Zume, which raised $375 million from SoftBank to automate pizza-making with robots before switching to developing sustainable packaging, has shut down.
The company is insolvent and has retained restructuring firm Sherwood Partners to liquidate the assets for the benefit of the creditors, an alternative to bankruptcy, according to Martin Pichinson, Sherwood Partners’ cofounder. It ceased operations late last month, according to a person with direct knowledge.
Zume, which raised a total of nearly half a billion dollars in venture capital, was an early cautionary tale about the dangers of writing big checks to startups that hadn’t proved their product could scale profitably.
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