Technology
GrubMarket acquired Good Eggs
More and more consolidation is going on in the web food delivery world, TechCrunch has learned and confirmed that GrubMarket — a startup supported by Tiger Global, amongst others, which has quietly built a B2B empire within the logistics of agricultural and food products — has taken over Good Eggsa once-lauded fresh food delivery startup that recently bumped into financial trouble.
The terms of the deal weren’t disclosed, but sources near the deal say it was a stock deal at a valuation barely higher than Good Eggs’ last valuation of $22 million. Investors proactively turned to GrubMarket on the lookout for an exit for Good Eggs.
We may confirm that Good Eggs will probably be led by a brand new leader under GrubMarket. Keith Brewer, who was COO of GrubMarket’s Daylight Foods, will lead Good Eggs. While many Good Eggs employees are expected to maneuver to GrubMarket, it’s not yet clear whether Rodrigo Arevalo, the Uber alum who’s currently listed as CEO of Good Eggs, will remain with the corporate as a part of it.
It’s a reasonably significant turnaround for Good Eggs, and one other sign that investors who’ve sunk lots of of thousands and thousands of dollars into startups which have consistently lost money are actually trying to put an end to their activities and move on.
For comparison, in November 2020, Good Eggs was price $365 million. PitchBook Data (round announced in 2021), with a vaunted investor roster that included Benchmark, Index, Sequoia, and Thrive, amongst many others. However, after COVID-19, it hit rocks and recently the value has been lowered as much as 94% last yr, giving a valuation of $22 million.
GrubMarket, meanwhile, is currently valued at about $3.5 billion and has raised greater than $560 million in funding. The company has long had its eye on an IPO, although the general public markets are still incredibly volatile for tech stocks and the IPO window is barely open for a fraction of a second. Mike Xu, GrubMarket’s founder and CEO, declined to comment on the matter when interviewed for this text. (There’s a probability that more funding will probably be announced, too: GrubMarket’s $3.5 billion valuation was reported by CNBC earlier this yr; PitchBook’s latest valuation of $2.2 billion comes from 2022.)
GrubMarket was initially a competitor after which a supplier to Good Eggs. The changing nature of that relationship could make clear why some corporations achieve grocery logistics and delivery while others fail.
Both Good Eggs and GrubMarket launched in 2011 and 2014, respectively, with a B2C focus, specifically providing boxes of fresh food to consumers and businesses. However, in a while, as Good Eggs shifted its focus to the patron, GrubMarket shifted to a B2B focus and quickly expanded, working with each smaller and bigger grocers.
Whole Foods is its largest client, though it supplies groceries and more to other major corporations like Walmart, in addition to other big brands like Stanford University and, lately, Good Eggs. With a reasonably tough eye on margins, unit economics, KPIs, and long-standing supplier relationships — and I’d add a reasonably intense work ethic, judging by its founder’s lack of sleep — GrubMarket is profitable and has been for a while.
“Profitability is in our DNA,” Xu said. “We know how to make things profitable. It’s a systematic approach.”
Xu added that his company stays focused on B2B—it has made greater than 80 acquisitions, most of which were geared toward strengthening that business—although acquisitions like Good Eggs underscore the way it could use economies of scale to revisit B2C. Still, Xu described the deal as “optimistic” somewhat than opportunistic.
Grocery delivery and food startups typically have seen their share of ups and downs, with some categories taking a very hard hit. Getir, a serious player in “instant” grocery delivery that aggressively raised lots of of thousands and thousands of dollars (from a number of the same backers as Good Eggs, it seems), earlier this yr cut its losses and retreated to its home market of Turkey. Others have struggled to grow at high valuations, while just a few, like GrubMarket, are playing consolidator roles to enhance their cost structures. Publicly traded Instacart is ready to report earnings today, which could possibly be an indicator of how others will fare.
