The failure of a startup is quite common, especially in the constantly evolving macro conditions that have created a harsh economic environment. Given that the lifeline of startups – funding, has dropped dramatically this year, many companies dropped their business ambitions and collapsed.
As per CB Insights, the global funding in Q3 of this year was $74.5 billion, which is less than half of the quarterly funding for the whole of 2021. It notes that funding decreases 34% quarter-over-quarter. In Silicon Valley, funding fell to its lowest level since the last quarter of 2019.
While many startups have managed to endure the economic downturn so far, some got acquired, a few of them collapsed in 2022. Here, we have listed some of the biggest startup failures of this year.
Kitty Hawk
After over a decade of trying to make flying cars a reality, California-based Kitty Hawk failed to take off in September this year. The Larry Page-backed startup was founded by Damon Vander Lind in 2010, who parted ways in 2021. Last year, the company cancelled its original Flyer project and laid off most of the 70-person team that had worked on the aircraft.
After Vander Lind’s departure, it appeared that Kitty Hawk was ready to double down on its vertical take-off and landing aircraft. It acquired 3D Robotics and roped in Chris Anderson as chief operating officer. Despite these efforts, the ambitious flying car startup came to a grinding halt.
Bank North
Manchester-headquartered neobank Bank...
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