If this continues, “honestbee” isn’t going to be a proper noun but a verb.
And here’s how to use the verb in a sentence:
Employee: Boss, we have a lot of funds, right? Can we have a pool table in the office? It’ll look super cool and everyone will want to work for us. Good for branding, too. We can also Instagram a lot here!
Boss: No, we’re not going to honestbee this company.
If that’s not obvious enough, it’s a verb to describe the action of spending lots of money in company to make it look nice nice without thinking of profitability and sustainability.
And it’s not just honestbee; in Singapore, there are more examples, like some 3D printer company we’ve all forgotten about or your rich friend’s Instagram-worthy café.
But honestbee might be the one that’ll be in history books.
And here’s why.
A Timeline of honestbee’s Sudden Woes
Time travel to early this year and you might want to join the startup, even as a photocopier, just to immerse in that open-office cool af working environment with lots of Instagram-worthy areas.
But in May, everything changed.
The startup cut 10% of its global workforce.
Rumours that they’re running out of money surfaced, with TechCrunch reporting that they were losing $6.5 million a month.
They stopped business in four out of the eight countries they were in, and stopped food delivery in three countries, including Singapore.
Their CEO, who is also a co-founder, “left” the company.
And last week, it “temporarily” stopped operating in Malaysia.
Recently, more allegations surfaced and honestbee is well on its way to become a verb.
Malaysia Restaurant Claimed honestbee “Ghosted” Them
Upon the news of the startup stopping its business in Malaysia, a restaurant there has stepped up to allege that honestbee owed them “a few thousand RM” for “a few months”.
According to them, honestbee “disappeared” for a few months, then suddenly informed them that they are suspending the business there, and “detailed timeline for the outstanding payment will be communicated as soon as it is available to us.” They then called to take back the tab (probably the thingy used to receive orders).
Now, this is aging accounts receivables, which is very common (but absolutely not right!) in business, whereby credit is given from one business to another.
But here’s the thing that’s uncommon.
Delay in Salary
Back then, there were rumours of untimely salary but honestbee claimed that it was “untrue”, and that they will “ensure that all employees, across all markets, are paid in a timely manner.”
But fast forward three months later, and it’s revealed that there were, indeed, delays in paying salary, though it’s unknown if it’s for current staff or staff who have left.
According to a spokesperson who spoke to Marketing, the delays are true and the new management team is working to remain transparent to their staff on payment issues.
They added, “We understand the significant impact this has on our staff and their families and remain committed to meeting our financial obligations to them in a timely manner.”
Vulcan Post managed to speak to two honestbee ex-staff who alleged that their salaries were delayed for one and two weeks, and the explanation by honestbee was that “the money they were expecting did not come in.”
Well, what money are we talking about?
According to sources from Mothership.SG, CPF contributions were also affected, with the recovery department in CPF being notified.
In a townhall meeting earlier last month, honestbee allegedly promised that two rounds of fresh funds would be in before the end of June and that would solve the problem.
Ah, yes, this could be the “money” mentioned earlier.
Honestly speaking, I’m no businessman, but if funding, not revenue, is used for the bees to make honey, then I’m betting my boss’ car that honestbee is going to be in the Oxford Dictionary next year #justsaying
Here’s a simplified summary of the South Korea martial law that even a 5-year-old would understand:
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