Busted Tech (Food Delivery)

NYC-based food delivery startup Maple announced that it has closed, transferring tech (and employees) to Deliveroo, a UK-based food delivery company. There is a ton of talk about food delivery - we're just as guilty of it as anybody - but the truth remains: in the absence of a compelling and lasting exit, the whole idea/model is still highly speculative. The company had raised $29mm in VC from investors as illustrious as Joshua Kushner's Thrive Capital - the most recent funding just two years ago at a $115mm valuation (yes, there was some venture debt in the mix as well...shocker!). Maybe Thrive should have brokered an exclusive food delivery deal to the visitors of Mar-a-Lago. Meanwhile, the failure of Maple and the recent recap of Munchery probably help explain why grocery delivery is surpassing food delivery in funding. Given the recent pain grocers have been suffering - see Marsh Supermarkets (below), Central Grocers, and Southeastern Grocers (closing 20 locations) - this would appear to be a positive sign.