INSUBCONTINENT EXCLUSIVE:
To announce their funding and vision to create the unmanned store of the future, Bodega briefed a number of journalists on its big idea
nightmarish lesson in poor branding and messaging.
Why do tech wizards keep thinking of new and more horrible ways to avoid dealing with
Overnight, the company went from just another early-stage commerce business to the symbol of everything that is wrong with Silicon Valley
until a Bloomberg story proved its juice packets could be squeezed by hand, no machine necessary
Or would it take the public condemnation in stride, hearing out the critics and amending its brand as necessary?Two years after its
ill-fated launch, the latter seems to be true
say Bodega endured one of the most catastrophic company launches in the history of tech startups
But the press cycle surrounding Bodega was more than an attack on the startup alone
Time and time again, VCs had proven their willingness to inject millions into standard concepts lacking originality
A juicer had raised more than $100 million, after all, scooters were beginning to attract private capital and Soylent, which sells a meal
replacement drink fit for techies, was hot off the heels of a $50 million round.A mini-fridge equipped with computer vision technology
Questioning why it had the support of VCs was only fair.An innocent misunderstanding?Behind the upsetting name was a business developing
hundreds of five-foot-wide pantry boxes to be housed in luxury apartment lobbies, offices, college campuses, gyms and more
-James Currier, NFX .Bodega was founded by a pair of Google veterans, Paul McDonald and Ashwath Rajan
It had all the ingredients for a successful startup stew
competitive associate product manager program
Both attended top universities: University of California -Berkeley and Columbia University, respectively
After all, many of the best businesses endure the wrath of bloggers, competing founders and the general public
As for VCs, high-risk bets are just part of the ball game.DCM Ventures, a United States -based venture capital fund with offices in
Beijing, Tokyo and Silicon Valley, was the first to agree to invest in Bodega following the PR disaster
The firm, an investor in Lime, Hims and SoFi, led a $7.5 million Series A financing in the business in early 2018, the company confirmed
DCM vice president David Cheng is also actively involved with the company, according to his bio.Finally, after pocketing nearly $10 million
founders Paul McDonald (left) and Ashwath Rajan (Courtesy of Stockwell).A new eraWith a new logo and a toned-down, somewhat bland identity,
Stockwell had a fresh start and, soon, more attention from top VCs
In late 2018, the company raised a $35 million round of funding co-led by Uber and Slack-backer GV, formerly known as Google Ventures, and
NEA, an investor known for bets in Coursera, MasterClass and OpenDoor, Stockwell has confirmed
Stockwell, however, declined to confirm the figure.Instead of announcing the news via TechCrunch, Venture Beat, Forbes or another tech
publication, as is the norm for fast-growing consumer-facing startups, Stockwell remained mum on financing events and scaling plans,
rewrite its narrative, Stockwell was heads down, iterating, expanding and quietly raising millions
Bad press can break a startup, and given the sheer number of negative reports on Stockwell so early on, the company had already defied the
We kept a low profile and concentrated on our core product, the mission, and the people who work for us
Francisco Bay Area, Los Angeles, Houston and Chicago
Stockwell has used its latest infusion of funding to explore shared ownership models, i.e
the opportunity for anyone to run their own Stockwell store
judgments, evaluate products quickly and can develop distaste for brands in a matter of seconds
And first impressions are hard to change
The case of Bodega is much more extreme and, as such, serves as the ultimate lesson for founders searching for the best way to tell their
At the end of the day, avoiding a complete and total train-wreck is easy if you include a diverse group of people in the naming process and
