#DealMonitor – Delivery Hero setzt auf Gorillas (Bewertung: 3 Milliarden) – E.ON kauft gridX – UNIQA Ventures verdoppelt Investitionsvolumen


Im aktuellen #DealMonitor für den 24. September werfen wir wieder einen Blick auf die wichtigsten, spannendsten und interessantesten Investments und Exits des Tages in der DACH-Region. Alle Deals der Vortage gibt es im großen und übersichtlichen #DealMonitor-Archiv.

INVESTMENTS

Gorillas
+++ Der Berliner Lieferdienstvermittler und Food-Investor Delivery Hero investiert gemeinsam mit den Altinvestoren zwischen 900 Millionen und 1 Milliarde US-Dollar in den Quick Commerce-Dienst Gorillas – siehe The Information bzw. Bloomberg. Die Bewertung der Jungfirma, die Lebensmittel in 10 Minuten liefert, liegt bei rund 3 Milliarden Dollar.  “The new funding will be used by the company to continue expanding in its major European markets, including Germany, U.K, Spain and France, according to those involved in the deal”, heißt es im Bericht von The Information. Bereits im August hatte das manager magazin berichtet, dass Delivery Hero zunächst rund 200 Millionen Euro in Gorillas investieren wolle und später weitere 200 bis 400 Millionen Euro. Erst im März investierten Tencent, Coatue, DST Global und Co. 244 Millionen Euro in den jungen Flash-Supermarkt, der im März 2020 von Kagan Sümer und Jörg Kattner (nicht mehr an Bord) gegründet wurde. Zuletzt peilt das junge Unicorn eine Pre-Money-Bewertung von 6 Milliarden an, konnte diese im Markt aber nicht durchsetzen. In den vergangenen Wochen verhandelte das Gorillas-Team auch mit dem US-Unternehmen DoorDash. Der Deal kam aber nicht zustande, stattdessen investierte DoorDash nun in FlinkMehr über Gorillas

Ride 
+++ Der amerikanische Geldgeber Social Starts und Business Angels wie Norbert Neef sowie das Family Office von Raoul Heraeus investieren 1,5 Millionen Euro in Ride – siehe payment & banking. Das Berliner FinTech, das von Christine Kiefer (BillPay, Pair Finance) und Felix Schulte gegründet wurde, möchte “Finanzprodukte und die Vermögensstrukturierung demokratisieren”. Ride sieht sich dabei das “das erste Fintech, das sich auf die echte Rendite, nach Steuern und Kosten, konzentriert”.

MERGERS & ACQUISITIONS

gridX
+++ Das Essener Energieunternehmen E.ON übernimmt die Mehrhei an gridX. Das Energie-Startup aus Aachen, das 2016 von David Balensiefen und Andreas Booke gegründet wurde, entwickelt eine skalierbare IoT-Energieplattform, die die digitale Transformation des Energiesektors ermöglicht. Basierend auf dieser Plattform bietet gridX seinen B2B-Kunden White-Label-Lösungen für Smart Homes, Smart Charging oder Microgrids an. innogy Ventures und coparion investierten gemeinsam mit Vito One und Gabor Cselle 2018 einen siebenstelligen Betrag in gridX. Bis Ende 2019 dürften rund 4 Millionen in gridX geflossen sein. Im Frühjahr des vergangenen Jahres zeigte auch amazon Interesse am Unternehmen. “gridX bleibt als eigenständiges Unternehmen bestehen – die beiden Gründer werden weiterhin als geschäftsführende Gesellschafter tätig sein”, teilt das Unternehmen mit. E.ON und gridX arbeiten bereits seit 2017 zusammen. Mehr über gridX

mellon
+++ Das Bremer Unternehmen Notprofi, ein Dienst für Not-, Reparatur- und Hilfsdienste aller Art, übernimmt mellon – siehe Linkedin. Das Bochumer Startup, das 2019 von Philip Schur gegründet wurde, positioniert sich als digitaler Schlüsseldienst und bietet Türöffnungen dabei zum Festpreis an. “Durch die Übernahme des Bremer Startups vor wenigen Wochen, werden wir in Zukunft gemeinsam noch mehr Menschen vor Abzocke im Notfallhandwerk beschützen können”, teilt mellon zur Übernahme mit.

VENTURE CAPITAL

UNIQA Ventures 
+++ Der 2016 gegründete Venture Capital-Geber UNIQA Ventures, das Investment-Vehikel der UNIQA Insurance Group, “verdoppelt Wachstumskapital für mutige Zukunftsinvestments” von 75 auf 150 Millionen Euro. UNIQA Ventures aus Wien investiert in Startups aus den Segmenten FinTech, InsurTech und E-Health. “Das durchschnittliche Investitionsvolumen bewegt sich dabei üblicherweise im Bereich von 0,5 Millionen bis 5 Millionen Euro und wird vor allem zukunftsträchtigen Unternehmen in der frühen Wachstumsphase (Series A/B) mit einem bewiesenen Produkt-Markt-Fit und bereits vorhandenen, relevanten Umsätzen zur Verfügung gestellt”, teilt der Geldgeber mit.

Achtung! Wir freuen uns über Tipps, Infos und Hinweise, was wir in unserem #DealMonitor alles so aufgreifen sollten. Schreibt uns eure Vorschläge entweder ganz klassisch per E-Mail oder nutzt unsere “Stille Post“, unseren Briefkasten für Insider-Infos.

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): azrael74

#aachen, #aktuell, #berlin, #bochum, #bremen, #delivery-hero, #e-on, #fintech, #gorillas, #gridx, #mellon, #notprofi, #quick-commerce, #ride, #ruhrgebiet, #social-starts, #uniqa-ventures, #venture-capital

Glovo bags two grocery picking and delivery startups

More startup swapping in the food delivery space: Spain’s Glovo, an on-demand delivery platform which operates a network of dark stores focused on urban convenience shopping, is pushing deeper into planned grocery shopping — announcing the acquisition of two regional ‘Instacart-style’ grocery picking and delivery startups, Madrid-based Lola Market and Portugal’s Mercadão.

Terms of the acquisitions are not being disclosed.

2015-founded Lola Market had raised around €3M, per Crunchbase. It’s not clear how much Portugal’s Mercadão — which was founded in 2018 — had raised over its shorter run.

Glovo, meanwhile, raised a meaty $528M Series F back in April — but quickly splurged $208M to pick up three food delivery brands from rival Delivery Hero in Central and Eastern Europe.

The Spanish on-demand delivery platform is facing challenges to its model on home turf where the government has applied a labor reform aimed at delivery workers in the gig economy.

The reform, agreed earlier this year, came into application last month — recognizing delivery platform riders as employees, or at least on paper.

Glovo responded by imposing a new self-employment model on the vast majority of riders on its platform, hiring only around a fifth. So the scene looks set for legal challenges in its home market.

At the European Union level, lawmakers are also eyeing how to improve conditions for platform workers — and could come with pan-EU legislation that has wider implications for the business models of regional players like Glovo.

Ongoing regulatory challenges over employment classification and algorithmic management of workers in the gig economy may offer some context for Glovo’s expanding interest in grocery purchasing in Europe, where it has been building out a network of dark stores to power what it calls ‘Q-commerce’ (aka, quick urban convenience shopping).

As well as for its recently announced international expansion in Africa, where it has said it will be doubling down investment over the next 12 months.

But also the challenge of hitting profitability for pure on-demand food delivery looks like a sizeable piece of the puzzle here driving consolidation.

By adding players in the supermarket and retail outlet picking delivery space, Glovo expands its coverage of shoppers’ needs — and can nudge users to spend more by being able to cross-sell them on planned purchases (such as the weekly grocery shop), as well as what it bills as “emergency essentials” and “fast action convenience” powered by the more limited inventory it can offer in its city center dark stores.

Both Lola Market and Mercadão’s brand identities will be retained, per Glovo, which also says they will operate independently — led by Gonçalo Soares da Costa, CEO of Mercadão.

It touts the acquisitions as strengthening its competitive position in Europe in “key markets” — going on to suggest it will add grocery picking and delivery across its entire market footprint, with an initial expansion planned for Poland and Italy.

Also today it said its Q-Commerce division is “on track” to reach an annual Gross Transaction Value (GTV) of more than €300M this year — adding that it expects that to more than triple by the end of 2022, projecting it will surpass a run rate of €1BN.

Commenting on its latest acquisitions in a statement, Oscar Pierre, CEO and co-founder of Glovo, added: “We see huge potential in the on-demand groceries marketplace and both companies are strong local players in their respective markets, and further strengthen our Q-Commerce offering.

“With Lola Market and Mercadão on board, we can build stronger partnerships with retailers, offer our users big-basket purchases and provide a more complete service. These acquisitions represent a significant step forward for us, as we’re now able to cover all of the main purchasing considerations for groceries customers, making Glovo a one-stop-shop for e-groceries.”

#apps, #delivery-hero, #delivery-startups, #e-groceries, #europe, #food, #food-delivery, #glovo, #grocery-store, #instacart, #madrid, #online-food-ordering, #oscar-pierre, #portugal, #spain

Glovo to double down African investment in the next 12 months but will it stay put?

Spanish on-demand delivery platform Glovo today announced plans to double its investment in Africa and expand its operations on the continent.

The Barcelona-based company has invested up to €25M ($30M) by bringing its food delivery service to six African countries — Morocco, Uganda, Kenya, Ghana, Côte d’Ivoire, and Nigeria.

Glovo is available in more than 40 cities with more than 300,000 users, 8,000 restaurants and 12,000 couriers in these countries. Earlier this year, it launched operations in Lagos, Nigeria and Accra, Ghana before expanding to Tema, another Ghanaian city last month.

Over the next 12 months, Glovo says it will invest an additional €50M ($60M) to drive expansion into more cities on the continent and move into new markets like Tunisia, where it plans to launch in Tunis next month.

According to a statement released by the company, the expansion will make Glovo’s services available to 6.5 million people. Co-founder Sacha Michaud believes these markets are currently underserved, and Glovo has found the right opportunity to work with local restaurants, bringing them online to reach new customers in a bid to “make everything, within all towns and cities, available to everyone.”

The attention on Africa follows a series of regional moves Glovo has pulled this year. After its mammoth $528 million Series F raise, it acquired several Delivery Hero’s businesses in Central and Eastern Europe for $208 million.

Now present in 23 countries, Africa represents 30% of the company’s geographical footprint. And the Spanish company plans to be live in 30 countries before the end of next year, a decision in part due to an IPO target in three years.

Glovo says it is a market leader in 80% of the countries where it has operations. The company’s grocery service arm has grown the fastest and revenue has been increasing significantly after a steady rise in orders. To meet the growing needs of customers, Glovo has had to invest heavily in dark stores and in July also launched virtual brands for restaurants.

It’s not clear if Glovo will extend these add-on services to Africa where it has its largest market in terms of population size: Nigeria. Yet, the West African nation does not come without its own fair share of troubles like poor logistics infrastructure and an unpredictable regulatory environment.

Despite that, a couple of food delivery platforms like Gokada and Jumia Food, a subsidiary of e-commerce giant Jumia have tried to scale, finding varying degrees of success doing so.

While Glovo will have to compete for market share with these players, the company says it is bullish because of its multi-category strategy. According to the company, grocery sales account for half of its business in some African markets.

That said, Glovo’s performance in emerging markets is questionable. Last year, the company pulled out of all the Latin American countries — Argentina, Ecuador, Peru, Panama, Costa Rica, Honduras, Guatemala, and the Dominican Republic. It sold operations in these markets to Delivery Hero for $272 million.

The company also exited the Middle East and North Africa (Egypt and Turkey) and Uruguay and Puerto Rico in January 2020.

Over the past couple of years, Glovo has said it wanted to achieve profitability in a short amount of time. The delivery space is a thin-margin business and it is thinner in emerging markets. This played a part in why Glovo exited both Middle East and Latin America. The market isn’t any different in Africa, and time will tell if the Spanish delivery will stay put, exit, or close shop.

Whatever the case, Glovo says it is “committed to continuing its policy to hire top local talent” on the continent and plans to double its number of staff and add an extra 200 employees before the end of next year.

“Our expansion in Nigeria, Ghana, and our upcoming launch in Tunisia is something we’ve been looking at for some time now, so it’s great to be able to make it official. There’s been an unprecedented spike in the on-demand delivery business in Africa and the expansion of our services to new countries and cities is both a reflection of that trend and a testament to our commitment to the continent. We’re looking forward to making food, groceries, pharmaceuticals and retail products available to our new users at the touch of a button,” William Benthall, Glovo’s general manager of sub-Saharan Africa, said in a statement.

#africa, #delivery-hero, #e-commerce, #food, #food-delivery, #glovo, #jumia, #tc

Europe’s quick-commerce startups are overhyped: Lessons from China

More than 10 companies currently compete across Europe with an instant grocery delivery business model. Half of them were established in 2020, the year of the pandemic. These companies have raised more than $2 billion to date.

