.jpg){kind=avatar}
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.
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.
More posts by Sarah Wolter
Recent posts from News by FinTech Collective