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http://www.businessinsider.com.au/zirtual-suddenly-laid-off-400-employees-via-email-2015-8 http://www.businessinsider.com.au/zirtual-suddenly-laid-off-... This

• spiffyman 11y ago
  > all of its rounds after seed funding were debt rounds, including one at the end of July This surprised me. They burned through a round in just a few weeks? And looking at their funding history[1], they closed $2.6M back in June. So that's $3.25M in less than 60 days. It looks like the July round was targeting $3M and they only got $650k[2]. Maybe an expected deal didn't go through and it was just as much a shock to the management as the employees. This could just be a case of unrealistically high fundraising expectations, with unfortunate consequences for everyone. OTOH, assuming they hit the end of their runway, they had a burn rate of at least $1.6M/month, so I don't know how that last round was supposed to help for long. Anyway, this is all armchair speculation. I hope their CEO can take some time and then share her experiences. It would probably serve as a good lesson for others. [1]: https://www.crunchbase.com/organization/zirtual/funding-rounds https://www.crunchbase.com/organization/zirtual/funding-roun... [2]: http://www.sec.gov/Archives/edgar/data/1566557/000089706915000411/xslFormDX01/primary_doc.xml http://www.sec.gov/Archives/edgar/data/1566557/0000897069150...