Here are some of the prominent startups that announced shutdown in June of 2018
Twitter Shuts down Online Safety Company Smyte after acquiring it – Social media giant, Twitter, announced that it had acquired Smyte, a startup focused on delivering online safety and anti-spam solutions. Interestingly, a day after the acquisition was announced, Twitter shut down the Smyte .
Social sales-leads startup Socedo closing amid Twitter changes; engineering team joins Azuqua – Seattle-based social media sales intelligence firm Socedo is shutting down next month, and its four-person engineering team will join Azuqua, the cloud software integration and automation company, also based in Seattle. The move, announced Tuesday morning, comes after Socedo learned earlier this year that Twitter planned to alter its polices and practices for third-party APIs. Socedo CEO Aseem Badshah said in a recent interview that his company relied on those APIs to help customers extract sales leads and other marketing data from Twitter.
Chicago Kids Lunch Delivery Startup Wise Apple Shuts Down – Wise Apple, the Chicago-based startup that provided a subscription lunch service for kids, has shut down. The startup announced it was closing down its business in a June 22 email to customers, in which the founders Rebecca Sholiton and Nate Cooper said all Wise Apple accounts will be terminated and permanently deleted, and that any outstanding orders will be refunded within two to three business days.
Zomato To Shut Down Its Own Cloud Kitchen Operations Under ZIS – Invests $15 Mn In Loyal Hospitality. Zomato Is Now Looking To Fnction Its Cloud Kitchen Model Through Captive Units With Strategic Investments. Zomato, in its push towards cloud kitchen, has now committed to investing $15 Mn in Bengaluru-based Loyal Hospitality, reports ET. The first tranche of $5 Mn has already been invested in Loyal Hospitality which will help its team to expand operations and outlets further through a shadow kitchen model.
Northwestern Mutual shutting down LearnVest – After paying $250 million for the startup three years ago, the insurance company is shutting it down June 5. In a statement posted to the Northwestern Mutual website, the company announced that it is discontinuing LearnVest’s financial planning offering for consumers and the LearnVest@Work program for businesses. Northwestern Mutual will relaunch LearnVest later this year as a digital resource portal focused on financial education for consumers. In an email sent to LearnVest clients, founder Alexa Von Tobel said the financial planning service will shut down June 5.
Klout, the $200 million website that measured how important you are on social media with one number, is shutting down – Klout, a startup that measured how important you are on social media, is shutting down by the end of the month. It was bought for $200 million in 2014. Klout was founded in 2009 by Joe Fernandez, partially as a way to get a job at Twitter, according to Business Insider. But ranking people by importance or influence turned out to be a strong enough idea to raise four rounds of venture funding from top-tier firms totaling $40 million. Eventually, it was sold in 2014 for $200 million to Lithium Technologies, which is the company that is shutting down the service later this month. Lithium is a private company that makes digital marketing tools. Klout enabled users to share their Facebook and Twitter data, and parsed that data through a vague algorithm to give users a simple popularity metric between 10 and 100, called the “Klout score.”
Common Pitfalls that Startup Founders Must Avoid – Across the UK, there were 589,000 new businesses launched in 2017 – that’s more than 1,600 every day, or 67 each hour. It’s a remarkable statistic that illustrates how there is an insatiable appetite among large portions of the British public to move away from traditional methods of employment and instead pursue the life of an entrepreneur. However, for those launching a startup, it is important that they recognise how difficult it can be to get that company off the ground. In fact, the latest data from the ONS shows that almost half (46.3%) of new businesses in the UK cease to exist within just three years of being founded.