AdvantEdge Founders, told TechCrunch.<\/p>\n He said while the share of commercial vehicles is about 30 million, or 10% of the total number of vehicles on the road in India, they consume almost 70% of the energy of all the vehicles.<\/p>\n Commercial electric vehicles consume a large percentage of energy in India.\u00a0Image Credits:<\/strong> Sanchit Khanna\/Hindustan Times<\/p><\/div><\/p>\n “If you’re in the business of energy, whether it is battery manufacturing or swapping, energy storage or building charging infrastructure, your entire focus should be on B2B,” he noted.<\/p>\n Sandiip Bhammer, founder and co-managing partner at New York-based climate tech VC fund Green Frontier Capital, told TechCrunch the opportunity to gain faster and more rapid growth in the commercial segment is significantly higher than in the consumer segment.<\/p>\n “The economic viability of two-wheeler and three-wheeler segments on the commercial side is much clearer than on the passenger car segment,” he said.<\/p>\n Investors believe that compared to the consumer segment, the commercial segment is less prone to be impacted by subsidy changes. This is because businesses consider the total cost of ownership rather than the face value of the vehicle they purchase.<\/p>\n Khattar said the B2B segment will be 100% electric in India in the next two to three years, irrespective of whether subsidies and other incentives would be available.<\/p>\n The country plans to add thousands<\/a> of battery-operated auto-rickshaws and e-buses to electrify public transportation across states in the coming months. Likewise, it looks to offer EV charging stations<\/a> at various local gas stations.<\/p>\nCapital flow in the market<\/h2>\n Equity investments in India’s electric vehicle (EV) market decreased by 52%, from $2.1 billion in 2022 to $1 billion in 2023, according to the data shared with TechCrunch by VC analyst firm Tracxn earlier this month. The number of funding rounds also dropped 62%, from 135 in the previous year to 51. However, EV funding was not as dire as in some top-performing sectors, such as tech, SaaS, agritech and health tech, where equity investments dropped by over 80%.<\/p>\n Bhammer of Green Frontier Capital said the drop in EV funding this year was mainly due to valuations that were too high in many of the existing startups.<\/p>\n “If you look at new companies that are raising capital, they are actually raising capital at a much more reasonable valuation than the older companies doing extension rounds,” he said.<\/p>\n India’s EV funding declined to $1.5 billion in 2023, per the data provided by Tracxn. Image Credits:<\/strong> Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n Investors are optimistic about the capital flow growth in 2024 but cautious about muted numbers, particularly in the consumer segment, due to FAME-II changes and lack of clarity on subsidy extension.<\/p>\n “We need the support of the government, in terms of subsidies and taxes and all of that, because of the fact that we are not mainstream yet,” Khattar of AdvantEdge Founders said.<\/p>\n One key reason for being hopeful is India’s growing global presence and becoming a part of the China+1 strategy for most global companies.<\/p>\n “China has now started de-growing. So, India is the beacon of hope in an otherwise pretty dull emerging markets scenario,” Bhammer said.<\/p>\nWhat’s coming up next?<\/h2>\n While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy<\/a> to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market.<\/p>\n “Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n “Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n “Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n “We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n “What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
“In a way, while the subsidy impacted us in the short term financially, if I just take a macro view, there has actually been a good outcome because now, the market pricing is close to non-subsidy levels, which means the market has gotten used to price levels that we can explore broadly when subsidy goes over,” Phokela noted.<\/p>\n
The subsidy update has also caused consolidation and sudden exits of many small-scale electric two-wheeler brands, including the ones selling rebranded Chinese vehicles. Phokela said that the top four players, namely Ola, TVS Motor, Ather Energy and Bajaj, which combined had around 26% to 27% share about nine months ago (before the government updated FAME-II in May), currently capture about 80% of the total electric two-wheeler market.<\/span><\/p>\n Ather Energy sold an average of about 80,000 to 85,000 units this year and expects a similar sales figure for 2024, Phokela said.<\/p>\n Apart from electric two-wheelers, the FAME-II scheme applies to three- and four-wheeler sales to boost EV consumption in the country.<\/p>\n New Delhi has given more than $628 million in subsidies through December 1 under FAME-II on the sale of 1.15 million vehicles, according to the government data shared<\/a> in the parliament.<\/p>\n EV manufacturers have demanded that the government continue offering subsidies to let the market sustain its growth and expand further to meet the country’s electrification target to have 30% EV penetration by 2030.<\/p>\n “Given that the costs are still not optimized yet for the supply chain, it is important for the government to continue the subsidy for two to three years and taper it down,” Phokela said.<\/p>\n Industry sources told TechCrunch that market players have requested the government provide predictability in its policies and avoid bringing abrupt changes, such as the case of FAME-II updates, to let them make assumptions and base financial and business planning accordingly.<\/p>\n “A lack of predictability is the biggest killer point for the industry,” an executive at an electric two-wheeler company stated on the condition anonymity. “Even if you are saying six months, please tell us that it will be for six months and then turnaround, but don’t say two years and end in one year.”<\/p>\n In addition to FAME-II, the Indian government has offered a $3.11 billion production-linked incentive scheme to attract investments and push domestic manufacturing of automobile and auto components in the country. Indian car manufacturers Tata Motors and Mahindra & Mahindra have emerged as the early beneficiaries of the incentive scheme. The government reported more than $1.43 billion of investments came until the second quarter of the financial year 2023-24 as a result of the scheme.<\/p>\n Tata Motors saw a growth of 63% in EVs and increased EV penetration in its portfolio to 12% this year, a company spokesperson said in a statement to TechCrunch.<\/p>\n Automobile manufacturers, including Ather Energy and Tata Motors, introduced their new EV models in the country to expand their presence and attract new customers.<\/p>\n Phokela underlined that “premiumization” emerged as a notable consumer trend this year, particularly in the Indian electric two-wheeler market. The trend of premium models coming to the market will continue in 2024, he predicted.<\/p>\n All four top electric two-wheeler brands have vehicles between the price range of $1,400 to $1,800, while the traditional internal combustion engine two-wheelers are available at an average price of $1,000.<\/p>\n In the last 12 to 18 months, the electric two-wheeler market also saw growing sales from the tier two and tier three towns. For Ather Energy, Phokela said only 43% of its sales came from tier one cities, while 57% was from tier two and tier three towns \u2014 despite its limited distribution in those regions. The startup is now expanding its distribution to get even higher sales.<\/p>\n Some market observers believe that the growth of electric two-wheeler sales in the developing parts of India is due to hefty electricity subsidies. However, Phokela argued that if that were the reason, there would be a significant growth in the demand for low-end vehicles, not the premium models. People in non-metro cities consider EVs as status validation and a way to show off, he said.<\/p>\nCommercial use cases as a major investor attraction<\/h2>\n Although top electric two-wheeler manufacturers have so far targeted the personal mobility segment in the Indian market, investors are bullish on the growth of commercial use cases.<\/p>\n “In the next two to three years, the majority of the traction will come from B2B use cases \u2014 whether it is three-wheeler cargo, three-wheeler passenger, eco-mobility, food delivery, hyperlocal delivery, fast\/quick commerce, the use of EVs there is the one that’s accelerating much faster,” Kunal Khattar, founder and general partner at Indian VC fund AdvantEdge Founders, told TechCrunch.<\/p>\n He said while the share of commercial vehicles is about 30 million, or 10% of the total number of vehicles on the road in India, they consume almost 70% of the energy of all the vehicles.<\/p>\n Commercial electric vehicles consume a large percentage of energy in India.\u00a0Image Credits:<\/strong> Sanchit Khanna\/Hindustan Times<\/p><\/div><\/p>\n “If you’re in the business of energy, whether it is battery manufacturing or swapping, energy storage or building charging infrastructure, your entire focus should be on B2B,” he noted.<\/p>\n Sandiip Bhammer, founder and co-managing partner at New York-based climate tech VC fund Green Frontier Capital, told TechCrunch the opportunity to gain faster and more rapid growth in the commercial segment is significantly higher than in the consumer segment.<\/p>\n “The economic viability of two-wheeler and three-wheeler segments on the commercial side is much clearer than on the passenger car segment,” he said.<\/p>\n Investors believe that compared to the consumer segment, the commercial segment is less prone to be impacted by subsidy changes. This is because businesses consider the total cost of ownership rather than the face value of the vehicle they purchase.<\/p>\n Khattar said the B2B segment will be 100% electric in India in the next two to three years, irrespective of whether subsidies and other incentives would be available.<\/p>\n The country plans to add thousands<\/a> of battery-operated auto-rickshaws and e-buses to electrify public transportation across states in the coming months. Likewise, it looks to offer EV charging stations<\/a> at various local gas stations.<\/p>\nCapital flow in the market<\/h2>\n Equity investments in India’s electric vehicle (EV) market decreased by 52%, from $2.1 billion in 2022 to $1 billion in 2023, according to the data shared with TechCrunch by VC analyst firm Tracxn earlier this month. The number of funding rounds also dropped 62%, from 135 in the previous year to 51. However, EV funding was not as dire as in some top-performing sectors, such as tech, SaaS, agritech and health tech, where equity investments dropped by over 80%.<\/p>\n Bhammer of Green Frontier Capital said the drop in EV funding this year was mainly due to valuations that were too high in many of the existing startups.<\/p>\n “If you look at new companies that are raising capital, they are actually raising capital at a much more reasonable valuation than the older companies doing extension rounds,” he said.<\/p>\n India’s EV funding declined to $1.5 billion in 2023, per the data provided by Tracxn. Image Credits:<\/strong> Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n Investors are optimistic about the capital flow growth in 2024 but cautious about muted numbers, particularly in the consumer segment, due to FAME-II changes and lack of clarity on subsidy extension.<\/p>\n “We need the support of the government, in terms of subsidies and taxes and all of that, because of the fact that we are not mainstream yet,” Khattar of AdvantEdge Founders said.<\/p>\n One key reason for being hopeful is India’s growing global presence and becoming a part of the China+1 strategy for most global companies.<\/p>\n “China has now started de-growing. So, India is the beacon of hope in an otherwise pretty dull emerging markets scenario,” Bhammer said.<\/p>\nWhat’s coming up next?<\/h2>\n While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy<\/a> to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market.<\/p>\n “Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n “Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n “Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n “We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n “What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Ather Energy sold an average of about 80,000 to 85,000 units this year and expects a similar sales figure for 2024, Phokela said.<\/p>\n
Apart from electric two-wheelers, the FAME-II scheme applies to three- and four-wheeler sales to boost EV consumption in the country.<\/p>\n
