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.
Illustration: Sarah Grillo/Axios
A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.
Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).
Illustration: Aïda Amer/Axios
Attitudes and beliefs about racial inequality are changing quickly as protests and media attention have helped highlight the gaps in opportunity between white- and minority-owned businesses in the United States.
Driving the news: A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.
Photo: Ben Stansall/AFP via Getty Images
BP posted a $6.7 billion second-quarter loss and cut its dividend in half Tuesday while unveiling accelerated steps to transition its portfolio toward low-carbon sources.
Why it matters: The announcement adds new targets and details to its February vow to become a "net-zero" emissions company by mid-century.