Startups
Startups

PackLate shuts down: ‘We had to make our one basket work or die trying’

PackLate, the Conshohocken-based B2B startup that provided listings for vacation rentals, shut down as early as December because it wasn’t growing quickly enough, according to an announcement on PackLate’s website. Founder Steve Barsh did not respond to initial requests for comment. In late 2011, PackLate, which raised a $685,000 seed round from investors like First […]

packlate blue logo

PackLate, the Conshohocken-based B2B startup that provided listings for vacation rentals, shut down as early as December because it wasn’t growing quickly enough, according to an announcement on PackLate’s website.

Founder Steve Barsh did not respond to initial requests for comment.

In late 2011, PackLate, which raised a $685,000 seed round from investors like First Round Capital and Genacast Ventures in 2010, pivoted from a consumer-facing business to a B2B model. Following the pivot, Barsh reported a 10x increase in revenue.

On its website, the PackLate team offered some advice to entrepreneurs, including:

If you pivot, make sure that you have enough cash on board that you don’t have all of your eggs in one basket and you preserve optionality. Packlate could only afford one basket and that basket did not grow quickly enough. We realized we had to make our one basket work or die trying.

The PackLate team’s willingness to be open about what worked and what didn’t is one way to promote the “fail fast” spirit locally.

Read the rest of the announcement here.

 

Companies: First Round Capital / Genacast Ventures / Packlate

Before you go...

Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

3 ways to support our work:
  • Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
  • Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
  • Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, Technical.ly has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
The journalism fund Preferred partners Our services
Engagement

Join the conversation!

Find news, events, jobs and people who share your interests on Technical.ly's open community Slack

Trending

Gopuff lays off 6% of workforce, as it prepares for 'next leg of growth'

Philly coworking guide: 21 places to get work done

Philly Power Moves: Penn bets on AI with its first vice dean dedicated to the tech

5 local orgs with services and resources for startups and entrepreneurs

Technically Media