New Delhi has given more than $628 million in subsidies through December 1 under FAME-II on the sale of 1.15 million vehicles, according to the government data shared<\/a> in the parliament.<\/p>\n EV manufacturers have demanded that the government continue offering subsidies to let the market sustain its growth and expand further to meet the country’s electrification target to have 30% EV penetration by 2030.<\/p>\n “Given that the costs are still not optimized yet for the supply chain, it is important for the government to continue the subsidy for two to three years and taper it down,” Phokela said.<\/p>\n Industry sources told TechCrunch that market players have requested the government provide predictability in its policies and avoid bringing abrupt changes, such as the case of FAME-II updates, to let them make assumptions and base financial and business planning accordingly.<\/p>\n “A lack of predictability is the biggest killer point for the industry,” an executive at an electric two-wheeler company stated on the condition anonymity. “Even if you are saying six months, please tell us that it will be for six months and then turnaround, but don’t say two years and end in one year.”<\/p>\n In addition to FAME-II, the Indian government has offered a $3.11 billion production-linked incentive scheme to attract investments and push domestic manufacturing of automobile and auto components in the country. Indian car manufacturers Tata Motors and Mahindra & Mahindra have emerged as the early beneficiaries of the incentive scheme. The government reported more than $1.43 billion of investments came until the second quarter of the financial year 2023-24 as a result of the scheme.<\/p>\n Tata Motors saw a growth of 63% in EVs and increased EV penetration in its portfolio to 12% this year, a company spokesperson said in a statement to TechCrunch.<\/p>\n Automobile manufacturers, including Ather Energy and Tata Motors, introduced their new EV models in the country to expand their presence and attract new customers.<\/p>\n Phokela underlined that “premiumization” emerged as a notable consumer trend this year, particularly in the Indian electric two-wheeler market. The trend of premium models coming to the market will continue in 2024, he predicted.<\/p>\n All four top electric two-wheeler brands have vehicles between the price range of $1,400 to $1,800, while the traditional internal combustion engine two-wheelers are available at an average price of $1,000.<\/p>\n In the last 12 to 18 months, the electric two-wheeler market also saw growing sales from the tier two and tier three towns. For Ather Energy, Phokela said only 43% of its sales came from tier one cities, while 57% was from tier two and tier three towns \u2014 despite its limited distribution in those regions. The startup is now expanding its distribution to get even higher sales.<\/p>\n Some market observers believe that the growth of electric two-wheeler sales in the developing parts of India is due to hefty electricity subsidies. However, Phokela argued that if that were the reason, there would be a significant growth in the demand for low-end vehicles, not the premium models. People in non-metro cities consider EVs as status validation and a way to show off, he said.<\/p>\nCommercial use cases as a major investor attraction<\/h2>\n Although top electric two-wheeler manufacturers have so far targeted the personal mobility segment in the Indian market, investors are bullish on the growth of commercial use cases.<\/p>\n “In the next two to three years, the majority of the traction will come from B2B use cases \u2014 whether it is three-wheeler cargo, three-wheeler passenger, eco-mobility, food delivery, hyperlocal delivery, fast\/quick commerce, the use of EVs there is the one that’s accelerating much faster,” Kunal Khattar, founder and general partner at Indian VC fund AdvantEdge Founders, told TechCrunch.<\/p>\n He said while the share of commercial vehicles is about 30 million, or 10% of the total number of vehicles on the road in India, they consume almost 70% of the energy of all the vehicles.<\/p>\n Commercial electric vehicles consume a large percentage of energy in India.\u00a0Image Credits:<\/strong> Sanchit Khanna\/Hindustan Times<\/p><\/div><\/p>\n “If you’re in the business of energy, whether it is battery manufacturing or swapping, energy storage or building charging infrastructure, your entire focus should be on B2B,” he noted.<\/p>\n Sandiip Bhammer, founder and co-managing partner at New York-based climate tech VC fund Green Frontier Capital, told TechCrunch the opportunity to gain faster and more rapid growth in the commercial segment is significantly higher than in the consumer segment.<\/p>\n “The economic viability of two-wheeler and three-wheeler segments on the commercial side is much clearer than on the passenger car segment,” he said.<\/p>\n Investors believe that compared to the consumer segment, the commercial segment is less prone to be impacted by subsidy changes. This is because businesses consider the total cost of ownership rather than the face value of the vehicle they purchase.<\/p>\n Khattar said the B2B segment will be 100% electric in India in the next two to three years, irrespective of whether subsidies and other incentives would be available.<\/p>\n The country plans to add thousands<\/a> of battery-operated auto-rickshaws and e-buses to electrify public transportation across states in the coming months. Likewise, it looks to offer EV charging stations<\/a> at various local gas stations.<\/p>\nCapital flow in the market<\/h2>\n Equity investments in India’s electric vehicle (EV) market decreased by 52%, from $2.1 billion in 2022 to $1 billion in 2023, according to the data shared with TechCrunch by VC analyst firm Tracxn earlier this month. The number of funding rounds also dropped 62%, from 135 in the previous year to 51. However, EV funding was not as dire as in some top-performing sectors, such as tech, SaaS, agritech and health tech, where equity investments dropped by over 80%.<\/p>\n Bhammer of Green Frontier Capital said the drop in EV funding this year was mainly due to valuations that were too high in many of the existing startups.<\/p>\n “If you look at new companies that are raising capital, they are actually raising capital at a much more reasonable valuation than the older companies doing extension rounds,” he said.<\/p>\n India’s EV funding declined to $1.5 billion in 2023, per the data provided by Tracxn. Image Credits:<\/strong> Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n Investors are optimistic about the capital flow growth in 2024 but cautious about muted numbers, particularly in the consumer segment, due to FAME-II changes and lack of clarity on subsidy extension.<\/p>\n “We need the support of the government, in terms of subsidies and taxes and all of that, because of the fact that we are not mainstream yet,” Khattar of AdvantEdge Founders said.<\/p>\n One key reason for being hopeful is India’s growing global presence and becoming a part of the China+1 strategy for most global companies.<\/p>\n “China has now started de-growing. So, India is the beacon of hope in an otherwise pretty dull emerging markets scenario,” Bhammer said.<\/p>\nWhat’s coming up next?<\/h2>\n While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy<\/a> to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market.<\/p>\n “Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n “Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n “Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n “We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n “What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
EV manufacturers have demanded that the government continue offering subsidies to let the market sustain its growth and expand further to meet the country’s electrification target to have 30% EV penetration by 2030.<\/p>\n
“Given that the costs are still not optimized yet for the supply chain, it is important for the government to continue the subsidy for two to three years and taper it down,” Phokela said.<\/p>\n
Industry sources told TechCrunch that market players have requested the government provide predictability in its policies and avoid bringing abrupt changes, such as the case of FAME-II updates, to let them make assumptions and base financial and business planning accordingly.<\/p>\n
“A lack of predictability is the biggest killer point for the industry,” an executive at an electric two-wheeler company stated on the condition anonymity. “Even if you are saying six months, please tell us that it will be for six months and then turnaround, but don’t say two years and end in one year.”<\/p>\n
In addition to FAME-II, the Indian government has offered a $3.11 billion production-linked incentive scheme to attract investments and push domestic manufacturing of automobile and auto components in the country. Indian car manufacturers Tata Motors and Mahindra & Mahindra have emerged as the early beneficiaries of the incentive scheme. The government reported more than $1.43 billion of investments came until the second quarter of the financial year 2023-24 as a result of the scheme.<\/p>\n
Tata Motors saw a growth of 63% in EVs and increased EV penetration in its portfolio to 12% this year, a company spokesperson said in a statement to TechCrunch.<\/p>\n
Automobile manufacturers, including Ather Energy and Tata Motors, introduced their new EV models in the country to expand their presence and attract new customers.<\/p>\n
Phokela underlined that “premiumization” emerged as a notable consumer trend this year, particularly in the Indian electric two-wheeler market. The trend of premium models coming to the market will continue in 2024, he predicted.<\/p>\n
All four top electric two-wheeler brands have vehicles between the price range of $1,400 to $1,800, while the traditional internal combustion engine two-wheelers are available at an average price of $1,000.<\/p>\n
In the last 12 to 18 months, the electric two-wheeler market also saw growing sales from the tier two and tier three towns. For Ather Energy, Phokela said only 43% of its sales came from tier one cities, while 57% was from tier two and tier three towns \u2014 despite its limited distribution in those regions. The startup is now expanding its distribution to get even higher sales.<\/p>\n
Some market observers believe that the growth of electric two-wheeler sales in the developing parts of India is due to hefty electricity subsidies. However, Phokela argued that if that were the reason, there would be a significant growth in the demand for low-end vehicles, not the premium models. People in non-metro cities consider EVs as status validation and a way to show off, he said.<\/p>\nCommercial use cases as a major investor attraction<\/h2>\n Although top electric two-wheeler manufacturers have so far targeted the personal mobility segment in the Indian market, investors are bullish on the growth of commercial use cases.<\/p>\n “In the next two to three years, the majority of the traction will come from B2B use cases \u2014 whether it is three-wheeler cargo, three-wheeler passenger, eco-mobility, food delivery, hyperlocal delivery, fast\/quick commerce, the use of EVs there is the one that’s accelerating much faster,” Kunal Khattar, founder and general partner at Indian VC fund AdvantEdge Founders, told TechCrunch.<\/p>\n He said while the share of commercial vehicles is about 30 million, or 10% of the total number of vehicles on the road in India, they consume almost 70% of the energy of all the vehicles.<\/p>\n Commercial electric vehicles consume a large percentage of energy in India.\u00a0Image Credits:<\/strong> Sanchit Khanna\/Hindustan Times<\/p><\/div><\/p>\n “If you’re in the business of energy, whether it is battery manufacturing or swapping, energy storage or building charging infrastructure, your entire focus should be on B2B,” he noted.<\/p>\n Sandiip Bhammer, founder and co-managing partner at New York-based climate tech VC fund Green Frontier Capital, told TechCrunch the opportunity to gain faster and more rapid growth in the commercial segment is significantly higher than in the consumer segment.<\/p>\n “The economic viability of two-wheeler and three-wheeler segments on the commercial side is much clearer than on the passenger car segment,” he said.<\/p>\n Investors believe that compared to the consumer segment, the commercial segment is less prone to be impacted by subsidy changes. This is because businesses consider the total cost of ownership rather than the face value of the vehicle they purchase.<\/p>\n Khattar said the B2B segment will be 100% electric in India in the next two to three years, irrespective of whether subsidies and other incentives would be available.<\/p>\n The country plans to add thousands<\/a> of battery-operated auto-rickshaws and e-buses to electrify public transportation across states in the coming months. Likewise, it looks to offer EV charging stations<\/a> at various local gas stations.<\/p>\nCapital flow in the market<\/h2>\n Equity investments in India’s electric vehicle (EV) market decreased by 52%, from $2.1 billion in 2022 to $1 billion in 2023, according to the data shared with TechCrunch by VC analyst firm Tracxn earlier this month. The number of funding rounds also dropped 62%, from 135 in the previous year to 51. However, EV funding was not as dire as in some top-performing sectors, such as tech, SaaS, agritech and health tech, where equity investments dropped by over 80%.<\/p>\n Bhammer of Green Frontier Capital said the drop in EV funding this year was mainly due to valuations that were too high in many of the existing startups.<\/p>\n “If you look at new companies that are raising capital, they are actually raising capital at a much more reasonable valuation than the older companies doing extension rounds,” he said.<\/p>\n India’s EV funding declined to $1.5 billion in 2023, per the data provided by Tracxn. Image Credits:<\/strong> Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n Investors are optimistic about the capital flow growth in 2024 but cautious about muted numbers, particularly in the consumer segment, due to FAME-II changes and lack of clarity on subsidy extension.<\/p>\n “We need the support of the government, in terms of subsidies and taxes and all of that, because of the fact that we are not mainstream yet,” Khattar of AdvantEdge Founders said.<\/p>\n One key reason for being hopeful is India’s growing global presence and becoming a part of the China+1 strategy for most global companies.<\/p>\n “China has now started de-growing. So, India is the beacon of hope in an otherwise pretty dull emerging markets scenario,” Bhammer said.<\/p>\nWhat’s coming up next?<\/h2>\n While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy<\/a> to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market.<\/p>\n “Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n “Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n “Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n “We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n “What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Although top electric two-wheeler manufacturers have so far targeted the personal mobility segment in the Indian market, investors are bullish on the growth of commercial use cases.<\/p>\n
“In the next two to three years, the majority of the traction will come from B2B use cases \u2014 whether it is three-wheeler cargo, three-wheeler passenger, eco-mobility, food delivery, hyperlocal delivery, fast\/quick commerce, the use of EVs there is the one that’s accelerating much faster,” Kunal Khattar, founder and general partner at Indian VC fund AdvantEdge Founders, told TechCrunch.<\/p>\n
He said while the share of commercial vehicles is about 30 million, or 10% of the total number of vehicles on the road in India, they consume almost 70% of the energy of all the vehicles.<\/p>\n
