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How Super raised $85 million USD after rebranding from Snapcommerce (BETAKIT)
Toronto-born Super.com has raised $85 million USD in Series C financing, nearly six months after rebranding from Snapcommerce as it expands its from travel and shopping discounts to financial services.
According to Super.com, the Series C round “significantly increases” the valuation of the company since closing its $107 million add currency Series B round in March 2021.
Shopify employees brace for more layoffs as the company cancels in-person gatherings ahead of earnings (BUSINESS INSIDER)
Internally, rumors have been swirling about layoffs for the last several weeks as in-person company events get cancelled. Company leadership told workers in the fall that it planned to change how it evaluated employees' performance. Employees now fear that fewer people will be graded positively on those evaluations, which Shopify calls "impact reviews."
Another round of layoffs hits Amazon employees in Canada (BETAKIT)
Another round of layoffs has begun at Amazon in Canada, as it moves forward with the plan to lay off 9,000 workers that it announced in March.
Amazon declined to share the size of the layoffs’ impact in Canada.
Despite swinging to a profit, Amazon’s e-commerce sales remain flat (MODERN RETAIL)
Amazon reported a profit in its first quarter earnings, driven by a robust increase in its services revenue. But Amazon’s core e-commerce growth remained flat, indicating that the Seattle-based juggernaut still faces significant challenges from inflation and tempered consumer spending.
Inside the reborn OneEleven (BETAKIT)
Toronto tech hub OneEleven has seen high executive turnover, an ill-fated national expansion, and in 2020, an abrupt shutdown that sent shockwaves through the local tech sector.
While questions remain as to why it went away in the first place, OneEleven is now firmly back. How did that happen and what does the innovation hub look like in 2023?.
Drone Delivery Startup Zipline Boosts Valuation To $4.2 Billion (FORBES)
In a market environment where few startup unicorns have raised funding at higher valuations, drone delivery startup Zipline is an exception.
The South San Francisco-based company is raising $330 million in a new funding round, according to two sources and a filing obtained by Forbes. The funding values Zipline at about $4.2 billion, a 55% increase from its $2.7 billion valuation reached two years ago.
RenoRun granted court extension in insolvency filing to pursue sale (BETAKIT)
RenoRun has filed for and been granted an extension as part of its insolvency process as the startup says it’s seeing a high level of interest from potential buyers.
India warns e-commerce giants, urges adoption of open network (TECHCRUNCH)
India will use the “full force of the government” to promote the adoption of its open e-commerce network, cautioning e-commerce giants failing to join the initiative within the stipulated time frame may result in withdrawal of the offer.
Open Network for Digital Commerce (ONDC) is an Indian government-backed initiative that strives to democratize the e-commerce landscape by offering a zero-commission platform.
How new tools will change the way developers learn to build software (BETAKIT)
Mark Paulsen, the Global Director of Enterprise Advocacy at GitHub, shared with BetaKit the major trends he's seeing globally, where Canada fits in, and why companies need to change their approach to skills training for developers.
With its U.S. future in doubt, TikTok Shop is thriving in Indonesia
(REST OF WORLD)
From an uncertain start in the region in 2021, TikTok Shop reportedly racked up a gross merchandise value of $4.4 billion across Southeast Asia over 2022, powered by a network of agencies who “manage” livestream presenters and shopfronts.
AI beauty lab Omy raises $11 million CAD to expand personalized skin care product line in North America (BETAKIT)
In collaboration with dermatologists, Omy has developed an AI-powered virtual skin consultant, which is able to conduct consultations with users to find the best ingredients for their skin care products.
Omy has raised over $13 million in total funding to date, which includes $2 million in grants and subsidy funding, as well as raising $50,000 in equity financing in 2019.
Fanatics moves one step closer to IPO, hiring Meta’s head of investor relations (CNBC)
Fanatics has long been rumored as a potential IPO candidate as the e-commerce and sports business platform has continued to increase its valuation and its reach.
In addition to growing its licensing and rights deals to include WWE’s on-site retail sales and the NHL’s official uniform, Fanatics has also pushed deeper into trading cards and collectibles, as well as live-streamed shopping.
General Assembly takes slice out of business, sells frozen pizza line (BETAKIT)
General Assembly, which is publicly traded on the TSX Venture Exchange, is selling its frozen pizza business to Piano Piano, a private Italian restaurant also located in Toronto.
According to General Assembly, the sale of its frozen pizza business removes substantial debt and financial obligations, providing “meaningful relief” to its balance sheet.
Walmart Is Using AI to Negotiate the Best Price With Some Vendors (BLOOMBERG)
The retail giant uses a chatbot developed by Mountain View, California-based Pactum AI Inc., whose software helps large companies automate vendor negotiations. Walmart tells the software its budgets and needs. Then the AI, rather than a buying team, communicates with human sellers to close each deal.
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