Katerra Chief Transformation Officer Marc Liebman stated, This downturn domino effect has led some to question the viability of SoftBank’s Vision Fund, especially given that this follows the 2019 fall of coworking unicorn WeWork, in which SoftBank was the primary investor. While SoftBank had been funding Katerra directly, Greensill, a SoftBank Vision Fund recipient ($1.5B), was also financing Katerra, highlighting the interconnected nature of SoftBank’s portfolio.
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The SoftBank-backed unicorn was last valued at $3B in 2018 and had raised nearly $1.5B in total funding from investors such as Khosla Ventures and Greenoaks Capital Management.Īlthough the company cited mismanagement as the driver of its downfall, the collapse of lender Greensill Capital, just 3 months earlier, also played a role. Modular construction startup Katerra filed for Chapter 11 bankruptcy in early June 2021. Court-Supervised Process to Implement Financial Restructuring Read on for the post-mortems of 10 startups that shut down since February 2021. Along with Covid-19, other challenges - like overcrowded markets ( SuperData Research), mismanagement ( Katerra), and difficulties scaling operations ( Hey Tiger) - have led to some companies shuttering for good. īut not all companies rode this funding wave to success. More than a year in, many companies have survived the uncertainty brought on by the global pandemic, or even thrived: Q1’21 saw record-breaking funding go to fintech cos, while retail tech funding tripled year-over-year.
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Startup Failure Post-Mortems 2021 Second Update (6/16/21)
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