Luckin leaves bitter aftertaste, now trading below IPO price


This post is by Arman Tabatabai from TechCrunch


Click here to view on the original site: Original Post




In the first few days following Luckin Coffee’s initial public offering, the stock chart for LK looked like a roller coaster. Now it’s looking more like a freefall.

The Chinese Coffee chain successfully completed its highly anticipated offering roughly a week ago, raising over $550 million after pricing at $17 per share, the high end of its $15-$17 per share range.

Luckin was met with a warm reception from the markets, with the stock skyrocketing roughly 20% to a greater than $5 billion market cap in its first day of trading. However, concerns over the company’s lofty valuation, major cash burn and uncertain path to profitability have caused the stock to nosedive since.

Luckin has around 25% since closing its debut trading day at $20.38 per share, and 40% from its intraday peak of $25.96. As of Friday’s open, Luckin stock sat at $15.44, now

Continue reading “Luckin leaves bitter aftertaste, now trading below IPO price”

Why Luckin’s ultimate target may not be Starbucks


This post is by Rita Liao from TechCrunch


Click here to view on the original site: Original Post




Starbucks plans to double its store count in China to 5,000 in 2021 and Luckin, a one-year-old coffee startup, is matching up by aiming to reach 4,500 by the end of this year. Luckin’s upsized $651 million flotation has brought American investors’ attention to this potential Starbucks rival in China, where the Seattle giant controlled over half of the coffee market as late as 2017. But as soon as you make your first purchase with Luckin, you realize its ultimate goal may not be to topple Starbucks.

To get your caffeine intake from Luckin, the ordering process happens entirely on its app. First, you will decide how you want to fetch the drink: have it delivered within 30 minutes, pick it up at a nearby Luckin kiosk, or sit back and sip at one of its full-on cafes, or what it calls ‘relax stores.’

Say you’re tied up at

luckin

Continue reading “Why Luckin’s ultimate target may not be Starbucks”

Imperfect Pasta is the Secret to Perfect Pasta Salad


This post is by A.A. Newton on Skillet, shared by A.A. Newton to Lifehacker from Lifehacker


Click here to view on the original site: Original Post




Like other entries in the “carbs coated in mayo” category of side dishes, pasta salad is incredibly polarizing. When it’s good, I can’t stop eating it; when it’s bad, it’s inedible. I’ve found that the secret to really good pasta salad isn’t homemade mayo or a good jar of pickles—it’s really bad pasta. Specifically,…

Read more…

DoorDash, now valued at $12.6B, shoots for the moon


This post is by Kate Clark from TechCrunch


Click here to view on the original site: Original Post




More than five years ago, Sequoia partner Alfred Lin called Tony Xu, the founder of a small on-demand delivery startup called DoorDash, to say he was passing on the company’s seed round.

This was, of course, before venture capital funding in food delivery startups had taken off. DoorDash, launched out of Xu’s Stanford graduate school dorm room, wasn’t worth Sequoia’s capital — yet.

Today, venture capitalists are valuing the San Francisco-based company at a whopping $12.6 billion with a $600 million Series G. New investors Darsana Capital Partners and Sands Capital participated in the deal, which nearly doubles DoorDash’s previous valuation, alongside existing backers Coatue Management, Dragoneer, DST Global, Sequoia Capital, the SoftBank Vision Fund and Temasek Capital Management.

As for Sequoia’s Alfred Lin, he realized his mistake years ago and jumped in on DoorDash’s 2014 Series A and has participated in every subsequent round since. DoorDash, a graduate

Continue reading “DoorDash, now valued at $12.6B, shoots for the moon”

Nectar’s sonar bottle caps could save $50B in stolen booze


This post is by Josh Constine from TechCrunch


Click here to view on the original site: Original Post




Bars lose 20 percent of their alcohol to overpours and “free” drinks for friends. That amounts to $50 billion per year in booze that mysteriously disappears, making life tough for every pub and restaurant. Nectar wants to solve that mystery with its ultrasound depth sensing bottle caps that measure how much liquid is left in a bottle by measuring how long it takes a sonar pulse to bounce back. And now it’s bringing real-time pour tracking to beer with its gyroscopic taps. The result is that bar managers can find out who’s pouring too much or giving away drink, which promotions are working, when to reorder bottles without keeping too much stock on hand, and avoid wasting hours weighing or eyeballing the liquor level of their inventory.

