R|T: The Retail Times – Instacart reportedly pulling IPO plans

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Plus: Does Shopify have a customer retention problem?

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The BetaKit Keynote Stage returns to SAAS NORTH 2022 (BETAKIT)

Similar to last year, SAAS NORTH’s main stage will be renamed the BetaKit Keynote Stage for the entirety of the two-day conference, featuring content co-programmed and moderated by BetaKit.

Instacart Is Said to Pull Plans to Go Public This Year (THE NEW YORK TIMES)

Instacart, the food delivery company, is pulling its plans to go public in 2022, in the latest sign of turmoil in the public markets, three people with knowledge of the situation said.

The company had been one of the few tech firms seeking to go public this year, as investors all but shut their doors to putting their cash in initial public offerings of unprofitable entities. Wall Street, spooked by rising inflation, the war in Ukraine and fears of a recession, has preferred putting cash into safer bets.

Nate Glubish new Alberta innovation minister as Premier Smith names cabinet (BETAKIT)

The appointment to minister of technology and innovation will likely come as no surprise as Glubish (formerly minister of Service Alberta) has a history with the innovation sector and has been vocal about his interest in tech.

Rapid-Delivery Startup Gopuff Fires Hundreds in Third Round of Layoffs (BNN BLOOMBERG)

The Philadelphia-based company has recently laid off as many as 250 employees, according to people familiar with the matter. The job reductions primarily affected customer service staff, which included a mix of full-time and temporary employees, the people said, asking not to be identified because they weren’t authorized to speak publicly. Gopuff had about 15,000 employees as of March.

Volta drops interim label, officially appoints Matt Cooper as CEO (BETAKIT)

The appointment to Volta’s permanent CEO comes five months after Cooper took on the interim role in May. He replaced outgoing CEO Martha Casey, who announced her departure in April to work with the International Institute for Sustainable Development.

Shopify has a growing problem with customer retention, Globe data study shows (THE GLOBE AND MAIL)

Ottawa-based Shopify provides tools to set up and operate online stores, and has quickly become the leader in its field. Shopify is one of the easiest platforms on which to launch an e-commerce business, and the company attracts a high volume of new store sign-ups. That has helped to boost Shopify’s business, but analysts have long noted it obscures the underlying long-term success rate of the company’s customer base.

With HQ half a world away, how do Xero’s Canadian hubs stay connected? (BETAKIT)

Speaking with BetaKit, VP of Engineering Patrick Smith explained how Xero’s hubs all stay connected to one another, how employees align to global business decisions, and what it means to ‘be a Xero’ around the world.

Goodfood CEO doesn't dismiss takeover possibility as pandemic boom fades (BNN BLOOMBERG)

In an interview Friday, Goodfood CEO Jonathan Ferrari said Goodfood has had “ongoing conversations, whether it be partnerships or other types of conversations.”

Manitoba government appoints board members of $50 million provincial fund of funds (BETAKIT)

The board consists of Exchange Income Corporate CEO Mike Pyle, who will serve as the board’s chair, as well as Falcon Capital Corporation president Steve Kroft, Enns Brothers CEO Ray Bouchard, University of Winnipeg chancellor Barb Gamey, and Manitoba Technology Accelerator CEO Marshall Ring.

Snapcommerce grabs its cape and becomes Super (TECHCRUNCH)

The company, which raised $85 million last year, describes its SuperCash card as a “first-of-its-kind, debt-protecting card” that provides users with rewards and cash back in a way that enables them to build credit.

Supply Chain Unicorn Flexport’s Financing Arm Gets $200M From KKR (CRUNCHBASE)

The investment comes in the form of a credit facility and will be used to grow the market of the lender, which helps finance importers and exporters along the supply chain which often face choppy cash flow issues.

Ten startups to be showcased at Edmonton Startup Week Launch Party (BETAKIT)

Since Launch Party first started in 2010, 115 companies have taken part and raised a collective $278 million USD in investment and $22 million CAD in grants to date, according to Edmonton Unlimited.

Amazon is quietly shutting down Fabric.com, one of the largest online fabric stores (THE VERGE)

Fabric.com, acquired by Amazon in 2008, is known for its robust offerings and low prices. Today is the last day for customer orders, according to an email sent to vendors.

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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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