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Fast posted a paltry six-figure revenue total in 2021, despite raising a $102m Series B led by Stripe. The company’s burn rate was said to be as high as $10m per month, or a simply massive multiple of its revenue, let alone gross profit.
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Fast’s conclusion comes after some other richly valued startups have begun to pull back. Layoffs are ticking back up more broadly in startup-land, and one very well-known unicorn cut its valuation to better incentivize its workers. Earlier today, TechCrunch reported that Workrise — which was valued at $2.9 billion last year after a $300 million raise — laid off what is believed to be “hundreds” of employees. 2022 is shaping up to look at a lot different from 2021.
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