Nextbite

Nextbite, a virtual restaurant brand platform in the food technology industry, conducted another round of layoffs in mid-May 2023, affecting an undisclosed number of employees. Based on LinkedIn posts from over 20 former staff, including senior roles, the cuts appear significant, with some employees stating the majority of the workforce was eliminated and indicating a potential full wind-down or major restructuring of the company. This follows at least two prior layoff rounds in 2022. Despite recent expansions, such as partnerships with IHOP and Nathan's Famous, the company has not secured new funding since its Series C round in February 2021, contributing to its financial strain. Several affected employees reported being terminated without severance.

SoftBank-backed food-tech startup Nextbite, based in Los Angeles, is restructuring its operations and has laid off an undisclosed number of employees as of July 8, 2022. The company, which operates virtual restaurant brands and was formerly known as Ordermark, is adapting to shifting market conditions where venture capital firms are prioritizing profitability over rapid growth. CEO Alex Canter confirmed the organizational changes, which coincide with the appointment of restaurant industry veteran Denny Post as co-president to oversee marketing, operations, and culinary innovation. Nextbite's portfolio includes over a dozen delivery-only brands, such as Packed Bowls by Wiz Khalifa and George Lopez Tacos, and it had previously raised $120 million in a SoftBank-led funding round in 2020. The layoffs reflect broader challenges in the food-tech and startup sectors, with several other SoftBank-backed companies also restructuring amid market volatility.