This week on the GeekWire Podcast, we examine the market forces, debt, and other dynamics that put the digital freight marketplace Convoy out of business, bringing one of the Seattle region's top startups to the end of the road.
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Convoy raised $260 million just 18 months ago, at a valuation of $3.8 billion. Its investor list was a who's who of tech moguls and celebrities, including Bill Gates, Jeff Bezos, Marc Benioff, and even Bono and The Edge of U2 fame.
GeekWire co-founder John Cook, who has covered startups and venture capital since before the dot-com bust, compares Convoy's implosion to past flameouts of high-profile startups, and explains the long-term trends in investing that served as the backdrop for Convoy's demise. After a long stretch of free-flowing capital at astronomical valuations, fundamental business realities are catching up to some heavily funded startups.
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