After naming Phil Graves the chief financial officer of alternative protein maker Meati Foods at the beginning of February, he is now the company’s new chief executive officer.
The company also said it was reducing its workforce by 13% as Meati works to “build a financially sustainable business,” Graves told TechCrunch exclusively.
Products are now in over 3,600 retail locations nationwide, including Whole Foods Market, Meijer, Cub Foods and Sprouts Farmers Market.
Graves even said the company has a goal of expanding that to 10,000 locations before the end of 2024.
Once fully ramped up, the facility will have the capability of producing more than 45 million pounds of product, Huggins told TechCrunch at the time.
Fidelity has cut the value of its holding in Meesho by 33.6% since the original investment, giving the Indian social commerce startup a valuation of $3.5 billion, adjusted for outstanding shares.
Fidelity had marked down the valuation of Meesho to $4.1 billion at the end of October.
That sale valued Meesho at $3.5 billion, a factor that may have contributed to Fidelity’s assessment.
In a statement to TechCrunch, a Meesho spokesperson said: “Funds attribute value to their portfolio investments, considering various factors such as the valuation of comparable companies.
Based on Fidelity filings, the number of shares held and the current number of total outstanding fully diluted shares, the valuation is assessed at $3.5 billion.
Byju’s, the world’s most valuable edtech startup, has cut its valuation ask to $250 million in a rights issue it launched Monday as the Indian firm works to address its working capital needs.
If Byju’s succeeds in raising $200 million, the post-money valuation of the startup will be in the range of $220 million to $250 million, a 99% drop from the $22 billion value that the startup had previously attained.
The rights issue comes as Byju’s looks to secure capital amid a severe funding crunch.
Byju’s was preparing to go public in early 2022 through a SPAC deal that would have valued the company at up to $40 billion.
The company began facing mounting pressure from investors to address issues that it had previously left unresolved.
Flexport, a logistics company with $2.7 billion in venture and debt funding, is reportedly planning additional layoffs.
Flexport, which provides freight forwarding and brokerage services, announced similar cuts in October, when founder Ryan Petersen returned as CEO and slashed the company’s workforce by 20% — affecting about 600 workers.
An additional round of layoffs at Flexport would cap a brutal January for tech workers, as giants and startups alike have eliminated a combined tens of thousands of jobs across the industry.
While San Francisco-based Flexport wouldn’t be an outlier for making cuts, the timing would be peculiar.
Just last week, Flexport said it’d raised an additional $260 million in funding from Shopify.
Tech layoffs are accelerating, according to the data.
After quick revenue growth in 2023, midsized tech companies are cutting as well.
Brex’s latest layoffs make it plain that even some of the best-known, and most richly funded, upstart tech companies are finding their headcount to be too much.
Thankfully, that information is at our fingertips and we can report that, yes, the layoff surge that you are feeling is in fact an actual wave.
In that month, Layoffs.FYI counted just 4,707 tech layoffs across 65 total known cuts.
Veho, a package delivery company, confirmed that it laid off 19% of its employee headcount, or about 65 jobs.
As first reported by The Information, these layoffs came after Veho grew revenue nearly 90% in 2023.
That was after announcing $125 million in Series A funding two months prior, the round that pushed Veho into unicorn territory.
At that time, Veho said it had 910 employees across corporate and warehouse teams and was looking to fill additional positions.
Veho remains optimistic, telling TechCrunch that its capital position “is very strong and we are building on our strong momentum and record peak season in 2023.”
Aurora Innovation, the autonomous vehicle technology company aiming to launch a “driverless” self-driving trucks business by the end of 2024, laid off dozens of workers this month, according to sources familiar with the action.
Aurora employed about 1,800 workers as of the end of 2023, according to the company.
Aurora is also working with automotive supplier Continental on a more than $300 million project to mass produce autonomous vehicle hardware for commercial self-driving trucks.
Developing autonomous vehicle technology that is safe enough for public roads has proven to be an expensive endeavor that has led to numerous startups shutting down or being acquired.
Kodiak Robotics, which is privately held; Torc Robotics; and Sweden’s Einride are also working on self-driving trucks.
Aurora Innovation, the autonomous vehicle technology company aiming to launch a “driverless” self-driving trucks business by the end of 2024, laid off dozens of workers this month, according to sources familiar with the action.
Aurora employed about 1,800 workers as of the end of 2023, according to the company.
Aurora is also working with automotive supplier Continental on a more than $300 million project to mass produce autonomous vehicle hardware for commercial self-driving trucks.
Developing autonomous vehicle technology that is safe enough for public roads has proven to be an expensive endeavor that has led to numerous startups shutting down or being acquired.
Kodiak Robotics, which is privately held; Torc Robotics; and Sweden’s Einride are also working on self-driving trucks.
Aurora Innovation, the autonomous vehicle technology company aiming to launch a “driverless” self-driving trucks business by the end of 2024, laid off dozens of workers this month, according to sources familiar with the action.
Aurora employed about 1,800 workers as of the end of 2023, according to the company.
Aurora is also working with automotive supplier Continental on a more than $300 million project to mass produce autonomous vehicle hardware for commercial self-driving trucks.
Developing autonomous vehicle technology that is safe enough for public roads has proven to be an expensive endeavor that has led to numerous startups shutting down or being acquired.
Kodiak Robotics, which is privately held; Torc Robotics; and Sweden’s Einride are also working on self-driving trucks.
Aurora Innovation, the autonomous vehicle technology company aiming to launch a “driverless” self-driving trucks business by the end of 2024, laid off dozens of workers this month, according to sources familiar with the action.
Aurora employed about 1,800 workers as of the end of 2023, according to the company.
Aurora is also working with automotive supplier Continental on a more than $300 million project to mass produce autonomous vehicle hardware for commercial self-driving trucks.
Developing autonomous vehicle technology that is safe enough for public roads has proven to be an expensive endeavor that has led to numerous startups shutting down or being acquired.
Kodiak Robotics, which is privately held; Torc Robotics; and Sweden’s Einride are also working on self-driving trucks.