Technology
US medical device giant Artivion says hackers stole files during a cybersecurity incident
Artivion, a medical device company that produces implantable tissue for heart and vascular transplants, says its services have been “disrupted” resulting from a cybersecurity incident.
In 8-K filing In an interview with the SEC on Monday, Georgia-based Artivion, formerly CryoLife, said it became aware of a “cybersecurity incident” that involved the “compromise and encryption” of information on November 21. This suggests that the corporate was attacked by ransomware, but Artivion has not yet confirmed the character of the incident and didn’t immediately reply to TechCrunch’s questions. No major ransomware group has yet claimed responsibility for the attack.
Artivion said it took some systems offline in response to the cyberattack, which the corporate said caused “disruptions to certain ordering and shipping processes.”
Artivion, which reported third-quarter revenue of $95.8 million, said it didn’t expect the incident to have a material impact on the corporate’s funds.
Manufacturer of single-board computers Raspberry Pi is updating its cute little computer keyboard device with higher specs. Named Raspberry Pi500This successor to the Raspberry Pi 400 is just as powerful as the present Raspberry Pi flagship, the Raspberry Pi 5. It is on the market for purchase now from Raspberry Pi resellers.
The Raspberry Pi 500 is the simplest method to start with the Raspberry Pi because it’s not as intimidating because the Raspberry Pi 5. When you take a look at the Raspberry Pi 500, you do not see any chipsets or PCBs (printed circuit boards). The Raspberry Pi is totally hidden in the familiar housing, the keyboard.
The idea with the Raspberry Pi 500 is you could connect a mouse and a display and you are able to go. If, for instance, you’ve got a relative who uses a very outdated computer with an outdated version of Windows, the Raspberry Pi 500 can easily replace the old PC tower for many computing tasks.
More importantly, this device brings us back to the roots of the Raspberry Pi. Raspberry Pi computers were originally intended for educational applications. Over time, technology enthusiasts and industrial customers began using single-board computers all over the place. (For example, when you’ve ever been to London Heathrow Airport, all of the departures and arrivals boards are there powered by Raspberry Pi.)
Raspberry Pi 500 draws inspiration from the roots of the Raspberry Pi Foundation, a non-profit organization. It’s the right first computer for college. In some ways, it’s a lot better than a Chromebook or iPad because it’s low cost and highly customizable, which inspires creative pondering.
The Raspberry Pi 500 comes with a 32GB SD card that comes pre-installed with Raspberry Pi OS, a Debian-based Linux distribution. It costs $90, which is a slight ($20) price increase over the Raspberry Pi 400.
Only UK and US keyboard variants will probably be available at launch. But versions with French, German, Italian, Japanese, Nordic and Spanish keyboard layouts will probably be available soon. And when you’re in search of a bundle that features all the things you would like, Raspberry Pi also offers a $120 desktop kit that features the Raspberry Pi 500, a mouse, a 27W USB-C power adapter, and a micro-HDMI to HDMI cable.
In other news, Raspberry Pi has announced one other recent thing: the Raspberry Pi monitor. It is a 15.6-inch 1080p monitor that’s priced at $100. Since there are quite a few 1080p portable monitors available on the market, this launch is not as noteworthy because the Pi 500. However, for die-hard Pi fans, there’s now also a Raspberry Pi-branded monitor option available.
According to Apple, Apple desires to make its Vision Pro mixed reality device more attractive for gamers and game developers latest report from Bloomberg’s Mark Gurman.
The Vision Pro was presented more as a productivity and media consumption device than a tool geared toward gamers, due partly to its reliance on visual and hand controls moderately than a separate controller.
However, Apple may need gamers if it desires to expand the Vision Pro’s audience, especially since Gurman reports that lower than half one million units have been sold to this point. As such, the corporate has reportedly been in talks with Sony about adding support for PlayStation VR2 handheld controllers, and has also talked to developers about whether they may support the controllers of their games.
Offering more precise control, Apple may also make other forms of software available in Vision Pro, reminiscent of Final Cut Pro or Adobe Photoshop.
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