Virgin Orbit extended unpaid furloughs this week after funding talks fell through, CNBC reported. The satellite launch company, which was founded by Richard Branson in 2017, was previously in talks with Texas-based investor Matthew Brown for a $200 million lifeline which would have handed Brown control over the company, The Information confirmed. But talks with Brown fell through on...
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SoftBank’s Onetime Pizza-Robot Darling Shuts Down
Zume, which raised $375 million from SoftBank to automate pizza-making with robots before switching to developing sustainable packaging, has shut down. The company is insolvent and has retained restructuring firm Sherwood Partners to liquidate the assets for the benefit of the creditors, an alternative to bankruptcy, according to Martin Pichinson, Sherwood Partners’ cofounder. It ceased...
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MoonPay CEO, Other Executives Cashed Out Before Crypto Business Dropped
In November 2021, just as crypto prices were hitting all-time highs, MoonPay—a crypto payments startup that celebrities including Jimmy Fallon and Paris Hilton had praised for its non-fungible token “concierge” service— announced it had completed its first ever outside fundraising: an eye-popping $555 million round at a $3.4 billion valuation from investors including Tiger Global Management and Coatue Management.