Here’s a list of 5 failed startups from Toronto.
Some of them were big, with huge teams and funding rounds.
Others were smaller, ran by the co-founders, and with no funding.
But all of them shut down.
And each for a specific cause of failure.
5 Failed Startups Founded in Toronto
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2,189 Accelerators & Incubators
Information about the industries, countries, and cities they generally invest in.
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1,016 Unicorns
Information about their valuation, HQ's location, founded year, name of founders, funding amount and number of employees.
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1,190 Unicorns
Information about their valuation, HQ's location, founded year, name of founders, funding amount and number of employees.
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250 FinTech Investors
List of startup investors in the FinTech industry, along with their Twitter, LinkedIn, and email addresses.
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250 BioTech & Health Investors
List of startup investors in the BioTech, Health, and Medicine industries, along with their Twitter, LinkedIn, and email addresses.
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250 AI Investors
List of 250 startup investors in the AI and Machine Learning industries, along with their Twitter, LinkedIn, and email addresses.
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Verelo was a Canadian startup that offered web monitoring services from multiple locations. Not enough traction made the company shut down in 2012.
Details of the startup:
Founders:
McGrath, Michael Curry
Country:
Canada
Industry:
Analytics
Started in:
2012
Closed in:
2012
Nº of employees:
1-10
Funding Amount:
No Data
Specific cause of failure:
Lack of Funds
Verelo
You can read more about their failure here.
Wattage
Wattage was a platform with an ambitious goal: to break the entry barrier for hardware design. They weren't able to validate market interest.
Details of the startup:
Founders:
Brett Hagman, Jeremy Bell, Peter Nitsch
Country:
Canada
Industry:
Software & Hardware
Started in:
2014
Closed in:
2015
Nº of employees:
50-100
Funding Amount:
< $1M
Specific cause of failure:
No Market Need
Wattage
You can read more about their failure here.
Chowdy
Steve and his housemate were always complaining food was expensive in Toronto. So, they came with a solution: hire a chef for themselves and 20 friends. This simple idea quickly escalated into a business, that, within a few months, was making +$110,000 per month. But, as it went up fast, it also came down rapidly. The business was involved in some legal problems, which forced the founders to shut it down. Read Steve’s failure story and learn from his mistakes!
Details of the startup:
Founder:
Steven Long
Country:
Canada
Industry:
Food & Beverage
Started in:
2014
Closed in:
2016
Funding Amount:
$0
Specific cause of failure:
Legal Challenges
Chowdy
You can read more about their failure here.
Gymlisted
Gymlisted was a website for finding the right private gym. Every day, Tom would go home from his day job and code up features for Gymlisted until midnight. Once launched, they started with their marketing efforts. But they soon realized there was pretty much no demand for what they were offering.
Details of the startup:
Founder:
Tom Zaragoza
Country:
Canada
Industry:
Software & Hardware
Started in:
2017
Closed in:
2018
Funding Amount:
$0
Specific cause of failure:
No Market Need
Gymlisted
You can read more about their failure here.
REPitchbook
Charlie Reese is a Canadian software developer who came with (what he thought it was) a revolutionary idea for a SaaS business in the real estate industry. Using his knowledge in JavaScript, React, and SQL, he built a prototype in 6 weeks. But he failed to validate his idea and shut down.
Details of the startup:
Founder:
Charlie Reese
Country:
Canada
Industry:
Software & Hardware
Started in:
2017
Closed in:
2018
Funding Amount:
$0
Specific cause of failure:
Poor Product
REPitchbook
You can read more about their failure here.
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