The Toronto-based startup, which raised $6.5 million and had a roughly $30-million valuation late last year, was “unable to secure the capital necessary to continue to bring our vision to life,” the company said in a statement. (The Logic)

Talking point: GoodGood did not immediately respond to The Logic’s request for comment. The company’s business model involved operating cafes and delivering goods, including snacks and lifestyle items, from those locations to customers between 30 and 60 minutes. Over its 18-month lifespan, GoodGood opened five stores and delivered across much of Toronto. But rising interest rates, high inflation and the prospect of recession affected its plans, the company said, and it wasn’t able to raise the funds necessary to weather the storm. Venture capital has dried up amid the changing economic environment and ultra-fast delivery companies—a high-capital but low-margin business—have struggled as VCs look for businesses with lower cash burn.