Food trucks in the U.S. have taken many forms, but have long been a popular option for dining. Now as the coronavirus pandemic alters the way we interact and engage with others, these kitchens on wheels may have a new function, especially on college campuses.
Rod Keller, CEO of the electric vehicle manufacturer AYRO is jumping at the opportunity to capitalize on the niche industry in a partnership with Gallery Carts. The new collaboration will combine AYRO's expertise in developing electric vehicles with Gallery's expertise in creating food delivery vehicles.
"Colleges are faced with, 'Well how do we provide food and beverage while at the same time, avoiding the mass crowds that you would typically see inside of a cafeteria?'" Keller told Cheddar.
So far, more than $500,000 has been poured into the collaboration as orders for the vehicles continue to amass. Keller said he's confident that as universities and other large campuses seek safer ways to feed their communities amid the pandemic, the need for their services will grow.
AYRO is also banking on buyers in higher education considering the long-term savings electric vehicles can provide. Keller said its electric vehicles save fleet operators at least 50 percent on fuel and energy costs.
"When people are moving cargo from one side of a university to another, or business campus, or hotel and resort, you don't need a full-sized truck with 400 miles of range running on gasoline to do that," Keller said.
Jim Bruderman, Vice Chairman at 1879 Advisors, joins Cheddar News' Closing Bell, where he says investors experienced a 'panic attack' last week with the spread of the Omicron variant and the Fed's tapering plans. As a result, he says we're now seeing stocks climb due to a growing comfort level toward both developments.
Attack surface management startup CyCognito recently raised $100 million in its latest funding round, valuing the company at $800 million. CyCognito offers cyber security through its attack surface scanner, which uses artificial intelligence to identify weak spots in an organization's network. The new funding comes as companies around the world continue to add new defenses to the growing rise of cyber threats and attacks. CyCognito co-founder and CEO Rob Gurzeev joins Cheddar News' Closing Bell to discuss.
Roshan Jhunja, head of retail at Square, joined Cheddar to talk about the financial services company's second annual Future of Retail report. Square expects the massive shift to e-commerce to continue into 2022 as more consumers get used to the online shopping experience. For Square, soon-to-be renamed Block, which began predominantly as a digital payment platform, Jhunja said the company is also helping sellers with automation amid ongoing labor shortages.
Facebook is undergoing more than a name change. The company, now known as Meta, has also seen an exodus of executives this year. While the timing of some of these resignations came before whistleblower allegations, it's undeniable the tech giant is undergoing big changes. Doug Astrop, Managing Partner at Exponential Investment Partners, joins Cheddar News' Closing Bell to discuss Facebook's current state, possible regulatory scrutiny, the impact of Instagram chief Adam Mosseri's Congressional testimony, and more.
Businesses are likely to increase salaries budgets in 2022 by 3.9 percent according to a study by The Conference Board. Gad Levanon, head of the Labor Market Institute at The Conference Board, joined Cheddar to provide additional details about the survey's findings. He attributed the anticipated salary hikes to companies looking to retain current employees, a desire to attract a new crop of workers, and surging inflation.
Fast AF, a premiere quick commerce retailer for products and brands just announced the close of its Series A investment round. That round puts the value of the company at $200 million. The company gets items to customers ranging from masks to sneakers and is now launching its own in-house delivery service. Lee Hnetinka, founder and CEO of FastAF joins Cheddar News to discuss the announcement.
