R|T: The Retail Times – Rapid grocery apps fail to deliver

Grocery Store
Plus: Instacart Cuts Internal Valuation Third Time.

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IP expert Peter Cowan tapped to head Intellectual Property Ontario (BETAKIT)

Cowan has been working as IPON’s head since least late summer, multiple sources confirmed to BetaKit. Those sources, who asked to remain anonymous as they’re not allowed to speak publicly on the matter, noted that Cowan has been taking meetings with members of the ecosystem for several weeks.

Amazon executive who threatened Marketplace shutdown ahead of antitrust review leaves company (THE LOGIC)

James Maunder, the senior Amazon Canada executive who threatened to shut one of the tech giant’s e-commerce platforms in the country if Ottawa moves ahead with stricter competition laws, has left the company.

Alberta tech CEOs sign letter claiming restrictions over “software engineer” title hampering province’s talent gains (BETAKIT)

Companies and startups have written Premier Danielle Smith protesting the “aggressive position” the Association of Professional Engineers and Geoscientists of Alberta (APEGA) has taken over the title of software engineer.

The some 30-plus signatories of the letter contend that APEGA is unnecessarily regulating the designation of software engineer and has made the position subject to “onerous, restrictive, and unnecessary certification requirements.”

Instacart Cuts Internal Valuation Third Time, to $13 Billion (THE INFORMATION)

The new price represents a two-thirds drop from the $39 billion valuation Instacart was given by Andreessen Horowitz, Sequoia Capital and other private market investors in 2021. The lower internal price cuts the price of new stock-based compensation issued to employees and could also help Instacart reset investor expectations ahead of its public listing, in which it plans to sell mostly employee shares.

26 Canadian tech startups added to list of firms on path to $1 billion in annual revenue (BETAKIT)

Combined with the 35 startups named to Communitech’s initial list, which was published in June, the tech hub has now identified a total of 61 privately-held Canadian tech firms on the path to hitting $1 billion in annual revenue, based on each company’s current annual revenue and growth rate.

Prosus to sell Russian classifieds business Avito to Kismet for $2.4B< (REUTERS)

Avito had been one of Prosus's most valuable investments, with an estimated valuation of about $6 billion before Russia's invasion of Ukraine in February led the company to cut ties and seek a sale of the property.

Carbon6 closes $88 million CAD Series A to consolidate “fragmented” e-commerce software space (BETAKIT)

Since its launch in April 2021 during the pandemic-driven e-commerce boom, the startup has made significant headway on this front, acquiring 16 companies in the past 16 months. Now, armed with $88 million CAD ($66 million USD) in Series A financing, Carbon6 plans to buy, build, and grow even more e-commerce software companies, including larger, more mature firms.

The Great Post-Covid Online Shopping Bet Was a Costly Delusion (BNN BLOOMBERG)

Amazon, Wayfair, and other big e-commerce companies bet the pandemic would permanently change shopping behavior. They were wrong.

Lightspeed adds Google alum Ryan Tabone as chief product and technology officer (BETAKIT)

After helping lead Google Pay and Google Finance as VP and general manager from 2018 to 2021, Tabone has now been tasked with guiding Lightspeed’s product and tech roadmap as the company looks to better connect stores with suppliers and consumers and grow its financial services capabilities.

Most rapid grocery apps fail to deliver for investors (FINANCIAL TIMES)

By mid-2021, more than a dozen start-ups had launched across the US and Europe promising to deliver groceries via courier in as little as 10 minutes.

But by summer 2022, fewer than half of those companies were still around.

Canada Drives fuels up with $10 million extension to support growth amid economic headwinds (BETAKIT)

Canada Drives did not disclose who invested the $10 million, though called them existing investors with “deep insights” into the company and the industry it serves. The startup’s existing investors include San Francisco-based Honor Ventures, Indiana’s KAR Global—which serves the global used vehicle wholesale industry—and Santa Monica-based Anthos Capital.

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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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