Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
Maple, a New York City-based startup that delivered healthy meals, has shut down its operations and sold its tech assets to Deliveroo, a big European food delivery startup. As part of the deal, Maple's C-suite executives (likely along with other company employees) will join Deliveroo's team in London.
Pedigree: Maple was initially backed by Momofuko chef David Chang, but Chang would later help launch a rival meal delivery service called Ando. After raising a $26 million Series A round in 2015, Maple was valued at around $115 million.
Tough job: Meal delivery startups have been cropping up in the last few years, but it's a challenging business that involves complex labor operations, perishable goods, and tricky forecasting. Many have struggled ― including Munchery and SpoonRocket ― while Postmates and DoorDash had to settle with modest valuations during their recent funding rounds. Leaked financial docs from December revealed a business with tough margins, making Monday's news not much of a surprise.