// startup autopsy

Colvin

Barcelona DTC florist raised 75M EUR and was named Spain best startup in its sector — entered insolvency in 2024 and sold to a creditor for 1M EUR, a 98% value destruction

unit economicsSlow Bleed

Fatal mistake: Business Model

Founded	2017
Closed	2024
Country	Spain
Sector	Ecommerce

50%

// full analysis

Analyst plan

Documented cause

Cold-chain logistics and perishable goods create structurally negative unit economics that 75M EUR of VC capital could not overcome. The 45M EUR Series C extended the runway but did not fix the model. Founders ...

departed in 2023. Bridge funding failed. Insolvency filing early 2024; sold for 1M EUR to creditor Claret Capital.

Verified lesson

“Perishable goods D2C economics are structurally different from durable goods: CAC does not amortize over repeat orders w...”

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HypeCycle · MoatType · ResearchTags

Colvin raised €75M before business model ended it. See the documented cause, verified lesson and all failure signals.

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