The founders of data analytics startup WhyHive are swarming at the end of the month, shutting down on April 28.
The Melbourne startup, which described itself as “like Canva, but for data”, let users can upload surveys, sales, product reviews or spreadsheets and other data sources to the WhyHive app and create a quick and easy analysis with just a few clicks.
Cofounders T Guthrie and Matt Cohen came up with the idea while running a social enterprise data consultancy together. The duo took their inspiration from how Canva made design more accessible for everyday users, believing they could apply it to data analysis.
But now, less than six months after announcing they’d raised $600,000 in a pre-Seed round led by Skalata Ventures, with support from Culture Amp’s Jon Williams, Linktree’s Alex Zaccaria and Up Bank’s Dom Pym, Cohen took to LinkedIn to announce they’re pulling the pin.
At the time, Cohen revealed data about their raise, saying it took six months and involved 119 meetings in total. They met 81% of their investors via warm intros and 56% within a month of the round closing. The top reasons for investing were backing as founders (88%), followed by the market opportunity (81%).
Announcing the closure, he revealed they’d waited 18 months to announce the pre-Seed round – it actually closed the round in March 2023 because they “wanted to wait until it had been thoroughly tested by early adopters and was ready for a big launch”.
Cohen left his consulting role to focus on the WhyHive app following the raise, but said they needed more revenue and growth to sustain the startup.
“We set out to make data analytics more accessible and affordable, and I’m proud we made that a reality for the few thousand or so people who used the app,” he said.
“We tried new features, pricing models, and go-to-market strategies, but in the end we couldn’t make it work. It was also incredibly emotionally taxing; we’d reached our limits and couldn’t give any more.”
His cofounder, T Guthrie – who was cited as a also pointed to the burnout they experienced trying to get WhyHive to fly.
“We explored a lot of different paths, but over time, the toll of that effort built up, and both Matt and I ended up pretty burnt out. For me, that also came with some health issues, so I’ll need to take some time out to rest and get my body back on track (no need to worry, things are looking up),” she said.
“It’s really challenging to make this call on a project when you love what you’ve built so much, and so many individuals have contributed to its creation. Please know that it was something we’ve considered deeply, and we appreciate each and every one of you and what you’ve done for this vision, and for us personally.”
The duo thanked investors and customers for their support.
“Very few people get the privilege of being paid to bring an idea to life, and you gave us that. I’m sorry we didn’t succeed in the end,” Cohen said of the investors, adding that the enthusiasm and feedback from users “put a fire in our bellies. It’s been a joy building for you. The best days were always the days we got to show you what we’d built”.
Guthrie was philosophical about the end of WhyHive.
“As a wise person told me recently, to give something life is to give it death. One possible way for a company to ‘end’ is for it to become part of a bigger one, or to transform into something else, which of course would have been ideal,” the said.
“However, we know that many more companies end just like ours is, with the small team having their final Friday night drinks at the local pub, and meticulously turning off all the subscriptions.”
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