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Beepi, an online used car marketplace that had raised $150 million in VC funding, is no more. Not officially bankrupt, but out of business and selling off remaining assets to pay creditors. In short: Too high a burn rate married to an inability to raise enough new funding.

Investors who backed the company at a $564 million post-money valuation in mid-2015 are expected to get nothing. That includes SAIC Capital, Redpoint Ventures, Foundation Capital, DST, D.E. Shaw, Sherpa Capital and IDG Ventures USA.

  • Good write-ups on this debacle over at the WSJ and TechCrunch.
  • Sherwood Partners, which is managing the wind-down, tells us that, as of last night no asset sale contracts had yet been signed (despite some reports to the contrary).
  • A mystery here is why a previously-announced merger with a company called Fair.com seems to have collapsed at the last minute, and why some of Beepi's VC board members left when that deal was signed (rather than when it was consummated). The founding team is keeping things very quiet, even from many Beepi investors, which is a lousy strategy if they plan to ever launch another company.
  • There had been talk before the Fair.com agreement that Beepi might sell to VC-backed rival Shift, but that company says it hasn't had any discussions with Beepi since December (and also hasn't gotten a call from Sherwood).

Go deeper

Instagram pauses development of platform for kids

Photo: Lorenzo Di Cola/NurPhoto via Getty Images

Instagram announced Monday that it is pausing its plans to develop a version of its platform for children under 13.

Why it matters: Facebook has received backlash since the Wall Street Journal published a report that showed the company knew its Instagram app is harmful for teenagers.

Stock buybacks boom as corporate cash piles grow

The Delta variant is keeping more companies cautious about how to invest the mountains of cash they have at their disposal. That hesitancy has led, in part, to corporate spending on stock buybacks outpacing capital expenditures this year. 

Why it matters: Companies hoarded cash and raised prices over the past year — leaving them with a lot of money and decisions about what to do with it.

3 hours ago - Health

Health policies at stake in Democrats' infrastructure bet

Illustration: Annelise Capossela/Axios

Democrats are at a pivotal moment in their quest to expand health care coverage, slash the cost of prescription drugs and create a social structure that prioritizes people's health.

Driving the news: Democrats have a clear list of health care priorities they'll be fighting for this week. Among them is a measure to expand Medicare to cover dental, vision and hearing benefits.