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☆ Stripe, Wise founders want a 'tech renaissance' in Europe to help region rival Silicon Valley
▼ + stars: | 2024-10-14 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Founders of some of Europe's largest technology unicorns on Monday backed an open letter calling for a "tech renaissance" fueled by the creation of a single pan-European entity to promote startups and innovation in the bloc. But because of that, our startup scene is fragmented," read the open letter, which was published Monday on a newly created website for the EU Inc initiative. This results in "stifled momentum, unrealized potential, and an artificial limit on our startups' chances of success." So-called 28th regimes are proposed legal frameworks within the EU that offer an alternative to member states' own national rules instead of replacing them. The new structure of EU Inc would "standardize investment processes, simplify cross-border operations, and create a unified employee stock options framework" to help European startups scale rapidly and attract more capital, according to a Monday press release.

Persons: Patrick Collison, Hinrikus, Eléonore Crespo, Ilkka Paananen, Miki Kuusi Organizations: EU Inc, Inc, EU, Wolt Locations: Europe, EU, Finnish

A DoorDash delivery person is pictured on the day they hold their IPO in the Manhattan borough of New York City, New York, U.S., December 9, 2020. Doordash shares fell 2% to $111.68 after the report, before recovering some of that loss. However this year, those shares were automatically converted into class A shares, Deliveroo's IPO prospectus shows. Online food delivery companies have looked to pivot away from unprofitable markets. New Tab , opens new tabSave Share XFacebookLinkedinEmailLink Purchase Licensing Rights

Persons: Carlo Allegri, Doordash, Deliveroo's, Will Shu, Shu, Deliveroo, Greg Orlowski, Tony Xu, U.S . Doordash, Uber, Amy, Jo Crowley, Abigail Summerville, Anousha Sakoui, Alexander Smith, Nick Zieminski Organizations: REUTERS, Companies, Deliveroo, Chevron, DST Global, Sunday Times, Financial Times, U.S ., Wolt, United Arab, Thomson Locations: Manhattan, New York City , New York, U.S, Chevron San Francisco, London, Taiwan, Deliveroo, France, United Arab Emirates, Hong Kong

DoorDash reported better-than-expected sales in the third quarter as it gained users and they ordered more frequently. The San Francisco delivery company said its total orders grew 24% to 543 million in the July-September period compared to the same period a year earlier. That was well above the 521 million orders Wall Street had forecast, according to analysts polled by FactSet. Political Cartoons View All 1230 ImagesThe company said its net loss narrowed to $73 million from $295 million in the third quarter a year ago. The loss, of 19 cents per share, was also better than the 40-cent loss Wall Street anticipated.

Persons: DoorDash, Wall Organizations: FactSet, U.S, Wolt Enterprises Locations: San Francisco, Germany, Sweden, Israel

☆ This startup is working with Stanford University to tackle antibiotic resistance. Check out the 13-slide pitch deck Solu used to secure $1 million.
▼ + stars: | 2023-06-15 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Finish biotech startup Solu has raised $1 million in a round led by Oura-backer Lifeline Ventures. Solu is working with Stanford University to solve the growing problem of antibiotic resistance. A startup working with Stanford University to combat the issue of antibiotic resistance has secured $1 million in fresh funds. Antibiotic resistance is when bacteria start to resist the effect of medication, evolving into 'superbugs'. The World Health Organization has tipped antibiotic resistance to be one of the biggest threats to health and food security.

Persons: Sam Sihvonen, Sihvonen, Paul L, Solu, Kristian Ranta, Lauri Sippola Organizations: Oura, Lifeline Ventures, Solu, Stanford University, World Health, Stanford University's Medical, DoorDash, Meru Health, Kaiku Health Locations: Finland, Finnish, Meru

☆ EU countries amend draft proposal on gig workers' rights, companies unhappy
▼ + stars: | 2023-06-12 | by ( Foo Yun Chee | ) www.reuters.com time to read: +3 min

REUTERS/Toby MelvilleBRUSSELS, June 12 (Reuters) - EU countries on Monday tweaked draft rules aimed at giving workers at online companies such as Uber (UBER.N) and Deliveroo (ROO.L) employee benefits, ahead of negotiations with EU lawmakers who want more comprehensive rules than both EU governments and the European Commission. In their draft version agreed on Monday, EU countries propose that companies will be considered employers if they meet three out of seven criteria. The EU executive said the rules would cover some 4.1 million of the 28 million workers at online platform companies across the 27-country European Union. Uber criticised the proposals from both EU countries and lawmakers. EU countries, EU lawmakers and the Commission will now thrash out the details before the draft becomes legislation.

