Who among us could have seen this coming?
"In a little over a year, pizza-making robot startup Zume has gone from getting $375 million from SoftBank, to pivoting to food packaging through an acquisition, to raising at a reported $4 billion valuation, to its latest: laying off 80 percent of its employees," writes Natasha Mascarenhas at news.crunchbase.com.
Her comments follow today's earlier Business Insider scoop on Zume's flop.
Bottom line: Zume, one of the biggest capital-backed companies in the pizza startup space, was raising money at a $4 billion dollar valuation in November. Now, two months later, it's facing cuts. No matter how you slice it, it looks like 2020's reckoning has begun.
SoftBank-Funded Zume Reportedly Lays Off 80% Of Staff [news.crunchbase.com]