RigUp went from $300 million VC round to layoffs and a data breach - Business Insider

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Austin unicorn startup RigUp went from hiring 'at a rapid pace' to cutting 25% of staff in a matter of weeks. Now a data breach is adding to its woes.

, and lack of stimulus support badly hurt the startup because it relies on a healthy oil industry, employees say.

But a disastrous series of coronavirus-related events befell the high-flying startup, and the trouble may not be over yet: Security researchers say the startup, which managed oil workers' personal information, left a data breach open for weeks. The stunning reversal of fortune for one high-flying unicorn startup illustrates how quickly the economic shutdown triggered by COVID-19 changed the trajectory of some companies, and particularly startups in what had been a booming energy sector.

 

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