Holland claims he tried to help those businesses, but some saw Holland's later success as unfair. NPR also found that Holland's past business, an Australian towing startup that ended in liquidation, went under following a dispute with the Australian government, and some mom-and-pop towing businesses say that, collectively, they lost millions of dollars. While it's not unusual for companies to hire offshore engineers as they're starting up, the experience left some of the Nigerian engineers with negative feelings. A handful of them told NPR that Holland took credit for their work. But Holland, a charismatic leader known for hijinks like racecar stunts and skydiving, convinced Silicon Valley investors that his company would outpace smaller competitors like Bolt and Shopify.īut even as Holland stirred new excitement among tech investors, NPR's investigation found that the company's checkout product was spotty at best and was not being used on all products by merchants the company claimed were its biggest partners.įast hired engineers in Nigeria to build an early version of Fast's technology that was used to pitch investors-before abruptly firing those engineers. Paypal and Apple are among the largest and most formidable players in the space. Amazon's patent on one-click checkout expired five years ago, setting off a goldrush among companies like Fast to try to offer the tool to the rest of the web. He zigzagged around Silicon Valley calling himself " the fastest CEO in the world," received glowing media attention and appeared on podcasts, touting his "frictionless" checkout button.įast aimed to bring the one-click checkout feature now available on Amazon to the rest of the Internet. The early turbulence didn't slow down Holland. Abulafia was unavailable to comment on Tuesday. Abulafia was pushed out, according to several former employees close to the situation. Fast's quick and bumpy riseįast was founded in 2019 by Holland, former Uber executive Allison Barr Allen and Australian entrepreneur Joshua Abulafia.īut after about a year, Holland and Abulafia got locked into a dispute over finances and the direction of the company. It is unclear how many engineers will accept the jobs. But even in those situations, they pave a way that all others will follow," Holland said, adding that the company had done that with its one-click checkout software.Īffirm, a San Francisco consumer lending startup, said it would extend employment offers to the vast majority of Fast engineers "to advance our existing product," a company spokesman confirmed. "Sometimes trailblazers don't make it all the way to the mountain top. In a statement confirming Fast's closure, Holland said he is grateful for the employees and investors who shared his vision of improving how shoppers buy stuff online. NPR published an investigation in February in which some close to Fast raised doubts about Holland's decision-making, and others who knew him in his home country of Australia revealed lingering bitterness about the downfall of his company there. "It was like, 'how quickly can we set money on fire?'" "With Fast," said one former employee who requested anonymity out of fear of retaliation. Several rank-and-file workers, whom the company referred to as "Fastronauts," told NPR they had noticed Holland pouring significant money into deals aimed at creating marketing buzz, like partnerships with sports teams. The tech publication The Information first reported that Fast generated about $600,000 last year. The company was embarking on its next fundraising round, attempting to bring in new money at a valuation above $1 billion, also known as unicorn status in Silicon Valley, when it ran into trouble.įast had hired hundreds of employees, including highly paid executives, but the startup's product was generating little revenue, according to several former employees. Harry Murphy/Sportsfile for Web Summit via Geįast, a buzzy startup that attracted more than $120 million in investment to help people expedite online purchases, is shutting down, according to the company's chief executive, Domm Holland.įast had stood out in the crowded field of one-click checkout startups after it landed a $102 million infusion of cash in a fundraising round last year led by payments giant Stripe. On Tuesday, he announced the startup would close its doors. Fast CEO Domm Holland at Web Summit 2021 in Lisbon.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |