Uber CEO reveals they considered buying food delivery app Caviar before rival DoorDash did

Uber CEO Dara Khosrowshahi told CNBC on Friday that the ride-hailing, freight, and delivery giant considered a deal with on-demand food delivery …

Uber CEO Dara Khosrowshahi told CNBC on Friday that the ride-hailing, freight and delivery giant considered a deal with on-demand food delivery service Caviar but decided to pass.

“We took a look at Caviar. It’s a great brand,” Khosrowshahi said in a “Squawk on the Street ” interview, as Uber shares were sinking after disappointing second-quarter results. “It wasn’t the right deal for us.”

Khosrowshahi said Uber’s food delivery service, Uber Eats, will focus on organic growth rather than acquisitions.

On Aug 1, Square announced an agreement to sell Caviar to Uber Eats’ formidable rival DoorDash for $410 million. Square had bought Caviar for just over $44 million in 2014. The Caviar service specializes in premium restaurants.

While declining to comment further on Caviar, Khosrowshahi did say that he sees food delivery as a real battle this year and next. “The Eats market continues to be very competitive.”

Khosrowshahi said that if Uber were to seek any acquisitions, he’s not worried. “We’re Uber, everyone wants to talk to us.”

After the Wall Street close Thursday, Uber posted a much wider-than-expected second-quarter loss of $4.72 per share. Revenue of $3.17 billion was also missed analyst estimates.

Uber’s core ride-hailing business saw better-than-expected gross bookings for the quarter, while the newer Uber Eats unit’s gross bookings fell short of forecasts.

“So with rides, I say the competitive environment is stable and getting better,” Khosrowshahi said during Friday’s CNBC interview. “We see a lot of competition with Eats,” he reiterated.

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BREAKING: C2FO closes $200M investment led by backer of WeWork, Uber, Slack

Investment firms Temasek and Union Square Ventures returned to the table and placed new bets on C2FO, the company said of the round’s additional …

Startup giant C2FO continues its climb to the top, having secured a new $200 million investment — and doubling the amount of its once-record funding raise in fewer than two years.

“We are very fortunate to have a team who, for years, has delivered industry-leading unit economics, extraordinary customer satisfaction, and strong global growth,” Sandy Kemper, C2FO founder and CEO, said in a release Wednesday.

Updated: Click here to read more of Kemper’s thoughts on the massive funding round, including C2FO’s big challenge: proving it’s worth of Kansas City’s biggest investments.

The chart smashing round — believed to be the largest yet for a venture capital-backed startup in Kansas City — was led by the $108 billion SoftBank Vision Fund, which also has stakes in WeWork, Uber, Slack and DoorDash. The investment places Nahoko Hoshino, vice president of investment at SoftBank Investment Advisers, on the C2FO board of directors.

Click here to read about C2FO’s previous record setting, $100 million funding round.

John Buttrick, Union Square Ventures

John Buttrick, Union Square Ventures

Investment firms Temasek and Union Square Ventures returned to the table and placed new bets on C2FO, the company said of the round’s additional participants.

“This infusion of capital from the Vision Fund and existing investors will be used to further our expansion as we strive to build a new world wherein the increased liquidity provided by the C2FO platform helps companies and in turn, entire economies, grow more rapidly,” Kemper said.

Streamlining the world of working capital, C2FO’s online marketplace has amassed over 300,000 clients in 173 countries — helping them control their cash flow and manage more than $1 billion in funding on a weekly basis, the company explained.

Such reach and the ability to shake the industry helped attract SoftBank to the energy-rich startup, said Ashkay Naheta, managing partner.

“We invested in C2FO because we think their disruptive innovation offers a solution to an industry that has traditionally lacked cost-efficient alternatives for businesses of all sizes looking to free up cash quickly,” Naheta said.

Cash injections and the ability to rapidly scale wouldn’t be possible without the C2FO team, Kemper noted.

“Due to their work, we have now grown to match over $1.2 trillion of accounts receivable and accounts payable,” he said.

SoftBank believes C2FO and its leaders are equipped with vision that could help the company — which is expected to reach a $1 billion valuation — become the global exchange for working capital, Naheta said.

Startland will have more on this story as it develops.

Shake Shack, Grubhub announce new partnership

McDonald’s recently struck a deal with DoorDash, saying its delivery business will reach $4 billion this year. Chipotle Mexican grill is also partnering …
NEW YORK –

Here’s the latest business and technology headlines from Cheddar.

Shake Shack has announced a new partnership with Grubhub to roll out delivery across the country. The burger chain will integrate its ordering technology, allowing the service to better time deliveries. This comes as major restaurant chains are seeing big boosts in sales from delivery. McDonald’s recently struck a deal with DoorDash, saying its delivery business will reach $4 billion this year. Chipotle Mexican grill is also partnering with DoorDash, saying delivery is the fastest-growing part of its business.

American Airlines is pushing its perks for business travelers in a move to take in more money from the lucrative passengers. The airline is offering free preferred seats and priority access in security and boarding lines. Passengers traveling under corporate contracts will also have priority during weather or operational disruptions. This comes as airlines have been facing flight cancellations due to factors like summer storms, the grounding of the Boeing 737 Max and workers on strike.

Singer Khalid has announced plans to perform a concert later this month to benefit victims of the mass shooting in El Paso. The proceeds of the concert will go to the families of the 22 people who were killed, and more than two dozen injured in the attack.

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Online On-Demand Food Delivery Services Market Massively Expanding during 2019-2026 with …

Online On-Demand Food Delivery Services Market Massively Expanding during 2019-2026 with Top Players Deliveroo, Delivery Hero, DoorDash, …

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DoorDash Gives Away Free Impossible Whoppers

Meal-delivery platform DoorDash is giving away free food all week and on Friday, customers can get a free Impossible Whopper from Burger King.

Meal-delivery platform DoorDash is giving away free food all week and on Friday, customers can get a free Impossible Whopper from Burger King. The new initiative is a promotion for the platform’s subscription service DashPass, which costs $9.99 per month and features an unlimited $0 delivery fee on orders of $12 or more. This week, DoorDash is offering a free one-month trial of DashPass and subscribers can order an Impossible Whopper on Friday using code “DASHPASS5.” Burger King first launched the Impossible Whopper (ordered vegan without mayonnaise) on April 1 in 59 locations in St. Louis, MO. This Thursday, the Impossible Whopper will (finally) be available at every Burger King nationwide—one day before DoorDash’s free promotion.

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