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Fast shuts doors after slow growth, high burn precluded fundraising options
- Shadonototra 5y ago> Fast posted a paltry six-figure revenue total in 2021, despite raising a $102 million Series B led by Stripe. > The company’s burn rate was said to be as high as $10 million per month Hopefully the SEC is investigating both Fast and Stripe and their VC investors, is YCombinator included? Why anyone would invest in such poorly managed company? sounds fishy AF
- vincentmarle 5y agoThis is the company that made $600K revenue with 500 employees while their CEO was sharing sky jumps videos on Twitter and trying to be a "thought leader". Next one in this space that is questionable is Bolt which has a similar influencer CEO who's active on Twitter.
- Gortal278 5y agoBolt's CEO is gone, he was outed before he starting posting his theories about yc / stripe etc.
- siruncledrew 5y agoI heard about this company on an NPR podcast, and the mission sounded pretty cool and the founder talked about interesting customer experience points, but then I never saw Fast ever being used in practice. I think I read somewhere they only had like $600k in revenue despite raising >$100m. I wonder what was happening on their sales side… were businesses just really not interested? Was the product out of touch with business reality?
- jimhi 5y agoThere's a million easy to use payment providers with checkouts in email, text, you name it.
- jimhi 5y agoFast and Bolt are tried to sell one-click checkout as a service after the Amazon patent on this expired. They both seem to hire and raise a lot with very little market sure or even sense of how they will be profitable.
- snowman-yelling 5y agoIt's interesting to me that Stripe funded Fast because Stripe has built their own one click checkout solution.
- deleted 5y ago[deleted]