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TC Sessions: Space Black Friday ticket sale starts today

2020, November 24 - 1:12am

Nothing signals the start of the holiday shopping season like a Black Friday sale. It’s been an incredibly challenging year for everyone on every level. We can’t change that, but we can make attending TC Sessions: Space 2020 more affordable a bit longer.

Starting today, we’re offering a BOGO deal. Buy one Late Registration ticket for $175 and get one free. You and a colleague pay just $87.50 each — that’s less than the early-bird price. Booyah! We’re here all week folks…and this deal ends on Sunday, November 29, at 11:59 p.m. PST. Buy your pass before the deadline and put your savings to good use. And then get ready for two days of learning, networking and discovering opportunities to move your business forward.

TechCrunch attracts the top experts, and you’ll hear from and engage with leading founders, investors, technologists and government and military officials across private, public and defense sectors. Our agenda is packed with panel discussions, interviews, breakout sessions and interactive Q&As.

Topics include 3D-printed rockets, earth observation data, orbital operations, ground station networks, launch services, broadband communications, defense operations and manufacturing in space, sources of access to grant money and info on space accelerator programs. Read the event agenda and start planning your schedule now.

But wait, there’s more: Buy a pass and receive a free annual membership to Extra Crunch, our membership program focused on startups, founders and investors with more than 100 exclusive articles published per month (learn about the benefits).

More ways to save: We offer discounts for groups of four or more, students and current government, military and nonprofit employees. Extra Crunch subscribers get a 20% discount.

We’ve hosted many TC Sessions events over the years, and this is the first one dedicated to space technology. If you’ve never attended any TC Sessions event, listen to what these founders say about the experience:

People want to be around what’s interesting and learn which trends and issues they need to pay attention to. They want to learn from the experts, and TC Sessions has all the experts. — Melika Jahangiri, vice president at Wunder Mobility

TC Sessions is definitely worth your time, especially if you’re an early-stage founder. You get to connect to people in your field and learn from founders who are literally a year into your same journey. Plus, you can meet and talk to the movers and shakers — the people who are making it happen. — Jens Lehmann, technical lead and product manager, SAP

“TC Sessions offers several big benefits. First, networking opportunities that result in concrete partnerships. Second, the chance to learn the latest trends and how technology will evolve. Third, the opportunity for unknown startups to connect with other companies and build brand awareness.” — Karin Maake, senior director of communications at FlashParking

Take advantage of our week-long Black Friday sale. Buy a Late Registration pass for $175 by Sunday, November 29, at 11:59 p.m. (PST), and you get a second one f-r-e-e. Now, take that money you saved and do some good with it.

Is your company interested in sponsoring TC Sessions: Space 2020? Click here to talk with us about available opportunities.

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Categories: Business News

AvePoint to go public via SPAC valued at $2B

2020, November 24 - 1:07am

AvePoint, a company that gives enterprises using Microsoft Office 365, SharePoint and Teams a control layer on top of these tools, announced today that it would be going public via a SPAC merger with Apex Technology Acquisition Corporation in a deal that values AvePoint at around $2 billion.

The acquisition brings together some powerful technology executives, with Apex run by former Oracle CFO Jeff Epstein and former Goldman Sachs head of technology investment banking Brad Koenig, who will now be working closely with AvePoint’s CEO Tianyi Jiang. Apex filed for a $305 million SPAC in September 2019.

Under the terms of the transaction, Apex’s balance of $352 million plus a $140 million additional private investment will be handed over to AvePoint. Once transaction fees and other considerations are paid for, AvePoint is expected to have $252 million on its balance sheet. Existing AvePoint shareholders will own approximately 72% of the combined entity, with the balance held by the Apex SPAC and the private investment owners.

Jiang sees this as a way to keep growing the company. “Going public now gives us the ability to meet this demand and scale up faster across product innovation, channel marketing, international markets and customer success initiatives,” he said in a statement.

AvePoint was founded in 2001 as a company to help ease the complexity of SharePoint installations, which at the time were all on-premise. Today, it has adapted to the shift to the cloud as a SaaS tool and primarily acts as a policy layer enabling companies to make sure employees are using these tools in a compliant way.

AvePoint lands $200M investment to expand market for Microsoft cloud governance tools

The company raised $200 million in January this year led by Sixth Street Partners (formerly TPG Sixth Street Partners), with additional participation from prior investor Goldman Sachs, meaning that Koenig was probably familiar with the company based on his previous role.

