SoftBank and Zume had letter of intent in December for a funding deal that never happened, leaving the pizza tech startup no choice but to cut hundreds of jobs and give up on robots
|01/14/2020||Posted by BusinessMediaguide.Com under General World News||
- SoftBank’s Vision Fund has been rocked by the implosion of star portfolio company WeWork and the reverberations in the venture capital industry.
- Among the casualties is Zume, the pizza-making robotics startup that had received funding from SoftBank in 2018.
- According to a memo reviewed by Business Insider, Zume was in talks with SoftBank for another round of funding in late 2019, but the deal fell apart in December.
- The scrapped funding leaves Zume with about $150 million cash on hand, the memo said. One source said the lack of funding is responsible for widespread layoffs and restructuring at the startup read more >>>