Commercial electric vehicles consume a large percentage of energy in India.\u00a0Image Credits:<\/strong> Sanchit Khanna\/Hindustan Times<\/p><\/div><\/p>\n “If you’re in the business of energy, whether it is battery manufacturing or swapping, energy storage or building charging infrastructure, your entire focus should be on B2B,” he noted.<\/p>\n Sandiip Bhammer, founder and co-managing partner at New York-based climate tech VC fund Green Frontier Capital, told TechCrunch the opportunity to gain faster and more rapid growth in the commercial segment is significantly higher than in the consumer segment.<\/p>\n “The economic viability of two-wheeler and three-wheeler segments on the commercial side is much clearer than on the passenger car segment,” he said.<\/p>\n Investors believe that compared to the consumer segment, the commercial segment is less prone to be impacted by subsidy changes. This is because businesses consider the total cost of ownership rather than the face value of the vehicle they purchase.<\/p>\n Khattar said the B2B segment will be 100% electric in India in the next two to three years, irrespective of whether subsidies and other incentives would be available.<\/p>\n The country plans to add thousands<\/a> of battery-operated auto-rickshaws and e-buses to electrify public transportation across states in the coming months. Likewise, it looks to offer EV charging stations<\/a> at various local gas stations.<\/p>\nCapital flow in the market<\/h2>\n Equity investments in India’s electric vehicle (EV) market decreased by 52%, from $2.1 billion in 2022 to $1 billion in 2023, according to the data shared with TechCrunch by VC analyst firm Tracxn earlier this month. The number of funding rounds also dropped 62%, from 135 in the previous year to 51. However, EV funding was not as dire as in some top-performing sectors, such as tech, SaaS, agritech and health tech, where equity investments dropped by over 80%.<\/p>\n Bhammer of Green Frontier Capital said the drop in EV funding this year was mainly due to valuations that were too high in many of the existing startups.<\/p>\n “If you look at new companies that are raising capital, they are actually raising capital at a much more reasonable valuation than the older companies doing extension rounds,” he said.<\/p>\n India’s EV funding declined to $1.5 billion in 2023, per the data provided by Tracxn. Image Credits:<\/strong> Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n Investors are optimistic about the capital flow growth in 2024 but cautious about muted numbers, particularly in the consumer segment, due to FAME-II changes and lack of clarity on subsidy extension.<\/p>\n “We need the support of the government, in terms of subsidies and taxes and all of that, because of the fact that we are not mainstream yet,” Khattar of AdvantEdge Founders said.<\/p>\n One key reason for being hopeful is India’s growing global presence and becoming a part of the China+1 strategy for most global companies.<\/p>\n “China has now started de-growing. So, India is the beacon of hope in an otherwise pretty dull emerging markets scenario,” Bhammer said.<\/p>\nWhat’s coming up next?<\/h2>\n While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy<\/a> to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market.<\/p>\n “Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n “Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n “Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n “We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n “What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Commercial electric vehicles consume a large percentage of energy in India.\u00a0Image Credits:<\/strong> Sanchit Khanna\/Hindustan Times<\/p><\/div><\/p>\n “If you’re in the business of energy, whether it is battery manufacturing or swapping, energy storage or building charging infrastructure, your entire focus should be on B2B,” he noted.<\/p>\n Sandiip Bhammer, founder and co-managing partner at New York-based climate tech VC fund Green Frontier Capital, told TechCrunch the opportunity to gain faster and more rapid growth in the commercial segment is significantly higher than in the consumer segment.<\/p>\n “The economic viability of two-wheeler and three-wheeler segments on the commercial side is much clearer than on the passenger car segment,” he said.<\/p>\n Investors believe that compared to the consumer segment, the commercial segment is less prone to be impacted by subsidy changes. This is because businesses consider the total cost of ownership rather than the face value of the vehicle they purchase.<\/p>\n Khattar said the B2B segment will be 100% electric in India in the next two to three years, irrespective of whether subsidies and other incentives would be available.<\/p>\n The country plans to add thousands<\/a> of battery-operated auto-rickshaws and e-buses to electrify public transportation across states in the coming months. Likewise, it looks to offer EV charging stations<\/a> at various local gas stations.<\/p>\nCapital flow in the market<\/h2>\n Equity investments in India’s electric vehicle (EV) market decreased by 52%, from $2.1 billion in 2022 to $1 billion in 2023, according to the data shared with TechCrunch by VC analyst firm Tracxn earlier this month. The number of funding rounds also dropped 62%, from 135 in the previous year to 51. However, EV funding was not as dire as in some top-performing sectors, such as tech, SaaS, agritech and health tech, where equity investments dropped by over 80%.<\/p>\n Bhammer of Green Frontier Capital said the drop in EV funding this year was mainly due to valuations that were too high in many of the existing startups.<\/p>\n “If you look at new companies that are raising capital, they are actually raising capital at a much more reasonable valuation than the older companies doing extension rounds,” he said.<\/p>\n India’s EV funding declined to $1.5 billion in 2023, per the data provided by Tracxn. Image Credits:<\/strong> Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n Investors are optimistic about the capital flow growth in 2024 but cautious about muted numbers, particularly in the consumer segment, due to FAME-II changes and lack of clarity on subsidy extension.<\/p>\n “We need the support of the government, in terms of subsidies and taxes and all of that, because of the fact that we are not mainstream yet,” Khattar of AdvantEdge Founders said.<\/p>\n One key reason for being hopeful is India’s growing global presence and becoming a part of the China+1 strategy for most global companies.<\/p>\n “China has now started de-growing. So, India is the beacon of hope in an otherwise pretty dull emerging markets scenario,” Bhammer said.<\/p>\nWhat’s coming up next?<\/h2>\n While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy<\/a> to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market.<\/p>\n “Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n “Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n “Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n “We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n “What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
“If you’re in the business of energy, whether it is battery manufacturing or swapping, energy storage or building charging infrastructure, your entire focus should be on B2B,” he noted.<\/p>\n
Sandiip Bhammer, founder and co-managing partner at New York-based climate tech VC fund Green Frontier Capital, told TechCrunch the opportunity to gain faster and more rapid growth in the commercial segment is significantly higher than in the consumer segment.<\/p>\n
“The economic viability of two-wheeler and three-wheeler segments on the commercial side is much clearer than on the passenger car segment,” he said.<\/p>\n
Investors believe that compared to the consumer segment, the commercial segment is less prone to be impacted by subsidy changes. This is because businesses consider the total cost of ownership rather than the face value of the vehicle they purchase.<\/p>\n
Khattar said the B2B segment will be 100% electric in India in the next two to three years, irrespective of whether subsidies and other incentives would be available.<\/p>\n
The country plans to add thousands<\/a> of battery-operated auto-rickshaws and e-buses to electrify public transportation across states in the coming months. Likewise, it looks to offer EV charging stations<\/a> at various local gas stations.<\/p>\nCapital flow in the market<\/h2>\n Equity investments in India’s electric vehicle (EV) market decreased by 52%, from $2.1 billion in 2022 to $1 billion in 2023, according to the data shared with TechCrunch by VC analyst firm Tracxn earlier this month. The number of funding rounds also dropped 62%, from 135 in the previous year to 51. However, EV funding was not as dire as in some top-performing sectors, such as tech, SaaS, agritech and health tech, where equity investments dropped by over 80%.<\/p>\n Bhammer of Green Frontier Capital said the drop in EV funding this year was mainly due to valuations that were too high in many of the existing startups.<\/p>\n “If you look at new companies that are raising capital, they are actually raising capital at a much more reasonable valuation than the older companies doing extension rounds,” he said.<\/p>\n India’s EV funding declined to $1.5 billion in 2023, per the data provided by Tracxn. Image Credits:<\/strong> Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n Investors are optimistic about the capital flow growth in 2024 but cautious about muted numbers, particularly in the consumer segment, due to FAME-II changes and lack of clarity on subsidy extension.<\/p>\n “We need the support of the government, in terms of subsidies and taxes and all of that, because of the fact that we are not mainstream yet,” Khattar of AdvantEdge Founders said.<\/p>\n One key reason for being hopeful is India’s growing global presence and becoming a part of the China+1 strategy for most global companies.<\/p>\n “China has now started de-growing. So, India is the beacon of hope in an otherwise pretty dull emerging markets scenario,” Bhammer said.<\/p>\nWhat’s coming up next?<\/h2>\n While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy<\/a> to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market.<\/p>\n “Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n “Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n “Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n “We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n “What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Equity investments in India’s electric vehicle (EV) market decreased by 52%, from $2.1 billion in 2022 to $1 billion in 2023, according to the data shared with TechCrunch by VC analyst firm Tracxn earlier this month. The number of funding rounds also dropped 62%, from 135 in the previous year to 51. However, EV funding was not as dire as in some top-performing sectors, such as tech, SaaS, agritech and health tech, where equity investments dropped by over 80%.<\/p>\n
Bhammer of Green Frontier Capital said the drop in EV funding this year was mainly due to valuations that were too high in many of the existing startups.<\/p>\n
“If you look at new companies that are raising capital, they are actually raising capital at a much more reasonable valuation than the older companies doing extension rounds,” he said.<\/p>\n
India’s EV funding declined to $1.5 billion in 2023, per the data provided by Tracxn. Image Credits:<\/strong> Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n Investors are optimistic about the capital flow growth in 2024 but cautious about muted numbers, particularly in the consumer segment, due to FAME-II changes and lack of clarity on subsidy extension.<\/p>\n “We need the support of the government, in terms of subsidies and taxes and all of that, because of the fact that we are not mainstream yet,” Khattar of AdvantEdge Founders said.<\/p>\n One key reason for being hopeful is India’s growing global presence and becoming a part of the China+1 strategy for most global companies.<\/p>\n “China has now started de-growing. So, India is the beacon of hope in an otherwise pretty dull emerging markets scenario,” Bhammer said.<\/p>\nWhat’s coming up next?<\/h2>\n While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy<\/a> to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market.<\/p>\n “Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n “Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n “Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n “We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n “What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
India’s EV funding declined to $1.5 billion in 2023, per the data provided by Tracxn. Image Credits:<\/strong> Jagmeet Singh \/ TechCrunch<\/p><\/div><\/p>\n Investors are optimistic about the capital flow growth in 2024 but cautious about muted numbers, particularly in the consumer segment, due to FAME-II changes and lack of clarity on subsidy extension.<\/p>\n “We need the support of the government, in terms of subsidies and taxes and all of that, because of the fact that we are not mainstream yet,” Khattar of AdvantEdge Founders said.<\/p>\n One key reason for being hopeful is India’s growing global presence and becoming a part of the China+1 strategy for most global companies.<\/p>\n “China has now started de-growing. So, India is the beacon of hope in an otherwise pretty dull emerging markets scenario,” Bhammer said.<\/p>\nWhat’s coming up next?<\/h2>\n While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy<\/a> to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market.<\/p>\n “Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n “Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n “Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n “We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n “What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Investors are optimistic about the capital flow growth in 2024 but cautious about muted numbers, particularly in the consumer segment, due to FAME-II changes and lack of clarity on subsidy extension.<\/p>\n
“We need the support of the government, in terms of subsidies and taxes and all of that, because of the fact that we are not mainstream yet,” Khattar of AdvantEdge Founders said.<\/p>\n
One key reason for being hopeful is India’s growing global presence and becoming a part of the China+1 strategy for most global companies.<\/p>\n
“China has now started de-growing. So, India is the beacon of hope in an otherwise pretty dull emerging markets scenario,” Bhammer said.<\/p>\nWhat’s coming up next?<\/h2>\n While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy<\/a> to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market.<\/p>\n “Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n “Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n “Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n “We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n “What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy<\/a> to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market.<\/p>\n “Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n “Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n “Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n “We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n “What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
