Caastle Later, it became a inventory monetization platform for clothing retailersfacing financial difficulties, the company is Axios’ report.
Axios cited a letter from the board, reporting that the company had little funding, and CEO Christine Hunsicker resigned from the CEO and board of directors, which involved law enforcement to investigate alleged financial misconduct.
The company also confirmed to TechCrunch that it brings all employees together.
“The Board of Directors is very disappointed with the behavior that led to this moment. Our direct focus is to address the company’s challenges, support our employees and retain the value of our technology and business operations. We regret that we must turn to our employees for the time being, but we believe this will enable the company to successfully recover in our current situation.” After the company asked about the company’s status in its technical statement, the company asked about the company’s status in its technical statement.
Caastle raised more than $530 million in total, with its last round raising $43 million in 2019.
In that letter Also quoted by PuckThe board of directors accused Hunsicker of misleading some of the company’s investors about financial performance, as well as the company’s capital and outstanding shares, including two “forged” audit opinions.
Axios and Puck both reported that she was raising funds days before Hunsicker left the company and claimed the company’s health and financial status.
Axios noted that if the board’s allegations resulted in a fraud case against the founder, it would be one of the largest cases ever.
Last week, Charlie Javice, founder of student loan-applying startup Frank, was purchased by JPMorgan for $175 million. Convicted of deceiving the bank. The bank claims Javice has exaggerated the number of customers. However, Castle’s investment figure is three times higher.
While this may not be a typical boot-off experience, experts told TechCrunch 2025 is expected to be another cruel year For failed startup.