Existing and well-funded online food-delivery service players like Delivery Hero are also joining the race by launching dedicated grocery offerings. However, if lessons from the world’s largest online grocery market, China ($400 billion), matter, then it’s clear that instant delivery is not the magic bullet to crack the dominance of Europe’s incumbent supermarket chains in the overall $2 trillion-plus flat market.

Instead, China’s quick-commerce equivalents (like Dingdong Maicai, Miss Fresh and Meituan Maicai) compete alongside a wealth of other online grocery models (such as Pinduoduo, JD’s Super and Alibaba’s Taoxianda), which have helped bring total market penetration to 20% and beyond.

Quick commerce suffers from narrower profit margins compared to competing models and is addressing lower consumer demand in China than anyone in the West is expecting it to achieve in Europe and the U.S. If the performance of online grocery platforms in China (a market five to seven years ahead of Europe in terms of online retail) is anything to go by, a range of B2C business models would be more likely to displace the traditional grocery retailers.

Third-time luck for quick commerce?

The idea of ordering groceries online and having them delivered to consumers in less than an hour is nothing new. Back in the heyday of the dot-com bubble, a company attempted to do just that: Kozmo.com. Founded in 1998, it raised more than $250 million (around $400 million in today’s dollars) from investors, promising to deliver food, among other items, to consumers within an hour, while charging no delivery fees.

In 1999, it had revenues of $3.5 million and a loss of $1.8 million. However, in 2001, the business was shut down by its board after the company could not make the business model work at scale.

Some 15 years later, another company had a go. Gopuff was established in Philadelphia in 2013 and originally targeted students. What started out as a hookah delivery service soon expanded into a much broader convenience store offering and delivered to customers in approximately 30 minutes.

Gopuff was most recently valued at $15 billion after raising a total of $3.4 billion — 75% of which occurred in the past 12 months. Last year, Gopuff grew revenues from around $100 million to $340 million.

Kozmo.com went out of business after just three years. Meanwhile, Gopuff was turned down by several VCs in its early days, and it wasn’t until the pandemic that it saw a rapid acceleration in fundraising. Little did teams at either company know that they would later become the inspiration for a whole generation of founders in Europe.

Europe’s $2B instant-grocery gamble

Has anything fundamentally changed in the 20 years since Kozmo.com? Indeed, we’ve seen little technological progress that would hugely affect the operations of an instant commerce business. However, there have been much larger shifts in consumer habits.

Firstly, the number of global internet users has skyrocketed (from below 500 million to beyond 4 billion), and mobile internet has taken over. Secondly, demand for online grocery delivery has grown significantly due to the COVID-19 pandemic, as consumers have preferred to make retail purchases from home for safety reasons. Thirdly, consumers are now accustomed to paying fees for delivery services, typically around $2 per order, which Kozmo notoriously did not do.

While many online grocery business models exist, the instant grocery, quick-commerce approach has been the favorite of European entrepreneurs and VCs over the past 18 months. The model itself, also referred to as q-commerce, is not that hard to understand.

Companies maintain a small product offering of around 1,000–2,000 SKUs that consumers would otherwise find in convenience or drug stores. These products are purchased directly from brands or through distributors and are stored in self-operated microwarehouses close to customers’ locations.

Marketing tactics are aggressive, often employing vouchers for first-time users of up to $12 (50% of an average shopping basket), and many startups offer their products at supermarket price or even at a discount of 10%–15%. Delivery usually happens by bicycle, e-bike or scooter, within 10-30 minutes of an order being placed, for a fee of around $2 with no minimum order value.

Companies like Getir from Istanbul (total funding: $1 billion, last valuation: $7.5 billion) and Gorillas from Berlin (total funding: $335 million, last valuation: $1 billion) are leading the way. When Gorillas announced its $290 million Series B in March 2021, it became the fastest European startup to achieve unicorn status (nine months after launch). The company is already rumored to be seeking Series C financing at a $2.5 billion valuation.

There are more than 10 companies across Europe with more or less the same business model. Those include the 2020-established Flink (Germany-based, $300 million raised), Zapp (U.K.-based, $100 million raised), Dija (U.K.-based, $20 million raised and just acquired by Gopuff), Jiffy (U.K.-based, $7 million raised) and Cajoo (France-based, $6 million raised).

There is also JOKR, which was started by the founder of Foodpanda. JOKR was only established in Q1 2021, but right after incorporation raised one of the largest ever initial seed rounds (rumored to be $100 million) and subsequently a $170 million Series A in July to bring the model to Europe, Latin America and the U.S.

Likewise, companies coming from food delivery have pushed further into this space and received additional funding in recent months, notably Delivery Hero through Dmart and Glovo through SuperGlovo, following role models in the U.S., such as DoorDash.

Does instant grocery stand a chance of becoming profitable?

As these companies approach later-stage financing sometime in the future, questions will be asked about the path to profitability in an industry of notoriously thin margins. Indeed, this is an uncomfortable truth that hasn’t changed since the early days of Kozmo.com.

The available figures show that old patterns are repeating. Gopuff recently reported an EBITDA of negative $150 million on $340 million in revenue (EBITDA margin: -45%). Furthermore, an analysis by the German business monthly Manager Magazine concluded that Gorillas was operating at negative unit economics of -6%. Additional costs, such as overhead and technology, might push this number up significantly further.

#alibaba, #amazon, #asia, #carrefour, #china, #column, #covid-19, #delivery-hero, #e-commerce, #ec-china, #ec-ecommerce-and-d2c, #ec-europe, #ecommerce, #europe, #food-delivery, #gopuff, #meituan, #ocado, #online-food-ordering, #online-grocery, #pinduoduo, #tc

#Podcast – Insider #110: Gorillas – Aware – Sastrify – Impetus ConTech – GetHenry – Pliant – Klima – vivenu


In unserem Insider-Podcast liefern OMR-Podcast-Legende Sven Schmidt und Alexander Hüsing, Chefredakteur von deutsche-startups.de, alle vierzehn Tage spannende und vor allem aber exklusive Insider-Infos aus der deutschen Startup-Szene.

Insider #1110 – Die Themen

+++ Zwischenfinanzierung: Tencent und Cotuae investieren 100 Millionen in Gorillas #EXKLUSIV
+++ Delivery Hero-Chef Niklas Östberg und seine Investment-Strategie #ANALYSE
+++ Atlantic Labs setzt weiter auf Quick Commerce #EXKLUSIV
+++ Atlantic Labs und Christian Reber investieren in Aware #EXKLUSIV
+++ Tiger Global investiert in Xentral #ANALYSE
+++ HV Capital investiert in Sastrify #EXKLUSIV
+++ SoSafe plant große Investmentrunde #EXKLUSIV
+++ Project A investiert in Impetus ConTech #EXKLUSIV
+++ Visionaries Club investiert in GetHenry #EXKLUSIV
+++ Pliant-Bewertung liegt bei 20 Millionen US-Dollar #EXKLUSIV
+++ Klima sammelt 10 Millionen ein #EXKLUSIV
+++ vivenu sucht 50 Millionen #EXKLUSIV

Insider #110 – Der Sponsor

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Insider #110 – Der Podcast

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Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): ds

#aktuell, #aware, #delivery-hero, #gethenry, #gorillas, #impetus-contech, #insider, #klima, #pliant, #podcast, #quick-commerce, #sastrify, #sosafe, #vivenu, #xentral

This Week in Apps: OnlyFans bans sexual content, SharePlay delayed, TikTok questioned over biometric data collection

Welcome back to This Week in Apps, the weekly TechCrunch series that recaps the latest in mobile OS news, mobile applications and the overall app economy.

The app industry continues to grow, with a record 218 billion downloads and $143 billion in global consumer spend in 2020. Consumers last year also spent 3.5 trillion minutes using apps on Android devices alone. And in the U.S., app usage surged ahead of the time spent watching live TV. Currently, the average American watches 3.7 hours of live TV per day, but now spends four hours per day on their mobile devices.

Apps aren’t just a way to pass idle hours — they’re also a big business. In 2019, mobile-first companies had a combined $544 billion valuation, 6.5x higher than those without a mobile focus. In 2020, investors poured $73 billion in capital into mobile companies — a figure that’s up 27% year-over-year.

This Week in Apps offers a way to keep up with this fast-moving industry in one place with the latest from the world of apps, including news, updates, startup fundings, mergers and acquisitions, and suggestions about new apps and games to try, too.

Do you want This Week in Apps in your inbox every Saturday? Sign up here: techcrunch.com/newsletters

Top Stories

OnlyFans to ban sexually explicit content

OnlyFans logo displayed on a phone screen and a website

(Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images)

Creator platform OnlyFans is getting out of the porn business. The company announced this week it will begin to prohibit any “sexually explicit” content starting on October 1, 2021 — a decision it claimed would ensure the long-term sustainability of the platform. The news angered a number of impacted creators who weren’t notified ahead of time and who’ve come to rely on OnlyFans as their main source of income.

However, word is that OnlyFans was struggling to find outside investors, despite its sizable user base, due to the adult content it hosts. Some VC firms are prohibited from investing in adult content businesses, while others may be concerned over other matters — like how NSFW content could have limited interest from advertisers and brand partners. They may have also worried about OnlyFans’ ability to successfully restrict minors from using the app, in light of what appears to be soon-to-come increased regulations for online businesses. Plus, porn companies face a number of other issues, too. They have to continually ensure they’re not hosting illegal content like child sex abuse material, revenge porn or content from sex trafficking victims — the latter which has led to lawsuits at other large porn companies.

The news followed a big marketing push for OnlyFans’ porn-free (SFW) app, OFTV, which circulated alongside reports that the company was looking to raise funds at a $1 billion+ valuation. OnlyFans may not have technically needed the funding to operate its current business — it handled more than $2 billion in sales in 2020 and keeps 20%. Rather, the company may have seen there’s more opportunity to cater to the “SFW” creator community, now that it has big names like Bella Thorne, Cardi B, Tyga, Tyler Posey, Blac Chyna, Bhad Bhabie and others on board.

U.S. lawmakers demand info on TikTok’s plans for biometric data collection

The TikTok logo is seen on an iPhone 11 Pro max

The TikTok logo is seen on an iPhone 11 Pro max. Image Credits: Nur Photo/Getty Images

U.S. lawmakers are challenging TikTok on its plans to collect biometric data from its users. TechCrunch first reported on TikTok’s updated privacy policy in June, where the company gave itself permission to collect biometric data in the U.S., including users’ “faceprints and voiceprints.” When reached for comment, TikTok could not confirm what product developments necessitated the addition of biometric data to its list of disclosures about the information it automatically collects from users, but said it would ask for consent in the case such data collection practices began.

Earlier this month, Senators Amy Klobuchar (D-MN) and John Thune (R-SD) sent a letter to TikTok CEO Shou Zi Chew, which said they were “alarmed” by the change, and demanded to know what information TikTok will be collecting and what it plans to do with the data. This wouldn’t be the first time TikTok got in trouble for excessive data collection. Earlier this year, the company paid out $92 million to settle a class-action lawsuit that claimed TikTok had unlawfully collected users’ biometric data and shared it with third parties.

Weekly News

Platforms: Apple

Image Credits: Apple

  • ⭐ Apple told developers that some of the features it announced as coming in iOS 15 won’t be available at launch. This includes one of the highlights of the new OS, SharePlay, a feature that lets people share music, videos and their screen over FaceTime calls. Other features that will come in later releases include Wallet’s support for ID cards, the App Privacy report and others that have yet to make it to beta releases.
  • Apple walked back its controversial Safari changes with the iOS 15 beta 6 update. Apple’s original redesign had shown the address bar at the bottom of the screen, floating atop the page’s content. Now the tab bar will appear below the page’s content, offering access to its usual set of buttons as when it was at the top. Users can also turn off the bottom tab bar now and revert to the old, Single Tab option that puts the address bar back at the top as before.
  • In response to criticism over its new CSAM detection technology, Apple said the version of NeuralHash that was reverse-engineered by a developer, Asuhariet Ygvar, was a generic version, and not the complete version that will roll out later this year.
  • The Verge dug through over 800 documents from the Apple-Epic trial to find the best emails, which included dirt on a number of other companies like Netflix, Hulu, Sony, Google, Nintendo, Valve, Microsoft, Amazon and more. These offered details on things like Netflix’s secret arrangement to pay only 15% of revenue, how Microsoft also quietly offers a way for some companies to bypass its full cut, how Apple initially saw the Amazon Appstore as a threat and more.

