Plus: How Wish Built (and Fumbled) a Dollar Store for the Internet.
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Electric toothbrush startup Bruush files to go public on Nasdaq with $17.25 million IPO (BETAKIT)
Sold in the United States and Canada, the company claims to have over 28,000 active subscriptions in its program, whereby a customer will receive a toothbrush head refill every six months. In November, comedian and actor Kevin Hart joined Bruush as a partner and celebrity endorser.
Knix majority stake sold to Sweden-based hygiene brand Essity (THE GLOBE AND MAIL)
Essity announced on Friday that it will purchase an 80-per-cent stake in Knix, which also sells swimwear, bras and other apparel, for roughly 3.3-billion Swedish crowns ($410-million), a deal that values the Canadian company at roughly $500-milion. Knix founder and chief executive officer Joanna Griffiths will continue to own the remaining 20 per cent and will stay on as president.
BetaKit Live: How to use data to survive a downturn (BETAKIT)
In partnership with Mozart Data, BetaKit will present a livestream panel conversation on how startups can use data to survive the current downturn. Featuring both US and Canadian VCs, the panel will identify the metrics your company needs to keep a close eye on in a downturn, and how to take action based upon what the metrics tell you.
Tiggy suspends Vancouver operations (BIV)
Customers last week in Vancouver started noticing that on the company’s app, a message popped up saying that the service was temporarily closed. This was also the case in North Vancouver, where the company had operated one depot.
Clutch cuts staff to extend runway, citing market conditions (BETAKIT)
Online car retailer Clutch has laid off a significant portion of its employee base in an effort to slow down growth and extend its runway. Clutch CEO Dan Park said the decision was in response to current market conditions. With the move, Clutch joins a growing list of Canadian tech companies to lay off staff in recent weeks, including Bonsai and Ritual.
It took 18 years and a pandemic sales bump for Wayfair to post a profit. Analysts wonder if the company can do it again. (INSIDER)
The world is returning to normal, and that’s a challenge for Wayfair. In 2020 the e-commerce furniture company’s sales rose by nearly 55% as consumers bought desks for working remotely and comfier sofas for nights spent streaming. Wayfair turned a profit for the first time in its 18 years, posting $18 million for the first three months of 2020.
How Wish Built (and Fumbled) a Dollar Store for the Internet (THE NEW YORK TIMES)
The number of users has plummeted, and its stock price has dropped. Former employees point to an emphasis on short-term growth over customer service.
It’s never been more important to address diversity in AI (BETAKIT)
Simply put, the makeup of project teams, who they consult with, and what their values are can be the difference between a model that is inclusive and respectful, and one that isn’t.
Flexe is Seattle’s newest unicorn: Warehousing startup lands $119M, reaches $1B valuation (GEEK WIRE)
“We’ve raised a lot of capital, which is great, but we need to be really smart about how we manage that cash given the market uncertainty. We have to make investments in scalable growth — not just growth itself,” said Flexe CEO Karl Siebrecht.
Goeasy plans to leverage its LendCare acquisition with online car sales startup Canada Drives (BETAKIT)
Goeasy intends to leverage its 2021 acquisition, Fintech startup LendCare, as a preferred non-bank financing provider on Canada Drive’s online automotive retail platform. The investment is being made in four installments and is structured as a convertible note that will convert into preferred shares.
Toast CEO is ‘laser focused’ on the $55 billion restaurant-tech space as it scoops up another food tech startup and expands services (INSIDER)
“Our systems are wide and deep,” Toast’s CEO, Chris Comparato, told Insider. “And we want restaurants to put that architecture at the center of their digital operation.”
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