Hundreds of Well-Funded Startups Haven’t Raised Money Since 2021
Nearly 280 startups that secured over $100 million each haven’t closed new funding rounds in more than three years.
Many startups raised massive amounts of money during the investment boom. But since 2021, hundreds of these companies haven’t brought in new funding—even some that were once considered unicorns.
Data shows that 279 startups raised at least $100 million in equity funding but haven’t announced a new funding round since 2021. These include well-known names from industries like fitness tech, e-commerce, and consumer apps—sectors that have seen a steep drop in investor interest.
$77 Billion in Past Funding, But Few Recent Rounds
Together, these startups raised a staggering $77.4 billion before their funding streaks paused. That amount equals what global startups typically raise in an entire quarter. Clearly, this isn’t just pocket change.
Importantly, not all these companies are struggling. Some remain strong players in their markets. For example, Automattic, the company behind WordPress, last raised money in 2021 at a $7.5 billion valuation. One investor recently reduced its valuation by 10%, but that’s still relatively stable.
Grammarly, another familiar name, was on the same list until last week—when it announced a new $1 billion funding round. It had previously raised $200 million in 2021.
Advertisement
Multiplier | The World's Leading Global Human Platform
Multiplier is a leading global employment platform that manages employment, payroll & compliance for International Teams. Multiplier makes it easy to hire, onboard, manage, and pay employees and contractors around the world. We offer end-to-end global employee management – All in one place!
Still Operating, But Valuations Have Shifted
Several of these startups are still performing well, even if they’re no longer investor favorites.
Lime, which rents out electric bikes and scooters, reported record revenue and positive free cash flow in 2023. Yet the micromobility industry as a whole has lost favor among venture capitalists.
Noom, a weight-loss app once valued at $3.7 billion, has shifted its focus. It now offers GLP-1 weight loss drugs and hormone therapy for menopausal women.
CloudKitchens, the ghost kitchen startup led by Travis Kalanick, has also evolved. While interest in cloud kitchens has cooled, the company continues operating and exploring new tech solutions to grow.
The Future of Startups Is Hard to Predict
The journey of startups after raising money varies widely. Some unicorns lose momentum quickly, while others quietly continue to grow.
And some may no longer be worth their peak valuations—but they’re still viable, functional businesses. For many of these companies, the road ahead could still hold success.