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Siri: What is a “Unicorn circle jerk”?
Carta, a unicorn that makes dashboards for managing equity investments in other unicorns is laying off staff and sniffing out a cash injection from existing backers. Bloomberg reports that the company is seekng a $200 million investment from existing investors at a $3 billion valuation, up from 1.8B last year. Somewhat incongruent with the “growth story” picture that normally garners such a sharply higher round, Carta is laying off employees. They just axed 161 people…
Munchery is over.
On demand food delivery start-up Munchery is bankrupt and shutting down effective immediately. They’ve burned through $125 million in VC, their last round was $87 million in 2015 at a $300 million valuation.
Apparently the early effects of this …
Unicorns Jump The Shark: WeWork IPO In Danger of being Shelved
For some reason the investing public seems to be giving the WeWork IPO a suboptimal reception. After multiple reductions in the IPO sticker price, from 40B down to 20B and now perhaps even less, the lead investor Softbank is recommending that the IPO be shelved. For some reason when the CEO cashes out 700 million ahead of the IPO in a company whose losses exceed total revenues people aren’t overly eager to put in more money….