“Legacy carmakers are in no hurry. When they launch, they will distribute, and through their distribution, they will be able to start selling numbers as much as, if not more than, existing players,” an EV investor told TechCrunch.<\/p>\n
Companies including Tata Motors, which are already in the EV market with their vehicles, are working to address the current adoption challenges.<\/p>\n
“Charging infrastructure growth remains the residual barrier for mass adoption of EVs. Tata Motors has initiated open collaboration with key charging players to accelerate the growth of chargers, which will deliver a better experience to the EV buyers,” the Tata Motors spokesperson said.<\/p>\n
Ravi Pandit, co-founder and group chairman of automobile tech company KPIT Technologies, told TechCrunch that software and hardware have become the vehicle’s core and that trend will continue to grow over time.<\/p>\n
“Now, the model is changing where instead of there being a lot of computers in a car, there will be a computer and around which there will be a car. That’s a fundamental shift,” he said.<\/p>\n
Similarly, electric two-wheeler manufacturers and infrastructure providers are working on standardized charging solutions. Ather Energy has already collaborated with Hero to offer interoperability on charging.<\/p>\n
“We have about 1,400 fast chargers, and Hero Vida has about 500, and we are growing on a monthly basis,” said Phokela. “We are in conversations with many other OEMs, and these discussions are at different levels of maturity.”<\/p>\n
In addition to standardization and interoperability on the charging side, some companies are exploring alternatives to lithium, including sodium-ion-driven technologies and silicon anode.<\/p>\n
“What is clear is that you cannot drive revolution in any sector unless you have access to the raw materials that power the industry. So, if China controls the refining capacity of lithium, how would India drive the EV revolution if it has to keep going to China for its batteries,” Bhammer said.<\/p>\n
He mentioned that other incoming updates in the market include vehicle-to-grid and clip-on devices that will be available on a subscription-based model to help users convert an existing two-wheeler from a non-EV to an EV without charging the motor or battery permanently.<\/p>\n\n Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Why Gogoro picked India as its new go-to market<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
<\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
India, a major player in the global automotive industry, has started focusing on transitioning to alternative fuels to curb pollution after expanding its consumer and vehicle bases and adding local manufacturing facilities over the past two decades. On this journey, 2024 will be a crucial year, as the country \u2014 the third-largest automotive market \u2014 […]<\/p>\n","protected":false},"author":133574564,"featured_media":2646101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"8371359b-2b22-3e50-92c7-7e1af6d393cd","footnotes":"","apple_news_api_created_at":"2023-12-30T01:00:31Z","apple_news_api_id":"5d5772b2-b0bb-4639-b619-cf6f4f050ffa","apple_news_api_modified_at":"2023-12-30T04:09:22Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AXVdysrC7Rjm2Gc9vTwUP-g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[2401],"tags":[576668717,378477,76801,3054,577035311,577215881],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nHow India will navigate EVs in 2024 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
EV cabs in India<\/p>\n"},"alt_text":"EV cabs in India","media_type":"image","mime_type":"image\/jpeg","media_details":{"width":1200,"height":800,"file":"2023\/12\/ev-cab-india-getty.jpg","filesize":1466764,"sizes":{"thumbnail":{"file":"ev-cab-india-getty.jpg?resize=150,100","width":150,"height":100,"filesize":1466764,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/ev-cab-india-getty.jpg?w=150"},"medium":{"file":"ev-cab-india-getty.jpg?resize=300,200","width":300,"height":200,"filesize":1466764,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/ev-cab-india-getty.jpg?w=300"},"medium_large":{"file":"ev-cab-india-getty.jpg?resize=768,512","width":768,"height":512,"filesize":1466764,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/ev-cab-india-getty.jpg?w=1024"},"large":{"file":"ev-cab-india-getty.jpg?resize=680,453","width":680,"height":453,"filesize":1466764,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/ev-cab-india-getty.jpg?w=680"},"guest-author-32":{"file":"ev-cab-india-getty.jpg?resize=32,32","width":32,"height":32,"filesize":1466764,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/ev-cab-india-getty.jpg?w=32&h=32&crop=1"},"guest-author-50":{"file":"ev-cab-india-getty.jpg?resize=50,50","width":50,"height":50,"filesize":1466764,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/ev-cab-india-getty.jpg?w=50&h=50&crop=1"},"guest-author-64":{"file":"ev-cab-india-getty.jpg?resize=64,64","width":64,"height":64,"filesize":1466764,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/ev-cab-india-getty.jpg?w=64&h=64&crop=1"},"guest-author-96":{"file":"ev-cab-india-getty.jpg?resize=96,96","width":96,"height":96,"filesize":1466764,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/ev-cab-india-getty.jpg?w=96&h=96&crop=1"},"guest-author-128":{"file":"ev-cab-india-getty.jpg?resize=128,128","width":128,"height":128,"filesize":1466764,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/ev-cab-india-getty.jpg?w=128&h=128&crop=1"},"concierge-thumb":{"file":"ev-cab-india-getty.jpg?resize=50,33","width":50,"height":33,"filesize":1466764,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/ev-cab-india-getty.jpg?w=50"},"full":{"file":"ev-cab-india-getty.jpg","width":1024,"height":683,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/ev-cab-india-getty.jpg"}},"image_meta":{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0","keywords":[]}},"source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/12\/ev-cab-india-getty.jpg","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media\/2646101"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media"}],"about":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/types\/attachment"}],"replies":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/comments?post=2646101"}],"author":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/133574564"}]}}],"wp:term":[[{"id":2401,"description":"Transportation news includes all the present and future ways people and packages get from Point A to Point B. Coverage includes scooters and e-bikes to autonomous vehicles, EVs, transit, and evTOLs. We cover auto tech players big and small, from Tesla, GM, Uber, and Lyft, to small startups entering the automotive tech space.","link":"https:\/\/techcrunch.com\/category\/transportation\/","name":"Transportation","slug":"transportation","taxonomy":"category","parent":0,"yoast_head":"\nTransportation & Auto News | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n
A funny \u2014<\/span> but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late?<\/a> There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous.<\/p>\n Sometimes though \u2014 albeit rarely \u2014 there are glimmers of hope that we want to share. Not least because doing the right thing, even (and especially) in the face of adversity, helps make the cyber-realm that little bit safer.<\/p>\nBangladesh thanked a security researcher for citizen data leak discovery<\/h2>\n When a security researcher found that a Bangladeshi government website was leaking the personal information of its citizens, clearly something was amiss. Viktor Markopoulos found the exposed data thanks to an inadvertently cached Google search result, which exposed citizen names, addresses, phone numbers and national identity numbers from the affected website. TechCrunch verified that the Bangladeshi government website was leaking data, but efforts to alert the government department were initially met with silence<\/a>. The data was so sensitive, TechCrunch could not say which government department was leaking the data, as this might expose the data further.<\/p>\n That’s when the country’s computer emergency incident response team, also known as CIRT, got in touch and confirmed the leaking database had been fixed<\/a>. The data was spilling from none other than the country’s birth, death and marriage registrar office. CIRT confirmed in a public notice that it had resolved the data spill<\/a> and that it left “no stone unturned” to understand how the leak happened. Governments seldom handle their scandals well, but an email from the government to the researcher thanking them for their finding and reporting the bug shows the government’s willingness to engage over cybersecurity where many other countries will not.<\/p>\nApple throwing the kitchen sink at its spyware problem<\/h2>\n It’s been more than a decade since Apple dropped its now-infamous claim<\/a> that Macs don’t get PC viruses (which while technically true, those words have plagued the company for years). These days the most pressing threat to Apple devices is commercial spyware, developed by private companies and sold to governments, which can punch a hole in our phones’ security defenses and steal our data. It takes courage to admit a problem, but Apple did exactly that by rolling out Rapid Security Response fixes to fix security bugs actively exploited by spyware makers<\/a>.<\/p>\n Apple rolled out its first emergency “hotfix” earlier this year to iPhones, iPads and Macs. The idea was to roll out critical patches that could be installed without always having to reboot the device (arguably the pain point for the security-minded). Apple also has a setting called Lockdown Mode, which limits certain device features on an Apple device that are typically targeted by spyware. Apple says it’s not aware of anyone using Lockdown Mode who was subsequently hacked<\/a>. In fact, security researchers say that Lockdown Mode has actively blocked ongoing targeted hacks<\/a>.<\/p>\nTaiwan’s government didn’t blink<\/em> before intervening after corporate data leak<\/h2>\n When a security researcher told TechCrunch that a ridesharing service called iRent \u2014 run by Taiwanese automotive giant Hotai Motors \u2014 was spilling real-time updating customer data to the internet, it seemed like a simple fix. But after a week of emailing the company to resolve the ongoing data spill \u2014 which included customer names, cell phone numbers and email addresses, and scans of customer licenses \u2014 TechCrunch never heard back. It wasn’t until we contacted the Taiwanese government for help disclosing the incident<\/a> that we got a response immediately<\/em>.<\/p>\n Within an hour of contacting the government, Taiwan\u2019s minister for digital affairs Audrey Tang told TechCrunch by email that the exposed database had been flagged with Taiwan’s computer emergency incident response team, TWCERT, and was pulled offline. The speed at which the Taiwanese government responded was breathtakingly fast, but that wasn’t the end of it. Taiwan subsequently fined Hotai Motors for failing to protect the data<\/a> of more than 400,000 customers, and was ordered to improve its cybersecurity. In its aftermath, Taiwan\u2019s vice premier Cheng Wen-tsan said the fine of about $6,600 was “too light” and proposed a change to the law that would increase data breach fines by tenfold.<\/p>\nLeaky U.S. court record systems sparked the right kind of alarm<\/h2>\n At the heart of any judicial system is its court records system, the tech stack used for submitting and storing sensitive legal documents for court cases. These systems are often online and searchable, while restricting access to files that could otherwise jeopardize an ongoing proceeding. But when security researcher Jason Parker found several court record systems with incredibly simple bugs that were exploitable using only a web browser<\/a>, Parker knew they had to see that these bugs were fixed.<\/p>\n Parker found and disclosed eight security vulnerabilities in court records systems used in five U.S. states \u2014 and that was just in their first batch disclosure<\/a>. Some of the flaws were fixed and some remain outstanding, and the responses from states were mixed. Florida’s Lee County took the heavy-handed (and self-owning) position of threatening the security researcher with Florida’s anti-hacking laws. But the disclosures also sent the right kind of alarm. Several state CISOs and officials responsible for court records systems across the U.S. saw the disclosure as an opportunity to inspect their own court record systems for vulnerabilities. Govtech is broken (and is desperately underserved), but having researchers like Parker finding and disclosing must-patch flaws<\/a> makes the internet safer \u2014 and the judicial system fairer\u00a0\u2014 for everyone.<\/p>\nGoogle killed geofence warrants, even if it was better late than never<\/h2>\n It was Google’s greed driven by ads and perpetual growth that set the stage for geofence warrants. These so-called “reverse” search warrants allow police and government agencies to dumpster dive into Google’s vast stores of users’ location data to see if anyone was in the vicinity at the time a crime was committed. But the constitutionality (and accuracy) of these reverse-warrants have been called into question<\/a> and critics have called on Google to put an end to the surveillance practice it largely created to begin with. And then, just before the holiday season, the gift of privacy: Google said it would begin storing location data on users’ devices and not centrally, effectively ending the ability for police to obtain real-time location<\/a> from its servers.<\/p>\n Google’s move is not a panacea, and doesn’t undo the years of damage (or stop police from raiding historical data stored by Google). But it might nudge other companies also subject to these kinds of reverse-search warrants \u2014 hello Microsoft, Snap, Uber and Yahoo (TechCrunch’s parent company) \u2014 to follow suit and stop storing users’ sensitive data in a way that makes it accessible to government demands.