Platforms: Google

  • A beta version of the Android Accessibility Suite app (12.0.0) which rolled out with the fourth Android beta release added something called “Camera Switches” to Switch Access, a toolset that lets you interact with your device without using the touchscreen. Camera Switches allows users to navigate their phone and use its features by making face gestures, like a smile, open mouth, raised eyebrows and more.
  • Google announced its Pixel 5a with 5G, the latest A-series Pixel phone, will arrive on August 27, offering IP67 water resistance, long-lasting Adaptive Battery, Pixel’s dual-camera system and more, for $449. The phone makes Google’s default Android experience available at a lower price point than the soon to arrive Pixel 6.
  • An unredacted complaint from the Apple-Epic trial revealed that Google had quietly paid developers hundreds of millions of dollars via a program known as “Project Hug,” (later “Apps and Games Velocity Program”) to keep their games on the Play Store. Epic alleges Google launched the program to keep developers from following its lead by moving their games outside the store.

Augmented Reality

  • Snap on Thursday announced it hired its first VP of Platform Partnerships to lead AR, Konstantinos Papamiltiadis (“KP”). The new exec will lead Snap’s efforts to onboard partners, including individual AR creators building via Lens Studio as well as large companies that incorporate Snapchat’s camera and AR technology (Camera Kit) into their apps. KP will join in September, and report to Ben Schwerin, SVP of Content and Partnerships.

Fintech

  • Crypto exchange Coinbase will enter the Japanese market through a new partnership with Japanese financial giant Mitsubishi UFJ Financial Group (MUFG). The company said it plans to launch other localized versions of its existing global services in the future.

Social

Image Credits: Facebook

  • Facebook launched a “test” of Facebook Reels in the U.S. on iOS and Android. The new feature brings the Reels experience to Facebook, allowing users to create and share short-form video content directly within the News Feed or within Facebook Groups. Instagram Reels creators can also now opt in to have their Reels featured on users’ News Feed. The company is heavily investing its its battle with TikTok, even pledging that some portion of its $1 billion creator fund will go toward Facebook Reels.
  • Twitter’s redesign of its website and app was met with a lot of backlash from users and accessibility experts alike. The company choices add more visual contrast between various elements and may have helped those with low vision. But for others, the contrast is causing strain and headaches. Experts believe accessibility isn’t a one-size fits all situation, and Twitter should have introduced tools that allowed people to adjust their settings to their own needs.
  • The pro-Trump Twitter alternative Gettr’s lack of moderation has allowed users to share child exploitation images, according to research from the Stanford Internet Observatory’s Cyber Policy Center.
  • Pinterest rolled out a new set of more inclusive search filters that allow people to find styles for different types of hair textures — like coily, curly, wavy, straight, as well as shaved or bald and protective styles. 

Photos

  • Photoshop for iPad gained new image correction tools, including the Healing Brush and Magic Wand, and added support for connecting an iPad to external monitors via HDMI or USB-C. The company also launched a Photoshop Beta program on the desktop.

Messaging

  • WhatsApp is being adopted by the Taliban to spread its message across Afghanistan, despite being on Facebook’s list of banned organizations. The company says it’s proactively removing Taliban content — but that may be difficult to do since WhatsApp’s E2E encryption means it can’t read people’s texts. This week, Facebook shut down a Taliban helpline in Kabul, which allowed civilians to report violence and looting, but some critics said this wasn’t actually helping local Afghans, as the group was now in effect governing the region.
  • WhatsApp is also testing a new feature that will show a large preview when sharing links, which some suspect may launch around the time when the app adds the ability to have the same account running on multiple devices.

Streaming & Entertainment

  • Netflix announced it’s adding spatial audio support on iPhone and iPad on iOS 14, joining other streamers like HBO Max, Disney+ and Peacock that have already pledged to support the new technology. The feature will be available to toggle on and off in the Control Center, when it arrives.
  • Blockchain-powered streaming music service Audius partnered with TikTok to allow artists to upload their songs using TikTok’s new SoundKit in just one click.
  • YouTube’s mobile app added new functionality that allows users to browse a video’s chapters, and jump into the chapter they want directly from the search page.
  • Spotify’s Anchor app now allows users in global markets to record “Music + Talk” podcasts, where users can combine spoken word recordings with any track from Spotify’s library of 70 million songs for a radio DJ-like experience.
  • Podcasters are complaining that Apple’s revamped Podcasts platform is not working well, reports The Verge. Podcasts Connect has been buggy, and sports a confusing interface that has led to serious user errors (like entire shows being archived). And listeners have complained about syncing problems and podcasts they already heard flooding their libraries.

Dating

  • Tinder announced a new feature that will allow users to voluntarily verify their identity on the platform, which will allow the company to cross-reference sex offender registry data. Previously, Tinder would only check this database when a user signed up for a paid subscription with a credit card.

Gaming

Image Source: The Pokémon Company

  • Pokémon Unite will come to iOS and Android on September 22, The Pokémon Company announced during a livestream this week. The strategic battle game first launched on Nintendo Switch in late July.
  • Developer Konami announced a new game, Castlevania: Grimoire of Souls, which will come exclusively to Apple Arcade. The game is described as a “full-fledged side-scrolling action game,” featuring a roster of iconic characters from the classic game series. The company last year released another version of Castelvania on the App Store and Google Play.
  • Dragon Ball Z: Dokkan Battle has now surpassed $3 billion in player spending since its 2015 debut, reported Sensor Tower. The game from Bandai Namco took 20 months to reach the figure after hitting the $2 billion milestone in 2019. The new landmark sees the game joining other top-grossers, including Clash Royale, Lineage M and others.
  • Sensor Tower’s mobile gaming advertising report revealed data on top ad networks in the mobile gaming market, and their market share. It also found puzzle games were among the top advertisers on gaming-focused networks like Chartboost, Unity, IronSource and Vungle. On less game-focused networks, mid-core games were top titles, like Call of Duty: Mobile and Top War. 

Image Credits: Sensor Tower

Health & Fitness

  • Apple is reportedly scaling back HealthHabit, an internal app for Apple employees that allowed them to track fitness goals, talk to clinicians and coaches at AC Wellness (a doctors’ group Apple works with) and manage hypertension. According to Insider, 50 employees had been tasked to work on the project.
  • Samsung launched a new product for Galaxy smartphones in partnership with healthcare nonprofit The Commons Project, that allows U.S. users to save a verifiable copy of their vaccination card in the Samsung Pay digital wallet.

Image Credits: Samsung

Adtech

Government & Policy

  • China cited 43 apps, including Tencent’s WeChat and an e-reader from Alibaba, for illegally transferring user data. The regulator said the apps had transferred users location data and contact list and harassed them with pop-up windows. The apps have until August 25 to make changes before being punished.

Security & Privacy

  • A VICE report reveals a fascinating story about a jailbreaking community member who had served as a double agent by spying for Apple’s security team. Andrey Shumeyko, whose online handles included JVHResearch and YRH04E, would advertise leaked apps, manuals and stolen devices on Twitter and Discord. He would then tell Apple things like which Apple employees were leaking confidential info, which reporters would talk to leakers, who sold stolen iPhone prototypes and more. Shumeyko decided to share his story because he felt Apple took advantage of him and didn’t compensate him for the work.

Funding and M&A

💰 South Korea’s GS Retail Co. Ltd will buy Delivery Hero’s food delivery app Yogiyo in a deal valued at 800 billion won ($685 million USD). Yogiyo is the second-largest food delivery app in South Korea, with a 25% market share.

💰 Gaming platform Roblox acquired a Discord rival, Guilded, which allows users to have text and voice conversations, organize communities around events and calendars and more. Deal terms were not disclosed. Guilded raised $10.2 million in venture funding. Roblox’s stock fell by 7% after the company reported earnings this week, after failing to meet Wall Street expectations.

💰 Travel app Hopper raised $175 million in a Series G round of funding led by GPI Capital, valuing the business at over $3.5 billion. The company raised a similar amount just last year, but is now benefiting from renewed growth in travel following COVID-19 vaccinations and lifting restrictions.

💰 Indian quiz app maker Zupee raised $30 million in a Series B round of funding led by Silicon Valley-based WestCap Group and Tomales Bay Capital. The round values the company at $500 million, up 5x from last year.

💰 Danggeun Market, the publisher of South Korea’s hyperlocal community app Karrot, raised $162 million in a Series D round of funding led by DST Global. The round values the business at $2.7 billion and will be used to help the company launch its own payments platform, Karrot Pay.

💰 Bangalore-based fintech app Smallcase raised $40 million in Series C funding round led by Faering Capital and Premji Invest, with participation from existing investors, as well as Amazon. The Robinhood-like app has over 3 million users who are transacting about $2.5 billion per year.

💰 Social listening app Earbuds raised $3 million in Series A funding led by Ecliptic Capital. Founded by NFL star Jason Fox, the app lets anyone share their favorite playlists, livestream music like a DJ or comment on others’ music picks.

💰 U.S. neobank app One raised $40 million in Series B funding led by Progressive Investment Company (the insurance giant’s investment arm), bringing its total raise to date to $66 million. The app offers all-in-one banking services and budgeting tools aimed at middle-income households who manage their finances on a weekly basis.

Public Markets

📈Indian travel booking app ixigo is looking to raise Rs 1,600 crore in its initial public offering, The Economic Times reported this week.

📉Trading app Robinhood disappointed in its first quarterly earnings as a publicly traded company, when it posted a net loss of $502 million, or $2.16 per share, larger than Wall Street forecasts. This overshadowed its beat on revenue ($565 million versus $521.8 million expected) and its more than doubling of MAUs to 21.3 million in Q2.  Also of note, the company said dogecoin made up 62% of its crypto revenue in Q2.

Downloads

Polycam (update)

Image Credits: Polycam

3D scanning software maker Polycam launched a new 3D capture tool, Photo Mode, that allows iPhone and iPad users to capture professional-quality 3D models with just an iPhone. While the app’s scanner before had required the use of the lidar sensor built into newer devices like the iPhone 12 Pro and iPad Pro models, the new Photo Mode feature uses just an iPhone’s camera. The resulting 3D assets are ready to use in a variety of applications, including 3D art, gaming, AR/VR and e-commerce. Data export is available in over a dozen file formats, including .obj, .gtlf, .usdz and others. The app is a free download on the App Store, with in-app purchases available.

Jiobit (update)

Jiobit, the tracking dongle acquired by family safety and communication app Life360, this week partnered with emergency response service Noonlight to offer Jiobit Protect, a premium add-on that offers Jiobit users access to an SOS Mode and Alert Button that work with the Jiobit mobile app. SOS Mode can be triggered by a child’s caregiver when they detect — through notifications from the Jiobit app — that a loved one may be in danger. They can then reach Noonlight’s dispatcher who can facilitate a call to 911 and provide the exact location of the person wearing the Jiobit device, as well as share other details, like allergies or special needs, for example.

Tweets

When your app redesign goes wrong…

Image Credits: Twitter.com

Prominent App Store critic Kosta Eleftheriou shut down his FlickType iOS app this week after too many frustrations with App Review. He cited rejections that incorrectly argued that his app required more access than it did — something he had successfully appealed and overturned years ago. Attempted follow-ups with Apple were ignored, he said. 

Image Credits: Twitter.com

Anyone have app ideas?

#911, #ac-wellness, #ad-networks, #afghanistan, #alibaba, #amazon, #amy-klobuchar, #android, #app-store, #apple, #apple-arcade, #apps, #arkansas, #audius, #bandai-namco, #bangalore, #chartboost, #coinbase, #computing, #control-center, #danggeun-market, #delivery-hero, #disney, #dst-global, #e-commerce, #e-reader, #e2e-encryption, #ecliptic-capital, #epic, #facebook, #faering-capital, #food, #google, #gpi-capital, #guilded, #hbo, #hdmi, #healthcare, #instagram, #ios, #ipad, #iphone, #ironsource, #itunes, #jason-fox, #john-thune, #kabul, #konami, #kosta-eleftheriou, #lens-studio, #microsoft, #mobile-app, #mobile-applications, #mobile-devices, #netflix, #nfl, #nintendo, #noonlight, #operating-systems, #pinterest, #play-store, #player, #pokemon-company, #roblox, #samsung, #sensor-tower, #silicon-valley, #smartphones, #snap, #snapchat, #software, #sony, #south-korea, #spotify, #svp, #taliban, #tc, #this-week-in-apps, #tiktok, #travel-app, #united-states, #wand

#StartupTicker – +++ Chrono24 – SellerX – Workmotion – Nuki – Parcel Perform – Afilio – zooplus – &ever – Vicampo – Utimaco


Im #StartupTicker geben wir einmal in der Woche einen schnellen Überblick darüber, was in der deutschsprachigen Startup-Szene zuletzt wirklich wichtig war!

#StartupTicker – Was zuletzt wirklich wichtig war!

STARTUP-RADAR

Lodgea
+++ Lodgea aus München bietet die Software-Lösung für die Online-Vermarktung von Unterkünften an. “Die kommerzielle Standard-Shop-Software-Lösung gibt jedem Vermarkter ein Werkzeug an die Hand, das ohne Entwicklungsaufwand eingesetzt werden kann”, teilt das Unternehmen mit.

