The past few months have been incredibly tough, especially on the team of Hello. When we first launched Sense, sleep was one of the most neglected part of our lives. Three years later, for many, it is now rightly recognised as perhaps the most important pillar of our health and wellness, alongside exercise and diet. I am incredibly happy that we were able to play a small ken clarke fitness part in changing the conversation around sleep. A notice sent to creditors said Jawbone entered into insolvency proceedings under California law on June 19. We are confident that to truly have the long-term impact we want to make, we need to focus on finding an acquirer with an existing national fresh food supply chain who can carry forward the Juicero mission.
I validated this in my conversations with companies with more market reach than us, that had tried similar products , but pulled the plug because they didn’t see the demand for it. From Quirky to Homejoy to Zen99, we’ve added 11 startup post-mortems to the 34 we previously added in our first 2015 update. While unicorns continue to be minted and mega rounds continue, there are still many new lessons to be learned from startups facing risks as they navigate the turbulent contract worker economy or failing to acquire customers.
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Munchies — a 30-minute delivery startup — closed its doors in March, just 5 months after it raised $3M in seed funding. The startup set itself apart from other Pakistani grocery delivery players by maintaining a focus on snacks and drinks, targeting the country’s convenience-hungry millennial population. While it was initially successful in doing so, sharing domestic expansion plans just a few months prior to shutting down, the company ultimately halted its operations. It has yet to release a statement on the matter, but both its website and mobile app are now inactive. Mental health platform Ahead closed down in the middle of April.
Scandals have also plagued this latest cohort of failed startups, from an IP battle over apples, to bribes offered to doctors, to an FBI raid on a poop–testing company with questionable billing practices. The company’s team of 10 employees, including founder Oliver V. Smith, were all let go. In mid-December 2021, Binance announced that it would close its portal in Singapore by February 2022. This move came at the tail-end of a series of regulatory challenges faced by the crypto trading platform. Humm, a once-promising graduate of the UC Berkeley Skydeck Accelerator, had developed a neurostimulation-backed wearable patch designed to enhance memory.