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Shopify cuts 20 percent of staff, announces sale of logistics division (BETAKIT)
In the face of beating Q1 revenue estimates, Shopify announced the layoffs of 20 percent of its workforce and the sale of its logistics division in a company letter that CEO Tobi Lütke sent out on May 4.
In response, the company's stock price soared by 30 percent heading into the weekend. Lütke said the dramatic changes are needed as "we are heading into a decade of high velocity and massive change."
Alibaba’s Global Online Commerce Arm Weighs a US IPO
(BNN BLOOMBERG)
Alibaba Group Holding Ltd.’s international online shopping unit is exploring a US initial public offering as it weighs options to spur growth for the business that includes major e-commerce brands Lazada and AliExpress.
RenoRun shuts down operations as it pursues sale of assets (BETAKIT)
Montréal-based construction tech startup RenoRun has shut down operations, according to multiple employees terminated by the company.
While RenoRun shuttered its business after failing to secure financing or hail mary acquisitions, the sale of its assets continues to roll through Québec courts as part of an insolvency process.
Apple reports better-than-expected quarter driven by iPhone sales (CNBC)
Apple reported second-fiscal quarter earnings on Thursday that beat Wall Street’s soft expectations, driven by stronger-than-anticipated iPhones sales. Apple CEO Tim Cook told CNBC that the quarter was “better than we expected.”
Shopify backs Nigeria-based FinTech Nomba in $30 million round (BETAKIT)
Shopify has made an investment into Nomba, a Nigeria-based FinTech firm that raised $30 million in what it classifies as a “pre-Series B” funding.
Nomba is one of the latest additions to Shopify’s investment portfolio, which largely focuses on funding companies that support the Shopify merchant ecosystem as well as online retailers more generally.
IPO Hopeful Klaviyo Tries to Prove There’s More to Life Than Shopify (THE INFORMATION)
For years, Klaviyo’s best partner was e-commerce giant Shopify. Now, as the marketing software firm once valued at $9.5 billion gears up for an initial public offering, it’s looking to make new friends.
Canadian venture capital investment in Q1 2023 drops by 82 percent compared to last year (BETAKIT)
In the first quarter of 2023, deals in Canada’s tech ecosystem plummeted. The latest data from Briefed.in shows Canada experienced a 82 percent decline in amount invested compared to the same time last year, and a 67 percent drop in number of deals.
DoorDash Q1 earnings: Delivery platform grows revenue 40% compared to a year ago (FAST COMPANY)
DoorDash said Thursday that its revenue increased 40% year-over-year in the first quarter of this year, showing there’s continued consumer appetite for its core food-and-goods delivery model beyond COVID-19 highs.
Brightspark seeks to recreate its “home run” exits of Think Dynamics, Radian6 as it launches $120-million fund (BETAKIT)
Brightspark Ventures thinks now is the right time to be investing in early-stage Canadian tech companies as it holds the first close for its latest fund, which has a target size of $120 million CAD.
Getir in talks to take over German grocery app rival Flink
(FINANCIAL TIMES)
Grocery delivery app Getir is in talks to take over Flink, one of Europe’s last remaining independent grocery delivery groups following a wave of consolidation over the past year.
The talks come almost five months after Instanbul-based Getir closed its acquisition of rival Gorillas in a $1.2bn deal that valued the combined group at $10bn.
Elevate to return for 2023 with Lisa LaFlamme, Dragons’ Den, and Shark Tank stars among speaker lineup (BETAKIT)
Canadian tech conference Elevate is returning for its second year in-person since the COVID 19 pandemic, and will be running from September 26 to 28 in downtown Toronto.
Elevate’s presenters for this year will include Canadian celebrity figures such as Lisa LaFlamme as well as two “dragons” from CBC’s Dragons’ Den: Arlene Dickinson and Wes Hall.
Is Temu the Future of Buying Things? (INTELLIGENCER)
To engage with Temu is to be cornered in conversation with an AI-powered salesperson who is ushering you past endless tables of assorted goods to sell, right now, with escalating special offers, chained promotions, exclusive limited-time discounts, and lots and lots of free stuff. In the space of a minute, an initial buy-seven-get-three-free promo morphs into a buy-four-get-two deal.
Does Temu's chaotic storefront inspire the next great American shopping era?
Conference Board of Canada, MaRS launch new innovation group as growth in Canadian ecosystem lags (BETAKIT)
Named the Canadian Centre for the Innovation Economy (CCIE), the group will gather Canadian innovation hubs, institutions, entrepreneurs, governments, corporate partners, and investors to research critical issues facing the innovation community.
When it comes to innovation, Canada has lagged behind, the CBoC found. This new centre is meant to address Canada’s “innovation paradox,” as Canada’s workforce and research fails to deliver long-term success.
Fashion rental services are growing amid inflation (MODERN RETAIL)
Although inflation is putting pressure on retailers of all sorts, clothing rental services are reporting record numbers of subscribers.
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