Dearest
+++ Dearest aus Berlin, das von Katharina Wäschenbach und Lukas Weisheit gegründet wurde, entwickelt einen “digitalen Beziehungscompanion – für bessere und gesunde Beziehungen”. Das Startup verspricht dabei “sofortigen Zugang – ohne lange Wartezeit – zu zertifizierten Paartherapeuten und Beziehungscoaches”.

Naval Architect
+++ Naval Architect möchte den Schiffbau digitalisieren. Dafür werden “Stakeholder in Schiffbauprojekten” über eine browser-basierte Cloud-Plattform miteinander vernetzt. “Durch die Zentralisierung werden Prozesse verbessert und die Risiken für Zeitverzögerungen und Planungsfehler minimiert”, teilt das Startup mit.

Brandneu
+++ In den vergangenen Tagen haben wir zudem folgende Startups vorgestellt: dentifico, FiveTeams, Unvergessen, Buuk, kleiderly, Captural und mymudo. Mehr im Startup-Radar

INVESTMENTS

Chrono24
+++ General Atlantic und Aglaé Ventures sowie die Altinvestoren Insight Partners und Sprints Capital investieren 100 Millionen Euro in Chrono24. Insgesamt flossen nun schon rund 200 Millionen Euro in die Jungfirma. Chrono24 wurde bereits 2003 von Andrej Maric und der Axess New Media GmbH gegründet. Seit März 2010 haben Dirk Schwartz und Tim Stracke, die Gründer von mentasys (heute pangora), beim Luxusuhren-Marktplatz das Kommando. Mehr über Chrono24

SellerX
+++ L Catterton, ein amerikanisch-französisches Private-Equity-Unternehmen, Sofina und Altinvestoren wie Cherry Ventures, Felix Capital und 83North investieren 100 Millionen Euro in den Amazon-Shop-Aufkäufer SellerX. Insgesamt flossen nun schon rund 227 Millionen in SellerX (Risikokapital und Kredite). Über den Einstieg von L Catterton haben wir bereits Ende April im Insider-Podcast berichtet. Mehr über SellerX

Workmotion
+++ Der amerikanische Geldgeber Activant Capital investiert nach unseren Informationen rund 20 Millionen Euro in Workmotion, das 2020 von Carsten Lebtig gegründet wurde. Die Bewertung liegt bei rund 100 Millionen (Post-Money). Das Berliner Startup, früher als PeopleFlow bekannt, unterstützt Unternehmen beim HR-Management von Auslandsmitarbeitern. Workmotion managt dabei Dinge wie Gehaltsabrechnung, Sozialleistungen und Steuern. Picus Capital investierte bereits in der Unternehmen. Mehr im Insider-Podcast #EXKLUSIV

Nuki 
+++ Cipio Partners und die Altinvestoren Up to Eleven, Fortuna und Venta investieren 20 Millionen Euro in Nuki. Das Grazer Unternehmen, das 2014 von Martin Pansy gegründet, kümmert sich um smarte Zutrittslösungen. Das Kernprodukt der Jungfirma ist das elektronische Türschloss Nuki Smart Lock. “Um die ambitionierten Ziele zu erreichen, möchte Nuki in den kommenden Jahren das knapp 100 Mann und Frau starke Team mehr als verdoppeln”, heißt es in der Presseaussendung.

Parcel Perform 
+++ Cambridge Capital, SoftBank Ventures Asia sowie die Altinvestoren Wavemaker Partners und Investible investieren 20 Millionen US-Dollar in Parcel Perform. Das Startup, das 2015 von den beiden Berlinern Dana von der Heide und Arne Jeroschewski in Singapur gegründet wurde, positioniert sich als “Cloud-basierte Zustellplattform für E-Commerce-Unternehmen”. Derzeit arbeiten 100 Mitarbeiter:innen für die Jungfirma. “Parcel Perform ist profitabel und wächst kontinuierlich. Mehr über Parcel Perform 

Freaks 4U Gaming
+++ Co-Investor Partners – auch bei Mister Spex an Bord – investiert 15 Millionen Euro in Freaks 4U Gaming. Das Berliner Unternehmen, das 2011 von Michael Haenisch gegründet wurde, positioniert sich als “globale Full-Service-Agentur, die sich auf Gaming und Esports spezialisiert” ist. Freaks 4U Gaming bietet verschiedenen Dienstleistungen an, “darunter strategische Beratung, Community- und Social-Media-Management, Turnier- und Event-Organisation, Influencer-Management und Multimedia-Produktion”.

Afilio
+++ CommerzVentures und Speedinvest sowie die beiden Altinvestoren Cherry Ventures und Cavalry Ventures investieren 13 Millionen US-Dollar in Afilio. Beim Berliner InsurTech, das 2017 von  Till Oltmanns, Philip Harms und Richard Musiol gegründet wurde, dreht sich alles um die Erstellung und Verwaltung von Vorsorge- und Nachlassdokumenten. Cherry Ventures, Cavalry Ventures und einige Business Angels investierten zuvor bereits rund 4,5 Millionen Euro in das Unternehmen. Mehr über Afilio

Xayn 
+++ Die japanischen Investoren Global Brain und KDDI investiereren gemeinsam mit den Altinvestoren – darunter Earlybird Venture Capital – 10 Millionen Euro in Xayn. Insgesamt flossen nun schon 19,5 Millionen in die Jungfirma. Das KI-Unternehmen startete als Forschungsprojekt an der University of Oxford und dem Imperial College London. Xayn wurde 2017 von Leif-Nissen Lundbæk, Michael Huth und Felix Hahmann gegründet.

Arive
+++ Der englische Investor Balderton Capital und der Berliner Geldgeber La Famiglia investieren nach unseren Informationen rund 5 Millionen Euro in Arive. Die Bewertung liegt bei rund 25 Millionen Euro )Post-Money). Das Startup aus München bringt das FastAF-Konzept nach Deutschland. Die Jungfirma, die von Linus Fries, Maximilian Reeker gegründet wurde, möchte Retailern mit Hilfe von Micro Fulfilment Centern und einer Marktplatz-App eine günstige Option für Lieferungen unter 60 Minuten anbieten. Mehr im Insider-Podcast #EXKLUSIV

Pectus Finance
+++ Der Münchner Geldgeber Picus Capital investiert nach unseren Informationen in Pectus Finance. Das Unternehmen, das von Peer Senghaas gegründet wurde, positioniert sich als Finanztool für Unternehmen. In der Selbstbeschreibung heißt es zum Konzept: “Collaborative financial planning and controlling in real-time empowering finance teams to drive business performance and make better decisions”. Picus hält nun rund 30 % am Unternehmen. Mehr im Insider-Podcast #EXKLUSIV

Deliveroo
+++ Der Berliner Lieferdienstvermittler Delivery Hero steigt beim britischen Wettbewerber Deliveroo ein und sichert sich 5 % am Unternehmen. Der Dax-Konzern müsste für den Deal mehr als 300 Millionen Euro auf den Tisch gelegt haben. “Deliveroo konkurriert in Großbritannien unter anderem mit Just Eat Takeaway.com aus den Niederlanden. Delivery Hero ist seit dem Verkauf von Hungryhouse an Just Eat nicht mehr in Großbritannien tätig, hält aber einen Anteil von mehr als sieben Prozent an Just Eat”, schreibt die WirtschaftsWoche.

MERGERS & ACQUISITIONS

zooplus
+++ Der amerikanische Finanzinvestor Hellman & Friedman plant die Übernahme vom Online-Tiershop zooplus. “H&F beabsichtigt, den zooplus-Aktionären ein Barangebot in Höhe von 390 Euro je Aktie zu unterbreiten. Das impliziert eine Equity-Bewertung für zooplus von ca. 3 Milliarden Euro (diluted) und entspricht einer Prämie von 50 Prozent auf den volumengewichteten Durchschnittskurs der zooplus-Aktie in den vergangenen drei Monaten sowie eine Prämie von 40 Prozent auf den Schlusskurs vom 12. August 2021”, teilen die Unternehmen mit.

&ever
+++ Kalera übernimmt &ever. Kalera bewertet die Münchner Jungfirma dabei mit 130 Millionen Euro. “The consideration will consist of a combination of cash and Kalera shares. Under the terms of the agreement, &ever GmbH shareholders will receive EUR 21.6 million in cash and 27,856,081 Kalera shares at a subscription price of NOK 36.68. Kalera shareholders will own an 87% stake in the combined company, while current &ever GmbH shareholders will own 13%, on a fully-diluted basis”, teilt das Unternehmen mit. Mehr im Deal-Monitor

Vicampo
+++ Die schwedische Viva-Gruppe übernimmt den Online-Weinhändler Vicampo. “Die Vicampo.de GmbH wird im Zuge der Akquisition Teil der VIVA eCOM GROUP, in der seit 2020 bereits Wine in Black und die Vinexus-Gruppe zusammengefasst sind”, teilt das Unternehmen mit. Das Mainzer Startup Vicampo, das 2012 von Felix Gärtner, Max Gärtner und Daniel Nitz gegründet wurde, erwirtschaftete 2019 einen Umsatz in Höhe von 41,4 Millionen Euro. Mehr über Vicampo

Utimaco
+++ SGT German Private Equity übernimmt Utimaco. “Verkäufer ist die EQT Private Equity, die mit einer Minderheitsbeteiligung weiterhin an der Wertentwicklung partizipieren wird. Über den Kaufpreis wurde Stillschweigen vereinbart. Die Fremdfinanzierung stellt Bain Capital Credit”, teilt der Geldgeber mit. Das Unternehmen, 1983 gegründet, mit Sitz in Aachen und Campbell (USA) positioniert sich als “Anbieter von Hochsicherheitstechnologien für Cybersecurity und Compliance-Lösungen”.

VENTURE CAPITAL

Capnamic Ventures
+++ Der Kölner Geldgeber Capnamic Ventures, der 2013 an den Start gegangen ist, sammelte nach unseren Informationen bereits 90 Millionen Euro (First Closing) für seinen dritten Fonds ein. Auch das gesteckte Ziel, 150 Millionen, sind schon gesichert. Capnamic Ventures rund um Jörg Binnenbrücker investiert insbesondere “in Seed- und Series-A-Runden in B2B-Startups, die einen Fokus auf digitale Transformation und digitale Infrastruktur haben”. Mehr im Insider-Podcast #EXKLUSIV

PODCAST

Insider #109
+++ In der aktuellen Insider-Ausgabe mit Sven Schmidt geht es um Workmotion, Pectus Finance, Qubit5, Arive, Gorillas, Deliveroo, Capnamic Ventures, Capmo und Xentral.

Tipp: Alle unsere Artikel der vergangenen Tage findet ihr in unser täglichen News-Übersicht

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): Shutterstock

#afilio, #aktuell, #arive, #chrono24, #deliveroo, #delivery-hero, #ever, #freaks-4u-gaming, #nuki, #parcel-perform, #pectus-finance, #sellerx, #utimaco, #vicampo, #workmotion, #xayn, #zooplus

Equity Monday: Apple’s privacy flap continues as crypto regulation looms

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines.

This is Equity Monday, our weekly kickoff that tracks the latest private market news, talks about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and me here.

It’s going to be a busy week, with a Samsung event and a host of earnings reports that we’ll have to pay attention to. But more important there are a few stories still dominating the news cycle:

All that and we also riffed on the Siemens-Sqills deal, Cornerstone OnDemand going private, and Delivery Hero buying a piece of Deliveroo.

And, for added flavor and fun, Canopy Servicing just raised a $15 million Series A, while Siga OT Solutions raised a $8.1 million Series B.

All that, and we got to talk stocks! Hugs and love from the Equity crew — chat Wednesday!

Equity drops every Monday at 7:00 a.m. PST, Wednesday, and Friday at 6:00 a.m. PST, so subscribe to us on Apple PodcastsOvercastSpotify and all the casts!

#apple, #bitcoin, #canopy-servicing, #china, #congress, #cornerstone-ondemand, #crypto, #cryptocurrency, #deliveroo, #delivery-hero, #equity, #equity-monday, #fundings-exits, #iphone, #siemens-sqill, #siga-ot-solutions, #startups, #tencent

#DealMonitor – #EXKLUSIV Activant investiert in Workmotion – Balderton und La Famiglia setzen auf Arive – Picus investiert in Pectus Finance


Im aktuellen #DealMonitor für den 9. August werfen wir wieder einen Blick auf die wichtigsten, spannendsten und interessantesten Investments und Exits des Tages in der DACH-Region. Alle Deals der Vortage gibt es im großen und übersichtlichen #DealMonitor-Archiv.

