The e-menu stays... Last month, Yelp seated a record 4M diners in the US — up 48% from May 2019. Bookings surged past pre-pandemic levels in almost every US state, minus NY. It's not just a reopening thing: Yelp's data highlights the number of restaurants and diners that shifted online during the pandemic. This digital transformation bodes well for restaurant tech providers like Yelp, OpenTable, Square, Resy, and Toast — which is reportedly prepping to IPO.
Not so SPAC-tacular... SPACs = public companies whose sole purpose is to buy actual companies to take them public. This year, the popular IPO alternatives have already raised more than they did in all of 2020. But while the broader market is up, the top 50 SPACs have fallen 19% since February. Last week, SPAC-quisitions Lordstown Motors and DraftKings plunged on not-so-flattering allegations from a short-selling firm. TBD if the SPAC-palooza will slow. FYI: SPAC investments involve risk.