Edtech Business

Just 15 Months After Raising $40M, Grovo’s CEO and Co-Founders Are Out

May 1, 2017

GROVO IN LIMBO: Just 15 months after raising a hearty $40 million in a Series C round, Grovo’s CEO Jeff Fernandez, along with his fellow co-founders Nick Narodny and Surag Mungekar, have resigned from the company, reports Axios. Also out are sales and marketing employees; the company claimed boasted more than 200 staff members back in 2016.

“Financial discipline was lacking” for the New York City-based startup, according to Axio business editor Dan Primack. The company has raised more than $62 million since launching in 2010.

This CNBC report from March on “crazy” company perks sheds more light on the profligate spending:

Employee training platform Grovo’s New York offices gets manicures on Friday, a gym and an in-house shoe shiner. In addition, it sends employees field trips it calls “Camp Grovo” to allow employees in the concrete jungle to get some fresh air.

(What hip startup office has a need for shiny shoes?)

Edtech Business

Just 15 Months After Raising $40M, Grovo’s CEO and Co-Founders Are Out

May 1, 2017

GROVO IN LIMBO: Just 15 months after raising a hearty $40 million in a Series C round, Grovo’s CEO Jeff Fernandez, along with his fellow co-founders Nick Narodny and Surag Mungekar, have resigned from the company, reports Axios. Also out are sales and marketing employees; the company claimed boasted more than 200 staff members back in 2016.

“Financial discipline was lacking” for the New York City-based startup, according to Axio business editor Dan Primack. The company has raised more than $62 million since launching in 2010.

This CNBC report from March on “crazy” company perks sheds more light on the profligate spending:

Employee training platform Grovo’s New York offices gets manicures on Friday, a gym and an in-house shoe shiner. In addition, it sends employees field trips it calls “Camp Grovo” to allow employees in the concrete jungle to get some fresh air.

(What hip startup office has a need for shiny shoes?)

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