- Bird became the latest VC-backed startup showing signs of distress, after hinting at a potential bankruptcy this week.
- The company is among several former success stories struggling against competition and a tough economy.
- Here are four of the biggest VC-backed startup downfalls of recent years.
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It's been a tough year for startups.
Venture capital funding is drying up in a challenging economy, leaving many fledgling companies without the resources to get their businesses off the ground. Between the first and second quarter of this year alone, VC funding has plummeted 23% and its anticipated will hit the lowest level since 2020, according to data from CB Insights and reported by Bloomberg.
Meanwhile, VC-backed startup darlings of recent years — many of which held the vaunted $1 billion valuation unicorn status — are suddenly unable to keep their heads above water. A growing number of these early success stories are retreating after filing disappointing initial public offerings, turning back to private equity firms in an attempt stay afloat.
Here's a look at four of the biggest VC-supported startups that went public and crashed in recent years.
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