Not: Groceries in 10 minutes
Remember the ultrafast delivery wars?
Neither do we.
But there was a time in the wonderful days of 2021 when the talk of the town was companies like:
I worked at a company back in the day called Kozmo that tried this.
Our business model was that we’d buy stuff for $2 and sell it for $1, but we’d make it up in volume.
It worked as you might expect.
Now the shine of ultrafast delivery has worn off.
After 2021’s record investment to companies offering super speedy delivery from hyperlocal micro-fulfillment centers, just 1 deal has happened in 2023 vs. 8 over the same period last year.
CB Insights customers can explore more data on food delivery startups in our Food & Meal Delivery Collection.
Plus, check in on notable food delivery companies that bit the dust in recent months in our startup failures report.