A year ago, the food tech sector was booming. Funds were plentiful, investors were upbeat, and a new company seemed to be coming up every minute. Cut to a year later, and things aren’t quite so rosy. There have been murmurs of overvalued companies, and investors are being more circumspect with their cash. One sector that has been particularly hard hit is the food tech industry.
A little a year after it came into existence, food tech startup Dazo has decided to shut shop. The company, which was initially called Tapcibo, used to aggregate meals from partner restaurants and took care of last-mile delivery to ensure superior customer experience.