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Monthly News Summary (June 2023)
Online Food Delivery
Jun 30, 2023
This week:
Funding
Turbine secures investment from Accenture Ventures
AI Drug Discovery
May 17, 2024
FDA approval
Karius Receives FDA breakthrough designation for its DNA-based blood test
Precision Medicine
May 16, 2024
Funding
Metabolon raises USD 60 million in debt financing to strengthen R&D capabilities and enhance metabolomics platform
Precision Medicine
May 16, 2024
Partnerships
Accelerated Biosciences and Spanios partner to advance therapeutic design in solid tumor cancers
Precision Medicine
May 16, 2024
Partnerships
Telo Genomics and Emery Pharma put together their technologies to provide clinical R&D solutions
Precision Medicine
May 16, 2024
Partnerships
Oxford Biodynamics partners with KCL to enhance rheumatoid arthritis treatment using EpiSwitch technology
Precision Medicine
May 16, 2024
Funding
Monte Rosa Therapeutics prices USD 100 million underwritten public funding
Precision Medicine
May 16, 2024
Partnerships
Nearby Computing and Alea partner to streamline mission-critical communication app deployment
Edge Computing
May 16, 2024
M&A
Snowflake reportedly in talks to acquire Reka AI for more than USD 1 billion to expand language model capabilities
Foundation Models
May 16, 2024
Funding
Stability AI to reportedly raise funds to settle debt
Foundation Models
May 16, 2024
Online Food Delivery

Online Food Delivery

Jun 30, 2023

Monthly News Summary (June 2023)

Management news
Industry news
Partnerships
Product updates
M&A

Product update

  • DoorDash launched a new Earn by Time feature that enables drivers to choose between getting compensated for each delivery or being paid an hourly flat rate. DoorDash also launched a safety feature that allows drivers to share their location with up to five contacts. (June 28, 2023; Entrepreneur )

Partnership

  • DoorDash partnered with Amazon Canada to offer a free one-year membership of the company's subscription service, DashPass, to Amazon Prime members. (June 06, 2023; Press release )

  • Grubhub has announced a partnership with Homewood Suites by Hilton to enable guests of nearly 500 Homewood locations to order food from offsite locations. (June 08, 2023; Press release )

  • Grubhub has extended its partnership with Amazon to enable Amazon Prime users to access Grubhub's subscription service "Grubhub+" for one more year. (June 28, 2023; Press release )

Industry news

  • HelloFresh is reportedly under investigation by the Commerce Commission of New Zealand, a government agency that enforces legislation related to fair trading due to customer complaints related to factors such as subscriptions, promotions, customer service, pricing, quality, and refunds. (June 09, 2023; 1News )

  • The city of New York announced plans to increase the minimum hourly rate paid for food delivery workers to USD 17.96, starting from July 2023 (from the current average hourly rate of ~USD 7.09). The city plans to further increase the rate to USD 19.96 per hour in April 2025. (June 11, 2023; CNN )

Mergers and acquisitions

  • Nextbite has announced the sale of its online ordering platform, Ordermark, to UrbanPiper, an India-based developer of an integrated order management solution. In the same week, Nextbite was acquired by Sam Nazarian. As a part of the deal, Nextbite will renamed "Nextbite by SBE" and will operate separately from C3's virtual brands. Nazarian will replace Nextbite CEO Alex Canter as head of the company. (June 13, 2023, Restaurant Dive , Restaurant Dive )

Management changes

  • Grubhub laid off 15% of its corporate workforce (~400 employees) in an effort to maintain competitiveness. (June 12, 2023, CNBC )

  • Olo laid off 11% of its workforce (81 employees) in a plan to strategically reorganize its business. It also announced the appointment of Joanna Lambert to the role of the company's chief operating Officer. (June 14; 2023, StreetInsider )

  • Uber announced plans to cease its food delivery operations in Italy and Israel in order to focus the company's efforts on markets with better opportunities for sustainable growth. (June 15, 2023; Benzinga )

  • Grab announced plans to lay off 1,000 staff (11% of the company’s workforce) in an effort to manage costs. ( Bangkok Post ; June 20, 2023)

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