Today in Food: Chipotle Introduces Venture Fund

Today in food commerce, Chipotle announces a $50 million fund to back Series B stage restaurant technology companies, while grocery delivery transitions to a wider audience. Plus, a French court rules against Deliveroo’s treatment of freelance workers, and Steve Jackson, president and CEO of restaurant chain Hungry Howie’s Pizza, talks supply chain challenges.

Chipotle Announces $50M Venture Fund for ResTech Startups

Chipotle Mexican Grill is taking a more active role in shaping the future of restaurant technology. The Newport Beach, California-based fast-casual brand, which owns and operates nearly 3,000 restaurants across five countries is forming a venture capital fund called Cultivate Next. The fund aims to invest $50 million in Series B stage companies creating restaurant technology solutions or other products and services in line with Chipotle’s goals.

Grocery Delivery Evolves From Luxury Service to Mass-Market Option

Grocery delivery tends to be expensive, with the added fees of the channel and the cost of the tip raising prices and with order minimums requiring larger purchases than one might be used to. For much of the pandemic, consumers with more disposable incomes shelled out for the service, while those on tighter budgets continued to frequent brick-and-mortar stores. Now, as online grocery businesses look toward their post-pandemic future, many are trying to expand their audiences to include those of all income brackets.

French Court Fines Deliveroo, Challenging Gig Work Status

A French court has found a pair of former Deliveroo executives for abusing the freelance status of the British food delivery platform’s workers. The execs received suspended one-year prison sentences and were fined 30,000 euros (about $32,000), while Deliveroo itself was fined the maximum penalty of 375,000 euros (about $405,000) and ordered to publish the ruling on its French home page for one month.

Restaurant Supply Chain Power Balance Shifts From Buyers to Suppliers

Steve Jackson, president and CEO of Madison Heights, Michigan-based restaurant chain Hungry Howie’s Pizza, which has more than 550 locations across 22 states, spoke with PYMNTS about chain obstacles having shifted the dynamics between restaurants and suppliers.

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NEW PYMNTS DATA: THE FUTURE OF BUSINESS PAYABLES INNOVATION STUDY – APRIL 2022

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About: While over half of SMBs believe that an all-in-one payment platform can save them time and improve visibility into cash flows, 56% believe that the solution could be difficult to integrate with existing AP and AR systems. The Future Of Business Payables Innovation Report, a PYMNTS and Plastiq collaboration, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed SMBs’ expectations and help future-proof their businesses.

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