Plus: Chinese fast fashion giant Shein now has more monthly app downloads than Amazon Shopping and Shopify’s Shop.
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Maverix leads $83.5 million USD investment in Shopify-focused ecommerce aggregator Agora (BETAKIT)
Agora Brands’ business model is to acquire small-to-medium sized direct-to-consumer businesses with $1–20 million in annual revenues, primarily within the Shopify ecosystem.
Instacart Files Confidentially for an IPO That Could Happen This Year (BNN BLOOMBERG)
A listing could happen as soon as this year though the timing could slip, the people said, asking not to be identified discussing private information. The deliberations are ongoing and the company could still remain private, they said. San Francisco-based Instacart is working with Goldman Sachs Group Inc. and Morgan Stanley on an offering, the people said.
Plusgrade to acquire TSX and Nasdaq-listed loyalty commerce startup Points (BETAKIT)
The deal must be approved by Points’ shareholders and the Ontario Superior Court of Justice, in addition to meeting other regulatory approvals, to be finalized. Once completed, Points would become a private company under Plusgrade’s portfolio.
Faire lands $416M extension from YC, Sequoia and others for online wholesale marketplace (TECHCRUNCH)
Faire raised $400 million last November in a tranche that valued the company at $12.4 billion. Since then, it raised an additional $196 million from Sequoia and Y Combinator, as well another $220 million from other existing investors, taking the total raised in the Series G financing to $816 million.
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Used vehicle marketplace Clutch secures $150 million in debt from Neuberger Berman to expand its fleet (BETAKIT)
Founded in 2016 by Steve Seibel, Clutch is an online car retailer for pre-owned vehicles in Canada. The company first launched in Halifax in 2017 and began operating in Toronto in 2020 after securing registration with the Ontario Motor Vehicle Industry.Series G financing to $816 million.
Carvana to cut 2,500 staff as it struggles with overcapacity (TECHCRUNCH)
The staffing cuts, detailed in a filing with the U.S. Securities and Exchange Commission, are part of the company’s “previously announced plans to better align staffing and expense levels with sales volumes,” Carvana wrote.
Tengiva closes $5 million to tackle supply chain issues in the textile industry (BETAKIT)
Tengiva claims to offer “the first digital supply chain platform for the textile industry.” Armed with $4.95 million CAD in seed funding, the company plans to commercialize its software, build a new warehouse, and pursue its global expansion plans.
How Amazon’s one-click checkout patent gave the company an e-commerce edge that competitors like Bolt and Shopify are still trying to overcome (INSIDER)
The fintech startup Fast’s dramatic closure earlier this month after struggling to raise new capital exposed the intense competition among companies offering one-click checkout. Fast failed for several reasons, but perhaps it never stood a chance because Amazon was so far ahead of its competitors. From 1999 to 2017, the retail behemoth had a stranglehold on one-click technology, reaping the benefits of a patent it filed long before e-commerce was popular with shoppers.
Indian food delivery giant Swiggy is acquiring Dineout for $200 million (TECHCRUNCH)
The Bengaluru-headquartered startup said on Friday it has reached a definitive agreement with the Indian conglomerate Times Internet to acquire Dineout, a popular dining out and restaurant tech platform. Neither of the startups shared the financial terms of the acquisition, but a source familiar with the matter told TechCrunch the deal values Dineout at $200 million and it’s an all-equity deal.
Bolt Logistics rebrands to GoBolt, expands supply chain network to US (BETAKIT)
GoBolt represents Bolt Logistics’ second rebrand, initially launching in 2017 as Second Closet to focus on providing consumer storage options. It then adopted the name Bolt Logistics in 2021, marking the company’s shift from B2C to a B2B focus.
Fast Fashion Retailer Shein Has Now Surpassed Amazon in App Downloads (INSIDER)
Shein’s monthly app downloads outpaced those of Amazon Shopping and Shopify’s Shop app in February, March and April, according to a report from Bernstein. Through April, Shein has gained 4% more app downloads than Amazon Shopping, while Shopify’s Shop app downloads have slowed.
Australia-based Spacer acquires WhereiPark to fuel North American expansion (BETAKIT)
Founded in 2014 by Alex Enchin and Jeremy Zuker, WhereiPark offers an online marketplace for monthly parking spaces. The startup’s platform enables car owners to find and book unused parking spots in advance, and allows property owners and parking operators to generate revenue by listing vacant spaces through its platform.
Shopify, Square among companies hoping to ease e-commerce slowdown by lending money to merchants (GLOBE AND MAIL)
Square says it has provided US$9-billion in loans in the U.S., Australia and Canada. The company did not say how much had been paid back. Corporate filings for the 2021 fiscal year show that, on average, merchants took nine months to pay back the loans.
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