<\/p>\n\n Meet the cybercriminals of 2023<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" A funny \u2014 but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late? There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous. Sometimes though \u2014 albeit […]<\/p>\n","protected":false},"author":133574210,"featured_media":2646032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"7888db14-54f1-31d1-a75b-f7df48f4f4d9","footnotes":"","apple_news_api_created_at":"2023-12-30T13:06:19Z","apple_news_api_id":"230ef054-9595-45e6-bbab-f896c23d49c9","apple_news_api_modified_at":"2023-12-30T13:06:19Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AIw7wVJWVRea7q_iWwj1JyQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[21587494],"tags":[6148720,965824,67372,3279,21053,577217185],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nIt's not all doom and gloom: When cybersecurity gave us hope in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Sometimes though \u2014 albeit rarely \u2014 there are glimmers of hope that we want to share. Not least because doing the right thing, even (and especially) in the face of adversity, helps make the cyber-realm that little bit safer.<\/p>\nBangladesh thanked a security researcher for citizen data leak discovery<\/h2>\n When a security researcher found that a Bangladeshi government website was leaking the personal information of its citizens, clearly something was amiss. Viktor Markopoulos found the exposed data thanks to an inadvertently cached Google search result, which exposed citizen names, addresses, phone numbers and national identity numbers from the affected website. TechCrunch verified that the Bangladeshi government website was leaking data, but efforts to alert the government department were initially met with silence<\/a>. The data was so sensitive, TechCrunch could not say which government department was leaking the data, as this might expose the data further.<\/p>\n That’s when the country’s computer emergency incident response team, also known as CIRT, got in touch and confirmed the leaking database had been fixed<\/a>. The data was spilling from none other than the country’s birth, death and marriage registrar office. CIRT confirmed in a public notice that it had resolved the data spill<\/a> and that it left “no stone unturned” to understand how the leak happened. Governments seldom handle their scandals well, but an email from the government to the researcher thanking them for their finding and reporting the bug shows the government’s willingness to engage over cybersecurity where many other countries will not.<\/p>\nApple throwing the kitchen sink at its spyware problem<\/h2>\n It’s been more than a decade since Apple dropped its now-infamous claim<\/a> that Macs don’t get PC viruses (which while technically true, those words have plagued the company for years). These days the most pressing threat to Apple devices is commercial spyware, developed by private companies and sold to governments, which can punch a hole in our phones’ security defenses and steal our data. It takes courage to admit a problem, but Apple did exactly that by rolling out Rapid Security Response fixes to fix security bugs actively exploited by spyware makers<\/a>.<\/p>\n Apple rolled out its first emergency “hotfix” earlier this year to iPhones, iPads and Macs. The idea was to roll out critical patches that could be installed without always having to reboot the device (arguably the pain point for the security-minded). Apple also has a setting called Lockdown Mode, which limits certain device features on an Apple device that are typically targeted by spyware. Apple says it’s not aware of anyone using Lockdown Mode who was subsequently hacked<\/a>. In fact, security researchers say that Lockdown Mode has actively blocked ongoing targeted hacks<\/a>.<\/p>\nTaiwan’s government didn’t blink<\/em> before intervening after corporate data leak<\/h2>\n When a security researcher told TechCrunch that a ridesharing service called iRent \u2014 run by Taiwanese automotive giant Hotai Motors \u2014 was spilling real-time updating customer data to the internet, it seemed like a simple fix. But after a week of emailing the company to resolve the ongoing data spill \u2014 which included customer names, cell phone numbers and email addresses, and scans of customer licenses \u2014 TechCrunch never heard back. It wasn’t until we contacted the Taiwanese government for help disclosing the incident<\/a> that we got a response immediately<\/em>.<\/p>\n Within an hour of contacting the government, Taiwan\u2019s minister for digital affairs Audrey Tang told TechCrunch by email that the exposed database had been flagged with Taiwan’s computer emergency incident response team, TWCERT, and was pulled offline. The speed at which the Taiwanese government responded was breathtakingly fast, but that wasn’t the end of it. Taiwan subsequently fined Hotai Motors for failing to protect the data<\/a> of more than 400,000 customers, and was ordered to improve its cybersecurity. In its aftermath, Taiwan\u2019s vice premier Cheng Wen-tsan said the fine of about $6,600 was “too light” and proposed a change to the law that would increase data breach fines by tenfold.<\/p>\nLeaky U.S. court record systems sparked the right kind of alarm<\/h2>\n At the heart of any judicial system is its court records system, the tech stack used for submitting and storing sensitive legal documents for court cases. These systems are often online and searchable, while restricting access to files that could otherwise jeopardize an ongoing proceeding. But when security researcher Jason Parker found several court record systems with incredibly simple bugs that were exploitable using only a web browser<\/a>, Parker knew they had to see that these bugs were fixed.<\/p>\n Parker found and disclosed eight security vulnerabilities in court records systems used in five U.S. states \u2014 and that was just in their first batch disclosure<\/a>. Some of the flaws were fixed and some remain outstanding, and the responses from states were mixed. Florida’s Lee County took the heavy-handed (and self-owning) position of threatening the security researcher with Florida’s anti-hacking laws. But the disclosures also sent the right kind of alarm. Several state CISOs and officials responsible for court records systems across the U.S. saw the disclosure as an opportunity to inspect their own court record systems for vulnerabilities. Govtech is broken (and is desperately underserved), but having researchers like Parker finding and disclosing must-patch flaws<\/a> makes the internet safer \u2014 and the judicial system fairer\u00a0\u2014 for everyone.<\/p>\nGoogle killed geofence warrants, even if it was better late than never<\/h2>\n It was Google’s greed driven by ads and perpetual growth that set the stage for geofence warrants. These so-called “reverse” search warrants allow police and government agencies to dumpster dive into Google’s vast stores of users’ location data to see if anyone was in the vicinity at the time a crime was committed. But the constitutionality (and accuracy) of these reverse-warrants have been called into question<\/a> and critics have called on Google to put an end to the surveillance practice it largely created to begin with. And then, just before the holiday season, the gift of privacy: Google said it would begin storing location data on users’ devices and not centrally, effectively ending the ability for police to obtain real-time location<\/a> from its servers.<\/p>\n Google’s move is not a panacea, and doesn’t undo the years of damage (or stop police from raiding historical data stored by Google). But it might nudge other companies also subject to these kinds of reverse-search warrants \u2014 hello Microsoft, Snap, Uber and Yahoo (TechCrunch’s parent company) \u2014 to follow suit and stop storing users’ sensitive data in a way that makes it accessible to government demands.<\/p>\n\n Meet the cybercriminals of 2023<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" A funny \u2014 but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late? There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous. Sometimes though \u2014 albeit […]<\/p>\n","protected":false},"author":133574210,"featured_media":2646032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"7888db14-54f1-31d1-a75b-f7df48f4f4d9","footnotes":"","apple_news_api_created_at":"2023-12-30T13:06:19Z","apple_news_api_id":"230ef054-9595-45e6-bbab-f896c23d49c9","apple_news_api_modified_at":"2023-12-30T13:06:19Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AIw7wVJWVRea7q_iWwj1JyQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[21587494],"tags":[6148720,965824,67372,3279,21053,577217185],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nIt's not all doom and gloom: When cybersecurity gave us hope in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
When a security researcher found that a Bangladeshi government website was leaking the personal information of its citizens, clearly something was amiss. Viktor Markopoulos found the exposed data thanks to an inadvertently cached Google search result, which exposed citizen names, addresses, phone numbers and national identity numbers from the affected website. TechCrunch verified that the Bangladeshi government website was leaking data, but efforts to alert the government department were initially met with silence<\/a>. The data was so sensitive, TechCrunch could not say which government department was leaking the data, as this might expose the data further.<\/p>\n That’s when the country’s computer emergency incident response team, also known as CIRT, got in touch and confirmed the leaking database had been fixed<\/a>. The data was spilling from none other than the country’s birth, death and marriage registrar office. CIRT confirmed in a public notice that it had resolved the data spill<\/a> and that it left “no stone unturned” to understand how the leak happened. Governments seldom handle their scandals well, but an email from the government to the researcher thanking them for their finding and reporting the bug shows the government’s willingness to engage over cybersecurity where many other countries will not.<\/p>\nApple throwing the kitchen sink at its spyware problem<\/h2>\n It’s been more than a decade since Apple dropped its now-infamous claim<\/a> that Macs don’t get PC viruses (which while technically true, those words have plagued the company for years). These days the most pressing threat to Apple devices is commercial spyware, developed by private companies and sold to governments, which can punch a hole in our phones’ security defenses and steal our data. It takes courage to admit a problem, but Apple did exactly that by rolling out Rapid Security Response fixes to fix security bugs actively exploited by spyware makers<\/a>.<\/p>\n Apple rolled out its first emergency “hotfix” earlier this year to iPhones, iPads and Macs. The idea was to roll out critical patches that could be installed without always having to reboot the device (arguably the pain point for the security-minded). Apple also has a setting called Lockdown Mode, which limits certain device features on an Apple device that are typically targeted by spyware. Apple says it’s not aware of anyone using Lockdown Mode who was subsequently hacked<\/a>. In fact, security researchers say that Lockdown Mode has actively blocked ongoing targeted hacks<\/a>.<\/p>\nTaiwan’s government didn’t blink<\/em> before intervening after corporate data leak<\/h2>\n When a security researcher told TechCrunch that a ridesharing service called iRent \u2014 run by Taiwanese automotive giant Hotai Motors \u2014 was spilling real-time updating customer data to the internet, it seemed like a simple fix. But after a week of emailing the company to resolve the ongoing data spill \u2014 which included customer names, cell phone numbers and email addresses, and scans of customer licenses \u2014 TechCrunch never heard back. It wasn’t until we contacted the Taiwanese government for help disclosing the incident<\/a> that we got a response immediately<\/em>.<\/p>\n Within an hour of contacting the government, Taiwan\u2019s minister for digital affairs Audrey Tang told TechCrunch by email that the exposed database had been flagged with Taiwan’s computer emergency incident response team, TWCERT, and was pulled offline. The speed at which the Taiwanese government responded was breathtakingly fast, but that wasn’t the end of it. Taiwan subsequently fined Hotai Motors for failing to protect the data<\/a> of more than 400,000 customers, and was ordered to improve its cybersecurity. In its aftermath, Taiwan\u2019s vice premier Cheng Wen-tsan said the fine of about $6,600 was “too light” and proposed a change to the law that would increase data breach fines by tenfold.<\/p>\nLeaky U.S. court record systems sparked the right kind of alarm<\/h2>\n At the heart of any judicial system is its court records system, the tech stack used for submitting and storing sensitive legal documents for court cases. These systems are often online and searchable, while restricting access to files that could otherwise jeopardize an ongoing proceeding. But when security researcher Jason Parker found several court record systems with incredibly simple bugs that were exploitable using only a web browser<\/a>, Parker knew they had to see that these bugs were fixed.<\/p>\n Parker found and disclosed eight security vulnerabilities in court records systems used in five U.S. states \u2014 and that was just in their first batch disclosure<\/a>. Some of the flaws were fixed and some remain outstanding, and the responses from states were mixed. Florida’s Lee County took the heavy-handed (and self-owning) position of threatening the security researcher with Florida’s anti-hacking laws. But the disclosures also sent the right kind of alarm. Several state CISOs and officials responsible for court records systems across the U.S. saw the disclosure as an opportunity to inspect their own court record systems for vulnerabilities. Govtech is broken (and is desperately underserved), but having researchers like Parker finding and disclosing must-patch flaws<\/a> makes the internet safer \u2014 and the judicial system fairer\u00a0\u2014 for everyone.<\/p>\nGoogle killed geofence warrants, even if it was better late than never<\/h2>\n It was Google’s greed driven by ads and perpetual growth that set the stage for geofence warrants. These so-called “reverse” search warrants allow police and government agencies to dumpster dive into Google’s vast stores of users’ location data to see if anyone was in the vicinity at the time a crime was committed. But the constitutionality (and accuracy) of these reverse-warrants have been called into question<\/a> and critics have called on Google to put an end to the surveillance practice it largely created to begin with. And then, just before the holiday season, the gift of privacy: Google said it would begin storing location data on users’ devices and not centrally, effectively ending the ability for police to obtain real-time location<\/a> from its servers.<\/p>\n Google’s move is not a panacea, and doesn’t undo the years of damage (or stop police from raiding historical data stored by Google). But it might nudge other companies also subject to these kinds of reverse-search warrants \u2014 hello Microsoft, Snap, Uber and Yahoo (TechCrunch’s parent company) \u2014 to follow suit and stop storing users’ sensitive data in a way that makes it accessible to government demands.<\/p>\n\n Meet the cybercriminals of 2023<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" A funny \u2014 but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late? There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous. Sometimes though \u2014 albeit […]<\/p>\n","protected":false},"author":133574210,"featured_media":2646032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"7888db14-54f1-31d1-a75b-f7df48f4f4d9","footnotes":"","apple_news_api_created_at":"2023-12-30T13:06:19Z","apple_news_api_id":"230ef054-9595-45e6-bbab-f896c23d49c9","apple_news_api_modified_at":"2023-12-30T13:06:19Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AIw7wVJWVRea7q_iWwj1JyQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[21587494],"tags":[6148720,965824,67372,3279,21053,577217185],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nIt's not all doom and gloom: When cybersecurity gave us hope in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
