Good morning! We’ve got a full plate for you today, so let’s get to it.
Fast-delivery startup Getir announced last week that it was buying FreshDirect, an online grocery delivery company. FreshDirect was last valued at $300 million in 2020 — down significantly from the $517 million valuation it had years ago. But Getir isn’t doing that well, either: It raised at an $11.7 billion valuation in March 2022, and by December 2022, when it acquired rival company Gorillas, the combined pair was valued at just $10 billion.
Full TechCrunch+ articles are only available to members.
Use discount code TCPLUSROUNDUP to save 20% off a one- or two-year subscription.
This might just be a sign of things to come, writes Rebecca Szkutak. “Startups won’t be scooped up by other startups looking to bulk their balance sheets ahead of an IPO but rather by those hoping to plug the holes in their business models that keep burning cash.”
Thanks for reading!
Karyne
Ag tech startup Phospholutions closed a $10 million round, bringing its valuation to $32 million. The deck is a “harmonious blend of compelling storytelling, clear value propositions and persuasive data points,” writes pitch expert Haje Jan Kamps. But the lack of attention to detail, including typos and misnumbered slides, made him raise an eyebrow. Also: Where is the traction slide?
We have a very specific rule in journalism: Try to cut out the jargon so that anyone reading the story can understand it. But that rule doesn’t apply to pitching your startup, especially when the target audience speaks the same (business) language.
To receive the TechCrunch+ Roundup as an email each Tuesday and Friday, scroll down to find the “sign up for newsletters” section on this page, select “TechCrunch+ Roundup,” enter your email, and click “subscribe.”
“Given today’s harsh economy and reduced VC spending, startups need a critical eye when purchasing SaaS and cloud infrastructure,” writes Gynger CTO Amnon Mishor. And the first place to start is considering whether it makes sense to build the tech you need or buy it.
“I believe that [crypto] deals will pick up and close into the rest of this year, the most active quarter of the whole year,” Pantera Capital’s Paul Veradittakit told TechCrunch+ crypto reporter Jacquelyn Melinek. And after six straight quarters of decline in the value of venture capital investment into web3 companies, we’re here for it.
Source @TechCrunch
