Here is a list of the major startup shutdown announcements in October 2018
Bitcoin exchange, Zebpay shuts but promises to keep its wallet functional for users – The Reserve Bank of India (RBI) had released a statement in April directing all regulated entities, including banks, e-wallets, and payment gateway providers, to stop dealing with individuals and businesses in the partially banned crypto-currencies. Following this, Zebpay had asked its users to withdraw money before the deadline following RBI mandate.
Rethink Robotics, Pioneer of Collaborative Robots, Shuts Down – The premier robotics companies based in New England has shut down, according to reports by The Robot Report and The Boston Globe. Rethink was founded as Heartland Robotics 10 years ago. The startup was focused on developing collaborative factory robots, had raised more than $130 million in venture funding.
e-motorcycle startup Alta Motors shuts down – According to TechCrunch, the Brisbane, California based e-motorcycle startup Alta Motors has ceased operations. Alta had been attempting to compete with gas bikes by applying to enter American Motorcycle Association sanctioned motocross events. In September, the company became the first e-moto to earn a podium spot in AMA competition in another race class, endurocross.
Crypto startup shuts down amidst Australian investigation – Blockchain and crypto currencies continue to be among the most hyped up in the tech-world. However, not many crypto currency ventures are successful. This week, the cryptocurrency startup promoted by Australian cricketer Michael Clarke reportedly shut down amidst investigation by Australian authorities. The Australian Securities and Investments Commission has confirmed it is making “some enquiries” about the cryptocurrency startup .
Blockchain Journalism Startup Civil Refunds Investors after Failed ICO – Initial coin offering (ICO) operator Civil will refund investors due to the blockchain startup’s failure to reach its minimum sale cap. Civil will conduct another token sale in further efforts to build their Journalism business.
Commercial Kitchen startup, Pilotworks shuts down – Pilotworks, a startup that offered commercial kitchen space for food entrepreneurs announced that it is shutting down. “This is a sad outcome for Pilotworks, the makers in our kitchens, and independent food in general. We wish there was another option to continue operating. Sadly, there was not. The work the independent food community is doing is amazing and inspiring. We know it will live on and we are deeply sorry it will not be with Pilotworks.”
Image from Facebook
Education Startup Yogome Shuts Down Amid Fraud Allegations – The startup Yogome will close on accusation of fraud against one of its founders. The educational videogame company Yogome will close its operations after its founder Manolo Díaz was accused of fraud , according to a report from the Forbes Mexico site. According to the founders, Yogome was an EdTech company leading the way in education by providing children all over the globe with the tools to help them learn and prepare for their future. We help children become lifelong learners with our engaging game-based curriculum, fun storylines, and captivating characters.
YEEEEES!