Shyp startup sails into sunset
Shyp, a once-hyped San Francisco-based startup that aimed to streamline sending packages, has shut down, Fast Company reports. It had laid off employees and scaled back operations last summer. The company had raised $63 million, mostly from Kleiner Perkins, whose John Doerr sat on its board.
Why it matters: No one enjoys hauling boxes to the UPS or Fedex counter, and startups love to promise to remove "friction" from our lives — but sometimes relieving inconvenience just isn't profitable.