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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.