// STARTUP COMPARISON
Canva (early near-death) vs Scytl
Canva (early near-death) failed in 2013 due to Ran Out of Money. Scytl failed in 2020 due to Ran Out of Money. Both failed for the same reason — Ran Out of Money.
| METRIC | 🔥 Canva (early near-death) | 🔥 Scytl |
|---|---|---|
| Sector | SaaS | SaaS |
| Country | Australia | Spain |
| Founded | 2012 | 2001 |
| Died | 2013 | 2020 |
| Raised | $3M (seed) | $100M |
| Peak | $40B valuation (2021) | Elections in 42+ countries |
| Primary Cause | Ran Out of Money | Ran Out of Money |
// WHY EACH FAILED
🔥 Canva (early near-death)
Ran Out of Money
Canva, now one of the world's most valuable SaaS companies at $40B, nearly shut down in 2013 after Melanie Perkins received over 100 investor rejections. The company had $3M in seed funding but could not raise a Series A for months. Key hires were contingent on funding. Canva survived because Perkins refused to give up and eventually secured investment through a connection at a Silicon Valley event. The near-death experience defined Canva's capital efficiency culture.
// LESSON
The near-death experience is part of almost every great company's origin. What separates survivors from failures is not talent or idea quality — it is founder persistence past the point where rational actors would have quit.
The near-death experience is part of almost every great company's origin. What separates survivors from failures is not talent or idea quality — it is founder persistence past the point where rational actors would have quit.
🔥 Scytl
Ran Out of Money
Scytl was the world's leading provider of election technology, having processed votes in over 42 countries. It raised $100M from Vulcan Capital and others. In 2020 COVID-19 caused the cancellation or postponement of hundreds of elections globally — Scytl's entire revenue base. Unable to survive the collapse, Scytl filed for insolvency in June 2020 and was acquired by Paragon Group.
// LESSON
Market leadership in an event-driven market is concentrated risk, not a moat. When the event cycle pauses globally, your entire revenue base pauses with it. Diversify revenue streams before a black swan can.
Market leadership in an event-driven market is concentrated risk, not a moat. When the event cycle pauses globally, your entire revenue base pauses with it. Diversify revenue streams before a black swan can.
// EXPLORE FURTHER