SoftBank-Backed Virtual-Brand Startup Nextbite Lays Off Staff


  • Nextbite is a virtual brand and food-tech startup co-founded by a fourth-generation restaurateur.
  • SoftBank-led a $120 million investment in the Los Angeles company in 2020.
  • On July 8, Nextbite’s CEO confirmed a restructuring at the company. 

Another SoftBank-backed tech firm is laying off staffers, Insider has learned. The layoffs come as VC firms push for profits over scale amid


in the capital markets. 

Restaurant-software company Nextbite has cut staff as it restructures. CEO Alex Canter did not reveal the number of employees impacted. 

“As a fast-growth startup, we must adapt to the changing market and are restructuring our organization to strategically focus on current opportunities. We are optimistic about the future of Nextbite and our new co-president Denny Post brings a depth of restaurant leadership experience, to help us with this next phase of growth,” CEO and co-founder Alex Canter told Insider.

Earlier this week, Denver-based Nextbite named restaurant industry veteran and former CEO of Red Robin Denny Marie Post as co-president. She has served as an advisor for the company since September 2021. 

Nextbite said Post, who also consulted for ghost kitchen operator Reef Technology, would oversee marketing, operations and culinary innovation for the company with “a strategic focus on its restaurant fulfillment partners.”

In 2019, Canter, a fourth-generation restaurateur cofounded Nextbite, which licenses delivery-only brands to restaurants looking to optimize their kitchens and increase sales. Nextbite’s portfolio of more than a dozen ghost brands include Packed Bowls by Wiz Khalifa, George Lopez Tacos, and ‘Wichcraft sandwiches by Tom Colicchio. 

Before launching Nextbite, Canter cofounded Ordermark in 2017 to streamline delivery and online orders for his family’s iconic Los Angeles restaurant, Canter’s Deli. The technology aggregates digital orders on a single tablet for thousands of restaurants in the US, including Papa John’s, Denny’s, and Popeyes restaurants.

In 2020, Ordermark raised $120 million in a Series C round led by Softbank Vision Fund 2. Ordermark rebranded as Nextbite last year. 

Nextbite joins a growing list of startups backed by SoftBank that have been restructuring and laying off staff over the last several months, including Reef Technologycorporate gifting platform Sendoso, and privacy-management startup OneTrust.   

Other food tech disruptors are also feeling the heat from investors looking for profitability. Earlier this week,  Sunday app, which raised more than $120 million in less than a year, cut employees and pulled out of 60% of its US markets, according to Sifted

“VCs are naturally pulling back or looking for lower valuations due to increased macroeconomic uncertainty including uncertain but likely higher funding costs in the future,” retail and food tech analyst John Zolidis of Quo Vadis Capital told Insider. “The change in the investing climate has also adjusted tolerance for loss-making businesses, as the market has been least kind to high-flying, high-multiple companies with an occluded path to profitability.”

Are you a restaurant tech insider with insight to share? Got a tip? Contact this reporter via email at [email protected] or via Signal encrypted number 714-875-6218.


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