INVESTMENT

Workmotion
+++ Der amerikanische Geldgeber Activant Capital investiert nach unseren Informationen rund 20 Millionen Euro in Workmotion, das 2020 von Carsten Lebtig gegründet wurde. Die Bewertung liegt bei rund 100 Millionen (Post-Money). Das Berliner Startup, früher als PeopleFlow bekannt, unterstützt Unternehmen beim HR-Management von Auslandsmitarbeitern. Workmotion managt dabei Dinge wie Gehaltsabrechnung, Sozialleistungen und Steuern. Picus Capital investierte bereits in der Unternehmen. Zudem verkündete die Jungfirma bereits den Einstieg von Business Angels wie Delivery Hero-Chef Niklas Östberg, Klarna-Gründer Victor Jacobsson, Personio-Gründer Hanno Renner und FlixMobility-Gründer Jochen Engert sowie Unternehmer Carsten Maschmeyer. 2,2 Millionen Euro sammelte Workmotion dabei zuletzt ein. International setzen etwa Omnipresent und Deel, das gerade Zeitgold übernommen hat, auf das Workmotion-Konzept. Mehr im Insider-Podcast #EXKLUSIV

Arive
+++ Der englische Investor Balderton Capital und der Berliner Geldgeber La Famiglia investieren nach unseren Informationen rund 5 Millionen Euro in Arive. Die Bewertung liegt bei rund 25 Millionen Euro )Post-Money). Das Startup aus München bringt das FastAF-Konzept nach Deutschland. Die Jungfirma, die von Linus Fries, Maximilian Reeker gegründet wurde, möchte Retailern mit Hilfe von Micro Fulfilment Centern und einer Marktplatz-App eine günstige Option für Lieferungen unter 60 Minuten anbieten. Dabei geht es gezielt nicht um Lebensmittel, sondern andere E-Commerce-Produkte. Der Venture Capitalist 468 Capital, hinter dem unter anderm Ex-Rocket-Macher Alexander Kudlich steckt, investierte bereits eine sechsstellige Summe in Arive. Mehr im Insider-Podcast #EXKLUSIV

Pectus Finance
+++ Der Münchner Geldgeber Picus Capital investiert nach unseren Informationen in Pectus Finance. Das Unternehmen, das von Peer Senghaas gegründet wurde, positioniert sich als Finanztool für Unternehmen. In der Selbstbeschreibung heißt es zum Konzept: “Collaborative financial planning and controlling in real-time empowering finance teams to drive business performance and make better decisions”. Picus hält nun rund 30 % am Unternehmen. Mehr im Insider-Podcast #EXKLUSIV

Xayn 
+++ Die japanischen Investoren Global Brain und KDDI investiereren gemeinsam mit den Altinvestoren – darunter Earlybird Venture Capital – 10 Millionen Euro in Xayn. Insgesamt flossen nun schon 19,5 Millionen in die Jungfirma. “Das Unternehmen plant, die Series-A-Finanzierung für die Weiterentwicklung seiner App einzusetzen, die eine Suchmaschine, einen Discovery Feed und mobilen Browser in sich vereint. Das KI-Unternehmen expandiert außerdem zukünftig in den asiatischen Markt mit besonderem Fokus auf Japan”, teilt das Startup mit. Das KI-Unternehmen startete als Forschungsprojekt an der University of Oxford und dem Imperial College London. Xayn wurde 2017 von Leif-Nissen Lundbæk, Michael Huth und Felix Hahmann gegründet.

Deliveroo
+++ Der Berliner Lieferdienstvermittler Delivery Hero steigt beim britischen Wettbewerber Deliveroo ein und sichert sich 5 % am Unternehmen. Der Dax-Konzern müsste für den Deal mehr als 300 Millionen Euro auf den Tisch gelegt haben. “Deliveroo konkurriert in Großbritannien unter anderem mit Just Eat Takeaway.com aus den Niederlanden. Delivery Hero ist seit dem Verkauf von Hungryhouse an Just Eat nicht mehr in Großbritannien tätig, hält aber einen Anteil von mehr als sieben Prozent an Just Eat”, schreibt die WirtschaftsWoche.

Achtung! Wir freuen uns über Tipps, Infos und Hinweise, was wir in unserem #DealMonitor alles so aufgreifen sollten. Schreibt uns eure Vorschläge entweder ganz klassisch per E-Mail oder nutzt unsere “Stille Post“, unseren Briefkasten für Insider-Infos.

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): azrael74

#activant-capital, #aktuell, #arive, #balderton-capital, #berlin, #deliveroo, #delivery-hero, #earlybird-venture-capital, #fintech, #global-brain, #hr, #kddi, #la-famiglia, #munchen, #pectus-finance, #picus-capital, #quick-commerce, #venture-capital, #workmotion, #xayn

Colombia’s Merqueo bags $50M to expand its online grocery delivery service across Latin America

Merqueo, which operates a full-stack, on-demand delivery service in Latin America, has landed $50 million in a Series C round of funding.

IDC Ventures, Digital Bridge and IDB Invest co-led the round, which also included participation from MGM Innova Group, Celtic House Venture Partners, Palm Drive Capital and previous shareholders. The financing brings the Bogota, Colombia-based startup’s total raised to $85 million since its 2017 inception.

Merqueo CEO and co-founder Miguel McAllister knows a thing or two about the delivery space in Latin America, having also co-founded Domicilios.com, a Latin American food delivery company that was bought by Berlin-based Delivery Hero and later merged with Brazil’s iFood.

McAllister describes Merqueo as a “pure-play online supermarket with a fully integrated grocery delivery service” that sources directly from large brands and local suppliers, bypassing intermediaries and “delivering directly from its dark store network.” (Dark stores are traditional retail stores that have been converted to local fulfillment centers.”

Merqueo offers more than 8,000 products, including fresh foods, packaged goods, home essentials, beverages and frozen products. It currently operates in more than 25 cities in Colombia, Mexico and Brazil and has over 600,000 users.

Image Credits: Merqueo

It must be doing something right. The startup is close to $100 million in “run-rate revenue,” according to McAllister, having grown more than 2.5x in 2020. Merqueo also reached positive cash flow in Colombia, its most mature market. Over the last year, large Latin American retail chains and retailers have approached the company about potentially acquiring it, McAllister said.

Part of the company’s success might be attributed to the speed and flexibility it offers. Users can choose how and when to receive their groceries according to their needs, with the startup offering delivery in as little as 10 minutes or three to four hours. Users can also schedule delivery of their groceries in two-hour intervals for the same day or the next day.

Also, owning and controlling the “entire” vertical supply chain gives it the ability to obtain better margins, offer competitive pricing and achieve healthy unit economics, according to McAllister.

Merqueo plans to use its new capital in part to expand geographically. The company is currently in phase one of its expansion to Brazil, entering initially in Sao Paulo later this month. Next year, it expects to launch in other Brazilian cities such as Rio de Janeiro, Fortaleza and Salvador de Bahia.

The market opportunity in Latin America is massive considering that online grocery sales only represent just 1% of the market –– far lower than in the U.S., EU or China, for example. Other players in the increasingly crowded space include GoPuff in the U.S., Getir out of Turkey and Mexico-based Jüsto, which raised $65 million in a Series A led by General Atlantic earlier this year.

“The pandemic accelerated the adoption of online grocery shopping in LatAm,” McAllister told TechCrunch. “The region went from 0.3% share of online groceries to 1%. And after the pandemic, we are seeing a 50% increase in the pace of user adoption.” Overall, the $85 billion e-commerce market in Latin America is growing rapidly, with projections of it reaching $116.2 billion in 2023.

Currently, Merqueo has over 1,300 employees in LatAm, up 60% from last year. It plans to continue hiring with the proceeds from the Series C round as well work “to become the largest and most ambitious dark stores network of Latin America.”

Alejandro Rodríguez, managing partner at IDC Ventures, is naturally bullish on Merqueo’s potential.

“From all the opportunities we looked into, Merqueo is undoubtedly the most advanced in the region. … The Merqueo team has proved they know how to scale the business and how to get to profitability,” Rodríguez told TechCrunch.

Online grocery delivery is a business with many technical and operational complexities, he said. In his view, Merqueo’s technology and operational expertise allow it to tackle those issues in a way that has led to “the best customer experience that we have seen in a scalable way.”

“They have the best combination of both great service metrics and healthy unit economics,” Rodríguez added.

#apps, #berlin, #brazil, #celtic-house-venture-partners, #china, #colombia, #companies, #delivery-hero, #domicilios-com, #ecommerce, #european-union, #food-delivery, #funding, #fundings-exits, #grocery-store, #idc-ventures, #latin-america, #mexico, #online-food-ordering, #online-groceries, #palm-drive-capital, #recent-funding, #sao-paulo, #startups, #tc, #turkey, #united-states, #venture-capital

Powered by local stores, JOKR joins the 15 min grocery race with a $170M Series A

“We are true believers in the fact that the world needs a new Amazon, a better one, a more sustainable one, one that appreciates local areas and products.” It’s quite one thing to claim you are out to replace Amazon (just as its founder goes into space), but Ralf Wenzel, Founder and CEO of JOKR, certainly believes his company might have a shot. And he’s raising plenty of money to aim at that goal.

Today the fast-growing grocery and retail delivery platform has closed a whopping $170 million Series A funding round. The round comes three months after the company started operations in the U.S., Latin America, and Europe. JOKR’s team consists of people who created both foodpanda and Delivery Hero, so from the outside at least, they have the chops to build a big business.

The round was led by Led by GGV Capital, Balderton Capital, and Tiger Global Management. It was joined by Activant Capital, Greycroft, Fabrice Grinda’s FJ Labs, as well as Latin America’s tech-specialized VC firms Kaszek and Monashees, as did HV Capital, the first institutional investor.

Based out of New York, where it launched last month JOKR plans to roll out across cities in the U.S., Latin America and Europe. Right now it’s live in nine cities, across Latin American countries, Brazil, Mexico, Colombia, Peru, as well as Poland and Austria in Europe.

Wenzel said: “The investment we announced today will empower us to continue our expansion at an unprecedented rate as we continue to build JOKR into the premier platform for a new generation of online shopping, with instant delivery, a focus on local product offerings and more sustainable delivery and supply chains. We are proud to be able to partner with such a distinguished group of international tech investors to help us seize the enormous opportunity in front of us.”

JOKR’s pitch is that it enables small local businesses to sell their goods, sourced from other local businesses, via the platform, thus expanding their reach without the need for complex logistics and delivery networks on their own. But that local aspect also builds sustainability into the model.

Hans Tung, Managing Partner at GGV Capital, and newly appointed member of JOKR’s board said: “Ralf has put together an all-star team for food delivery that will transform the retail supply chain. The combination of food delivery experience and the sophisticated data capabilities that optimizes inventory allocation and dispatch, set JOKR apart. We look forward to working with the team on their mission to make retail more instant, more democratic, and more sustainable.”

JOKR is joining other fast-delivery grocery providers like Gorillas and Getir in providing a 15 minute delivery time for supermarket and convenience products, pharmaceuticals, but also ‘exclusive’ local products that are not available in regular supermarkets. Although, so far, it only has an app on Google Play.

Speaking at an interview with me Wenzel said: “We are close to the equivalent of Instacart, strongly grocery focused. Our offering is significantly broader than the ones of Gorillas because we’re not only focusing on convenience and all kinds of different grocery categories, we’re getting closer to a supermarket offering, so the biggest competing element would be the traditional supermarkets, the offline supermarkets, as well as online grocery propositions. We are vertically integrating and hence procuring directly, cutting out middlemen and building our own distribution warehouses.”

#activant-capital, #amazon, #austria, #balderton-capital, #brazil, #ceo, #colombia, #delivery-hero, #distribution, #europe, #food-delivery, #foodpanda, #getir, #ggv-capital, #gorillas, #grocery-store, #hans-tung, #hv-capital, #instacart, #jokr, #latin-america, #managing-partner, #mexico, #new-york, #online-food-ordering, #online-shopping, #peru, #pharmaceuticals, #poland, #premier, #ralf-wenzel, #retailers, #tc, #tiger-global-management, #united-states

Italy’s DPA fines Glovo-owned Foodinho $3M, orders changes to algorithmic management of riders

Algorithmic management of gig workers has landed Glovo-owned on-demand delivery firm Foodinho in trouble in Italy where the country’s data protection authority issued a €2.6 million penalty (~$3M) yesterday after an investigation found a laundry list of problems.

The delivery company has been ordered to make a number of changes to how it operates in the market, with the Garante’s order giving it two months to correct the most serious violations found, and a further month (so three months total) to amend how its algorithms function — to ensure compliance with privacy legislation, Italy’s workers’ statute and recent legislation protecting platform workers.

One of the issues of concern to the data watchdog is the risk of discrimination arising from a rider rating system operated by Foodinho — which had some 19,000 riders operating on its platform in Italy at the time of the Garante’s investigation.

Likely of relevance here is a long running litigation brought by riders gigging for another food delivery brand in Italy, Foodora, which culminated in a ruling by the country’s Supreme Court last year that asserted riders should be treated as having workers rights, regardless of whether they are employed or self-employed — bolstering the case for challenges against delivery apps that apply algorithms to opaquely micromanage platform workers’ labor.

