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One year after raising $6.5 million, GoodGood shuts down claiming it can’t find more money (BETAKIT)
Per documents obtained by BetaKit, GoodGood initially set out to raise $10 million in equity capital and debt during the summer of 2022, amid a challenging fundraising landscape and a looming recession. As the company noted: “investor’s priorities have shifted.”
After months of trying to raise funding, while burning tens of millions of euros a month, Gorillas is now reportedly being sold for $590m in cash and equity to Getir. The startup was valued at $3bn at its last funding round in September 2021.
“Investors continue to monitor market conditions in anticipation of an inflection point, while founders hold off fundraising at decreased valuations,” says CVCA CEO Kim Furlong.
Amazon to shut down food delivery business in India (TECHCRUNCH)
“Customers have been telling us for some time that they would like to order prepared meals on Amazon in addition to shopping for all other essentials. This is particularly relevant in present times as they stay home safe,” the company said at the time of Food launch.
Lenz said the “ego raising” that she saw in 2021 can be blamed on both sides: companies wanted to raise bigger rounds, and VCs have their own fund dynamics for which they want to put a certain amount of capital to work.
Violent protests erupt at Apple’s main iPhone plant in China (BNN BLOOMBERG)
Workers at the Foxconn Technology Group plant streamed out of dormitories in the early hours of Wednesday, jostling and pushing past the white-clad guards they vastly outnumbered, according to videos sent by a witness to portions of the protest. Several white-suited people pummeled a person lying on the ground with sticks in another clip. Onlookers yelled “fight, fight!” as throngs of people forced their way past barricades. At one point, several surrounded an occupied police car and began rocking the vehicle while screaming incoherently.
Prairie tech celebrates its own with Calgary Launch Party, Start Alberta Awards, Startup TNT Summit (BETAKIT)
This year’s Launch Party highlighted 10 Calgary startups, with three taking home prizes for the People’s Choice Award, Alumni’s Choice Award, and the Alex Raczenko Pitch Award, respectively.
Ottawa-based company Shopify is resisting calls to cut ties with the controversial site accused of being anti-LGBTQ2 and known as “Libs of TikTok,” which sells merchandise on the e-commerce platform plastered with allegations of “grooming” of children.
Singh founded Acuva in 2014 with a mission to enable clean drinking water using technology and so far he’s secured $8.4 million in growth financing to do it.
Speaking with BetaKit, Singh shared Acuva’s growth story, how he’s prioritizing local impact while growing globally, and the challenges the company has faced scaling in Canada.
The e-commerce giant plans to allocate 10 billion yuan ($1.40 billion) for a fund to assist employees of JD and recently-acquired courier firm Deppon Logistics with buying homes, according to an email to staff signed by JD founder and chairman Richard Liu.
“The change to electric vehicles is the right thing for the industry to do to remain competitive and profitable,” said Richard Dunda, the Director of the Centre for Integrated Transportation and Mobility.
The co-founders said they take responsibility for the layoffs, which were the result of over-hiring in 2021 smacking into economic headwinds in 2022:
“Each and every one of you have made important contributions to this company, and saying goodbye to talented Nurons is not a decision we have taken lightly. For those of you leaving Nuro, we are very sorry for this outcome — this is not the experience we wanted to create for you. We made this call and take full responsibility for today’s circumstances,” said the co-founders in an email.
Attabotics secures $95 million CAD from EDC, Ontario Teachers’ to scale its warehouse robots (BETAKIT)
Over the past six and a half years, Calgary-based 3D robotics supply chain firm Attabotics has focused its efforts on turning what began as a blank sheet of paper into a commercialized warehouse automation system for retailers.
With its tech finally ready and $95 million CAD ($71.7 million USD) in fresh “Series C-1” funding, Attabotics founder and CEO Scott Gravelle said the startup is prepared to start scaling.
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