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Clutch cuts staff to extend runway, citing market conditions (BETAKIT)
Clutch CEO Dan Park told BetaKit that the decision was in response to the current market conditions, noting that the startup “is not immune” to what is currently happening to tech companies around the world.
Property manager WanderJaunt ceases operations (SHORT TERM RENTALZ)
Customers attempting to contact WanderJaunt by phone were met with a voice message on its customer service line that said the company was ceasing operations due to “current economic conditions” and would no longer be operational from 30 June.
US companies Avanade, Nautical Commerce, Twilio, Dealpath plot Canadian expansions (BETAKIT)
This week, US-based Avanade, Nautical Commerce, Twilio, and Dealpath laid out their intentions to bolster their existing Canadian teams. “Every major city in this country is brimming with entrepreneurship, innovation and engineering talent," said Dino Marasco, Twilio Canada VP and GM.
Former Apple Exec’s Retail Company Files For Bankruptcy Less Than A Year After SPAC Deal (CRUNCHBASE)
The company, which operates mobile retail stores for tech gadgets, is seeking protection from creditors “due to a rapidly declining cash position that has rendered them unable to pay operating expenses, including payroll,” according to filings viewed by Bloomberg.
Bonsai has laid off around two-thirds of staff over last two months (BETAKIT)
Approximately 30 workers lost their jobs as part of Bonsai’s most recent cuts. The startup now sits at 25 full-time and contractor employees. Siddiqui said the layoffs affected the entire organization, from product and engineering to operations and customer service.
Goeasy plans to leverage its LendCare acquisition with online car sales startup Canada Drives (BETAKIT)
Jason Mullins, goeasy’s president and CEO, calls the expansion of the company’s automotive financing program a key strategic growth initiative. He said Canada Drives have built an impressive vehicle retail platform while “scaling the business to a meaningful level in a short period of time.”
Grocery-delivery companies race to compete in quick commerce (THE GLOBE AND MAIL)
In the space of a few months, the business model has shifted, highlighting how volatile the fledgling quick-commerce space is. While Canada’s largest grocers have already been investing heavily in expanding their e-commerce services, they mostly require shoppers to order at least a few hours in advance of a delivery. But that is beginning to change, as big grocers have begun to respond to these startups by testing their own quick-delivery options.
Three trends defining the future of cybersecurity (BETAKIT)
Larger organizations with fortress-strength cyber security protocols and hundreds of cyber security employees can still be impacted by attacks on one of the thousands of vendors and partners in their supply chains.
Softbank-backed online grocer Weee!, which recently raised $400 million, lays off 150 employees (BUSINESS INSIDER)
The layoffs affected 10% of the company's workforce but were targeted mostly at its corporate ranks, including the marketing team which was almost entirely laid off, according to three people familiar with the matter. CEO Larry Liu also shook up his executive ranks, with his VPs of marketing and human resources out and his CFO, Ankur Shah, set to leave in the coming weeks, these people said.
Tablz closes $3.2 million CAD to bring premium seating to the restaurant industry (BETAKIT)
Tablz wants to give diners the opportunity to pay an extra fee to book specific tables—enabling restaurants to monetize sought-after table space. “Restaurants are actually the last industry in the world to figure out revenue management,” said Tablz co-founder and CEO Frazer Nagy.
StockX Cuts 8% of its Staff (THE INFORMATION)
Sneaker resale site StockX laid off 8% of its workforce on Tuesday as inflation and economic uncertainty hurt consumer spending, the company confirmed. StockX has more than 1,500 employees, so the 8% implies a cut of around 120 people
US court partially rejects Urbx motion to dismiss Attabotic patent lawsuit (BETAKIT)
Much of the dispute centers around language and the description of the patents. Attabotics’ initial complaint alleged that Urbx has and continues to infringe two patents held by Attabotics, by “making, importing, using, selling, and/or offering to sell in the United States a robotic storage and retrieval system embodying [Attabotics’] patented invention.”
Caisse-backed Plusgrade completes $385-million deal for fellow Canadian travel-tech company Points (THE GLOBE AND MAIL)
Plusgrade said Thursday it had completed the deal, announced in May, paying $25 per share in cash days after Points shareholders voted for the takeover by way of a plan of arrangement. The deal was approved Monday by the Ontario Superior Court of Justice.
After raising over $1 billion USD in the last year, Faire CTO says startup is poised for growth during market downturn (BETAKIT)
At a town hall meeting today with Shopify CEO Tobi Lütke, the company’s staff was told to gird their loins. Employees heard that they should lower their expectations regarding company growth, and that hiring will slow. Meanwhile, Shopify revealed over 100 platform updates and feature launches through its new Editions showcase.
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