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They expanded to several cities to satisfy investors, and they were renting space to store furniture, which ended up being far more expensive than they expected
by jmcgough 10y ago
They expanded to several cities to satisfy investors, and they were renting space to store furniture, which ended up being far more expensive than they expected. But yeah, burning through 19M in about 14 months is nuts. They were really betting it all on growing big enough to sell investors on a series B, which clearly didn't work out.
- rcach001 10y agoThis will def be a bigger story. You know all that could've been done with that much money? We should be concerned with irresponsible investors as well, not doing their due diligence on the company's performance to avoid such a catastrophe.