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How a Startup Folded Just a Year After Raising $85 Million

Gul, 33, said one of Airlift’s mistakes was not to raise more funds last year, when the markets were more favorable. This year, investors’ attention has turned from growth toward earnings potential, bringing startups’ business models under more intense scrutiny. As Airlift prepared for it latest fundraising effort, it let go a third of its employees, reduced the target size of the round and lowered its valuation.

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