The company has raised a total of $294 million in capital before today’s announcement. It expects to generate almost $150 million in revenue by the end of this year, with ARR growing at over 30%. It’s worth noting that the company’s ARR and revenue has been growing steadily since Q12019. The company is projecting significant growth for the next two years with revenue estimates of $257 million and ARR of $220 million by the end of 2022.

Image Credits: AvePoint

The deal is expected to close in the first quarter of next year. Upon close the company will continue to be known as AvePoint and be publicly traded on Nasdaq under the new ticker symbol AVPT.

Categories: Business News

Cure Hydration raises $2.6M for its healthy sports drink alternative

2020, November 24 - 1:01am

Cure Hydration is announcing that it has raised $2.6 million in seed funding as it brings a healthier approach to the sports beverage market.

Founder and CEO Lauren Picasso, whose past roles include serving as director of marketing at Jet.com, told me that she became interested in the market after training for a triathlon; she’d often feel dehydrated even after drinking lots of water. (This is something I also struggled with while training for a marathon last year — yes, I’m only mentioning this because I really want you to know that I ran a marathon.)

The obvious solution was to drink Gatorade or something similar to replenish her electrolytes, but Picasso said, “When I started looking for electrolyte products that were healthy and effective, I realized everything on the market still uses a base of sugar.” For example, 20 ounces of Gatorade’s Thirst Quencher contains 36 grams of sugar.

So Picasso and the Cure team developed a new beverage based on the World Health Organization’s Oral Rehydration Solution, which Picasso said is “primarily used to help people suffering from diseases like cholera,” and which has saved “millions of lives and is proven to hydrate as effectively as an IV drip.”

Cure uses the ORS as a foundation to create a range of flavored beverages (it’s adding the new flavors Ruby Riot Grapefruit and Laser Focus Matcha). The core ingredients include coconut water and pink Himalayan salt, while everything is organic and vegan, with no added sugars.

Image Credits: Cure Hydration

The startup sells these drinks in the form of powders that you mix with water. On its website, they cost $20.99 for a pack of 14, or $16.79 if you subscribe. (The company donates 1% of proceeds to the women’s sports nonprofit SheIS.) Picasso said early customers have tended to be amateur athletes and people who need help staying hydrated due to chronic illnesses and other health conditions.

The product is also available in stores like CVS, Walmart and Whole Foods. Picasso said that one of her goals with the funding is to continue expanding Cure’s retail footprint beyond its current 4,200 locations across the United States.

She also plans to develop new products beyond hydration, though she said they will stay true to the company’s “guiding principles” that all its products are “backed by science” and “taste delicious.” The company has a medical advisory board that includes Dr. Roshini Rajapaksa, a gastroenterologist; Dr. Dana Cohen, the author of “Quench”; and nutritionist Brooke Alpert, author of “The Sugar Detox.”

The round was led by Lerer Hippeau, with participation from M3 Ventures, Litani Ventures, Andy Roddick, Nas, Matthew Dellavedova, Casper CEO Philip Krim, mParticle CEO Michael Katz, Thrive Market CEO Nick Green and others.

“Now, more than ever, consumers are prioritizing health in their daily lives and looking for products that are not only effective, but better-for-you,” said Lerer Hippeau principal Caitlin Strandberg in a statement. “Lauren is an exceptional operator and we’ve been impressed with her ability to bring a WHO-approved formulation to market without compromising on product quality or efficacy. With this cash infusion and retail expansion, we’re excited to see Cure get into even more hands.”

The joke is on consumers as Liquid Death raises $23 million more

Categories: Business News

LA-based Boulevard raises $27 million for its spa management software

2020, November 24 - 1:01am

Boulevard, a spa management and payment platform, has raised $27 million in a new round of funding despite a business slowdown caused by the COVID0-19 pandemic.

Founded four years ago by Matt Danna and Sean Stavropoulos, Boulevard was inspired by Stavropoulos’ inability to book a haircut and Danna’s hunch that the inability of salons and spas to cater to customers like the busy programmer could be indicative of a bigger problem.

The two spent months pounding the pavement in Los Angeles pretending to be college students doing research on the industry. They spoke with salon owners in Beverly Hills, Hollywood and other trendy neighborhoods trying to get a sense of where software and services were falling short.

Through those months of interviews the two developed the booking management and payment platform that would become Boulevard. The inspiration was one part Shopify and one part ServiceTitan, Danna said.

The idea was that Boulevard could build a pretty large business catering to the needs of a niche industry that hadn’t traditionally been exposed to a purpose-built toolkit for its vertical.

Investors including Index Ventures, Toba Capital, VMG Partners, Bonfire Ventures, Ludlow Ventures and BoxGroup agreed.

