Seattle Startup Round Shuts Down After $12M Series A as Tech Downturn and VC Model Challenges Loom

Seattle startup Round, which raised $12 million in Series A funding and quickly reached $1 million in annual recurring revenue, shut down due to challenges from the 2022 tech downturn and flaws in its venture-backed business model dependent on employer-sponsored memberships. CEO Ryan Fuller reflected on the risks of venture capital funding and the impact of macroeconomic factors despite investor support.