Hospitality ordering and payments platform Mr Yum has cut another 40 jobs, just seven months after shedding 40 more jobs – 17% of its then global workforce. CEO and cofounder Kim Teo posted the email she sent to staff today on LinkedIn saying they’d made “the strategic decision to get to profitability with our current… Read more »
Russia’s invasion of Ukraine and rising interest rates dampened merger & acquisition (M&A) deals in the first half of 2022, but even as company valuations fall, the size of transactions is growing according to William Buck’s annual Dealmaking Insights Report 2023. In 2022, the aggregate value of M&A deals in Australia increased 59% on 2021… Read more »
Amazon is laying off another 9,000 employees, with senior management citing “the uncertain economy in which we reside”. The cuts will come from its cloud business Amazon Web Services (AWS), streaming platform Twitch, and its advertising department. This latest round of layoffs comes just two months after Amazon said it would cut more than 18,000… Read more »
The Santa Clara, California-based Silicon Valley Bank (SVB) has collapsed. This is the second-largest banking failure in US history and the largest failure since the Global Financial Crisis. The US government has stepped in to protect depositors. The government will not bail out SVB. Shareholders are not protected. The deposit protection is funded by a special impost… Read more »
Scaleup community Tank Stream Labs have teamed up with Pinstripe Media to expand its reach to a global audience. Tank Stream Labs is one of Australia’s original technology co-working spaces that fosters innovation, collaboration, and entrepreneurship for founders, industry leaders, scale-ups, and high-growth tech companies. After launching a range of service offerings in 2022 for… Read more »
Privately-owned design platform Canva is among multiple Australian tech companies with funds stuck in Silicon Valley Bank (SVB), which was seized by Californian regulators on Friday after customers tried and failed to withdraw an estimated US$40 billion in funds. After an anxious weekend wondering if they’d see their money again, US officials stepped in earlier… Read more »
Silicon Valley Bank, which catered to the tech industry for three decades, collapsed on March 10, 2023, after the Santa Clara, California-based lender suffered from an old-fashioned bank run. State regulators seized the bank and made the Federal Deposit Insurance Corporation its receiver. SVB, as it’s known, was the biggest U.S. lender to fail since… Read more »
Payments platform Cuscal has acquiring Consumer Data Right startup Basiq for an undisclosed sum. The deal provides an exit for investors including NAB Ventures, Salesforce Ventures and Westpac’s Reinventure, as well as Visa. The VC arms of the Australian banks first backed Basiq in 2017, doubling down in a Series A in 2021. Cuscal, owned… Read more »
Startmate-backed marketing startup Brandcrush has been acquired by NASDAQ-listed media firm Criteo five years after it launched. The deal also delivers an exit for Rampersand, Luxury Escapes founder Adam Schwab, and other investors including Nicky Jackson, Jane Martino and Sean Taylor. Brandcrush was launched in 2018 by former Tribe sales director Matthew Hurle, and marketing… Read more »
Workplace software giant Atlassian is cutting around 5% of its workforce – 500 staff – with co-CEOs Scott Farquhar and Mike Cannon-Brookes say they “are deeply sorry”. The job losses comes just four months after Farquhar embarked on a high-profile national tour last October to recruit more than 1000 people for new R&D roles. In… Read more »
NFT gaming startup Immutable, has cut its staffing for a second time in six months, shedding another 11% of its team. Another 32 roles will go, on top of 20 positions cut in July last year, less than a year after the Sydney startup burst to prominence as fast-growing tech unicorn. In March last year… Read more »
GetSwift CEO Bane Hunter fined $2m, banned from managing companies for 15 years MD and cofounder Joel Macdonald fined $1m, banned for 12 years Company fined $15m Judge says pair show no contrition or remorse GetSwift raised $104m, investors receive 1c in $1 in class action The founders of former ASX-listed logistics tech startup GetSwift,… Read more »
The Voly brand returned to public life this week under its new owners, the NSW meat subscription service Our Cow. The company bought Voly’s database app and brand from the administrators for an undisclosed sum on Christmas eve hoping to expand its customer base into Sydney, where the delivery service operated. Voly collapsed in November… Read more »
Rapid grocery delivery service Milkrun is reducing its headcount by 20% and will consolidate the number of delivery hubs as founder Dany Milham sets up the business to survive into 2024 amid a hunt for additional capital. In a letter to staff today, Milham said that economic and market conditions are changing rapidly and they “need… Read more »
Sydney autonomous driving technology startup Baraja has sacked around 75% of its workforce. The layoffs come just a month after the business received an undisclosed level of investment from Swedish automotive safety company Veoneer, which Baraja CEO and cofounder Federico Collarte said “validates the market traction” of the business. Baraja was founded in 2015 by… Read more »
The team behind one of the coolest restaurants in Sydney’s Inner West, Hartsyard, have a new seafood place
Female-founded edtech startup Pivot banks $1.4 million to support student and teacher wellbeing
Dinner party marketplace Gathar launches Microwd crowdfunding campaign
Hypnotherapy medtech raises $17.8 million Series A
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