GrubHub is caught in a tug-o-war between bulls and bears

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Economists like to say that a rising tide lifts all boats, and the past several years in private tech financing offer a clear case of that principle in action.

But now that the tide is turning and many investors are bracing for a storm ahead, there is a lot of discussion about which companies will prove seaworthy enough to stay afloat.

Fairly or not, much of the conversation is focusing on companies that have gone public in the past few years, largely because they are required to disclose more data on their financial health than private companies. That leads to a lot of extrapolation onto private companies, especially in industries overstuffed with me-too startups chasing a similar business model.

Among the more crowded markets is that of food-delivery. Dozens of startups have raised venture money in the past few years, with some, like Postmates, Munchery and Blue Apron, raising more than $ 100 million. That’s not to mention experimental initiatives from giants like Amazon, Uber and Google.

And then there’s GrubHub…

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