While it seems strange Caviar would seek to be acquired so soon after raising funding, it’s possible that the competitive environment is just too much for it to handle, and maybe it would do better to be part of a larger company.
In any other environment, a failing or non-competitive company would be purchased for the value of its net assets. In this situation, that would be at most $20 million and likely for less than $10 million. It's silly stuff like this that convinces everyone outside of the SV echo chamber that the tech market is looking at another bubble.