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Ritual

Ritual’s Fall: Founders Exit for Shopify, Sale in Progress

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Toronto-based Ritual Technologies, once a promising food-takeout app valued at US$300 million, has struggled since the pandemic decimated its office-worker customer base. Co-founders Ray Reddy and Larry Stinson, along with select engineers, have joined Shopify, where Reddy will serve as VP of Retail.

Ritual will continue under new leadership as Shopify focuses on talent acquisition. The company’s revenue declined sharply, falling from US$50 million in 2019 to US$3.9 million in mid-2024. A sale of Ritual as a going concern is underway, with two buyers in due diligence.

Want to know more? Check out the source code on The Globe and Mail.

Toronto Takeout Service Ritual Cuts Staff to Adapt to Shifting Consumer Landscape

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Toronto-based takeout service, Ritual, underwent a substantial downsizing, joining the wave of layoffs in the global tech sector.

The company, known for its mobile app that allows consumers to skip lines at quick-service restaurants, reduced its workforce by nearly 45%.

Lior Samfiru, an employment lawyer, confirmed that approximately 40 employees were affected by the cuts. This is the third round of staff reductions for Ritual, which previously employed over 300 individuals.

The pandemic severely impacted Ritual’s business, particularly its office-worker customer base.

Despite revenue stagnation and ongoing operating losses, Ritual has secured nearly USD $135 million in venture capital funding.

Want to know more? Check out the source code on The Globe And Mail.