Nextbite Layoffs
July 2022
Nextbite announced a layoff affecting 0 employees in July 2022. The company operates in the Food sector.
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Jul 9, 2022
About
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.
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