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Enterprise

bankruptcy E-commerce Giant Thrasio Files for Chapter 11 Bankruptcy as Reign Comes to an End

It said it has also secured an emergency $90 million in emergency financing from unnamed existing lenders. The $90 million in new capital, it said, “is expected to provide sufficient liquidity to support the Company throughout this process and beyond. The news should not come as a surprise: there have been murmurs of the company’s impending bankruptcy since last year. At the time, the company had just raised $1 billion at a valuation, it said, of “up to” $10 billion. (It noted that even in 2022 it was “just” $4.5 billion, not the $10 billion that the company had said it was.)

Ava Patel
February 28, 2024
1 Comment

Apps, Robotics & AI, Startups

Startup run by Instagram co-founders, Artifact, set to close operations

On Friday, the startup announced via a blog post it had made the decision to “wind down operations” of the app launched over a year ago, saying that the market opportunity wasn’t big enough to warrant continued investment. It also employed several AI tools to summarize news, rewrite clickbait headlines, and surface the best content. Existing posts will remain visible for the time being, and Artifact will continue to operate its “core news capability” through the end of February. In part, the way users are finding news and information is changing with the arrival of AI. The co-founder had spoken about AI’s role at Artifact at this past fall’s TechCrunch Disrupt conference in San Francisco.