Persons: Toby Melville BRUSSELS, Uber, Anabel Diaz Calderon, Glovo, Foo Yun Chee, Susan Fenton Organizations: Chopin, REUTERS, European Commission, EU, Union, Thomson Locations: Warsaw, Poland, Europe, EU

☆ European tech fund EQT Growth set to poach investor from Goldman Sachs who will join as a new partner, sources say
▼ + stars: | 2023-06-09 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

European venture fund EQT is set to hire a Goldman Sachs investor as a partner, Insider understands. A managing director from Goldman Sachs Growth Equity is set to join the fund, sources say. An investor at Goldman Sachs' startup investment arm is set to depart the banking giant to join up with Swedish private equity and venture firm EQT Growth, Insider understands. Kirk Lepke, a London-based managing director at Goldman Sachs Growth Equity, is primed to be poached by the Stockholm investor, two sources familiar with the matter said. Both EQT Growth and Goldman Sachs declined to comment.

Persons: Goldman Sachs, Kirk Lepke, Lepke, EQT, Mollie, Lepke's, Julien Bek Organizations: Goldman Sachs Growth Equity, Goldman, DoorDash, Torch, Summit Partners, Apple Locations: Europe, London, Stockholm, New York, Boston, Lithuanian, Crunchbase

☆ The rapid grocery app bubble, inflated by the pandemic, is nearing its endgame
▼ + stars: | 2023-04-21 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +4 min

Grocery apps exploded during the pandemic and attained wild, multibillion-dollar valuations. European market leader Getir and smaller rival Flink are both set for big valuation haircuts. That's against a backdrop of grocery startups quitting markets, being acquired, delaying IPO, and going bankrupt. Grocery startups took massive hits as they chased usersWhat happened? Consolidation has come quickly, as smaller startups run into the realities of a low-margin model and find they can't keep up the requisite spend to chase consumers.

☆ DoorDash stock pops after revenue beat, rosy guidance
▼ + stars: | 2023-02-16 | by ( Annie Palmer | ) www.cnbc.com time to read: +1 min

A DoorDash sign is pictured on a restaurant on the day they hold their IPO in New York, December 9, 2020. Shares of DoorDash jumped as much as 6% in extended trading Thursday after the food delivery company reported better-than-expected sales for the fourth quarter and gave upbeat guidance for the current period. For the current quarter, DoorDash said it expects marketplace gross order volume to be between $15.1 billion and $15.5 billion. DoorDash said in the quarterly earnings report that its president and COO Christopher Payne will retire from the company. Payne will be succeeded by DoorDash CFO Prabir Adarkar, who will take over the COO role effective March 1.

☆ DoorDash cuts 1,250 jobs to control ballooning costs
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

Nov 30 (Reuters) - DoorDash Inc (DASH.N) said on Wednesday it was cutting about 1,250 jobs, or 6% of its total workforce, as the food-delivery company looks to keep a lid on costs to cope with a slowdown in demand. As a result, operating expenses grew quickly," Chief Executive Tony Xu said in a memo to employees that was posted on the company's website. "Given how quickly we hired, our operating expenses - if left unabated - would continue to outgrow our revenue." read moreWhile DoorDash's Xu reiterated that the business has been more resilient compared with other e-commerce companies, he said reducing non-headcount operating expenses "wouldn't close the gap." DoorDash, which closed an all-stock deal this year with Wolt, has total headcount of about 20,000.

☆ DoorDash is laying off 6% of its staff, and it's a warning for the entire food delivery business
▼ + stars: | 2022-11-30 | by ( Jordan Hart | Nancy Luna | ) www.businessinsider.com time to read: +4 min

CEO Tony Xu said DoorDash is laying off 1,250 people in a Wednesday memo, Bloomberg reports. In the third quarter, DoorDash logged a $308 million loss from operations. The Covid-19 pandemic served as a big boost for DoorDash and food delivery services like it. Hundreds of workers have lost their jobs at restaurant tech startups like Nextbite, Sunday, ChowNow, Lunchbox, Gopuff, and Reef. The company has been pouring its resources into expanding outside of traditional restaurant delivery over the past year by striking delivery partnerships with supermarkets, convenience stores, and retailers.

☆ This 29-year-old left the U.S. for Budapest. Now he makes $120,000 — and lives in an $800-per-month apartment
▼ + stars: | 2022-05-07 | by ( Francis Nayan | ) www.cnbc.com time to read: +6 min

Now, he works as a copywriter in Budapest, Hungary. I spent a year teaching there before taking my next position in Budapest, Hungary. To live and work in Hungary long-term, you must apply for a Residence Permit for the Pursuit of Gainful Activity. The Hungarian National Museum in Budapest, Hungary. Csendes Cafe is a popular ruin bar in Budapest, Hungary.

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