In the injunction against Foodinho, Italy’s DPA says it found numerous violations of privacy legislation, as well as a risk of discrimination against gig workers based on how Foodinho’s booking and assignments algorithms function, in addition to flagging concerns over how the system uses ratings and reputational mechanisms as further levers of labor control.

Article 22 of the European Union’s General Data Protection Regulation (GDPR) provides protections for individuals against being solely subject to automated decision-making including profiling where such decisions produce a legal or similarly substantial effect (and access to paid work would meet that bar) — giving them the right to get information on a specific decision and object to it and/or ask for human review.

But it does not appear that Foodinho provided riders with such rights, per the Garante’s assessment.

In a press release about the injunction (which we’ve translated from Italian with Google Translate), the watchdog writes:

“The Authority found a series of serious offences, in particular with regard to the algorithms used for the management of workers. The company, for example, had not adequately informed the workers on the functioning of the system and did not guarantee the accuracy and correctness of the results of the algorithmic systems used for the evaluation of the riders. Nor did it guarantee procedures to protect the right to obtain human intervention, express one’s opinion and contest the decisions adopted through the use of the algorithms in question, including the exclusion of a part of the riders from job opportunities.

“The Guarantor has therefore required the company to identify measures to protect the rights and freedoms of riders in the face of automated decisions, including profiling.

The watchdog also says it has asked Foodinho to verify the “accuracy and relevance” of data that feeds the algorithmic management system — listing a wide variety of signals that are factored in (such as chats, emails and phone calls between riders and customer care; geolocation data captured every 15 seconds and displayed on the app map; estimated and actual delivery times; details of the management of the order in progress and those already made; customer and partner feedback; remaining battery level of device etc).

“This is also in order to minimize the risk of errors and distortions which could, for example, lead to the limitation of the deliveries assigned to each rider or to the exclusion itself from the platform. These risks also arise from the rating system,” it goes on, adding: “The company will also need to identify measures that prevent improper or discriminatory use of reputational mechanisms based on customer and business partner feedback.”

Glovo, Foodinho’s parent entity — which is named as the owner of the platform in the Garante’s injunction — was contacted for comment on the injunction.

A company spokesperson told us they were discussing a response — so we’ll update this report if we get one.

Glovo acquired the Italian food delivery company Foodinho back in 2016, making its first foray into international expansion. The Barcelona-based business went on to try to build out a business in the Middle East and LatAm — before retrenching back to largely focus on Southern and Eastern Europe. (In 2018 Glovo also picked up the Foodora brand in Italy, which had been owned by German rival Delivery Hero.)

The Garante says it collaborated with Spain’s privacy watchdog, the AEDP — which is Glovo’s lead data protection supervisor under the GDPR — on the investigation into Foodinho and the platform tech provided to it by Glovo.

Its press release also notes that Glovo is the subject of “an independent procedure” carried out by the AEPD, which it says it’s also assisting with.

The Spanish watchdog confirmed to TechCrunch that joint working between the AEPD and the Garante had resulted in the resolution against the Glovo-owned company, Foodinho.

The AEPD also said it has undertaken its own procedures against Glovo — pointing to a 2019 sanction related to the latter not appointing a data protection officer, as is required by the GDPR. The watchdog later issued Glovo with a fined of €25,000 for that compliance failure.

However it’s not clear why the AEDP has — seemingly — not taken a deep dive look at Glovo’s own compliance with the Article 22 of the GDPR. (We’ve asked it for more on this and will update if we get a response.)

It did point us to recently published guidance on data protection and labor relations, which it worked on with Spain’s Ministry of Labor and the employers and trade union organizations, and which it said includes information on the right of a works council to be informed by a platform company of the parameters on which the algorithms or artificial intelligence systems are based — including “the elaboration of profiles, which may affect the conditions, access and maintenance of employment”.

Earlier this year the Spanish government agreed upon a labor reform to expand the protections available to platform workers by recognizing platform couriers as employees.

The amendments to the Spanish Workers Statute Law were approved by Royal Decree in May — but aren’t due to start being applied until the middle of next month, per El Pais.

Notably, the reform also contains a provision that requires workers’ legal representatives to be informed of the criteria powering any algorithms or AI systems that are used to manage them and which may affect their working conditions — such as those affecting access to employment or rating systems that monitor performance or profile workers. And that additional incoming algorithmic transparency provision has evidently been factored into the AEPD’s guidance.

So it may be that the watchdog is giving affected platforms like Glovo a few months’ grace to allow them to get their systems in order for the new rules.

Spanish labor law also of course remains distinct to Italian law, so there will be ongoing differences of application related to elements that concern delivery apps, regardless of what appears to be a similar trajectory on the issue of expanding platform workers rights.

Back in January, for example, an Italian court found that a reputation-ranking algorithm that had been used by another on-demand delivery app, Deliveroo, had discriminated against riders because it had failed to distinguish between legally protected reasons for withholding labour (e.g., because a rider was sick; or exercising their protected right to strike) and other reasons for not being as productive as they’d indicated they would be.

In that case, Deliveroo said the judgement referred to a historic booking system that it said was no longer used in Italy or any other markets.

More recently a tribunal ruling in Bologna — found a Collective Bargaining Agreement signed by, AssoDelivery, a trade association that represents a number of delivery platforms in the market (including Deliveroo and Glovo), and a minority union with far right affiliations, the UGL trade union, to be unlawful.

Deliveroo told us it planned to appeal that ruling.

The agreement attracted controversy because it seeks to derogate unfavorably from Italian law that protects workers and the signing trade body is not representative enough in the sector.

Zooming out, EU lawmakers are also looking at the issue of platform workers rights — kicking off a consultation in February on how to improve working conditions for gig workers, with the possibility that Brussels could propose legislation later this year.

However platform giants have seen the exercise as an opportunity to lobby for deregulation — pushing to reduce employment standards for gig workers across the EU. The strategy looks intended to circumvent or at least try to limit momentum for beefed up rules coming a national level, such as Spain’s labor reform.

#algorithmic-accountability, #artificial-intelligence, #barcelona, #deliveroo, #delivery-hero, #europe, #european-union, #food-delivery, #gdpr, #general-data-protection-regulation, #glovo, #italy, #labor, #online-food-ordering, #policy, #privacy, #spain

Glovo splurges $208M on three Delivery Hero brands in the Balkans

The high stakes game of chess (or, well, consolidation chicken) that is on-demand food delivery rolls on today with a little more territorial swapping in Europe: Barcelona-based Glovo has agreed to buy three of Berlin-based Delivery Hero’s food delivery brands in Central and Eastern Europe — with deals that it said are worth a total value of €170 million (~$208M).

Specifically, it’s picking up Delivery Hero’s foodpanda brand in Romania and Bulgaria; the Donesi brand in Serbia, Montenegro, Bosnia and Herzegovina; and Pauza in Croatia.

There’s some notable symmetry here: Last year Delivery Hero shelled out $272M for a bunch of Glovo’s LatAm brands, as the latter gave up on a region it had already started withdrawing from in its quest for profitability.

Glovo said then that it would be focusing on “key markets where we can build a long-term sustainable business and continue to provide our unique multi-category offering to our customers”.

Earlier this month the Barcelona-based ‘deliver anything’ app also announced it was picking up Ehrana, a local delivery company in Slovenia. So it’s been on quite the (local) shopping spree of late.

Its existing operational footprint covers markets in South West Europe, Eastern Europe and Sub-Saharan Africa. So its attention here, on the Balkans, suggests it sees a chance to eke out profitable potential in more of Central Europe too.

Glovo said the transactions in Bosnia Herzegovina, Bulgaria, Croatia, Montenegro and Serbia are expected to close “within the next few weeks”, subject to fulfilment of closing conditions and relevant regulatory approvals.

While it said Romania will be completed following approval from the competition authority — but gave no timeline for that.

Its splurge on Central and Eastern European rival food delivery brands follows a $528M Series F funding round in April — so it’s evidently not short of VC cash to burn spend.

Commenting in a statement, Oscar Pierre, CEO and co-founder, said: “It’s always been central to our long-term strategy to focus on markets where we see clear opportunities to lead and where we can build a sustainable business. Central and Eastern Europe is a very important part of that plan. The region has really embraced on-demand delivery platforms and we’re very excited to be strengthening our presence and increasing our footprint in countries that continue to show enormous potential for growth.” 

In another supporting statement Delivery Hero made it clear it has bigger fish to fry (than can be served up to hungry customers in the Balkans) right now.

“Delivery Hero has built a clear leading business in the Balkan region in the last couple of years. However, with a lot of operational priorities on our plate, we believe Glovo would be better positioned to continue building an amazing experience for our customers in this region,” said Niklas Östberg, its CEO and co-founder.

A relevant, recent development for Delivery Hero‘s business is the decision to re-enter its home market of Germany — Europe’s biggest economy — under its foodpanda brand, starting in its home city of Berlin this summer (but with a national expansion planned to follow).

This is notable because back in 2018 it sold its German operations to another on-demand food delivery rival, the Dutch giant Takeaway.com — in a $1.1BN deal which included the Lieferheld, Pizza.de and foodora brands — temporarily stepping out of the competitive fray. (Meanwhile Takeaway.com has since merged with the UK’s Just Eat to become… Just Eat Takeaway so, uh, keep up.)

Delivery Hero is returning to Germany now because it can, and because the market is huge. A two-year non-compete clause between it and Just Eat Takeaway recently expired — allowing for reheating (rehashing?) of the competitive food delivery mix in German cities.

Speaking to the FT back in May about this market return, Östberg suggested Delivery Hero has girded itself (and its investors) for a long fight.

“We don’t see necessarily that we are going to go in and win the market in the next year or so. This is a 10-year game,” he said. “Of course we will definitely make sure we put in enough money to be the clear number two, the clear challenger [to Just Eat Takeaway.com].”

Winning at food delivery is certainly a(n expensive) marathon, not a sprint.

There are also of course multiple races being run in markets around the world, depending on local conditions and competitive mix — with the chance that the winner of the biggest and most lucrative races will reach such a position of VC-sponsored glory that it can buy up the top competitors from the smaller races and consolidate everything — maximizing economies of scale and gaining the ability to squeeze out fresh competition to grab a juicy profit for themselves.

Or, well, that’s the theory. Competition regulators are likely to take increasing interest in this space, for one thing. Rising awareness of gig economy workers rights is also putting pressure on the model.

For now, the thin-margin food delivery business needs the right base conditions to survive. The model only functions in cities and ideally in highly dense urban environments. Most of the players in this space also do not employ the armies of riders that are needed to make deliveries — because doing so would make the model far more costly. And in Europe political attention on gig economy workers rights could force reforms that raise regional operational costs, putting further pressure on margins.

Spain has its own labor reforms in train that will affect Glovo in its home market, for example.

Achieving sustainability (i.e. profitability without the need for ongoing VC funding injections) remains a huge hurdle for delivery apps. It will likely require massive market consolidation and/or convincing users to switch from making the occasional order of a hot meal on a weekend to relying on app-based delivery for far more of their local shopping needs — not just lunch/dinner but groceries and toiletries, and other fast moving consumers goods and household items.

It’s notable that super fast grocery delivery is a major focus for Glovo, for example — which has recently been building out networks of inner city dark stores to service in-app convenience store shopping.

Lots of other on-demand app players are also ramping up on that front. Including Delivery Hero — which has been paying more attention to groceries (picking up InstaShop last year in a deal worth $360M).

Glovo building out in Central Europe while exiting markets further afield suggests it believes it can use a concentrated market footprint to drive operational efficiencies and strong order margins through a tightly integrated meal delivery and dark store play.

If it can do that — and offer at least the whiff of profitability — it could make its business an attractive future acquisition target for a larger global giant that’s looking to up the ‘consolidation chicken’ stakes by bolting on new regions.

A larger player like Delivery Hero may even be a potential future suitor — having shown it’s happy to return to markets it left earlier. After all, it surely knows Glovo’s business pretty well since they’ve done a number of market swaps. But, for now, that’s pure speculation.

Zooming out, what the on-demand model of app-based urban convenience means for the future of urban environments is a whole other question — and one which both competition and urban regulators will need to ponder very carefully.

If the rush to scale delivery platforms drives unstoppable consolidation that sees smaller players gobbled up by a few global giants — that can then use their size and scale to outcompete local shops — it may spell even more dark times for the traditional High Street and its family-run bodegas which have already been hammered by Internet giants like Amazon.

Touch of a button convenience does carry wider costs.

 

#amazon, #apps, #balkans, #barcelona, #berlin, #bulgaria, #central-europe, #croatia, #delivery-hero, #eastern-europe, #europe, #food, #food-delivery, #foodpanda, #fundings-exits, #germany, #glovo, #just-eat-takeaway, #just-eat, #montenegro, #niklas-ostberg, #online-food-ordering, #oscar-pierre, #retailers, #romania, #take-out, #takeaway-com, #tc, #united-kingdom

#StartupTicker – +++ parcelLab – Holidu – Morressier – Yababa – eatclever – Vermietet.de – MeinAuto Group – Delivery Hero – N26


Im #StartupTicker geben wir einmal in der Woche einen schnellen Überblick darüber, was in der deutschsprachigen Startup-Szene zuletzt wirklich wichtig war!

