![]() ![]() The company raised around $200M over multiple rounds and even hit unicorn status in 2021. IRL - an event discovery and planning app - closed at the end of June 2023. Title: Unicorn social app IRL to shut down after admitting 95% of its users were fake Its difficulties led to a string of high-profile departures and financial problems.” ![]() …Zume had struggled with problems like stopping melted cheese from sliding off its pizzas while they cooked in moving trucks, per Bloomberg. “Zume, the robot pizza delivery startup that raised close to $500 million, has shut down, The Information reported… After pivoting to sustainable packaging development in 2020, it did not raise any additional funding and eventually closed its doors. However, the startup ran into a number of technological issues, like cheese sliding off pizzas, and burned through cash faster than it could generate revenue. The startup initially drew $446M to disrupt the pizza industry - the plan was to equip delivery trucks with robotic pizza-makers and smart ovens so that pizzas could be cooked to order while en route to customers. Softbank-backed Zume shut down in June 2023, after 8 years in business. Title: The $500 million robot pizza startup you never heard of has shut down, report says This analysis is not exhaustive of all startup failures that occurred over the period. Read on for the detailed post-mortems of 11 startups that shut their doors in Q2’23. In comparison to Q1’23, the reasons for failure were more diverse this time around, ranging from millions of fake users ( IRL ) to cheese’s allegiance to gravity ( Zume ). While poor market conditions and funding unavailability certainly played into this, they were only explicitly cited as contributing factors for a few startups in this quarter’s update: Buzzer, Cana, Wyre, and Tessera. ![]() In the face of this drop in deal volume, a number of startups closed up shop. No matter how you look at it, deal count still tumbled to its lowest level since 2016, indicating that investor appetite hasn’t bounced back from its quarters-long freefall. Without these Q1 deals, which collectively amounted to $16.5B, funding would have actually increased by 14% in Q2’23. This marked a 13% drop from Q1’23’s $69.7B, which was heavily inflated by multi-billion-dollar deals to OpenAI (confirmed following our last update) and Stripe. Global venture funding hit $60.5B in Q2’23. Startup Failure Post-Mortems 2023 (Q2’23 Update) Original 50 Startup Failure Post-Mortems ().Startup Failure Post-Mortems 2014 First Update ().Startup Failure Post-Mortems 2014 Second Update ().Startup Failure Post-Mortems 2015 First Update ().Startup Failure Post-Mortems 2015 Second Update ().Startup Failure Post-Mortems 2016 First Update ().Startup Failure Post-Mortems 2016 Second Update ().Startup Failure Post-Mortems 2016 Third Update (11/8/16).Startup Failure Post-Mortems 2017 First Update (2/10/17).Startup Failure Post-Mortems 2017 Second Update (6/9/17).Startup Failure Post-Mortems 2017 Third Update (10/31/17).Startup Failure Post-Mortems 2018 First Update (4/17/18).Startup Failure Post-Mortems 2018 Second Update (8/13/18).Startup Failure Post-Mortems 2018 Third Update (11/14/18).Startup Failure Post-Mortems 2019 First Update (2/28/19).Startup Failure Post-Mortems 2019 Second Update (6/19/19).Startup Failure Post-Mortems 2019 Third Update (10/16/19).Startup Failure Post-Mortems 2020 First Update (1/21/20).Startup Failure Post-Mortems 2020 Second Update (8/18/20).Startup Failure Post-Mortems 2021 First Update (2/1/21).Startup Failure Post-Mortems 2021 Second Update (6/16/21).Startup Failure Post-Mortems 2021 Third Update (9/28/21).Startup Failure Post-Mortems 2021 Fourth Update (12/8/21).Startup Failure Post-Mortems 2022 First Update (02/09/22). ![]()
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