R|T: The Retail Times – Inside Amazon’s strategy to shield its profits from Canadian taxes

Amazon box rigged to be a trap with a stick and string
Plus: Shopify completes acquisition of Deliverr.

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Shopify completes acquisition of Deliverr, plans launch of two-day and next-day delivery service (BETAKIT)

As the two consolidate, Shopify and Deliverr will be working together to launch Shop Promise, a new service that will offer consumers two-day and next-day delivery options.

Inside Amazon’s strategy to shield its profits from Canadian taxes (THE GLOBE AND MAIL)

Amazon.com Inc. used a complex web of subsidiaries for years as part of a corporate strategy to limit taxable profits in Canada, according to documents that governed employee behaviour at the company during its rise to dominance as the country’s largest online retailer.

Fieldless Farms secures $17.5 million to expand indoor farm, leafy greens product line (BETAKIT)

Launched in 2019, Fieldless uses indoor farming technology to produce leafy-greens year-round. Known as controlled environment agriculture (CAE), Fieldless said it allows the farm to create an ideal climate for growing produce throughout the year.

Amazon Has Been Slashing Private-Label Selection Amid Weak Sales (THE WALL STREET JOURNAL)

Amazon’s private-label business, with 243,000 products across 45 different house brands as of 2020, has been a source of controversy because it competes with other sellers on its platform.

AI/ML Social Impact Accelerator Accepting Applications

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The next cohort begins Sept. 1, 2022.

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Delivery startup Gopuff cuts 10% of its global workforce and closes 76 U.S. warehouses (CNBC)

The layoffs impact about 1,500 employees who will be notified throughout Tuesday, the letter said. The company is also closing 76 warehouses, about 12% of its network, across the U.S. while expanding services at other higher-performing sites.

Hackers are smart but lazy. Here’s how startups can take advantage (BETAKIT)

When multi-factor authentication became widely available, many believed it was enough to stop all hacker attacks. Now, even multi-factor authentication is being targeted by hackers.

Live events startup Hopin, valued at $7.8 billion, is laying off 29% of staff in its second wave of job cuts in 2022 (INSIDER)

Founded in 2019 by 28-year-old British entrepreneur Johnny Boufarhat, UK-based Hopin offers conferencing software for virtual and hybrid events, with its paid plans ranging from $99 to $799 per month or higher. The firm grew quickly during the pandemic, and attracted $1 billion in venture capital funding from backers on the hunt for future “winners” of hybrid work.

Shopify cancels fall internships, pauses recruiting for further roles amid fallen stock price (THE GLOBE AND MAIL)

Shopify is cancelling internships and job offers for people who were to begin working for the Ottawa-based e-commerce company this fall, as it deals with challenges posed by its fallen stock price.

Electric toothbrush startup Bruush files to go public on Nasdaq with $17.25 million IPO (BETAKIT)

Sold in the United States and Canada, the company claims to have over 28,000 active subscriptions in its program, whereby a customer will receive a toothbrush head refill every six months. In November, comedian and actor Kevin Hart joined Bruush as a partner and celebrity endorser.

Event Planning Platform Planned Survives Pandemic Lockdowns And Secures $18 Million A Round Funding (FORBES)

The size of the market and complexity around planning and executing such events made the industry ripe for digital disruption like what happened to the travel booking and movie and sports ticketing industries. Yet no all-in-one tool existed until Planned.

Goeasy plans to leverage its LendCare acquisition with online car sales startup Canada Drives (BETAKIT)

Goeasy intends to leverage its 2021 acquisition, Fintech startup LendCare, as a preferred non-bank financing provider on Canada Drive’s online automotive retail platform. The investment is being made in four installments and is structured as a convertible note that will convert into preferred shares.

The Speedy Downfall of Rapid Delivery Startups (WIRED)

The downfall of superfast delivery reflects the sobering mood of 2022. In the last two years venture capitalists sunk nearly $8 billion into the six rapid delivery startups competing in New York City, encouraging fast growth and a land grab. Now, investors are increasingly demanding profitability.

Pakistan’s e-commerce darling Airlift shuts down (REST OF WORLD)

“While the global recession and recent downturn in capital markets have affected economic activity across the board, it has had a devastating impact on Airlift and rendered its shut-down inevitable,” said Pakistan’s highest-valued startup, Airlift, in a statement.

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Michael Edgar

Michael Edgar

Michael is a multimedia journalist working out of the U.K. and a staff writer for BetaKit.

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