Nectar’s solution to alcohol shrinkage has now attracted a $10 million Series A led by DragonCapital.vc and joined by former Campari chairman

Continue reading “Nectar’s sonar bottle caps could save $50B in stolen booze”

As meal-kit melee stretches on, Sun Basket whips up $30M Series E


This post is by Kate Clark from TechCrunch


Click here to view on the original site: Original Post




Sun Basket, a provider of a healthy meal delivery service, has raised another $30 million in venture capital funding. The round, led by PivotNorth Capital, brings the company’s total raised to $125 million.

The Series E funding delays Sun Basket’s expected initial public offering once again. There’s been unsubstantiated talk of a Sun Basket float for quite some time; in fact, before Blue Apron and Hello Fresh, a pair of fellow meal kit delivery businesses, completed IPOs, Sun Basket was the subject of exit rumors. Alas, we will have to wait a while longer before the company makes the big leap.

After all, Blue Apron has performed very poorly since going public on the New York Stock Exchange two years ago. Sun Basket chief executive has been honest about the difficulties of being a meal kit startup in a post-Blue Apron IPO universe, telling PitchBook his company’s Series D

Continue reading “As meal-kit melee stretches on, Sun Basket whips up $30M Series E”

Generation closes $1B growth fund targeting sustainable startups


This post is by Ingrid Lunden from TechCrunch


Click here to view on the original site: Original Post




Generation Investment Management, the firm co-founded by environmentalist and former Vice President Al Gore, was built on the premise of backing sustainable startups. Now, as the idea of sustainability starts to gain wider traction, the firm is doubling down on the concept.

Today, Generation is announcing that it has closed a $1 billion Sustainable Solutions Fund for growth investments. As the name implies, it plans to put the $1 billion to work backing later-stage startups that work on sustainability in at least one of three areas — environmental solutions; healthcare; and financial inclusion, including the future of work — and are creating financially sustainable businesses out of that focus.

Typical investments will range from $50 million to $150 million, and there have already been two made out of the fund before it closed, both indicative of the kinds of investments Generation plans to be making.

Andela — the startup

Continue reading “Generation closes $1B growth fund targeting sustainable startups”

Reminder: Grubhub and Seamless Are Shitty to Restaurants


This post is by Josh Ocampo from Lifehacker


Click here to view on the original site: Original Post




We’ve said it before and we’ll say it again: Pick up the phone the next time you decide to place a delivery order. By contacting a restaurant directly, you can avoid any extra delivery fees, as well as commission the restaurant has to pay back to delivery websites. And now we have a new piece of advice: if you do…

Read more…

Is a $600 smart oven ever worth it?


This post is by Brian Heater from TechCrunch


Click here to view on the original site: Original Post




Part of closely following tech is the often mistaken belief that newer, better technologies can help right some of the wrongs older ones caused in the first place. Behold the Wii and the Fitbit — two perfect examples of technologies designed to right some of technologies’ previous wrongs.

It’s tricky because, in some cases, these things do work. We’ve all read the success stories, and for many of us, that’s enough to keep us trying out new things. Some much ultimately relies on our own individual hang ups. If we’re lucky, the right piece of technology at the right time can be legitimately transformative of those things we’d like to change about ourselves.

With something like the June, the hope is two-fold. There’s all of the built-in features and the promise of better baking, coupled with the simple motivating factor of spending $599 on a glorified toaster oven. I’ll

Continue reading “Is a $600 smart oven ever worth it?”

How the (plant-based) sausage is about to be made


This post is by Brian Heater from TechCrunch


Click here to view on the original site: Original Post




It’s been a big year for Impossible . The bay area based food startup kicked the year off with a new take on its titual burger, and just last week announced the closing of a $300 million round hot on the heels of its Burger King distribution.

What comes next for the company likely won’t come as much of a shock to anyone steeped in the world of plant-based meat replacements. Engadget got a bit of behind-the-scenes time at the startup’s Redwood City location, discovering that sausage is next up on the Impossible menu.

