Brandless Inc., a direct-to-consumer personal care and packaged goods company, is closing down.
“I'm confident the next great brands of tomorrow will be built from this experience.”The closure marks an embarrassing failure for SoftBank, which is struggling with other investments made by its $100 billion tech fund, including Oyo Uber Technologies Inc., and most notably, WeWork.
SoftBank bid up the valuation of WeWork parent company We Co. to $47 billion before a failed attempt at an initial public offering sent its value plummeting and forced the Japanese conglomerate to bail out the co-working startup.
The company is cutting all of its staff except for about 10 employees, who will say on to fulfill outstanding orders, handle customer questions and the like.
SoftBank invested the following year after its chief executive, Masayoshi Son, inspected an array of its products—from olive oil to eyelash curlers—flown to Tokyo for his perusal. | To read full story, visit https://startuparound.com/read/1581395406.0681808/SoftBank-backed-Brandless-shutters-less-than-2-years-after-investment?ref=audio_experience