#StartupTicker – Was zuletzt wirklich wichtig war!

STARTUP-RADAR

Fanzone
+++ Das Berliner Startup Fanzone setzt auf digitale Sammelkarten. Das Schlagwort lautet dabei Non-Fungible Token (NFT). Die Nutzer:innen können ihre Karten sammeln und handeln, sowie an Fantasy Sports Challenges teilnehmen. Hinter der Jungfirma steckt unter anderem Seriengründer Dirk Weyel.

DeepScenario
+++ DeepScenario aus München, das von Florian Hirschmann gegründet wurde, möchte Unternehmen durch die intelligente Analyse von Luftbilddaten und der Erstellung von Verkehrsszenarien helfen, das Trendthema autonomes Fahren zu meistern. Dabei setzt die Jungfirma auf “real-world traffic data”, die verschiedene Szenarien abbilden.

ScaleNC
+++ ScaleNC bereitet Konstruktionszeichnungen auf und nimmt Blechfertigern die NC-Programmierung ab. Das Angebot des Startups, das ein Ableger des Technologieunternehmen Trumpf ist, richtet sich insbesondere an kleine und mittelständische Unternehmen.

inoqo
+++ Das in Wien gegründete ClimateTech inoqo entwickelt eine App, die es Onliner:innen ermöglicht, die verursachten CO2-Emissionen von Produkten zu ermitteln. Das Startup wurde von Markus Linder, Doris Wimmer, Hélène Saurais, Simon Haberfellner, Bernhard Schandl und Elisa Gramlich gegründet.

Brandneu
+++ In den vergangenen Tagen haben wir zudem folgende Startups vorgestellt: Reasonal, whylab, Lumaly, Moot, Mateo, Finbrand, Floox, Luggage Pool, bikematch, NichtraucherHelden, asvin, Knowunity, craftsoles, Planted, Mocica und Shöpy. Mehr im Startup-Radar

INVESTMENTS

parcelLab
+++ Insight Partners, Endeit Capital sowie die Altinvestoren Capnamic Ventures und coparion investieren 110 Millionen US-Dollar in parcelLab. Das Münchner Startup überwacht insbesondere für Online-Shops quasi den Versand der Waren. Falls ein Paket nicht in der üblichen Zeit ankommen sollte, entschuldigt sich das Startup im Namen des Online-Shops beim Kunden. parcelLab wurde 2015 von Tobias Buxhoidt, Anton Eder und Julian Krenge gegründet. Mehr über parcelLab

Holidu 
+++ 83North und die Altinvestoren Prime Ventures, EQT Ventures, Coparion, Senovo, Kees Koolen, Lios Ventures sowie Chris Hitchen investieren 37 Millionen Euro in Holidu. “Claret Capital  schließt sich der Finanzierungsrunde an und stellt sowohl Eigenkapital als auch Venture Debt zur Verfügung”, teilt das Unternehmen weiter mit. Das Startup, das 2014 von den Brüdern Johannes und Michael Siebers gegründet wurde, sammelte zuletzt 40 Millionen ein. Mehr über Holidu

Morressier
+++ Der amerikanische Investor Owl Ventures und Altinvestoren wie Cherry Ventures und Redalpine Venture Partners investieren 18 Millionen US-Dollar in Morressier. Das Berliner Startup, das 2014 von Sami Benchekroun und Justus Weweler gegründet wurde, digitalisiert akademische Konferenzen und den wissenschaftlichen Austausch. In den vergangenen Jahren sammelte das Morressier-Team bereits rund 4,5 Millionen Euro ein. Mehr über Morressier

Yababa
+++ Der Berliner Gorillas-Investor Atlantic Food Labs schiebt Yababa, einen Lieferservice für orientalische Lebensmittel und Gerichte, an. Das Berliner Startup, bisher ein 100-prozentiger Ableger des bekannten Kapitalgebers, verspricht seinen Kunden “niedrige Preise” und eine “Lieferung am gleichen Tag”. Geführt wird der orientalische Supermarkt von Ralph Hage. Mehr im neuen News-Podcast #EXKLUSIV

eatclever
+++ Der Tiefkühlgigant apetito investierte bereits im vergangenen Jahr in den jungen Lieferdienst eatclever.  Zum Ghost Restaurant-Betreiber, der 2014 von Mohamed Chahin, Robin Himmels und Marco Langhoff in Hamburg gegründet wurde, gehören Marken wie taste&soul sowie Chicos. In der Vergangenheit investierte auch About-You-Gründer Tarek Müller in das junge Food-Startup. Mehr im Deal-Monitor #EXKLUSIV

EXITS

Vermietet.de
+++ Scout24 übernimmt Vermietet.de. Über Vermietet.de können Eigentümer ihre Immobilien verwalten, Kontakt mit Mieter:innen pflegen, Nebenkostenabrechnungen erstellen und Daten für Steuererklärungen erfassen. BitStone Capital, AXA, Berlin Technology Holding, Deutsche Bank, main incubator und Swiss Life investierten zuletzt einen mittleren einstelligen Millionenbetrag in das PropTech. Insgesamt flossen in den vergangenen Jahren rund 16 Millionen Euro in  Vermietet.de.  Mehr über Vermietet.de

STOCK MARKET

MeinAuto Group
+++ Der Online-Autohändler MeinAuto Group sagt seinen geplanten IPO kurzfristig ab. “Grund dafür sind die derzeit ungünstigen Marktbedingungen für wachstumsstarke Unternehmen. Die Bücher waren bereits am ersten Tag des Bookbuildings gefüllt und einschließlich der Mehrzuteilungsoption in voller Höhe überzeichnet”, teilt das Unternehmen mit. Im Rahmen des geplanten Angebots wollte das Unternehmen einen Bruttoerlös von mindestens 150 Millionen Euro erzielen. Mehr im Deal-Monitor

SZENE-NEWS

Delivery Hero
+++ Der Lieferdienst Delivery Hero kommt zurück nach Deutschland. “Der Dax-Konzern kehrt auf den Heimatmarkt zurück und will Lebensmittel in sieben Minuten liefern. Konkurrent Lieferando reagiert erzürnt – Analysten sind skeptisch” – schreibt das Handelsblatt.

N26
+++ “Die Berliner Digitalbank N26 erhält von der Finanzaufsicht Bafin eine weitere Rüge und muss bei der Geldwäsche-Prävention nachbessern, die Aufseher entsenden nun einen Sonderbeauftragten” – berichtet FinanceFWD.

PODCAST

News #43
+++
In der neuen News-Ausgabe geht es um die Razor Group, Vivid Money, Kaia Health, StudySmarter, Bluecode, Finoa, Yababa, reverse.supply, Zippeo, Flip4New, Userlike und proSenio.

Insider #101
+++ In der aktuellen Insider-Ausgabe mit Sven Schmidt geht es um Gorillas, Getir, Delivery Hero, Flink, 468 Capital, Enpal, Avi Medical, Metalshub, Urbyo, Xolo, Edurino, OptioPay, Rubarb, Hausgold und Surve Mobility.

Interview #21
+++ In unserem Interview-Podcast ist diesmal Hanno Renner, Gründer von Personio, zu Gast. Die Unternehmensbewertung der Münchner Jungfirma stieg zuletzt auf beachtliche 1,7 Milliarden Dollar.

Abonnieren: Die Podcasts von deutsche-startups.de könnt ihr bei Amazon Music – Apple Podcasts – Castbox – Deezer – Google Podcasts – iHeartRadio – Overcast – PlayerFM – Podimo – Spotify – SoundCloud oder per RSS-Feed abonnieren.

Tipp: Alle unsere Artikel der vergangenen Tage findet ihr in unser täglichen News-Übersicht

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): Shutterstock

#aktuell, #delivery-hero, #eatclever, #holidu, #meinauto-group, #morressier, #n26, #parcellab, #vermietet-de, #yababa

#Podcast – Insider #101: Gorillas – Delivery Hero – 468 Capital – Enpal – Avi Medical – Metalshub – Urbyo – Xolo – Edurino


In unserem Insider-Podcast liefern OMR-Podcast-Legende Sven Schmidt und Alexander Hüsing, Chefredakteur von deutsche-startups.de, alle vierzehn Tage spannende und vor allem aber exklusive Insider-Infos aus der deutschen Startup-Szene.

Insider #101 – Die Themen

+++ Gorillas sucht 1 Milliarde US-Dollar. Bewertung: 6 Milliarden #EXKLUSIV
+++ 468 Capital investiert in Picking-Startup #EXKLUSIV
+++ Berenberg Bank und HV Capital vor Investment in Enpal #EXKLUSIV
+++ Avi Medical sammelt rund 10 Millionen ein #EXKLUSIV
+++ Acton investiert in Metalshub #EXKLUSIV
+++ June investiert in Urbyo #EXKLUSIV
+++ Paua Ventures und Berliner Angel-Mafia investieren in Xolo #EXKLUSIV
+++ Jens Begemann und Heilemann-Brüder investieren in Edurino #EXKLUSIV
+++ OptioPay bekommt weitere Millionen #EXKLUSIV
+++ Rubarb sucht Investoren #EXKLUSIV
+++ Hausgold plant bis zu 12 Millionen einzusammeln #EXKLUSIV
+++ Surve Mobility sucht 5 Millionen #EXKLUSIV

Insider #101 – Der Sponsor

Die heutige Ausgabe wird gesponsert von Sastrify. Verliert Ihr auch langsam den Überblick über die Software-Tools in Eurem Unternehmen? Verschwendet Ihr Zeit in Verhandlungen für Software-as-a-Service Lizenzen und habt am Ende immer noch das Gefühl, zu viel zu bezahlen? Genau dabei hilft Sastrify. Mit über 70 Millionen Software Daten, Best Practices und einem geschulten Procurement Team übernimmt Sastrify den SaaS Einkauf für Euch. Schon heute setzen erfolgreiche Unternehmen wie Westwing, Emma oder Limehome auf den Service. Der Clou: Sastrify garantiert Euch, dass Ihr mehr spart, als Euch der Service kostet. Außerdem könnt Ihr Euch als DS Podcast Hörer jetzt exklusiv 50% Rabatt auf die ersten drei Monate sichern. Geht dazu einfach auf sastrify.com/deutsche-startups.

Insider #101 – Der Podcast

Abonnieren: Die Podcasts von deutsche-startups.de könnt ihr bei Amazon Music – Apple Podcasts – Castbox – Deezer – Google Podcasts – iHeartRadio – Overcast – PlayerFM – Podimo – Spotify – SoundCloud oder per RSS-Feed abonnieren.

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): ds

#468-capital, #aktuell, #avi-medical, #delivery-hero, #edurino, #enpal, #flink, #getir, #gorillas, #hausgold, #insider, #metalshub, #optiopay, #podcast, #rubarb, #surve-mobility, #urbyo, #xolo

Solar roof-tile and energy startup SunRoof closes €4.5M led by Inovo Venture Partners

SunRoof is a European startup that has come up with a clever idea. It has its own roof-tile technology which generates solar power. It then links up those houses, creating a sort of virtual power plant, allowing homeowners to sell surplus energy back to the grid.

It’s now closed a €4.5 million round (Seed extension) led by Inovo Venture Partners, with participation from SMOK Ventures (€2m of which came in the form of convertible notes). Other investors include LT Capital, EIT InnoEnergy, FD Growth Capital and KnowledgeHub. 

Sweden-based SunRoof’s approach is reminiscent of Tesla Energy, with its solar roof tiles, but whereas Tesla runs a closed energy ecosystem, SunRoof plans to work with multiple energy partners.

To achieve this virtual power company, SunRoof CEO and serial entrepreneur Lech Kaniuk (formerly of Delivery Hero, PizzaPortal, and iTaxi), acquired the renewable energy system, Redlogger, in 2020.

SunRoof’s platform consists of 2-in-1 solar roofs and façades that generate electricity without needing traditional photovoltaic modules. Instead, they use monocrystalline solar cells sandwiched between two large sheets of glass which measure 1.7 sq meters. Because the surface area is large and the connections fewer, the roofs are cheaper and faster to build. 

SunRoof give homeowners an energy app to manage the solar, based on Redlogger’s infrastructure

Tesla’s Autobidder is a trading platform that manages the energy from roofs but is a closed ecosystem. SunRoof, by contrast, works with multiple partners.

Kaniuk said: “SunRoof was founded to make the move to renewable energy not only easy, but highly cost-effective without ever having to sacrifice on features or design. We’ve already grown more than 500% year-on-year and will use the latest funding to double down on growth.” 