From the sound of things, the breakfast food will mostly be made up of the same stuff as the company’s burger patties, right down to the imitation blood. Instead, the amounts of the ingredients will be mixed up in different proportions, with potato protein removed completely. In fact, the company’s got a lot of different recipes in

Continue reading “How the (plant-based) sausage is about to be made”

Postmates CEO Bastian Lehmann is coming to Disrupt SF


This post is by Jordan Crook from TechCrunch


Click here to view on the original site: Original Post




It’s a busy time for Postmates — the logistics and delivery company is prepping for its IPO on the back of a fresh $100 million raise in February. However, founder and CEO Bastian Lehmann is still carving some time out of his schedule to join us at Disrupt SF in October.

Before Postmates, Lehmann cofounded Curated.by, a real-time tweet curation platform based out of London. The German native founded Postmates in March 2011 and turned the brand into a household name.

The logistics and food delivery market is clearly growing, particularly when you look at the sheer amount of cash flowing into startups like Postmates ($678 million) and competitors DoorDash ($1.4 billion) and Deliveroo ($1.5 billion). That said, the business of on-demand delivery has its challenges. The fact that humans are delivering real-world products using actual transportation in the physical world creates a lot of opportunity for

Continue reading “Postmates CEO Bastian Lehmann is coming to Disrupt SF”

MP Tom Watson wants UK competition authority to investigate Amazon’s Deliveroo stake


This post is by Ingrid Lunden from TechCrunch


Click here to view on the original site: Original Post




European restaurant delivery giant Deliveroo this morning announced that Amazon would be gobbling up a share in the company, by leading a new $575 million round of funding in it. But it looks like the e-commerce giant may be facing a little indigestion ahead.

Tom Watson, MP and deputy leader of the Labour Party, today announced that he will be asking the UK’s Competition and Markets Authority (CMA) to investigate the investment, opening the door to either imposing stronger conditions on the deal, or blocking it outright.

“It’s called surveillance capitalism,” he said today of Amazon’s approach to how it uses data from customers to build and sell products. “It’s a digital dystopia, and I shall be writing to the Competition and Markets Authority demanding they launch an investigation into this ‘investment.’”

We have contacted Watson directly to elaborate on which violation(s) he would cite in the referral and

Continue reading “MP Tom Watson wants UK competition authority to investigate Amazon’s Deliveroo stake”

Try Using Feta in Saag Paneer for a Tangy Twist


This post is by A.A. Newton on Skillet, shared by A.A. Newton to Lifehacker from Lifehacker


Click here to view on the original site: Original Post




No matter who you are or what you do for a living, getting dinner on the table can feel like an impossible task. After a full day of recipe development (or fighting with my sad brain) I’d rather gnaw on a block of cheese or skip dinner altogether than dirty more dishes. So I watch a lot of food TV and buy a lot of…

Read more…

Online grocery startup Grofers lands $200M led by SoftBank’s Vision Fund


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




Hot on the heels of Indian delivery startup BigBasket raising $150 million — at a unicorn valuation, no less — so its close rival Grofers has also pulled in capital after it announced a $200 million raise to battle its local competition and international giants Amazon and Walmart.

The round is the largest in India’s online grocery sector to date, and it was led by SoftBank’s Vision Fund, which continues to make major bets on the nation’s growing internet economy. KTB, and existing investors Tiger Global and Sequoia Capital also took part.

Five-year-old Grofers works with more than 5,000 stores in 13 cities in India. In an interview with TechCrunch, Albinder Dhindsa, cofounder and CEO of Grofers, said the startup will use the fresh capital to expand to new markets and bring its service to “hundreds of millions of Indian consumers,” although he didn’t specify exact launch cities.

Dhindsa said that Grofers does

Continue reading “Online grocery startup Grofers lands $200M led by SoftBank’s Vision Fund”

TC Sessions: Mobility announces its July 10 agenda


This post is by Kirsten Korosec from TechCrunch


Click here to view on the original site: Original Post




TechCrunch Sessions is heading to San Jose on July 10 and we’re thrilled to announce our jam-packed agenda, overflowing with some of the biggest names and most exciting startups in the transportation industry. With Early Bird ticket sales ending soon, you’ll want to be sure to grab your tickets after checking out this agenda.

Throughout the day, you can expect to hear from and partake in discussions about the future of transportation, the promise and problems of autonomous vehicles, the potential for bikes and scooters, investing in early-stage startups and more.

We’ll be joined by some of the most esteemed and prescient people in the space, including Dmitri Dolgov at Waymo, Argo AI Chief Safety Officer Summer Craze Fowler, Nuro co-founder Dave Ferguson, Karl Iagnemma of Aptiv, Seleta Reynolds of the Los Angeles Department of Transportation and Ford Motor CTO Ken Washington.

