Easy checkout startup, Fast announced it will be shutting down after a slow growth and high burn rate of more than US$10 million a month.
The US-based company's future has been looking bleak, after generating just US$600,000 last year piled on by its lack of fundraising options.
"After making great strides on our mission of making buying and selling frictionless for everyone, we have made the difficult decision to close our doors," chief executive officer of Fast, Domm Holland said in a statement.
Key Highlights
- The company claimed despite closing down, the startup managed to “forever” change the world of e-commerce.
- The Fast support team will assist with the uninstalling / offboarding process and the service of Fast Checkout will be discontinued on 15 April 2022.
- It was reported that the last valuation of Fast was around US$580 million, measured on a post-money basis.
- Just recently, Fast was striking a deal with The Honest Company to implement one-click checkout for its customers.
- San Francisco-based consumer lending startup, Affirm said it would offer employment to the vast majority of Fast engineers, a representative from the company confirmed.
History of Fast
- The Silicon Valley-based startup was founded in March 2019 by Domm Holland, Joshua Abulafia and Allison Barr-Allen.
- However, after a year, Abulafia was pushed out due to a dispute with Holland over finances and the direction of the company, according to several former employees close to the situation.
- Fast aimed to bring the Amazon-style one-click checkout feature to their customers.
- Fast raised Series A round of $US20 million in March 2020 and Series B round of US$102 million in January 2021.
- Investors of Fast include Stripe, Index Ventures, Susa Ventures and Global Founders Capital.
