Oleg Zabluda's blog
Tuesday, January 23, 2018
 
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A startup that’s operating in stealth mode raises an almost stunning amount of money before it releases a product. Investors write outsized checks to the outfit anyway because of the people involved in it, but before you know it, poof, the company is imploding, and the capital is gone.

It’s a story that industry watchers know well at this point. Clinkle — the payments reward network that raised what was at the time the “largest seed round in Silicon Valley history,” then never released a product, remains the most widely mocked example of the genre.

Another related flop is Airtime, a video chat service that was created by Napster founders Sean Parker and Shawn Fanning and launched with so much fanfare that you just knew it wasn’t going far.

The latest example to follow a similar trajectory: Primary Data, a four-year-old, Los Gatos, Calif.-based data virtualization startup, is in the process of shutting down after raising a whopping $100 million in equity and debt and attracting the likes of Apple co-founder Steve Wozniak to its management team.
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https://techcrunch.com/2018/01/22/another-short-lived-overfunded-startup-is-shutting-down-primary-data/
https://techcrunch.com/2018/01/22/another-short-lived-overfunded-startup-is-shutting-down-primary-data/

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