Did hubris help kill the unicorn? Hide the bottom line, add hot air at the top
The youthful death of a freight ‘unicorn’ has as ever divided the market: those who ...
Forbes writes:
Slync, the logistics tech startup that ousted its CEO and founder who was subsequently arrested on fraud charges earlier this year, is shutting down.
The San Francisco-based company, once valued at $240 million by investors including Goldman Sachs, is being forced into liquidation after former CEO Chris Kirchner sued the company to pay for his mounting legal bills. In a legal filing this month, the company said it would liquidate “because it maintains insufficient capital to continue to operate due to its financial underperformance and Kirchner’s [alleged] fraud.”
The meltdown comes just months after the company announced that it had raised a $24 million lifeline in funding from Goldman Sachs and other investors. Goldman Sachs declined to comment…
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