That’s when the country’s computer emergency incident response team, also known as CIRT, got in touch and confirmed the leaking database had been fixed<\/a>. The data was spilling from none other than the country’s birth, death and marriage registrar office. CIRT confirmed in a public notice that it had resolved the data spill<\/a> and that it left “no stone unturned” to understand how the leak happened. Governments seldom handle their scandals well, but an email from the government to the researcher thanking them for their finding and reporting the bug shows the government’s willingness to engage over cybersecurity where many other countries will not.<\/p>\nApple throwing the kitchen sink at its spyware problem<\/h2>\n It’s been more than a decade since Apple dropped its now-infamous claim<\/a> that Macs don’t get PC viruses (which while technically true, those words have plagued the company for years). These days the most pressing threat to Apple devices is commercial spyware, developed by private companies and sold to governments, which can punch a hole in our phones’ security defenses and steal our data. It takes courage to admit a problem, but Apple did exactly that by rolling out Rapid Security Response fixes to fix security bugs actively exploited by spyware makers<\/a>.<\/p>\n Apple rolled out its first emergency “hotfix” earlier this year to iPhones, iPads and Macs. The idea was to roll out critical patches that could be installed without always having to reboot the device (arguably the pain point for the security-minded). Apple also has a setting called Lockdown Mode, which limits certain device features on an Apple device that are typically targeted by spyware. Apple says it’s not aware of anyone using Lockdown Mode who was subsequently hacked<\/a>. In fact, security researchers say that Lockdown Mode has actively blocked ongoing targeted hacks<\/a>.<\/p>\nTaiwan’s government didn’t blink<\/em> before intervening after corporate data leak<\/h2>\n When a security researcher told TechCrunch that a ridesharing service called iRent \u2014 run by Taiwanese automotive giant Hotai Motors \u2014 was spilling real-time updating customer data to the internet, it seemed like a simple fix. But after a week of emailing the company to resolve the ongoing data spill \u2014 which included customer names, cell phone numbers and email addresses, and scans of customer licenses \u2014 TechCrunch never heard back. It wasn’t until we contacted the Taiwanese government for help disclosing the incident<\/a> that we got a response immediately<\/em>.<\/p>\n Within an hour of contacting the government, Taiwan\u2019s minister for digital affairs Audrey Tang told TechCrunch by email that the exposed database had been flagged with Taiwan’s computer emergency incident response team, TWCERT, and was pulled offline. The speed at which the Taiwanese government responded was breathtakingly fast, but that wasn’t the end of it. Taiwan subsequently fined Hotai Motors for failing to protect the data<\/a> of more than 400,000 customers, and was ordered to improve its cybersecurity. In its aftermath, Taiwan\u2019s vice premier Cheng Wen-tsan said the fine of about $6,600 was “too light” and proposed a change to the law that would increase data breach fines by tenfold.<\/p>\nLeaky U.S. court record systems sparked the right kind of alarm<\/h2>\n At the heart of any judicial system is its court records system, the tech stack used for submitting and storing sensitive legal documents for court cases. These systems are often online and searchable, while restricting access to files that could otherwise jeopardize an ongoing proceeding. But when security researcher Jason Parker found several court record systems with incredibly simple bugs that were exploitable using only a web browser<\/a>, Parker knew they had to see that these bugs were fixed.<\/p>\n Parker found and disclosed eight security vulnerabilities in court records systems used in five U.S. states \u2014 and that was just in their first batch disclosure<\/a>. Some of the flaws were fixed and some remain outstanding, and the responses from states were mixed. Florida’s Lee County took the heavy-handed (and self-owning) position of threatening the security researcher with Florida’s anti-hacking laws. But the disclosures also sent the right kind of alarm. Several state CISOs and officials responsible for court records systems across the U.S. saw the disclosure as an opportunity to inspect their own court record systems for vulnerabilities. Govtech is broken (and is desperately underserved), but having researchers like Parker finding and disclosing must-patch flaws<\/a> makes the internet safer \u2014 and the judicial system fairer\u00a0\u2014 for everyone.<\/p>\nGoogle killed geofence warrants, even if it was better late than never<\/h2>\n It was Google’s greed driven by ads and perpetual growth that set the stage for geofence warrants. These so-called “reverse” search warrants allow police and government agencies to dumpster dive into Google’s vast stores of users’ location data to see if anyone was in the vicinity at the time a crime was committed. But the constitutionality (and accuracy) of these reverse-warrants have been called into question<\/a> and critics have called on Google to put an end to the surveillance practice it largely created to begin with. And then, just before the holiday season, the gift of privacy: Google said it would begin storing location data on users’ devices and not centrally, effectively ending the ability for police to obtain real-time location<\/a> from its servers.<\/p>\n Google’s move is not a panacea, and doesn’t undo the years of damage (or stop police from raiding historical data stored by Google). But it might nudge other companies also subject to these kinds of reverse-search warrants \u2014 hello Microsoft, Snap, Uber and Yahoo (TechCrunch’s parent company) \u2014 to follow suit and stop storing users’ sensitive data in a way that makes it accessible to government demands.<\/p>\n\n Meet the cybercriminals of 2023<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" A funny \u2014 but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late? There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous. Sometimes though \u2014 albeit […]<\/p>\n","protected":false},"author":133574210,"featured_media":2646032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"7888db14-54f1-31d1-a75b-f7df48f4f4d9","footnotes":"","apple_news_api_created_at":"2023-12-30T13:06:19Z","apple_news_api_id":"230ef054-9595-45e6-bbab-f896c23d49c9","apple_news_api_modified_at":"2023-12-30T13:06:19Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AIw7wVJWVRea7q_iWwj1JyQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[21587494],"tags":[6148720,965824,67372,3279,21053,577217185],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nIt's not all doom and gloom: When cybersecurity gave us hope in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
It’s been more than a decade since Apple dropped its now-infamous claim<\/a> that Macs don’t get PC viruses (which while technically true, those words have plagued the company for years). These days the most pressing threat to Apple devices is commercial spyware, developed by private companies and sold to governments, which can punch a hole in our phones’ security defenses and steal our data. It takes courage to admit a problem, but Apple did exactly that by rolling out Rapid Security Response fixes to fix security bugs actively exploited by spyware makers<\/a>.<\/p>\n Apple rolled out its first emergency “hotfix” earlier this year to iPhones, iPads and Macs. The idea was to roll out critical patches that could be installed without always having to reboot the device (arguably the pain point for the security-minded). Apple also has a setting called Lockdown Mode, which limits certain device features on an Apple device that are typically targeted by spyware. Apple says it’s not aware of anyone using Lockdown Mode who was subsequently hacked<\/a>. In fact, security researchers say that Lockdown Mode has actively blocked ongoing targeted hacks<\/a>.<\/p>\nTaiwan’s government didn’t blink<\/em> before intervening after corporate data leak<\/h2>\n When a security researcher told TechCrunch that a ridesharing service called iRent \u2014 run by Taiwanese automotive giant Hotai Motors \u2014 was spilling real-time updating customer data to the internet, it seemed like a simple fix. But after a week of emailing the company to resolve the ongoing data spill \u2014 which included customer names, cell phone numbers and email addresses, and scans of customer licenses \u2014 TechCrunch never heard back. It wasn’t until we contacted the Taiwanese government for help disclosing the incident<\/a> that we got a response immediately<\/em>.<\/p>\n Within an hour of contacting the government, Taiwan\u2019s minister for digital affairs Audrey Tang told TechCrunch by email that the exposed database had been flagged with Taiwan’s computer emergency incident response team, TWCERT, and was pulled offline. The speed at which the Taiwanese government responded was breathtakingly fast, but that wasn’t the end of it. Taiwan subsequently fined Hotai Motors for failing to protect the data<\/a> of more than 400,000 customers, and was ordered to improve its cybersecurity. In its aftermath, Taiwan\u2019s vice premier Cheng Wen-tsan said the fine of about $6,600 was “too light” and proposed a change to the law that would increase data breach fines by tenfold.<\/p>\nLeaky U.S. court record systems sparked the right kind of alarm<\/h2>\n At the heart of any judicial system is its court records system, the tech stack used for submitting and storing sensitive legal documents for court cases. These systems are often online and searchable, while restricting access to files that could otherwise jeopardize an ongoing proceeding. But when security researcher Jason Parker found several court record systems with incredibly simple bugs that were exploitable using only a web browser<\/a>, Parker knew they had to see that these bugs were fixed.<\/p>\n Parker found and disclosed eight security vulnerabilities in court records systems used in five U.S. states \u2014 and that was just in their first batch disclosure<\/a>. Some of the flaws were fixed and some remain outstanding, and the responses from states were mixed. Florida’s Lee County took the heavy-handed (and self-owning) position of threatening the security researcher with Florida’s anti-hacking laws. But the disclosures also sent the right kind of alarm. Several state CISOs and officials responsible for court records systems across the U.S. saw the disclosure as an opportunity to inspect their own court record systems for vulnerabilities. Govtech is broken (and is desperately underserved), but having researchers like Parker finding and disclosing must-patch flaws<\/a> makes the internet safer \u2014 and the judicial system fairer\u00a0\u2014 for everyone.<\/p>\nGoogle killed geofence warrants, even if it was better late than never<\/h2>\n It was Google’s greed driven by ads and perpetual growth that set the stage for geofence warrants. These so-called “reverse” search warrants allow police and government agencies to dumpster dive into Google’s vast stores of users’ location data to see if anyone was in the vicinity at the time a crime was committed. But the constitutionality (and accuracy) of these reverse-warrants have been called into question<\/a> and critics have called on Google to put an end to the surveillance practice it largely created to begin with. And then, just before the holiday season, the gift of privacy: Google said it would begin storing location data on users’ devices and not centrally, effectively ending the ability for police to obtain real-time location<\/a> from its servers.<\/p>\n Google’s move is not a panacea, and doesn’t undo the years of damage (or stop police from raiding historical data stored by Google). But it might nudge other companies also subject to these kinds of reverse-search warrants \u2014 hello Microsoft, Snap, Uber and Yahoo (TechCrunch’s parent company) \u2014 to follow suit and stop storing users’ sensitive data in a way that makes it accessible to government demands.<\/p>\n\n Meet the cybercriminals of 2023<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" A funny \u2014 but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late? There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous. Sometimes though \u2014 albeit […]<\/p>\n","protected":false},"author":133574210,"featured_media":2646032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"7888db14-54f1-31d1-a75b-f7df48f4f4d9","footnotes":"","apple_news_api_created_at":"2023-12-30T13:06:19Z","apple_news_api_id":"230ef054-9595-45e6-bbab-f896c23d49c9","apple_news_api_modified_at":"2023-12-30T13:06:19Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AIw7wVJWVRea7q_iWwj1JyQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[21587494],"tags":[6148720,965824,67372,3279,21053,577217185],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nIt's not all doom and gloom: When cybersecurity gave us hope in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Apple rolled out its first emergency “hotfix” earlier this year to iPhones, iPads and Macs. The idea was to roll out critical patches that could be installed without always having to reboot the device (arguably the pain point for the security-minded). Apple also has a setting called Lockdown Mode, which limits certain device features on an Apple device that are typically targeted by spyware. Apple says it’s not aware of anyone using Lockdown Mode who was subsequently hacked<\/a>. In fact, security researchers say that Lockdown Mode has actively blocked ongoing targeted hacks<\/a>.