ScaleFactor Raises $100 Million Then Abruptly Shuts Down
On June 23, 2020, Kurt Rathmann, CEO of ScaleFactor, an accounting automation software company, met with his team to break the news that they were letting go half of their team members that day. He then announced that the company was ceasing a majority of its operations on August 28, 2020*.
Fintech Startup That Raised $100 Million From Investors Bessemer And Coatue Is Abruptly Shutting Down
By the end of last year, software startup ScaleFactor had emerged as a buzzy financial services company, raising $100 million in 12 months from big-name investors including Bessemer Venture Partners and Coatue Management. But in March, that upward trajectory was cut short as the Covid-19 pandemic arrived in the United States, wiping out demand for its software from its core customers of small and medium sized businesses.
Austin's ScaleFactor Shuts Down After Raising $103 Million - SiliconHills
Last year, ScaleFactor made the Greater Austin Chamber of Commerce's A-List of Hottest Startups in the mid-sized category. On Tuesday, ScaleFactor announced plans to shut down after raising $103 million from investors - including $90 million in 2019. Its investors included Coatue Management, Bessemer Venture Partners, Canaan, Broadhaven Ventures, Firebrand Ventures, Vulcan, Stripes Group, and ...