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Deliveroo boss Will Shu: ‘I was never into start-ups’

Deliveroo boss Will Shu: ‘I was never into start-ups’

Business
Getty Images"I never set out to be a founder or a CEO. I was never into start-ups," says Will Shu, founder of food delivery chain, Deliveroo.His comments came as the firm set out plans to issue shares to the public which could value it at about £7bn.Deliveroo has not yet made a profit and it reported a £223.7m loss for last year, despite a surge in sales.The float will see the busiest riders share in a £16m fund, and customers will also get the chance to buy shares. Deliveroo is making £50m worth of shares available to customers who will be given the opportunity to buy up to £1,000 worth of shares each, although if demand if high they may see their orders scaled back.Mr Shu's letter, contained in the official notice of the intention to float, also says: "I'm not one of those Silicon Valle...
China’s giant middle class is still growing and companies from Walmart to start-ups want to cash in

China’s giant middle class is still growing and companies from Walmart to start-ups want to cash in

Finance
Walmart has three Sam's Clubs in Beijing, including this one in Daxing District. The company plans to open five more in the capital city.Evelyn Cheng | CNBCBEIJING — Some are trying to create characters as memorable as Mickey Mouse. Others are launching lessons on how to cook steak. Still others know Chinese parents will pull out all stops for their kids.It's all a bet on the Chinese middle class, a consumer force McKinsey analysis predicts could reach 550 million in three years — that's more than one-and-a-half times the entire U.S. population today.American consumer giants and a slew of Chinese companies are now angling for a piece of the largest middle class market in the world.For Shanghai-based Pearl Studio, China's imminent rise as the world's largest movie market means the timing is...
You don't have to be a billionaire to invest in startups

You don't have to be a billionaire to invest in startups

Finance
How Girlboss plans to empower female entrepreneurs Until recently, being an early-stage startup investor was a high-risk play available only to insiders who stood to win big when the Uber or Twitter they put money into took off. But two years ago the Securities and Exchange Commission adopted rules allowing companies to raise money through crowdfunding from anyone interested in investing. Since then, more than 1,000 companies have filed with the SEC to raise money on online platforms and $ 137 million has been committed to these businesses, according to Crowdfund Capital Advisors, a crowdfund investing firm. And it's not just tech companies: startups have been funded in 80 different industries ranging from restaurants to salons to logistics companies. Crowdfunding fo...
Tech startups are reviving point-of-sale lending

Tech startups are reviving point-of-sale lending

Finance
AMERICANS shopping for a mattress online may find the selection at Casper, a New York-based mattress startup, somewhat lacking. Unlike brick-and-mortar shops, which offer dozens of models, the startup sells just three. And yet Casper’s customers are spoiled for choice at the till. Those who cannot afford to pay with a debit or credit card, or PayPal, can pay by instalments over six to 12 months. Those who make payments on time can enjoy the service free.Such “point-of-sale” loans, which have been around for decades in one form or another, are becoming increasingly popular in America. Consumers who might previously have financed big-ticket purchases such as furniture, electronics or home-improvement projects with a credit card are now opting to borrow at the checkout, ofte...
Tomorrow's Cities: Can start-ups solve city issues?

Tomorrow's Cities: Can start-ups solve city issues?

Technology
Media playback is unsupported on your device The Waterloo corridor, which runs between the cities of Toronto and Waterloo in Canada, is home to coyotes, deer and, increasingly, tech firms.Google, Research in Motion and thousands of start-ups have offices there as the area positions itself to be the next Silicon Valley.Having an area like this is becoming increasingly important as cities look to tech to help solve problems like congestion and pollution."Tech hubs are an important aspect of any city," said Bob Crow, managing director of the Institute of Quantum Computing, which is based in the corridor."Cities are desperate for cash and many are serving citizens with the same or less money than years ago. There is a built-in need to find ways of...