<\/p>\nTaiwan’s government didn’t blink<\/em> before intervening after corporate data leak<\/h2>\n When a security researcher told TechCrunch that a ridesharing service called iRent \u2014 run by Taiwanese automotive giant Hotai Motors \u2014 was spilling real-time updating customer data to the internet, it seemed like a simple fix. But after a week of emailing the company to resolve the ongoing data spill \u2014 which included customer names, cell phone numbers and email addresses, and scans of customer licenses \u2014 TechCrunch never heard back. It wasn’t until we contacted the Taiwanese government for help disclosing the incident<\/a> that we got a response immediately<\/em>.<\/p>\n Within an hour of contacting the government, Taiwan\u2019s minister for digital affairs Audrey Tang told TechCrunch by email that the exposed database had been flagged with Taiwan’s computer emergency incident response team, TWCERT, and was pulled offline. The speed at which the Taiwanese government responded was breathtakingly fast, but that wasn’t the end of it. Taiwan subsequently fined Hotai Motors for failing to protect the data<\/a> of more than 400,000 customers, and was ordered to improve its cybersecurity. In its aftermath, Taiwan\u2019s vice premier Cheng Wen-tsan said the fine of about $6,600 was “too light” and proposed a change to the law that would increase data breach fines by tenfold.<\/p>\nLeaky U.S. court record systems sparked the right kind of alarm<\/h2>\n At the heart of any judicial system is its court records system, the tech stack used for submitting and storing sensitive legal documents for court cases. These systems are often online and searchable, while restricting access to files that could otherwise jeopardize an ongoing proceeding. But when security researcher Jason Parker found several court record systems with incredibly simple bugs that were exploitable using only a web browser<\/a>, Parker knew they had to see that these bugs were fixed.<\/p>\n Parker found and disclosed eight security vulnerabilities in court records systems used in five U.S. states \u2014 and that was just in their first batch disclosure<\/a>. Some of the flaws were fixed and some remain outstanding, and the responses from states were mixed. Florida’s Lee County took the heavy-handed (and self-owning) position of threatening the security researcher with Florida’s anti-hacking laws. But the disclosures also sent the right kind of alarm. Several state CISOs and officials responsible for court records systems across the U.S. saw the disclosure as an opportunity to inspect their own court record systems for vulnerabilities. Govtech is broken (and is desperately underserved), but having researchers like Parker finding and disclosing must-patch flaws<\/a> makes the internet safer \u2014 and the judicial system fairer\u00a0\u2014 for everyone.<\/p>\nGoogle killed geofence warrants, even if it was better late than never<\/h2>\n It was Google’s greed driven by ads and perpetual growth that set the stage for geofence warrants. These so-called “reverse” search warrants allow police and government agencies to dumpster dive into Google’s vast stores of users’ location data to see if anyone was in the vicinity at the time a crime was committed. But the constitutionality (and accuracy) of these reverse-warrants have been called into question<\/a> and critics have called on Google to put an end to the surveillance practice it largely created to begin with. And then, just before the holiday season, the gift of privacy: Google said it would begin storing location data on users’ devices and not centrally, effectively ending the ability for police to obtain real-time location<\/a> from its servers.<\/p>\n Google’s move is not a panacea, and doesn’t undo the years of damage (or stop police from raiding historical data stored by Google). But it might nudge other companies also subject to these kinds of reverse-search warrants \u2014 hello Microsoft, Snap, Uber and Yahoo (TechCrunch’s parent company) \u2014 to follow suit and stop storing users’ sensitive data in a way that makes it accessible to government demands.<\/p>\n\n Meet the cybercriminals of 2023<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" A funny \u2014 but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late? There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous. Sometimes though \u2014 albeit […]<\/p>\n","protected":false},"author":133574210,"featured_media":2646032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"7888db14-54f1-31d1-a75b-f7df48f4f4d9","footnotes":"","apple_news_api_created_at":"2023-12-30T13:06:19Z","apple_news_api_id":"230ef054-9595-45e6-bbab-f896c23d49c9","apple_news_api_modified_at":"2023-12-30T13:06:19Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AIw7wVJWVRea7q_iWwj1JyQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[21587494],"tags":[6148720,965824,67372,3279,21053,577217185],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nIt's not all doom and gloom: When cybersecurity gave us hope in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
When a security researcher told TechCrunch that a ridesharing service called iRent \u2014 run by Taiwanese automotive giant Hotai Motors \u2014 was spilling real-time updating customer data to the internet, it seemed like a simple fix. But after a week of emailing the company to resolve the ongoing data spill \u2014 which included customer names, cell phone numbers and email addresses, and scans of customer licenses \u2014 TechCrunch never heard back. It wasn’t until we contacted the Taiwanese government for help disclosing the incident<\/a> that we got a response immediately<\/em>.<\/p>\n Within an hour of contacting the government, Taiwan\u2019s minister for digital affairs Audrey Tang told TechCrunch by email that the exposed database had been flagged with Taiwan’s computer emergency incident response team, TWCERT, and was pulled offline. The speed at which the Taiwanese government responded was breathtakingly fast, but that wasn’t the end of it. Taiwan subsequently fined Hotai Motors for failing to protect the data<\/a> of more than 400,000 customers, and was ordered to improve its cybersecurity. In its aftermath, Taiwan\u2019s vice premier Cheng Wen-tsan said the fine of about $6,600 was “too light” and proposed a change to the law that would increase data breach fines by tenfold.<\/p>\nLeaky U.S. court record systems sparked the right kind of alarm<\/h2>\n At the heart of any judicial system is its court records system, the tech stack used for submitting and storing sensitive legal documents for court cases. These systems are often online and searchable, while restricting access to files that could otherwise jeopardize an ongoing proceeding. But when security researcher Jason Parker found several court record systems with incredibly simple bugs that were exploitable using only a web browser<\/a>, Parker knew they had to see that these bugs were fixed.<\/p>\n Parker found and disclosed eight security vulnerabilities in court records systems used in five U.S. states \u2014 and that was just in their first batch disclosure<\/a>. Some of the flaws were fixed and some remain outstanding, and the responses from states were mixed. Florida’s Lee County took the heavy-handed (and self-owning) position of threatening the security researcher with Florida’s anti-hacking laws. But the disclosures also sent the right kind of alarm. Several state CISOs and officials responsible for court records systems across the U.S. saw the disclosure as an opportunity to inspect their own court record systems for vulnerabilities. Govtech is broken (and is desperately underserved), but having researchers like Parker finding and disclosing must-patch flaws<\/a> makes the internet safer \u2014 and the judicial system fairer\u00a0\u2014 for everyone.<\/p>\nGoogle killed geofence warrants, even if it was better late than never<\/h2>\n It was Google’s greed driven by ads and perpetual growth that set the stage for geofence warrants. These so-called “reverse” search warrants allow police and government agencies to dumpster dive into Google’s vast stores of users’ location data to see if anyone was in the vicinity at the time a crime was committed. But the constitutionality (and accuracy) of these reverse-warrants have been called into question<\/a> and critics have called on Google to put an end to the surveillance practice it largely created to begin with. And then, just before the holiday season, the gift of privacy: Google said it would begin storing location data on users’ devices and not centrally, effectively ending the ability for police to obtain real-time location<\/a> from its servers.<\/p>\n Google’s move is not a panacea, and doesn’t undo the years of damage (or stop police from raiding historical data stored by Google). But it might nudge other companies also subject to these kinds of reverse-search warrants \u2014 hello Microsoft, Snap, Uber and Yahoo (TechCrunch’s parent company) \u2014 to follow suit and stop storing users’ sensitive data in a way that makes it accessible to government demands.<\/p>\n\n Meet the cybercriminals of 2023<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" A funny \u2014 but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late? There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous. Sometimes though \u2014 albeit […]<\/p>\n","protected":false},"author":133574210,"featured_media":2646032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"7888db14-54f1-31d1-a75b-f7df48f4f4d9","footnotes":"","apple_news_api_created_at":"2023-12-30T13:06:19Z","apple_news_api_id":"230ef054-9595-45e6-bbab-f896c23d49c9","apple_news_api_modified_at":"2023-12-30T13:06:19Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AIw7wVJWVRea7q_iWwj1JyQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[21587494],"tags":[6148720,965824,67372,3279,21053,577217185],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nIt's not all doom and gloom: When cybersecurity gave us hope in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Within an hour of contacting the government, Taiwan\u2019s minister for digital affairs Audrey Tang told TechCrunch by email that the exposed database had been flagged with Taiwan’s computer emergency incident response team, TWCERT, and was pulled offline. The speed at which the Taiwanese government responded was breathtakingly fast, but that wasn’t the end of it. Taiwan subsequently fined Hotai Motors for failing to protect the data<\/a> of more than 400,000 customers, and was ordered to improve its cybersecurity. In its aftermath, Taiwan\u2019s vice premier Cheng Wen-tsan said the fine of about $6,600 was “too light” and proposed a change to the law that would increase data breach fines by tenfold.<\/p>\nLeaky U.S. court record systems sparked the right kind of alarm<\/h2>\n At the heart of any judicial system is its court records system, the tech stack used for submitting and storing sensitive legal documents for court cases. These systems are often online and searchable, while restricting access to files that could otherwise jeopardize an ongoing proceeding. But when security researcher Jason Parker found several court record systems with incredibly simple bugs that were exploitable using only a web browser<\/a>, Parker knew they had to see that these bugs were fixed.<\/p>\n Parker found and disclosed eight security vulnerabilities in court records systems used in five U.S. states \u2014 and that was just in their first batch disclosure<\/a>. Some of the flaws were fixed and some remain outstanding, and the responses from states were mixed. Florida’s Lee County took the heavy-handed (and self-owning) position of threatening the security researcher with Florida’s anti-hacking laws. But the disclosures also sent the right kind of alarm. Several state CISOs and officials responsible for court records systems across the U.S. saw the disclosure as an opportunity to inspect their own court record systems for vulnerabilities. Govtech is broken (and is desperately underserved), but having researchers like Parker finding and disclosing must-patch flaws<\/a> makes the internet safer \u2014 and the judicial system fairer\u00a0\u2014 for everyone.<\/p>\nGoogle killed geofence warrants, even if it was better late than never<\/h2>\n It was Google’s greed driven by ads and perpetual growth that set the stage for geofence warrants. These so-called “reverse” search warrants allow police and government agencies to dumpster dive into Google’s vast stores of users’ location data to see if anyone was in the vicinity at the time a crime was committed. But the constitutionality (and accuracy) of these reverse-warrants have been called into question<\/a> and critics have called on Google to put an end to the surveillance practice it largely created to begin with. And then, just before the holiday season, the gift of privacy: Google said it would begin storing location data on users’ devices and not centrally, effectively ending the ability for police to obtain real-time location<\/a> from its servers.<\/p>\n Google’s move is not a panacea, and doesn’t undo the years of damage (or stop police from raiding historical data stored by Google). But it might nudge other companies also subject to these kinds of reverse-search warrants \u2014 hello Microsoft, Snap, Uber and Yahoo (TechCrunch’s parent company) \u2014 to follow suit and stop storing users’ sensitive data in a way that makes it accessible to government demands.<\/p>\n\n Meet the cybercriminals of 2023<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" A funny \u2014 but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late? There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous. Sometimes though \u2014 albeit […]<\/p>\n","protected":false},"author":133574210,"featured_media":2646032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"7888db14-54f1-31d1-a75b-f7df48f4f4d9","footnotes":"","apple_news_api_created_at":"2023-12-30T13:06:19Z","apple_news_api_id":"230ef054-9595-45e6-bbab-f896c23d49c9","apple_news_api_modified_at":"2023-12-30T13:06:19Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AIw7wVJWVRea7q_iWwj1JyQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[21587494],"tags":[6148720,965824,67372,3279,21053,577217185],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nIt's not all doom and gloom: When cybersecurity gave us hope in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
