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Daily Crunch: Snap lays off one-fifth of its workforce after missing revenue and growth targets

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Midweek? More like mid-weak! Okay, terrible pun, but we’re a little low energy in this heat wave today, so it kinda made sense.
Oh! And good news, btw, we’re offering 15% off Disrupt tickets (excluding online or expo tickets) for you, our trusty Daily Crunch readers. Use promo code “DC” to claim your discount!
See you tomorrow!  — Christine and Haje
The TechCrunch Top 3
Slumdog $5-illonnaire: Landa is the latest startup to attract venture capital, in this case $33 million, to democratize real estate ownership, Mary Ann writes. Its approach enables people to invest in the real estate sector, which is known for providing generational wealth, but in a less expensive, more fractional way, and in some cases, for as little as $5 initially.
Snap, crackle and . . . fizzle: Despite the myriad of news and new revenue streams we’ve reported about Snap right here in this newsletter, Evan Spiegel said the words no tech employee wants to hear right now: “restructuring our business.” Amanda reports that this unfortunately means cutting 20% of staff.
Obstacles abroad: Amazon faces some tough competition in India, and Manish reports that has presented some challenges in the e-commerce giant’s ability to gain a more prominent foothold in the country.
Startups and VC
This week, Haje went deep with a founder who’s building digital license plates. He mused that building an easy-to-copy hardware product in an incredibly tightly regulated industry where winner-takes-all would be an utter nightmare, but when it works, it works, and it’s fascinating to see Reviver build a company, one license plate at the time.
Populus, the San Francisco–based transportation data startup, got its start as shared scooter mania took hold and cities tried to make sense of how infrastructure was being used by fleets of tiny vehicles. Now, Populus co-founder and CEO Regina Clewlow is repositioning the company to take advantage of another hot opportunity: curbs and congestion, Rebecca writes. It’s a really good read from the TechCrunch transportation desk with an undertone of “the power of great pivots.”
Raisin’ money, raisin’ hell:
Looking beyond the matrix: Ron reports on CodeSee’s latest product, which helps organizations visualize their code base.
Turning coaching into a team sport: Natasha M reports that the founder of Human Q disagrees with some of the biggest and most valuable competitors out there. Instead of one-to-one coaching, Human Q wants to make group coaching an impactful alternative. This founder wants to take on the biggest coaching startups with a group-focused approach.
Stretching the chains: Supply chain firm NFI inks a $10 million deal to deploy Boston Dynamics’ Stretch robots, reports Brian.
Fintech, that’s like fly-fishing, right?: Christine reports that Solid raised a $63 million Series B round of funding to continue providing its fintech-as-a-service offering for companies wanting to launch and scale their own fintech products. 
Like twitch3: Rita reports that Stacked raised $13 million to be the Twitch for web3 gamers.
 Crafting a XaaS customer success strategy that drives growth
Image Credits: THEPALMER (opens in a new window) / Getty Images
Giving users better service than they expected could literally save a software startup. In one study, companies that spent 10% of yearly revenue on customer success attained peak net recurring revenue.
“Companies mostly deploy two or more customer success archetypes,” according to TC+ contributors Rachel Parrinello and John Stamos. “They usually vary by customer segment, business versus technical focus and sales motion focus: adopt, renew, upsell and cross-sell.”
If you’re interested in optimizing revenue through CS, read the rest for a full overview of job design methodology, because “companies should not design their customer success roles in a vacuum.”

Crafting a XaaS customer success strategy that drives growth

(TechCrunch+ is our membership program, which helps founders and startup teams get ahead. You can sign up here.)
Big Tech Inc.
Social media and privacy don’t often go hand in hand, especially when children can see a lot on the internet already. Twitter got caught up in this when it reportedly tried to monetize adult content in an effort to compete with OnlyFans. It later scrapped the program when it was found that its system couldn’t “detect child sexual abuse material and non-consensual nudity at scale,” Amanda writes. Meanwhile, California lawmakers wasted no time moving ahead to put in place statewide online privacy protections for children where there are none at the federal level, Taylor reports.
Stepping on the gas, er, EV pedal: Toyota is accelerating its investment in U.S. electric vehicles, and will park some $3.8 billion into that initiative, up from an initial $1.3 billion, Jaclyn writes.
Cashing in on NFTs: Event organizers working with Ticketmaster can now issue NFTs tied to tickets on Flow, Ivan reports.
It’s almost fall and that means another Apple event: Brian has the skinny on all the things you should know about Apple’s iPhone 14 event on September 7.
New satellite on the block: Royal Caribbean is going “all-in on satellite service,” and will outfit its fleet of ships with Starlink internet, Devin writes.

