Management News

• Nextbite has laid off an undisclosed number of employees in the company’s third round of layoffs since April 2022. (May 18, 2023, Restaurant Dive )

Funding

• LANCH, a provider of virtual brands has raised EUR 2.5 million (~USD 2.7 million) in a pre-seed round which saw participation from German celebrity investors such as Mario Götze, Luciano, Jens “Knossi” Knossalla, Trymacs, and André Schürrle. With the announcement of this funding round, LANCH, founded in late 2022, has moved out of its stealth phase. The company plans to build food brands based on celebrities to cater to their fan base. (May 25, 2023, Forbes ) 

• Coho Collective, a provider of commissary kitchens services, has announced the closing of a previously announced non-brokered private placement for gross proceeds of CAD 1.65 million (USD 1.23 USD), in the form of convertible debentures of the company. The company plans to utilize the proceeds received from the offering for the advancement of the company's facilities, M&A, and general corporate activities. (May 24, 2023, Press release )

Partnership 

• Reef and Wendy’s are to close down all Wendy’s cloud kitchen locations in the US as Wendy’s shifts its focus toward traditional models of operation. (May 10, 2023, Restaurant Dive )