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So "Fast" It Failed

So "Fast" It Failed
April 7, 2022

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When a company with a name like Fast goes out of business, expect a lot of witticisms in the comments section: “That was…Fast” and “Fast and Furious!” Still, some people empathize with the rise and fall of a $120MM funded startup competing in a space where legacy infrastructure is hard to beat.


 

The company, whose name actually refers to a one-click checkout, failed to convince investors its progress was anywhere near justifying its high burn rate. It was rumored that the company was spending $10MM a month on overhead. Despite inking deals with Jessica Alba’s Honest Company, the company had its fair share of hiccups along the way, with the CEO’s previous failed venture in Australia trailing him to the US.

Meanwhile, Netflix and other companies are reportedly tightening their purse strings amidst the ongoing market correction of both public and private companies.

Who’s next?

Russian sanctions hit Texas
DOJ seizes assets in Texas from Russian oligarch supporting the Kremlin.
 [Axios]
Investments fall
After a two-year climb, investments fell 11% in Q1.
[Crunchbase News]
Since last week, PrivCo has added:
31,413 Companies | 277 Funding Activities | 146 M&A Deals

Funding & Deal Highlights:

Hivemapper raises $18MM from Multicoin Capital

Geospatial • Round A • Burlingame, CA
 

Coin Metrics raises $35MM from Acrew Capital

Big Data • Round C • Boston, MA
 

Products Up raises $70MM from Bregal Milestone

E-Commerce • Round B • Simmelsdorh, Germany
 

Enerkem raises C$255MM from Repsol

Industrial Products • Debt and Equity • Montreal, Quebec
 

CAIS raises $100MM from Reverence Capital Partners

Brokerage • Equity • New York, NY
 

Endovascular Engineering raises $15MM from Sante Ventures

Manufacturing • Round A-1 • Menlo Park, CA
 

IntelyCare raises $115MM from Janus Henderson Investors

Health Care Tech • Round C • Quincy, MA
 

BostonGene Corporation raises $150MM from NEC Corporation

Biotechnology • Round B • Waltham, MA
 

Triana Biomedicines raises $110MM from Lightspeed Venture Partners

Biotechnology • Round A • Waltham, MA
 

Ascend.io raises $31MM from Tiger Global Management

Cloud • Round B • Palo Alto, CA
 

Sky Mavis raises $150MM from Binance 

Video Games • Equity • Singapore, Singapore
 

Ellevest raises $53MM from Contour Venture Partners

Advisory • Round B • New York, NY


NEAR Protocol raises $350MM from Tiger Global Management

Blockchain • Equity • San Francisco, CA
 

Lightning Labs raises $70MM from Valor Equity Partners

Cryptocurrency • Round B • San Francisco, CA
 

FTX Exchange acquires Good Luck Games

Blockchain • Acquisition • Nassau, Bahamas
 

Creative Planning acquires Hatton Consulting 

Finance • Acquisition • Phoenix, AZ

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