Source: TechCrunch
Summary
Temple, a wearable startup founded by Zomato co-founder Deepinder Goyal, has raised $54 million in a friends-and-family funding round. The round values the company at around $190 million post-money. The funding will be used to develop Temple’s wearable technology.
Our Reading
The launch follows a familiar script.
Temple, a new wearable startup, raises $54 million from friends and family, because who needs strangers when you have acquaintances? The company, founded by Zomato co-founder Deepinder Goyal, is valued at $190 million, because that’s what friends are for. Temple plans to use the funding to develop its wearable technology, because that’s not a crowded market at all. This is the part where we pretend to be surprised by another “innovative” wearable startup.
And Temple is just the latest example of a “new” company that’s just rehashing old ideas with a fresh coat of paint.
Wearable Tech: Because We Didn’t Have Enough Already
Temple’s funding is just another example of the wearable tech industry’s ability to attract investment, despite a lack of innovation.
The Friends-and-Family Round: A Time-Honored Tradition
Raising money from friends and family is a classic move, especially when you’re a well-connected entrepreneur like Deepinder Goyal.
Valuations: Because Who Needs Revenue?
A $190 million valuation for a company that’s still developing its product? Sounds about right for the tech industry.
Author: Evan Null
