Mach9 raises $34 million after shift to AI design software
First Round Capital and Bessemer Venture Partners co-led the Series A round, with Prudence and existing investor Quiet Capital also participating.
Taiwan blocks Grab's $600 million Foodpanda acquisition
The Fair Trade Commission said the proposed transaction's economic benefits did not outweigh the harm to competition.
Taiwan's Fair Trade Commission on October 21 rejected Grab's proposed $600 million acquisition of Delivery Hero's Foodpanda delivery operations in Taiwan, saying the companies had not adequately addressed competition concerns.
Grab announced in March that it planned to pay cash for the business. The transaction would have taken the company, Southeast Asia's largest ride-hailing and delivery operator, outside that region for the first time.
The commission said the damage to competition would exceed the deal's overall economic benefits. Commitments proposed by the companies were not sufficient to resolve its concerns, the regulator said.
Grab expressed disappointment but said its core Southeast Asian business remained robust and it would continue directing resources toward its regional growth plans. Delivery Hero said the transaction terms provided deal protections, including a break fee arrangement that applies subject to certain conditions.