How the coronavirus pandemic is impacting buzzy startups, from Peloton to Convene
- Funding was already drying up for some Silicon Valley startups when the coronavirus hit, threatening their wild growth.
- Some are now shutting down, laying off staff, or drastically changing their marketing plans.
- Here are all the ways startups from Peloton to Convene are being impacted.
- Visit Business Insider’s homepage for more stories.
Silicon Valley startups were already seeing investors tap the breaks after a series of black eyes for high-profile companies like WeWork and Peloton when the coronavirus hit.
Now, many of these startups, some of which raised a lot of money on the promise of rapid growth, find demand is drying up as consumer spending stalls and unemployment is set to surge.
Business Insider has been reporting on how the coronavirus pandemic threatens these companies’ growth, the fallout so far on companies like Convene and sectors like AI, and how they’re pivoting in the face of the crisis.
SoftBank’s vision fund, which has bet on 88 companies including WeWork, Uber, and DoorDash, reportedly anticipates that some startups in its portfolio may not have enough cash to …continued .
[Source: Business Insider]