Daily Crunch: Snap lays off one-fifth of its workforce after missing revenue and growth targets

Daily Crunch: Embedded finance fintech Pezesha raises $11M pre-Series A equity-debt round

To get a roundup of TechCrunch’s biggest and most important stories delivered to your inbox every day at 3 p.m. PDT, subscribe here.
Hey, hey, hey! Good to have you back with us again. Today, we’re mostly amazed at how quiet Twitter gets during Burning Man, and excited that we’re doing a Labor Day sale for TechCrunch Plus, if you’ve been wanting to read our subscription site but you’ve been holding off for whatever reason. — Christine and Haje
The TechCrunch Top 3
Embed that finance: Pezesha, a Kenyan-based fintech startup, is flush with $11 million in new capital as it seeks to bridge the gap between access to financial products and what is a “$330 billion financing deficit for the small enterprises that make up 90% of Africa’s businesses,” Annie reports.
We’re all connected: If you haven’t yet seen yourself in one of your Twitter connection’s Circles, you may soon. The social media giant is launching the “Close Friends” features globally, Ivan reports. Add a bunch of people to your Circle and get tweeting.
No delivery for you: Delivery platform Gopuff has only been in Europe since November 2021, but Natasha L writes it made the decision to discontinue its service in Spain. She cites that perhaps this is to focus more on the United Kingdom market where revenue there is increasing 30% month over month.
Startups and VC
Initialized Capital was VC Garry Tan’s answer to a need first highlighted by Y Combinator. As a partner at the accelerator from 2010 to 2015, Tan spent time working with companies to better understand what they needed from investors after they graduated. This week, he announced he’s back at the helm at YC, and Natasha M interviewed him about what’s next for Y Combinator.
The company behind last summer’s hot social app, Poparazzi, appears to be readying a round two following its $15 million Series A announced in June. A new listing in the App Store under the developer’s account, TTYL, is teasing a pre-release app called Made with Friends, Sarah reports.
When the news hits your eye, like a big pizza pie, that’s a-more-news:
Notification bubbles: Devin reports that, at long last, there’s an underwater messaging app.
Money for laundering: Flush with fresh funds, U.K. “eco laundry” startup Oxwash raised $12 million to spin up its growth plans, Natasha L reports.
Faster when further afield: The U.K.’s £5 billion Project Gigabit gives out its first contract to connect rural areas to high-speed broadband, Paul reports.
PriceOye gets the Thiel seal of approval: Islamabad-based startup PriceOye offers a range of electronics products, including smartphones, TVs and home appliances. It just closed a round of funding from investors, including Peter Thiel, reports Jagmeet.
Dodging the SPAC bullet: Alex and Anna wrote a really interesting piece on TC+ (use “DC” for a 15% discount if you’re not a subscriber yet) about SPACs, how they are falling apart, and how Europe may have dodged a bullet on that front.
How to communicate to your crypto community when things aren’t going well
Image Credits: Peter Dazeley (opens in a new window) / Getty Images
Because it’s a nascent industry that’s largely unregulated, crypto companies are not generally skilled at crisis communications. (We’re being generous here.)
When a bank or financial services company experiences a massive security failure or a volatility shock, federal laws dictate how it must communicate with its customers. Crypto startups, however, must rely on their own best judgment.
“There’s little benefit in declaring that the sky is falling and begging your community for investment, but an overly rosy outlook won’t fool anyone either,” says Tahem Verma, co-founder and CEO of Mesha.