At the heart of any judicial system is its court records system, the tech stack used for submitting and storing sensitive legal documents for court cases. These systems are often online and searchable, while restricting access to files that could otherwise jeopardize an ongoing proceeding. But when security researcher Jason Parker found several court record systems with incredibly simple bugs that were exploitable using only a web browser<\/a>, Parker knew they had to see that these bugs were fixed.<\/p>\n Parker found and disclosed eight security vulnerabilities in court records systems used in five U.S. states \u2014 and that was just in their first batch disclosure<\/a>. Some of the flaws were fixed and some remain outstanding, and the responses from states were mixed. Florida’s Lee County took the heavy-handed (and self-owning) position of threatening the security researcher with Florida’s anti-hacking laws. But the disclosures also sent the right kind of alarm. Several state CISOs and officials responsible for court records systems across the U.S. saw the disclosure as an opportunity to inspect their own court record systems for vulnerabilities. Govtech is broken (and is desperately underserved), but having researchers like Parker finding and disclosing must-patch flaws<\/a> makes the internet safer \u2014 and the judicial system fairer\u00a0\u2014 for everyone.<\/p>\nGoogle killed geofence warrants, even if it was better late than never<\/h2>\n It was Google’s greed driven by ads and perpetual growth that set the stage for geofence warrants. These so-called “reverse” search warrants allow police and government agencies to dumpster dive into Google’s vast stores of users’ location data to see if anyone was in the vicinity at the time a crime was committed. But the constitutionality (and accuracy) of these reverse-warrants have been called into question<\/a> and critics have called on Google to put an end to the surveillance practice it largely created to begin with. And then, just before the holiday season, the gift of privacy: Google said it would begin storing location data on users’ devices and not centrally, effectively ending the ability for police to obtain real-time location<\/a> from its servers.<\/p>\n Google’s move is not a panacea, and doesn’t undo the years of damage (or stop police from raiding historical data stored by Google). But it might nudge other companies also subject to these kinds of reverse-search warrants \u2014 hello Microsoft, Snap, Uber and Yahoo (TechCrunch’s parent company) \u2014 to follow suit and stop storing users’ sensitive data in a way that makes it accessible to government demands.<\/p>\n\n Meet the cybercriminals of 2023<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" A funny \u2014 but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late? There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous. Sometimes though \u2014 albeit […]<\/p>\n","protected":false},"author":133574210,"featured_media":2646032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"7888db14-54f1-31d1-a75b-f7df48f4f4d9","footnotes":"","apple_news_api_created_at":"2023-12-30T13:06:19Z","apple_news_api_id":"230ef054-9595-45e6-bbab-f896c23d49c9","apple_news_api_modified_at":"2023-12-30T13:06:19Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AIw7wVJWVRea7q_iWwj1JyQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[21587494],"tags":[6148720,965824,67372,3279,21053,577217185],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nIt's not all doom and gloom: When cybersecurity gave us hope in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Parker found and disclosed eight security vulnerabilities in court records systems used in five U.S. states \u2014 and that was just in their first batch disclosure<\/a>. Some of the flaws were fixed and some remain outstanding, and the responses from states were mixed. Florida’s Lee County took the heavy-handed (and self-owning) position of threatening the security researcher with Florida’s anti-hacking laws. But the disclosures also sent the right kind of alarm. Several state CISOs and officials responsible for court records systems across the U.S. saw the disclosure as an opportunity to inspect their own court record systems for vulnerabilities. Govtech is broken (and is desperately underserved), but having researchers like Parker finding and disclosing must-patch flaws<\/a> makes the internet safer \u2014 and the judicial system fairer\u00a0\u2014 for everyone.<\/p>\nGoogle killed geofence warrants, even if it was better late than never<\/h2>\n It was Google’s greed driven by ads and perpetual growth that set the stage for geofence warrants. These so-called “reverse” search warrants allow police and government agencies to dumpster dive into Google’s vast stores of users’ location data to see if anyone was in the vicinity at the time a crime was committed. But the constitutionality (and accuracy) of these reverse-warrants have been called into question<\/a> and critics have called on Google to put an end to the surveillance practice it largely created to begin with. And then, just before the holiday season, the gift of privacy: Google said it would begin storing location data on users’ devices and not centrally, effectively ending the ability for police to obtain real-time location<\/a> from its servers.<\/p>\n Google’s move is not a panacea, and doesn’t undo the years of damage (or stop police from raiding historical data stored by Google). But it might nudge other companies also subject to these kinds of reverse-search warrants \u2014 hello Microsoft, Snap, Uber and Yahoo (TechCrunch’s parent company) \u2014 to follow suit and stop storing users’ sensitive data in a way that makes it accessible to government demands.<\/p>\n\n Meet the cybercriminals of 2023<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" A funny \u2014 but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late? There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous. Sometimes though \u2014 albeit […]<\/p>\n","protected":false},"author":133574210,"featured_media":2646032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"7888db14-54f1-31d1-a75b-f7df48f4f4d9","footnotes":"","apple_news_api_created_at":"2023-12-30T13:06:19Z","apple_news_api_id":"230ef054-9595-45e6-bbab-f896c23d49c9","apple_news_api_modified_at":"2023-12-30T13:06:19Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AIw7wVJWVRea7q_iWwj1JyQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[21587494],"tags":[6148720,965824,67372,3279,21053,577217185],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nIt's not all doom and gloom: When cybersecurity gave us hope in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
It was Google’s greed driven by ads and perpetual growth that set the stage for geofence warrants. These so-called “reverse” search warrants allow police and government agencies to dumpster dive into Google’s vast stores of users’ location data to see if anyone was in the vicinity at the time a crime was committed. But the constitutionality (and accuracy) of these reverse-warrants have been called into question<\/a> and critics have called on Google to put an end to the surveillance practice it largely created to begin with. And then, just before the holiday season, the gift of privacy: Google said it would begin storing location data on users’ devices and not centrally, effectively ending the ability for police to obtain real-time location<\/a> from its servers.<\/p>\n Google’s move is not a panacea, and doesn’t undo the years of damage (or stop police from raiding historical data stored by Google). But it might nudge other companies also subject to these kinds of reverse-search warrants \u2014 hello Microsoft, Snap, Uber and Yahoo (TechCrunch’s parent company) \u2014 to follow suit and stop storing users’ sensitive data in a way that makes it accessible to government demands.<\/p>\n\n Meet the cybercriminals of 2023<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" A funny \u2014 but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late? There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous. Sometimes though \u2014 albeit […]<\/p>\n","protected":false},"author":133574210,"featured_media":2646032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"7888db14-54f1-31d1-a75b-f7df48f4f4d9","footnotes":"","apple_news_api_created_at":"2023-12-30T13:06:19Z","apple_news_api_id":"230ef054-9595-45e6-bbab-f896c23d49c9","apple_news_api_modified_at":"2023-12-30T13:06:19Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AIw7wVJWVRea7q_iWwj1JyQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[21587494],"tags":[6148720,965824,67372,3279,21053,577217185],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nIt's not all doom and gloom: When cybersecurity gave us hope in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Google’s move is not a panacea, and doesn’t undo the years of damage (or stop police from raiding historical data stored by Google). But it might nudge other companies also subject to these kinds of reverse-search warrants \u2014 hello Microsoft, Snap, Uber and Yahoo (TechCrunch’s parent company) \u2014 to follow suit and stop storing users’ sensitive data in a way that makes it accessible to government demands.<\/p>\n\n Meet the cybercriminals of 2023<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" A funny \u2014 but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late? There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous. Sometimes though \u2014 albeit […]<\/p>\n","protected":false},"author":133574210,"featured_media":2646032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"7888db14-54f1-31d1-a75b-f7df48f4f4d9","footnotes":"","apple_news_api_created_at":"2023-12-30T13:06:19Z","apple_news_api_id":"230ef054-9595-45e6-bbab-f896c23d49c9","apple_news_api_modified_at":"2023-12-30T13:06:19Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AIw7wVJWVRea7q_iWwj1JyQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[21587494],"tags":[6148720,965824,67372,3279,21053,577217185],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nIt's not all doom and gloom: When cybersecurity gave us hope in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Meet the cybercriminals of 2023<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" A funny \u2014 but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late? There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous. Sometimes though \u2014 albeit […]<\/p>\n","protected":false},"author":133574210,"featured_media":2646032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"7888db14-54f1-31d1-a75b-f7df48f4f4d9","footnotes":"","apple_news_api_created_at":"2023-12-30T13:06:19Z","apple_news_api_id":"230ef054-9595-45e6-bbab-f896c23d49c9","apple_news_api_modified_at":"2023-12-30T13:06:19Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AIw7wVJWVRea7q_iWwj1JyQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[21587494],"tags":[6148720,965824,67372,3279,21053,577217185],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nIt's not all doom and gloom: When cybersecurity gave us hope in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
<\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" A funny \u2014 but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late? There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous. Sometimes though \u2014 albeit […]<\/p>\n","protected":false},"author":133574210,"featured_media":2646032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"7888db14-54f1-31d1-a75b-f7df48f4f4d9","footnotes":"","apple_news_api_created_at":"2023-12-30T13:06:19Z","apple_news_api_id":"230ef054-9595-45e6-bbab-f896c23d49c9","apple_news_api_modified_at":"2023-12-30T13:06:19Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AIw7wVJWVRea7q_iWwj1JyQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[21587494],"tags":[6148720,965824,67372,3279,21053,577217185],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nIt's not all doom and gloom: When cybersecurity gave us hope in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
A funny \u2014 but true \u2014 joke at TechCrunch is that the security desk might as well be called the Department of Bad News, since, well, have you seen what we’ve covered of late? There is a never-ending supply of devastating breaches, pervasive surveillance and dodgy startups flogging the downright dangerous. Sometimes though \u2014 albeit […]<\/p>\n","protected":false},"author":133574210,"featured_media":2646032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"7888db14-54f1-31d1-a75b-f7df48f4f4d9","footnotes":"","apple_news_api_created_at":"2023-12-30T13:06:19Z","apple_news_api_id":"230ef054-9595-45e6-bbab-f896c23d49c9","apple_news_api_modified_at":"2023-12-30T13:06:19Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AIw7wVJWVRea7q_iWwj1JyQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[21587494],"tags":[6148720,965824,67372,3279,21053,577217185],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nIt's not all doom and gloom: When cybersecurity gave us hope in 2023 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Zack Whittaker is the security editor at TechCrunch. You can send tips securely via Signal and WhatsApp to +1 646-755-8849. He can also be reached by e-mail at zack.whittaker@techcrunch.com.<\/p> <\/a>","cbAvatar":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/10\/zw-profile.jpg","twitter":"zackwhittaker","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/133574210"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users"}]}}],"author":[{"id":133574210,"name":"Zack Whittaker","url":"","description":"Zack Whittaker is the security editor at TechCrunch. You can send tips securely via Signal and WhatsApp to +1 646-755-8849. He can also be reached by email at zack.whittaker@techcrunch.com.","link":"https:\/\/techcrunch.com\/author\/zack-whittaker\/","slug":"zack-whittaker","avatar_urls":{"24":"https:\/\/secure.gravatar.com\/avatar\/9c6f2f007a1fadfcf4f9da867130c493?s=24&d=identicon&r=g","48":"https:\/\/secure.gravatar.com\/avatar\/9c6f2f007a1fadfcf4f9da867130c493?s=48&d=identicon&r=g","96":"https:\/\/secure.gravatar.com\/avatar\/9c6f2f007a1fadfcf4f9da867130c493?s=96&d=identicon&r=g"},"yoast_head":"\nZack Whittaker, Author at TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n
Zack Whittaker is the security editor at TechCrunch. You can send tips securely via Signal and WhatsApp to +1 646-755-8849. 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