Cool new start-ups plummet! The Daily Copy I October 25

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Retail → ?? ????♂?

While a spate of rapid-delivery companies popped up—or at least gained momentum—during the pandemic, their bubbles might be bursting as?demand dwindles?and?losses mount. Here’s a rundown of the most notable players and where they stand.

Jokr:

The New York-based rapid-delivery startup last week said it’s ending operations in the US, where it has nine micro-fulfillment centers across Boston and New York, to focus on Latin America,?per Bloomberg. The company also laid off 50 of its 950 workers worldwide.

CEO Ralf Wenzel told the outlet that the US has only made up 5% of its business. “Latin America is particularly underpenetrated and underserved, that’s why Jokr has put its focus and emphasis on the Latin American opportunity since the beginning,” he said in a statement.

• In Latin America, Jokr loses under $10 million per month, according to Bloomberg.

Jokr, which opened its first US dark stores in June 2021,?reached?unicorn status in December when it raised $260 million at a $1.2 billion valuation. It also?introduced?a?retail?media platform in May as a new $$ channel.

Gorillas:

?After closing a $1 billion funding round in October, the company—founded in 2020—laid off?half its staff (300 workers) in May and said it would exit Belgium, Denmark, Italy, and Spain. A spokesperson?told Bloomberg?last week that it’s also weighing proposals to shutter five warehouses in the UK.

• In another unexpected move, the Germany-based startup introduced its own record label, Pedal Records, in February.

Getir:?

The Turkish company, founded in 2015, announced plans to?cut?14% of its global staff (~4,480 people) in May, two months after scoring $768 million in funding at a $12 billion valuation.

• Another rapid-delivery startup, 1520, ran out of money in December and closed up shop,?directing?shoppers to use Getir (which had not acquired 1520) instead.

Fridge No More:?

The startup, which debuted in October 2020, was in talks to sell some of its biz to DoorDash before it ultimately?ceased?operations in March. Per a Slack message CEO Pavel Danilov sent to employees, “Investors were concerned about growing competition and about bad order economics, i.e. each order brings losses to the company.”

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Gig Economy

Read:?No matter what you do or what your profession is, it seems like everyone needs an online presence. If you aren’t posting “inside the life of” videos on TikTok, are you even self-branding right? This?piece?by Real Life magazine talks about how influencer culture has seeped into professional life.

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IT ?? → ??

There are signs that sluggish economic conditions are beginning to hit the data center and cloud industries, with?Reuters?and?the Register?reporting that revenue growth is beginning to slow down.

According to Reuters and?InformationWeek, over the last earnings season, the three major hyperscalers saw reductions in their annual cloud revenue growth rates compared to the quarter prior:

• Google Cloud was down over 8% from 44%.
• Microsoft Azure was down 6% from 46%.
• Amazon Web Services dropped over 3% from 37%.

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