How to communicate with your crypto community when things aren’t going well

(TechCrunch+ is our membership program, which helps founders and startup teams get ahead. You can sign up here.)
Big Tech Inc.
Last chance to get your game on in the Facebook Gaming app. The social media giant said it is shutting down its stand-alone app at the end of October, Aisha reports. Don’t worry, you can still find your games in Gaming on actual Facebook. When launching the separate app two years ago, it seemed to be more difficult than Facebook bargained for, so it decided to join ’em instead of beating ’em.
Data duh!: Millions of faces and vehicle license plates were leaked online in China, Zack writes.
Ghosts can drive?: A Tesla Model 3 owner filed a class action lawsuit against the electric vehicle maker alleging the car keeps “phantom braking,” Jaclyn reports. 
New security regime: Broadband and mobile carriers in the United Kingdom could face fines of up to $117,000 per day or 10% of their sales if they don’t abide by some new cybersecurity rules, Ingrid writes.
More Elon: Taylor has the 411 on Elon Musk’s new strategy for getting out of the Twitter deal — hint, it involves the company’s whistleblower. Meanwhile, Paul goes over the new subpoena related to the ongoing battle.

Daily Crunch: Embedded finance fintech Pezesha raises $11M pre-Series A equity-debt round

Hackers access DoorDash data, T-Mobile teams up with SpaceX, and eBay buys TCGplayer

Hello, hello! We’re back with another edition of Week in Review, the newsletter where we quickly break down the top stories to hit TC in the last seven days. Want it in your inbox? Sign up here.
Our most read story this week was about Stable Diffusion, a “new open source AI image generator capable of producing realistic pictures from any text prompt” that is quickly finding its way into more projects. But, as Kyle Wiggers notes, the system’s “unfiltered nature means not all the use has been completely above board.”
other stuff
T-Mobile + Starlink: Can Elon’s Starlink satellites keep your phone connected even when there’s no cell tower around? That’s the idea behind a newfound alliance between SpaceX and T-Mobile. If it works, T-Mobile phones should able to send messages (but probably not calls) over the Starlink network in a pinch, albeit with a delay of up to 30 minutes.
Google’s noise reduction AI: Smartphones have gotten better and better at low-light photos, but at a certain point the obstacle preventing further improvements is … well, physics. Is an algorithm that uses “AI magic” (as Haje puts it) to eliminate visual noise and “figure out what footage ‘should have’ looked like” the eventual only answer? No idea, but the examples are pretty friggin’ impressive.
DoorDash breached: Remember the Twilio hack a few weeks ago? The ripple effects continue. This week DoorDash disclosed that hackers were able to obtain access to internal DoorDash tools, accessing “names, email addresses, delivery addresses and phone numbers of DoorDash customers.”
Meta’s new accounts: If you’ve got a Quest VR headset and don’t want to tie it to a Facebook or Instagram account, this’ll be the route you take. If you’re still using an old pre-Meta Oculus account, know that support for those ends on day 1 of 2023.
eBay buys TCGplayer: If you’re a collector of any trading card games — think Pokémon, Yu-Gi-Oh!, Magic, etc. — you’ve probably heard of TCGplayer, which eBay is buying “in a deal valued up to $295 million.” We’ll chat with TC writer Aisha Malik about the deal (and why eBay wants it) in the writer spotlight down below.

