Hey — It's Nico. Happy new year! 🎉

Packed newsletter to start 2023:

• 1 failed startup.
• 5 resources for founders.
• 5 startup news.
• 1 hot startup.

This issue is brought to you by Firstbase:

Did you know that your business could be forced to pay a fine up to $25,000 and dissolution if you do not file your annual reports and franchise tax reports on time?

Firstbase can help you avoid your business becoming the next victim!

Use Promo Code Email10 to save 10%!

​

Failed startup of the week: Wyre

Crypto payments and infrastructure provider company Wyre is shutting down, months after Bolt Financial offered them $1.5 billion to buy the firm.

Founded in 2013 by Michael Dunworth and Ioannis Giannaros, Wyre had raised a total of $29.1 million through nine rounds of funding.

According to reports from former employees, Giannaros sent an email over the holiday period informing team members of the decision to liquidate and cease operations in January 2023. It is alleged that no severance will be provided to employees.

The closure of Wyre is the result of the current crypto market crash and wider economic downturn.

​

What to check this week?

📈 Over the last 18 months, XO Capital grew its companies’ valuations from $300k to $1.3M. Here’s their 2022 review.​

💵 Scott DeLong is on a quest to turn $20k into a $500k website in 1 year and is sharing weekly updates.

🛠 This guide tells you which no-code tool you should use for your project.

🔥 Best and worst investments, favorite breakout company of the year, coolest moment of the year, and more, in this MFM podcast episode.

✉️ There are plenty of million-dollar newsletters. This Trends.vc report shares predictions, opportunities, and lessons about paid newsletters.

​

What happened this week?

📞 Shopify is clearing all meetings involving more than two people in a remote work ‘calendar purge’.

💰 Meta acquires smart lensmaker Luxexcel as it works toward AR glasses goal.

🙏 Former FTX CEO Sam Bankman-Fried pleads not guilty to US criminal charges​

❌ TikTok has been banned from US federal government-issued devices due to national security concerns.

💼 Winklevoss twins and their crypto exchange Gemini are sued for fraud over interest accounts.

​

Hot startup of the week: AlterPacks

This week, AlterPacks announced that it has raised $1 million in pre-seed funding, led by Plug and Play APAC and Seed Capital. The company is developing a technology that converts food waste into takeout boxes and other types of containers.

AlterPacks was founded in 2019 with the goal of reducing single-use plastics. The company uses spent grains, a by-product of manufacturing foods like beer, as its main raw material. These grains are typically used for animal feed or fertilizer, or are disposed of.

AlterPacks has developed a manufacturing process that turns spent grains into food containers that are moldable, microwave- and freezer-safe, and home-compostable.

The company will use the recently-raised funding to produce and commercialize its products in markets like Asia, Australia, and Europe.

​

What do you think of today's newsletter?

• ​🔥 Great​
• ​😒 Meh​
• ​👎 Not interesting​

Cheers,

Nico