Evaluating only Opentaste’s profile at its peak — without knowing the outcome — the model ranked Competition as the #1 likely cause. Documented cause: Market collapse.
Key Events Timeline
FOUNDING
Opentaste launched in Singapore to digitize wholesale food ordering for F&B operators.
LAYOFF
COVID-19 forced closure of 40% of restaurant clients; government grants covered losses temporarily.
PIVOT
Attempted pivot to corporate catering procurement as restaurants remained closed.
SHUTDOWN
Shut down in February 2022 with GMV down over 70% from 2020 peak levels.
Full Analysis
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Documented cause
Opentaste raised SGD $15M to digitize B2B food procurement for Singapore's F&B industry, connecting restaurants and hawker stalls with wholesale food distributors. Despite early traction with over 1,200 restaurant clients by 2020, the COVID-19 pandemic wiped out the hospitality sector it served. Government support kept operations alive through 2020-2021, but as subsidies ended and restaurant closures mounted, Opentaste's GMV declined over 70%. The company shut down in February 2022.
Lesson
“Government subsidies can mask structural decline; plan for subsidy withdrawal from day one.”