Michal Rokosz, Partner at Inovo Venture Partners, commented: “The market of solar energy is booming, estimated to reach $334 billion by 2026. Technology of integrated solar roofs is past the inflection point. It is an economical no-brainer for consumers to build new homes using solar solutions. With a more elegant and efficient substitute to a traditional hybrid of rooftops and solar panels, SunRoof clearly stands out and has a chance to be the brand for solar roofs, making clean-tech more appealing to a wider customer-base.”

The team includes co-founder Marek Zmysłowski (ex-(Jumia Travel and HotelOnline.co), former Google executive, Rafal Plutecki, and former Tesla Channel Sales Manager, Robert Bruchner.

There are rollout plans for Sweden, Germany, Poland, Switzerland, Italy, Spain, and the US.

#automotive-industry, #co-founder, #delivery-hero, #electricity, #energy, #europe, #executive, #germany, #google, #italy, #partner, #poland, #renewable-energy, #smok-ventures, #solar-cell, #solar-energy, #spain, #sweden, #switzerland, #tc, #united-states

Norwegian corporate training startup Attensi raises $26M from NYC’s Lugard Road, DX Ventures

Corporate training startup Attensi — which originally emerged out of Oslo, Norway — has raised $26 million from New York-based Lugard Road Capital, DX Ventures (a VC fund backed by Delivery Hero), and existing shareholder Viking Venture. The new funding will be used to expand in North America and Europe.

Attensi uses a ‘gamified approach to corporate training, putting employees into 3D simulations of their workplace and work processes. Its competitors include companies like GoSkills, Mindflash SAP Litmos Skilljar.

With the pandemic shifting all office work to remote, digital training platforms like this stand to benefit.

This is also yet another recent example of how US VCs are ‘going hunting’ for startups in Europe, putting pressure on local VCs.

Attensi co-founder and co-CEO, Trond Aas said in a statement: “With gamified simulation training, we have combined the best of workplace psychology with our expertise in simulations and gamification to create a new category of training solutions.”

The company claims it’s experienced a 63% CAGR in annual recurring revenue. Its clients include Daimler Mercedes Benz, Circle K, Equinor, BCG, and ASDA.

Doug Friedman, a partner at Lugard Road Capital, said: “We could not be more excited to be investing in the Attensi team as they work to forever change and improve corporate learning and development through their Attensi solutions.”

#articles, #business, #companies, #daimler, #delivery-hero, #europe, #gamification, #gaming, #lugard-road-capital, #new-york, #north-america, #norway, #oslo, #partner, #sap, #simulation, #startup-company, #tc

#DealMonitor – Jedox bekommt 100 Millionen – Delivery Hero legt DX Ventures (50 Millionen) auf – Waterland übernimmt YieldKit


Im aktuellen #DealMonitor für den 12. Januar werfen wir wieder einen Blick auf die wichtigsten, spannendsten und interessantesten Investments und Exits des Tages in der DACH-Region. Alle Deals der Vortage gibt es im großen und übersichtlichen #DealMonitor-Archiv.

INVESTMENTS

Jedox
+++ Insight Partners und Alt-Investoren wie Iris Capital, eCAPITAL und Wecken & Cie. investieren 100 Millionen US-Dollar in Jedox. Das 2002 in Freiburg gegründete Unternehmen bietet Enterprise-Performance-Management-Lösungen für Unternehmensplanung und -analyse an. Iris Capital, eCAPITAL und Wecken & Cie. investierten zuletzt 20 Millionen Euro in Jedox. “Die neue Finanzierungsrunde wird Jedox helfen, sein Kundenwachstum und seine globale Expansion zu beschleunigen und gleichzeitig seine robuste Plattform für abteilungsübergreifende integrierte Geschäftsplanung, Berichterstattung und Analyse zu verbessern”, teilt das Unternehmen mit. Über 2.500 Unternehmen nutzen Jedox nach Firmenangaben. 2018 erwirtschaftete Jedox einen Konzern-Umsatz in Höhe von von 23,1 Millionen Euro (Vorjahr: 19,9 Millionen Euro).

Filestage
+++ Der niederländische Geldgeber Newion, Alt-Investor High-Tech Gründerfonds (HTGF) und seed + speed Ventures, der Seed-Investor von TV-Löwe Carsten Maschmeyer, investieren 2,8 Millionen Euro in das Stuttgarter Software-Startup Filestage. Das 2015 von Niklas Dorn, Maël Frize und Simon Kontschak gegründete Unternehmen positioniert sich als “Asset Review Plattform für Unternehmen und Agenturen”.

Energy Robotics
+++ Earlybird Venture Capital und einige Business Angels wie Paul Achleitner, Gerhard Roiss, Martin Klässner und Andrej Henkler investieren 2 Millionen Euro in Energy Robotics, einen Entwickler von Softwarelösungen für mobile Inspektionsroboter. Energy Robotics wurde 2019 als  Spin-off der Technischen Universität Darmstadt gegründet. Das Unternehmen wird von Dorian Scholz und Stefan Kohlbrecher geführt.

Recare 
+++ Der Berliner Geldgeber Die BrückenKöpfe und Altgesellschafter Altgesellschafter wie der Thieme Verlag, Petra Becker, TECH Beteiligungen Niklas Östberg und Oliver Pabst investieren 2 Millionen Euro in Recare. Das junge Unternehmen, 2017 in Berlin gegründet, betreibt einen B2B-Marktplatz für medizinische Versorgungseinrichtungen und Krankenhäuser in verschiedenen Versorgungsbereichen. Insgesamt flossen bereits rund 6 Millionen Euro in Recare.

Taxy.io
+++ 42CAP aus München und einige Business Angels sowie Alt-Investor TechVision Fonds (TVF)  investieren eine siebenstellige Summe in das Aachener Startup Taxy.io. Das junge Unternehmen bietet eine B2B-Software-Lösung für Steuerberater, Wirtschaftsprüfer und Mitarbeiter in Finanzabteilungen an. Das Unternehmen wurde 2018 von Daniel Kirch, Sven Peper, Steffen Kirchhoff und Sven Weber gegründet. Mit dem frischen Kapital “will das Startup seine Geschäftstätigkeiten auf den gesamten DACH-Raum ausweiten”.

INVESTMENTS

Yorxs
+++ Der Münchener Juwelier Ralf Nutt übernimmt den insolventen Online-Diamanthändler Yorxs – siehe Handelsblatt. “Das Start-up hatte jahrelang in der Diamantbranche für Aufsehen gesorgt, weil es eine breitere Palette an Diamanten zu niedrigeren Preisen als die gesamte Konkurrenz in Deutschland bot”, heißt es im Artikel. Yorxs, 2012 von Joachim Giehl und Casimir Graf zu Maltzahn gegründet, sammelte in den vergangenen Jahren mehrere Millionen von Risikokapitalgebern ein – unter anderem vonmHightech-Gründerfonds (HTGF), K5 Ventures und der KfW. Im September 2019 schlitterte das Unternehmen dann in die Insolvenz.

EXITS

YieldKit
+++ Jetzt offiziell! Die niederländische Private Equity-Gesellschaft Waterland übernimmt – wie bereits Anfang Januar berichtet – die Mehrheit an YieldKit, einem “Performance Marketing Aggregator for Publishers”. In der Presseaussendung heißt es: “Zusammen mit Gründer Oliver Krohne, CEO Daniel Neuhaus, sowie Tech-Unternehmer und YieldKit-Investor Lars Hinrichs plant Waterland das organische Wachstum von YieldKit zusätzlich zu beschleunigen und die Software-Plattform mittels Buy-&-Build-Strategie zur Marktführerschaft auszubauen. YieldKit erwirtschaftete nach eigenen Angaben 2020 einen Usmatz in Höhe von 33 Millionen Euro. YieldKit beschäftigte zuletzt 30 Mitarbeiter.

VENTURE CAPITAL

DX Ventures
+++ Der börsennotierte Lieferdienstvermittler Delivery Hero legt sich mit DX Ventures einen Investmentableger zu. “Die Investmentstrategie konzentriert sich darauf, gründergeführte Unternehmen mit Kapital zur Erfüllung ihrer Visionen auszustatten, um eine große Bandbreite traditioneller Industrien zu revolutionieren”, teilt das Unternehmen zum offiziellen Start mit. Der Corporate-Venture-Ableger ist zunächst mit 50 Millionen Euro ausgestattet. Fokus von DX Ventures sind Themen wie On-Demand Service, Lebensmitteltechnologie, nachhaltige Innovation, künstliche Intelligenz, FinTech und Logistik. DX Ventures wird von Duncan McIntyre geführt. Zum Portfolio von DX Ventures gehören unter anderem bereits Rappi, Ritual und wisefood.

Achtung! Wir freuen uns über Tipps, was wir im #DealMonitor aufgreifen sollten. Schreibt uns eure Vorschläge per E-Mail oder nutzt unsere “Stille Post“, unseren anonymen Briefkasten.

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): azrael74

#42cap, #aachen, #aktuell, #berlin, #darmstadt, #delivery-hero, #dx-ventures, #e-health, #earlybird-venture-capital, #ecapital, #energy-robotics, #filestage, #freiburg, #hamburg, #high-tech-grunderfonds, #insight-partners, #iris-capital, #jedox, #munchen, #newion, #recare, #seed-speed-ventures, #stuttgart, #taxy-io, #techvision-fonds, #venture-capital, #waterland, #yieldkit, #yorxs

Delivery Hero picks up Glovo’s LatAm ops for $272M in latest food delivery consolidation

More consolidation in the thin-margin food delivery space: Delivery Hero has announced it’s buying the LatinAm operations of Glovo, a Spanish on-demand delivery app. The German company said today that it’s paying up to €230 million to take over eight markets, including a €60M performance-based earn-out.

The transaction, which Berlin-based Delivery Hero said it expects to close within a few weeks, will cover all of the Latin American countries where Glovo operates — namely: Argentina, Peru, Ecuador, Panama, Costa Rica, Honduras, Guatemala and the Dominican Republic.

Glovo had already pulled out of two LatAm markets at the start of this year, saying then that it was focused on markets where it could grow and establish itself among the top two delivery players. It exited the Middle East at the same time.

Offloading its LatAm operations to Delivery Hero now will leave it with 14 markets — and a fuller focus on Southern and Eastern Europe.

The move isn’t a huge surprise, given ongoing questions over profitability in the thin-margin delivery space.

Last December Glovo told us it was focused on trying to reach profitability “in a little over a year’s time”. That essentially means winning the race with competitors to be the dominant platform where you’re operating, and only operating in cities where the unit economics stack up, so — ideally — where you can nudge users to make high volumes of repeat orders.

Still, in December 2019 Glovo’s co-founder also told us it was expecting its LatAm business to be operationally profitable this year. But perhaps challenges related to the coronavirus pandemic have pushed it to narrow its focus.

There are also SoftBank’s billions to contend with. The Japanese tech investor has a $2BN fund aimed at Central and South American — as well as making multiple investments in on-demand delivery startup which have been duking it out for share in the region. The cost of competing in the region was likely rising and that wouldn’t help Glovo’s push for profitability.

Commenting on the sale in a statement, Glovo CEO, Oscar Pierre, said: “We feel that it’s important to focus on key markets where we can build a long-term sustainable business and continue to provide our unique multi-category offering to our customers.”

“This deal will allow us to strengthen our presence in those markets where we are already very strong, while also allowing us to invest in new markets where we see huge growth potential and opportunity. We truly believe that Delivery Hero is the best possible partner to take the business we’ve built in Latin America to the next level. They have everything it takes to go on and become the leading player in the region,” he added.

The sale means Delivery Hero will add five new markets to its LatAm footprint, as well as removing a competitor in three markets where the two have been directly competing (Argentina, Panama and the Dominican Republic).

In these three overlapping markets it will take over Glovo’s businesses directly, on the closing of the transaction. Glovo will continue to operate the other businesses until March 2021, they added.

The transaction is also subject to fulfilment of certain conditions and relevant regulatory approvals.

In a statement Niklas Östberg, CEO and co-founder of Delivery Hero, said LatAm offers “exceptional growth potential” for his veteran food delivery business — which only two years ago sold its operations in its home market of Germany to another rival, Takeaway.com. (So, yes, the food delivery space really is a sizzling stir-fry of deals as players jockey for position and — they hope — profitability…)

“Latin America is a region with exceptional growth potential for online delivery. Acquiring Glovo’s local operations gives us the opportunity to double down on our efforts to drive innovation, continuously improve customer experience and support local vendors in the region. We have been working closely with Glovo for many years, and are proud to incorporate their Latin American services into our global network,” Östberg said.

Back in August Delivery Hero also went shopping on the grocery delivery front picking up Dubai-based InstaShop. Grocery delivery has risen up the agenda during the coronavirus crisis, as food delivery app users have found themselves with more time at home than usual.

Glovo also bills itself as ‘more than food delivery’ — with a button in the app where users can request delivery of ‘anything’ (or at least anything one of its couriers can manage on a bike or moped to them).

#apps, #delivery-hero, #exit, #food-delivery-apps, #glovo, #latam, #startups