At the time, I said:
I’m not totally counting them out though. $8.25 million is a lot of capital to sit it out and wait for the market to come to you.
It turns out that maybe $8.25 million doesn’t go that far in terms of sitting and waiting. Bag, Borrow or Steal has just gotten their third round of venture capital financing, this time for $15 million, partially financed by Kuwait Holding Co.
Now I’m really scratching my head about the business model’s viability. If they’ve truly gone through $8.25 million in about a year, their burn rate is fast, furious and does not appear sustainable.