NEW YORK, NY – APRIL 29: Kevin Ryan, Founder and CEO of Gilt Groupe speaks onstage at the TechCrunch Disrupt NY 2013 at The Manhattan Center on April 29, 2013 in New York City. (Photo by Brian Ach/Getty Images for TechCrunch)
“However, the reality of our business is that it would take a lot more financing and time to educate the market and we simply couldn’t raise the funds required in what is a very difficult time for hardware companies in the smart kitchen space”. Seriously, 11 million dollars is not enough funding? The deck of cards supported by excess venture capital funding collapsed again like another startup Juicero did. If they raised 11M did they have enough sales to support the valuation or it was another bloated tech valuation because of excessive capital available in the VC industry with VCs sprinkling capital and chasing the elusive unicorn!