Plus: Lightspeed sees a path to profitability.
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Shopify beta testing new rewards program, Shop Cash (BETAKIT)
The company has quietly rolled out a beta version of its rewards program. Shop Cash has no monetary value outside of the Shop app.
B.C. e-grocery company files for bankruptcy protection amid COVID-19 struggles and economic turmoil (THE LOGIC)
B.C.-based Freshlocal, which operates Spud.ca and FoodX, has been granted an initial order after filing for creditor protection in a provincial court. The company owes more than $18 million to creditors.
Shopify, Crypto.com partnership allows merchants to accept crypto payments (BETAKIT)
Ottawa-based e-commerce tech giant Shopify has been quietly rolling out crypto-related features on its platform. The Crypto.com partnership is just the latest making it possible for merchants to accept crypto.
Fashinza, a B2B supply chain marketplace for fashion brands, raises $100M (TECHCRUNCH)
Fashinza, a Gurgaon, India-based supply chain “marketplace” for fashion brands and retailers, was co-founded months before the disruptions. But CEO Pawan Gupta says that the platform was designed to handle exactly these types of supply chain challenges by providing access to fulfillment options that wouldn’t normally be available to international companies.
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Lightspeed sees path to profitability despite posting $146.1 million loss in fiscal Q4 (BETAKIT)
Lightspeed CEO JP Chauvet told an earnings call that the company wasn’t nearly as concerned over inflation and the economy potentially plunging into a recession as it had been over the pandemic. “Any impact from a recession is nothing from what we’ve seen from COVID-19,” he said.
Zilingo Fires CEO as Clash Over Embattled Startup Escalates (BNN BLOOMBERG)
Zilingo ousted Bose “with cause” after an investigation led by an independent forensics firm into complaints of serious financial irregularities, it said in an emailed statement on Friday. Bose said in a separate statement to Bloomberg News her employment was terminated on grounds of “insubordination.”
Ex-Shopify GM leads ReturnBear into more Cadillac Fairview malls with national expansion (BETAKIT)
Now led by former Shopify GM Sylvia Ng, ReturnBear hopes to smooth out a major pain point of e-commerce shopping, and is working on expanding its service nationally.
Alibaba’s Russian venture slashes 40% of staff amid Ukraine war (NIKKEI ASIA)
AliExpress Russia, a joint venture in which Alibaba holds about a 48% stake, was the most-visited online marketplace and the most-downloaded shopping app in Russia last year, according to its website.
Maverix leads $83.5 million USD investment in Shopify-focused ecommerce aggregator Agora (BETAKIT)
Maverix managing partner Michael Wasserman said the growth capital investment into Agora Brands was a combination of equity and debt that closed in March, but declined to disclose the breakdown. Additional participation came from Palo Alto-based Foundation Capital and Victory Park Capital.
15-second shopping: TikTok’s e-commerce ambitions are rising (REST OF WORLD)
“I make content firstly for entertainment, for laughs,” said Fredi. From his home in the Bogor area south of Indonesia’s capital Jakarta, his content reaches a following of almost half a million. “[But] actually, it’s a good opportunity that TikTok has opened for small businesses like me, for craftsmen.”
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.
Grubhub Customers Learn There’s No Such Thing as a Free Lunch After All (BNN BLOOMBERG)
On Tuesday, the company offered New Yorkers a “free” lunch, excluding tips and fees, up to the value of $15 between 11 a.m. and 2 p.m. The promotion was shared on social media platforms like Instagram and TikTok and should have been a boon for the city’s restaurants, customers, and couriers.
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.
Why Amazon is opening Fresh grocery stores within walking distance of Whole Foods locations, as the tech giant overhauls its brick-and-mortar strategy (BUSINESS INSIDER)
Amazon has opened 30 Fresh stores since mid-2020, the company’s website said. Several of those openings have put Fresh locations close to existing Whole Foods stores.
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