We’ll also spend time discussing how

Continue reading “TC Sessions: Mobility announces its July 10 agenda”

Make Ghee in the Microwave Because You’re Lazy and Also Smart


This post is by A.A. Newton on Skillet, shared by A.A. Newton to Lifehacker from Lifehacker


Click here to view on the original site: Original Post




If any cooking fat is worthy of the title “liquid gold,” it’s gotta be ghee. Ghee is clarified browned butter—which means it has the high smoke point of clarified butter and the nutty flavor of browned butter. In my book, that’s as close to perfection as you can get.

Read more…

After criticism over moderator treatment, Facebook raises wages and boosts support for contractors


This post is by Jonathan Shieber from TechCrunch


Click here to view on the original site: Original Post




Facebook has been repeatedly (and rightly) hammered for its treatment of the content moderators who ensure the site doesn’t end up becoming a river of images, videos and articles embodying the worst of humanity.

Those workers, and the hundreds (if not thousands) of other contractors Facebook employs to cook  food, provide security, and transportation for the social media giant’s highly compensated staff, are getting a little salary boost and a commitment to better care for the toll these jobs can take on some workers.

“Today we’re committing to pay everyone who does contract work at Facebook in the US a wage that’s more reflective of local costs of living,” the company said in a statement. “And for those who review content on our site to make sure it follows our community standards, we’re going even further. We’re going to provide them a higher base wage, additional benefits, and more

Continue reading “After criticism over moderator treatment, Facebook raises wages and boosts support for contractors”

Crowned by Burger King, meat replacement company Impossible Foods raises $300 million


This post is by Jonathan Shieber from TechCrunch


Click here to view on the original site: Original Post




After being crowned by Burger King as the first meat replacement patty to roll out nationally with one of the largest fast food chains, Impossible Foods has raised $300 million in capital.

The financing brings the company’s total equity raise to $750 million — and provides a sizable pool of funds to draw from as it continues to compete with its newly-publicly traded rival, Beyond Meat.

Both companies are looking to provide plant-based replacements for animal proteins, but while Beyond Meat has focused on consumers in the grocery store, Impossible Foods has focused on restaurants and business-to-business sales.

That focus paid off earlier this year with the announcement of the Impossible Whopper, and its subsequent nationwide rollout only a month later.

India’s most popular services are becoming super apps


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




Truecaller, an app that helps users screen strangers and robocallers, will soon allow users in India, its largest market, to borrow up to a few hundred dollars in the nation.

The crediting option will be the fourth feature the nine-year-old app adds to its service in the last two years. So far it has added to the service the ability to text, record phone calls and mobile payment features, some of which are only available to users in India. Of the 140 million daily active users of Truecaller, 100 million live in India.

The story of the ever-growing ambition of Truecaller illustrates an interesting phase in India’s internet market that is seeing a number of companies mold their single-functioning app into multi-functioning so-called super apps.

Inspired by China

This may sound familiar. Truecaller and others are trying to replicate Tencent’s playbook. The Chinese tech giant’s WeChat, an app that

Continue reading “India’s most popular services are becoming super apps”

Singapore’s Grain, a profitable food delivery startup, pulls in $10M for expansion


This post is by Jon Russell from TechCrunch


Click here to view on the original site: Original Post




Cloud kitchens are the big thing in food delivery, with ex-Uber CEO Travis Kalanick’s new business one contender in that space, with Asia, and particularly Southeast Asia, a major focus. Despite the newcomers, a more established startup from Singapore has raised a large bowl of cash to go after regional expansion.

Founded in 2014, Grain specializes in clean food while it takes a different approach to Kalanick’s CloudKitchens or food delivery services like Deliveroo, FoodPanda or GrabFood.

It adopted a cloud kitchen model — utilizing unwanted real estate as kitchens, with delivery services for output — but used it for its own operations. So while CloudKitchens and others rent their space to F&B companies as a cheaper way to make food for their on-demand delivery customers, Grain works with its own chefs, menu and delivery team. A so-called ‘full stack’ model if you can stand the cliched tech phrase.

Finally, Grain

Continue reading “Singapore’s Grain, a profitable food delivery startup, pulls in $10M for expansion”