From 🦄 #Unicorns to #Zombies: 🧟‍♂️ #Internet_Technologies #Start_Ups #Run_Out of #Time and #Money 🤑 | After #staving_off collapse by cutting #costs, many young #tech_companies are out of options, #fueling a #CASH_BONFIRE! 🔥

🐍 #LOSSES #LOSSES AND MORE #LOSSES BECASUE YOU ARE ALL #BRAINDEAD. YOU #DESERVE TO #LOSE IT #ALL..

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WeWork raised more than $11 billion in funding as a private company. Olive AI, a health care start-up, gathered $852 million. Convoy, a freight start-up, raised $900 million. And Veev, a home construction start-up, amassed $647 million.

In the last six weeks, they all filed for bankruptcy or shut down. They are the most recent failures in a tech start-up collapse that investors say is only beginning.

After staving off mass failure by cutting costs over the past two years, many once-promising tech companies are now on the verge of running out of time and money. They face a harsh reality: Investors are no longer interested in promises. Rather, venture capital firms are deciding which young companies are worth saving and urging others to shut down or sell.

“As an industry we should all be braced to hear about a lot more failures,” said Jenny Lefcourt, an investor at Freestyle Capital. “The more money people got before the party ended, the longer the hangover.”

But approximately 3,200 private venture-backed U.S. companies have gone out of business this year, according to data compiled for The New York Times by PitchBook, which tracks start-ups.

https://news.yahoo.com/unicorns-zombies-tech-startups-run-124237160.html

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