A venture-backed company not built for venture capitalists is on the verge of an IPO. One knock on venture-backed, e-commerce startups over the years is that they are sometimes built around the tastes of venture capitalists and big-city entrepreneurs, and not the vast majority of average Americans who live outside of U.S. technology hubs. Call it the Silicon Valley blind spot.
In recent years, that blind spot has became a problem for companies like Fab, One Kings Lane and Juicero, each of which raised north of $100 million in investments only to find that their core customer base was much smaller than they had hoped. Not to mention all the on-demand dry-cleaning, car-valet and meal-delivery startups that have flopped. [ Recode ]