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There are booms and busts in investment markets?

Who knew?

The former tech “unicorn”, which is a privately owned start-up with a $1bn valuation, was worth $7.75bn just two years ago as Covid forced businesses to hold meetings online.

Hopin raised $1bn from venture capital investors after launching its app just as lockdowns shut down the world economy.

But now it is selling its digital events business after workers returned to the office and in-person conferences made a comeback.

Hopin declined to say how much the deal was worth. However, in a disclosure to US markets, video conferencing company RingCentral, which acquired the division, said it had paid just $15m upfront, with a further $35m available depending on how the business performs.

And no, don’t say government planning would be better, Firstly, they wouldn;t have planned it. And if they had they’d now be subsidising it. The truly great thing about capitalism is how it kills errors.

4 thoughts on “There are booms and busts in investment markets?”

  1. Since your next post has someone else wailing that people are all working from home so THEY’RE going broke, I suspect that simple incompetence is the cause of both problems.

    Of course it might just be bad luck.

  2. One says it’s for day to day office work the other is events so it’s possible for them both to be right, people are happy to turn up for events in person to get freebies, lunch etc, but not to sit in a cubicle having virtual meetings

  3. Business conferences have always been jollies. 2-3 days out of the office, get to eat out, maybe take in a few sights. You can’t replicate seeing Las Ramblas and some tapas on expenses with a Zoom call.

  4. The TechCrunch article is kind of interesting, in that the Founder and CEO, Johnny something or other, got replaced, and that Hopin is now a “strategic partner” of RingCentral., methinks. Good luck to the new guy. Going to need it.

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