“If you hurry to get to the future, you always get a punishment for it. For example, instant coffee.”Alan Watts
Fast paid too little attention to burn rate because it just assumed the VC gravy train would keep rolling. It’s not the only one, so don’t be surprised to see similar stories in the near future. It’s a startup strategy that’s mostly paid off for the past decade but, as we first discussed in January, things have changed. It’s like the longest-ever game of musical chairs has finally ended. It’s been a long time since these morning missives have needed a dedicated section to track VC-backed startup layoffs and closures. We’re not quite there yet, but I’m sensing it on the horizon.Dan Primack, Axios Pro Rata Newsletter.
Dan Primack outlines the more significant implications of the news that Fast, an online commerce-focused company, will shut down. The company, which employed 450, raised $120 million (at a valuation of over $500 million) from Stripe, Index Ventures, and Addition. Fast Founder Domm Holland has a colorful past, and those in his native Australia aren’t big fans.
VC backing. Web3 backing. Well, there is a third way of funding innovation. Web’s big winners fund the future with their dollars and with open source ethos at its core. And doing so with little fanfare. Tom Preston-Warner, founder and former CEO of GitHub, has put a million dollars into a web framework, RedwoodJS. Instead of turning (Read more...)