Tech giants that are expected to go public this year: Coinbase, Instacart and... Ruckify? Well, not anymore now that the company delayed their public listing after discovering a misuse of funds incident.
What's Ruckify: It's an online rental marketplace which lets users temporarily rent items from other users. Cool idea, right? Sure, but what's more impressive are its prominent founders, former Canopy Growth Corp CEO Bruce Linton and Better Software founder Steve Cody.
- They're joined by other big name investors including former Dragons Joseph Mimran of Joe Fresh and Brett Wilson.
What were funds misused for: No idea. The company didn't provide many details except that the CEO, Steve Cody, had resigned in January. However, the company is adamant that the resignation is unrelated to the incident.
Zoom out: In normal times, a company like Ruckify, which only operates in 5 cities wouldn't be going public. But with markets hot, any startup with a pulse is at least considering the move. The risk is that these companies aren't ready for a listing, and Ruckify's experience should serve as a cautionary tale.