Postmates founder Bastian Lehmann’s new crypto startup TipTop was lightly teased out a few weeks ago, but now the stealth startup is sharing some info on its early funding, though there’s not much info on what they’re actually doing with that money. Lehmann notes that the company has raised a $23 million Series A from a16z with …
Continue reading “Postmates founder banks $23 million for his new crypto startup TipTop”
According to local news outlet FinanceFWD, German entrepreneur Bastian Lehmann is making a move into the crypto industry with the creation of a new startup called “TipTop Labs.” Although details surrounding the venture remain unknown, its website states the firm seeks to provide “consumer finance solutions for an emerging web.” On its careers page, it appears that TipTop Labs …
Continue reading “Report: Postmates founder Bastian Lehmann launches crypto startup”
Third-party delivery companies are facing more legal scrutiny as a New York federal judge allowed a lawsuit accusing Uber Eats, Postmates, and Grubuhb of menu price exploitation to move forward. The anti-trust lawsuit was originally filed in July 2020 and accused the third-party delivery companies of monopolizing delivery prices by not allowing restaurants who contract with them …
Continue reading “Third-party delivery companies sued by diners for anti-trust violations”
Workers said Postmates was their employer under Massachusetts law Three named plaintiffs settled for total of $4,750 in arbitration Judge had found Postmates drivers not exempt from federal arbitration law The company and law firm names shown above are generated automatically based on the text of the article. We are improving this feature as we …
Continue reading “Arbitration deals end Postmates misclassification row in Mass.”
Uber Eats’ business continued to accelerate in the fourth quarter as the company narrowed its losses and once again outshined its ride-sharing counterpart. Gross bookings grew 18% quarter over quarter and 128% year over year, reaching $10.1 billion in the three months ending Dec. 31. Revenue increased 224% year over year, to $1.35 billion—nearly matching ride-sharing revenue, which …
Uber’s losses are narrowing as delivery growth continues to outpace a drop in ride-sharing revenue. The company reported mixed Q4 2020 earnings on Wednesday, beating expectations on loss-per-share but falling short on revenue, according to Refinitiv estimates. For all of 2020, Uber’s net losses amounted to $6.77 billion, around a 20% improvement from a staggering …
Continue reading “Uber losses narrow as delivery growth outpaces fall in ride-sharing”
You’re not the only one having a roller coaster of a week. On Tuesday, California voters handed San Francisco-based Uber a big ticket victory, agreeing that the gig-worker-contingent company needn’t offer its food delivery and ride-hailing drivers employee protections. It’s a decision that will save Uber millions, and sent its stock soaring by 15 percent, the …
Continue reading “Despite Food Delivery Boom, Uber Has Lost $5.8 Billion in 2020”
According to the Wall Street Journal, a Friday regulatory filing from SF-based Uber reveals that (also SF-based) food delivery app Postmates is running at a very, very steep loss. “Postmates had an accumulated deficit of $929.3 million as of June 30,” reporter Laura Forman notes, and in the second quarter of 2020 — yes, in those …
Continue reading “Postmates Is Over $929.3 Million in the Hole”
According to Uber, Postmates saw a 125% increase in revenue during the period as sales jumped from $71 million to $160 million. And though that allowed it to slash its losses for the quarter, it indicates that even during a period of unprecedented consumer demand, Postmates is still a money-losing operation. That’s not much different from Grubhub (NYSE:GRUB), which …
Continue reading “Uber’s Postmates Acquisition Might not Deliver the Profitability Expected”
Third-party delivery service Postmates saw revenues increase by more than 125% in the second quarter while also cutting its losses as it heads into a proposed acquisition by Uber Eats—a deal that has drawn additional scrutiny from the Department of Justice. That information was disclosed in a document filed late Friday by Uber with the Securities and …
Continue reading “POSTMATES MORE THAN DOUBLES REVENUE IN Q2 AHEAD OF UBER EATS DEAL”