Image Credits: Getty Images
audio stuff
Commuting? Cooking? Just wearing headphones to discourage people from talking to you? Come hang out with us in Podcast land! This week the Equity team talked about the legal battle going on over at Black Girls Code, Jordan and Darrell talked with comedian/Super Trooper Jay Chandrasekhar about his app on Found, and the Chain Reaction team caught up with two investors from the relatively new web3-focused firm Haun Ventures.
additional stuff
What’s behind the TC+ paywall? Here’s some of the most read stuff this week. Want more? Sign up for TC+ here and use code “WIR” for 15% off your annual pass. 
Manchin’s ultimatum: Can the Inflation Reduction Act and lucrative tax credits help “turn the U.S. into a battery powerhouse”? Tim De Chant explores the possibilities.
Should this metric be your team’s North Star?: The team from Battery Ventures proposes that ARR per employee (or “APE,” as they’ve dubbed it) should be your team’s guiding light.
3 views on Flow: Last week we found out that WeWork founder Adam Neumann is back with a new thing and had already raised over $350 million from the likes of a16z. Good idea? Bad Idea? Tim De Chant, Dominic-Madori Davis, Amanda Silberling share their takes.
writer spotlight: Aisha Malik
Image Credits: Aisha Malik
As noted last week, we’re experimenting with the idea of highlighting one TechCrunch writer per newsletter to learn a bit about them and what’s been on their mind lately. This time we’re catching up with the outstanding Aisha Malik, one year almost to the day since she wrote her first TC post. 
Who is Aisha Malik? What do you do at TechCrunch?
Hi, I’m a senior consumer news writer and the second Canadian on the TechCrunch team! I write about the latest changes to platforms and apps, and how they affect the average consumer. My team and I also uncover upcoming app features ahead of their official release. I also get the chance to chat with founders about their app launches and latest funding rounds.
What’s interesting in your beat right now? Any trends we should know about?
One thing we’re seeing and likely will continue to see is just how often apps are copying each other. Just this week, we found out that Instagram is testing a BeReal clone feature that challenges people to post candid photos within two minutes. Over the past year, we’ve seen Instagram copy numerous TikTok features, we’ve seen TikTok copy Snapchat with its Stories feature, and we’ve also seen Twitter copy Instagram with its close friends “circle” feature.
There are countless similar examples. It’ll be interesting to see just how this trend progresses. People are already calling on Instagram to go back to its roots, so what happens when every app is trying to be like another one? At some point, these apps are going to be overcrowded with features, and that might not be something that consumers want.
Right?! It’s absurd. And who wants to build the next cool thing when the giants of the app world will just clone your key features as soon as they start to prove popular?
Since you’re on the consumer/apps team: what’s the most used app on your phone that didn’t come pre-installed? What eats up your battery every day?
I have no shame in admitting this (okay, maybe just a little) but the answer is TikTok.
I find myself opening the app when I want to take a quick break or when I’d rather not commit to watching a movie or an episode of a TV show, but still want some sort of entertainment. I know people who haven’t download the app claim it’s filled with dancing videos, but the truth is you’ll only end up seeing dancing videos if that’s something you’re actually interested in. TikTok formulates its “For You” page in a way that’s based on your interests, so I see it as a great way to discover and engage with content that you care about. As someone who enjoys baking and reading, the majority of the content I see on TikTok revolves around baking recipes and book recommendations.
I also think TikTok clearly has an impact on culture, whether it’s memes, music or political movements; there’s a chance that it’ll appear on TikTok first. I see the app as a fun and easy way to stay up-to-date on all sorts of trends.
I get it. I had to delete TikTok off my phone — every time I’d open it, my eyes would go all Hypnotoad and I’d be gone, only snapping out of it 20 minutes/100 videos later. The algorithm is too good. It feels like the final boss of the internet; the algorithm in its most evolved/efficient form. I’m probably getting a bit too in the weeds here. Back to the questions!
One of the most read stories this week was your post on eBay’s acquisition of TCGplayer. What is TCGplayer, and why does eBay want it?
TCGplayer is one of the biggest online marketplaces for collectible trading card games. The acquisition essentially marks eBay’s latest push into the trading card market, which saw a huge boom during the pandemic. eBay says trading cards are currently showing substantial growth.
To put things in perspective, eBay says the trading cards category is growing significantly faster than its total marketplace and that the category saw $2 billion in transactions in the first half of 2021. Considering that eBay has long been a destination for trading card enthusiasts to buy and sell, acquiring one of its biggest competitors better cements the company’s place as the go-to marketplace to seek out these collectibles.
It’s kind of wild how collectibles saw a massive surge throughout the pandemic — something, perhaps, about lots of people spending a lot more time at home around their own stuff. Collectibles-focused companies like Whatnot just exploded in popularity, going from a pre-seed round to a valuation in the billions in two years. Are you a collector of anything, trading cards or otherwise?
Do rocks count? [Laughs]
Yes!
I have a small collection of rocks and stones that I’ve collected from beaches and forests I’ve visited in Canada and the U.S. I don’t know much about different types of rocks, so the ones in my collection aren’t extraordinary or anything. I just think collecting them is a nice way to feel connected to specific locations I’ve enjoyed visiting!
Fantastic. Thanks, Aisha!
Hackers access DoorDash data, T-Mobile teams up with SpaceX, and eBay buys TCGplayer