May 26, 2022

Fast, one run who provided online cash register products, announced It closes this afternoon. The company’s future was in doubt for days after reports showed 2021 revenue growth was modest, cash flow was strong and fundraising opportunities were limited.

Information previously reported on the findings of the companyThe company said in a statement that “in view of the fact that we have made great strides in our mission of making it easier for everyone to buy and sell, we have made the difficult decision to close our doors.”

The company, founded by Dom Holland and Allison Barr Allen, went on to describe itself as a “pioneer,” adding that not all such parties make “mountain peaks,” claiming it would otherwise become the world’s most popular online startup. make trading “forever”. is changing. It’s unclear how much credibility a short-term company can claim to work in the one-click checkout market, but at least Fast remains what it’s going to be: perhaps it’s giving itself more room to regress.

Despite growth, FAST recorded only a six-figure turnover in 2021. $102 million Series B led by Streep. The company’s burnout rate will increase by $10 million per month, or just a multiple of sales, not to mention gross profit.

A company that gets stuck a year after hitting nine figures won’t be a typical story this year, but startup failures are different; This is a louder crash. Others will be slower and less aggressive in their pause.

Pitchbook data shows that Fast was valued at around $580 million when measured after the money was received. For replacement employees who don’t mean anything anymore, the company’s formwork is a blow. It’s unclear whether the company’s founders were able to sell some of the company’s giant Series B shares, but if they did, they hope to distribute the money to their former employees.

The company has raised $124.5 million since its inception in 2019, according to Crunchbase.

This is a history of development. Please come again.

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