Saudi Press

Saudi Arabia and the world
Saturday, Aug 23, 2025

Fast shuts doors after slow growth, high burn precluded fundraising options

Fast shuts doors after slow growth, high burn precluded fundraising options

Fast, a startup that provided online checkout products, announced this afternoon that it will shut down. The company’s future has been in doubt for days now, after reporting indicated that its 2021 revenue growth was modest, its cash burn high and its fundraising options limited.
The Information first reported the company’s conclusion. In a statement, the company said that in the wake of “making great strides on our mission of making buying and selling frictionless for everyone, we have made the difficult decision to close our doors.”

The company, founded by Domm Holland and Allison Barr Allen, went on to describe itself as a “trailblazer,” saying that not all such parties make it to “the mountain top,” claiming that while it failed, the startup managed to “forever” change the world online commerce. How much credit the short-lived company can actually claim for work in the one-click checkout market is far from clear, but at least Fast is going out as it lived: giving itself more props than perhaps its business results warranted.

Fast posted a paltry six-figure revenue total in 2021, despite raising a $102 million Series B led by Stripe. The company’s burn rate was said to be as high as $10 million per month, or a simply massive multiple of its revenue, let alone gross profit.

A company imploding a year after raising nine figures won’t be a common story this year, but startup failures come in degrees; this is a more high-profile crash. Others will be slower-motion and less violent in their halt.

PitchBook data indicates that Fast was last valued at around $580 million, measured on a post-money basis. For the employees holding options that are now worth nothing, the company’s shuttering is a shock. Whether the company’s founders were able to sell some shares in the company’s huge Series B is not clear, but if they did, let’s hope they distribute the cash to their former staff.

The company has raised $124.5 million since its 2019 inception, according to Crunchbase. Besides Stripe, other investors include Index Ventures, Susa Ventures and Global Founders Capital.

As recently as March 28, 2022, Fast was inking deals such as one with The Honest Company to implement one-click checkout for its customers. Earlier this year, NPR reported on how CEO Holland had his share of controversy in Australia prior to starting Fast. Holland’s former startup, Tow.com.au, which aimed to be “the Uber of towing,” failed in what at least one person described as a “disaster.” NPR’s article noted that Holland’s previous venture was embroiled “in a multimillion-dollar billing dispute with the Australian state government over towing and impounding fees that led to the startup’s liquidation in 2018.”

Meanwhile, in the wake of Fast’s demise, community resources are already cropping up — including a list of former workers that is circulating. A quick scan of social media indicates that a number of companies are looking to snap up Fast staff. The talent market for startup workers is still hot, so perhaps the impact on those laid off today will prove short-lived.

Fast’s conclusion comes after some other richly valued startups have begun to pull back. Layoffs are ticking back up more broadly in startup land, and one very well-known unicorn cut its valuation to better incentivize its workers. Earlier today, TechCrunch reported that Workrise — which was valued at $2.9 billion last year after a $300 million raise — laid off what is believed to be “hundreds” of employees. This year is shaping up to look a lot different than 2021.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
×