Not long ago, it was a well-funded startup that wanted to disrupt one of the biggest industries imaginable, a company defined by its lofty ambitions, rapid growth and rampant hype. But Blue Apron seems to be in the midst of crashing and burning with a blinding brilliance rarely seen. (We tried asking Blue Apron the company didn't respond to an email seeking comment for this story). What happened? It's a question without a simple answer. The downward spiral has continued in the ensuing months, with Blue Apron's market cap sinking at one point below $100 million. The latest low point came this June, when Blue Apron was forced to conduct a reverse stock split in order to lift its share price above $1 and avoid being kicked off the NYSE. In retrospect, the peak may have been June 2015, when Blue Apron pulled in $135 million in venture funding at a $2 billion valuation from names like Bessemer Venture Partners and First Round Capital. Yet as recently as four years ago, some of the biggest investors in Silicon Valley thought the company had a chance to change the world. After an entire emergent industry went from red hot to ice cold. After the steadily shrinking customer base and the stock price that became locked in an inescapable tailspin. That's easy to forget now, after all the losses and the layoffs. There was a time when it really did seem like the next big thing.
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