Scalper1 News
Personal chef booking platform Kitchit has announced that it will cease operations Friday. IBD first reported the impending closure on April 22 . At the time, CEO Brendan Marshall denied that the company had plans to close. When asked about shut down, Marshall referred IBD to remarks on the company’s website but declined further comment. According to the website statement, Kitchit was earning 30% to 40% gross profit margins, and monthly growth was 30%. The company said that it served 100,000 customers. Kitchit competed with the fast-growing swath of food-related tech companies, which offer a range of services including on-demand restaurant delivery and ready-to-be-cooked meals. The company had raised over $8 million from investors such as Javelin Venture Partners, which could not be immediately reached for comment. E-commerce leader Amazon.com ( AMZN ) and its Prime Now unit have a restaurant delivery service that has been slowly rolling out across the U.S. Digital cash register and payments processor Square ( SQ ) offers a competing service, Caviar. GrubHub ( GRUB ) and Yelp ( YELP ) also have food delivery services. Food tech companies have been struggling of late. Startups such as SpoonRocket, Dinner Lab and Kitchensurfing have all shut their doors in recent months. Scalper1 News
Scalper1 News