Today in restaurant and grocery tech news, Sweetgreen announced its proposed pricing for its initial public offering (IPO), and DoorDash announced the acquisition of Finland-based on-demand delivery service Wolt. Plus, Blue Apron took a hit as consumers turned to more convenient meal options.
Sweetgreen Seeks up to $2.7B Valuation in IPO Despite Lack of Profitability
If Sweetgreen had a reputation for being a little pricy before, it now boasts a price tag of up to $2.7 billion. The Culver City, California-based salad chain, which owns and operates 140 restaurants across 13 states and the District of Columbia, announced that it is seeking this multibillion-dollar valuation in its IPO Tuesday (Nov. 9), with its 12.5 million shares priced between $23 and $25.
With Acquisition of Wolt, DoorDash Aims to Take on Uber Eats’ Global Reach
DoorDash continues to broaden the scope of its stated mission, this time with the acquisition of on-demand food and retail delivery service Wolt. Alongside the release of its third quarter financial results Tuesday, DoorDash announced its roughly $8 billion deal with the Helsinki, Finland-based company, which operates its delivery service in 23 countries.
Blue Apron’s Q3 Loss Widens as Consumers Seek Faster Dining Options
Despite seeing declining revenue and a deeper loss compound, Blue Apron maintained that the events of the past 20 months have precipitated a rise in home cooking that will boost sales going forward. The company announced Tuesday that its third-quarter loss widened 81% year over year to $27.6 million, while revenue decreased 2%, orders fell 8% and its customer base shrank by 2%.
