This is basically a story of well connected people who used their connections and existing wealth to buy their way into a market. I truly despise this “method” of building a business, and I doubt it will lead to long term results.
These guys apparently had spent $160 million and according to the article, had “no product here.” It’s perplexing to me that they were then able to so easily raise hundreds of millions of dollars to buy competitors that did have a successful product.
And this was barely a year ago. Why do investors believe two failed founders will be able to grow and scale this business when they couldn’t grow and scale their own business?
I’ll personally make sure to avoid this company as I don’t at all respect their method for creating a viable “business.”
These guys apparently had spent $160 million and according to the article, had “no product here.” It’s perplexing to me that they were then able to so easily raise hundreds of millions of dollars to buy competitors that did have a successful product.
And this was barely a year ago. Why do investors believe two failed founders will be able to grow and scale this business when they couldn’t grow and scale their own business?
I’ll personally make sure to avoid this company as I don’t at all respect their method for creating a viable “business.”