// STARTUP COMPARISON
Movile (iFood separation) vs Bulb Energy
Movile (iFood separation) failed in 2021 due to Failed Pivots. Bulb Energy failed in 2022 due to Bad Timing. Different causes, different sectors, different eras — but the same simulation outcome.
| METRIC | 🔥 Movile (iFood separation) | 🔥 Bulb Energy |
|---|---|---|
| Sector | Consumer | Consumer |
| Country | Brazil | UK |
| Founded | 1998 | 2015 |
| Died | 2021 | 2022 |
| Raised | $300M+ | £165M |
| Peak | $1B+ portfolio | 1.7M customers |
| Primary Cause | Failed Pivots | Bad Timing |
// WHY EACH FAILED
🔥 Movile (iFood separation)
Failed Pivots
Movile was Brazil's original mobile technology conglomerate, incubating iFood (food delivery), PlayKids, and other apps. As iFood grew to dominate Brazil's food delivery market (backed by Prosus/Naspers), it spun out as an independent entity. Without iFood, Movile's remaining portfolio lacked a clear value driver. The parent company's strategic direction became unclear and investor confidence in the remaining portfolio declined.
// LESSON
If one portfolio company drives 80%+ of your conglomerate's value, plan for its independence from day one. Build the remaining portfolio around a clear thesis that can stand alone. When the crown jewel leaves, the parent must have a reason to exist.
If one portfolio company drives 80%+ of your conglomerate's value, plan for its independence from day one. Build the remaining portfolio around a clear thesis that can stand alone. When the crown jewel leaves, the parent must have a reason to exist.
🔥 Bulb Energy
Bad Timing
Bulb Energy served 1.7M UK customers on fixed green energy tariffs. In 2021 wholesale gas prices surged over 400%. Locked into fixed prices, Bulb could not pass costs to customers. It entered UK government special administration in November 2021 — the largest UK energy company failure in history. Octopus Energy acquired it in 2022 for £2.4B.
// LESSON
Fixed-price contracts in commodity markets are inherently short positions. When the commodity moves against you at scale, no brand equity absorbs the loss.
Fixed-price contracts in commodity markets are inherently short positions. When the commodity moves against you at scale, no brand equity absorbs the loss.
// EXPLORE FURTHER