Public optimism doesn’t convert to checks, founders report

Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between. How quickly our world has changed. In late February, TechCrunch covered the news that TripActions, a unicorn four times over, had secured a $500 million credit line to help it scale its corporate travel-focused business;…

Public optimism doesn’t convert to checks, founders report

Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between.
How quickly our world has changed. In late February, TechCrunch covered the news that TripActions, a unicorn four times over, had secured a $500 million credit line to help it scale its corporate travel-focused business; however, it became known yesterday that TripActions is undergoing stiff layoffs after the corporate travel market transformed from growing to moribund in light of the global outbreak of COVID-19.
Many aspects of the public market are now different: public companies are pulling guidance; the Olympics is postponed; domestic life has been overturned by lockdowns and social distancing recommendations; and at the heart of what this publication covers, the venture capital scene has changed as well — not that you could tell from reading
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