Dallas’ ShearShare has a marketplace connecting stylists with available seats at salons and $2.3 million in funding

That could be because of the size of the industry. There is more than $250 billion spent per year across roughly 3 million businesses in the salon and spa category, according to data provided by the company. By comparison, fitness attracts roughly $34 billion in annual spending from 150,000 businesses.

“With limited access to the professionals that help us look and feel our best, I think the world has realized something that our team has always recognized: Salons and spas are more than a luxury, they are essential to our well-being,” said Danna, in a statement. “We are humbled that so many businesses are placing their trust in us during such a turbulent time. This new capital will help accelerate our mission and deliver value to salons and spas that they never imagined was possible from technology.”

According to data provided by the company, Boulevard is definitely giving businesses a boost. On average, businesses increase bookings by 16%, retail revenue jumps by 18% and gratuity paid out to stylists jumps by 24% for businesses that use Boulevard, the company said. It also reduces no-shows and cancellations, and halves time spent on the phone.  

“Boulevard is revitalizing the salon and spa industry, as evidenced by the company’s sustained 300-400% revenue growth over the last three years,” said Damir Becirovic of Index Ventures, whose firm led the company’s Series A round and has doubled down with the new capital infusion. 

Customers using the company’s software include: Chris McMillan the Salon, Heyday, MèCHE Salon, Paintbox, Sassoon Salon, SEV Laser, Spoke & Weal and TONI&GUY.

Los Angeles-based Boulevard has raised $11 million for its software to manage salons and spas

Boulevard now has 90 employees and will look to increase that number as it continues to expand across the country.

Investors have taken a run at the spa market in the past, with company’s like MindBody valued at over $1 billion for its software services. Indeed, that company was taken private two years ago in a $1.9 billion transaction by Vista Equity Partners.

As Boulevard expands, the company may look to get deeper into financial services for the salons and spas that it’s already working with. Given the company’s window into these businesses’ financing, it’s not impossible to imagine a new line of business providing small business loans to these companies.

It’s something that the founders would likely not rule out. And it’s a way to provide more tools to entrepreneurs that often fall outside of the traditional sweet spot for banks and other lenders, Danna said.

 

Categories: Business News

Former Sequoia partner Amy Sun has already raised millions for her stealthy startup

2020, November 24 - 12:57am

Former Sequoia partner Amy Sun, who left the famed venture capital firm just months ago, has already raised $3.8 million for her new startup, Daylight Labs, SEC filings show.

Daylight Labs will be creating a solution to help gig economy workers make more money, Sun hints to TechCrunch. Still in the early product development stages, the startup began during the pandemic when Sun noticed how many industries were “completely decimated” by the crisis.

“How can you leverage technology to create new ways for people to earn to make a living,” she said. “We’re innovating on the actual format and product.”

There is no site or information available online about Daylight Labs, and Sun declined to comment on more specifics of the business, saying that the company is still iterating on its final product. What we do know, however, is that the company is a combination of all of Sun’s experiences in her career so far, from product management at Uber, to working on the Stories team at Facebook, to, most recently, investing in consumer companies on behalf of Sequoia Capital, which she joined in 2018.

Image Credits: Amy Sun

The Harvard grad started her career in product marketing at Microsoft, where she helped launch the Surface tablet. Sun then spent more than three years at Uber as a founding member of the ridesharing company’s growth marketing team, which included getting drivers to join the platform.

“Through that experience I got to build really strong relationships with drivers,” she said. “Seeing that you’re able to come into a city with a technology and people can start earning money, instantly — that’s really eye-opening for me.” Notably, in California, the Uber and Lyft -backed Prop 22 bill passed, which allows gig workers to remain classified as independent contractors instead of full-time workers.

At Facebook, Sun worked on the company’s Stories product as a product manager. It’s unclear how her experience with consumer cameras and AR will be used within Daylight Labs, but that will definitely be interesting to track. During her tenure, users of Facebook Stories swelled from 2 million to 100 million.

Human Capital: The gig economy in a post-Prop 22 world

Most recently, Sun worked at Sequoia Capital as the first woman on the firm’s growth-stage team. Her portfolio included Noom, Aurora, Glossier and The Wing, although she says she has transitioned “most responsibilities” from her tenure, including board seats, to the rest of the Sequoia team.

As for why leave the firm so soon after joining, Sun simply said that starting a company has “always been a dream” since the beginning of her career.

Since leaving Sequoia, Sun has lived a “nomadic lifestyle,” with time in San Francisco, Boston, North Carolina and, more recently, Austin, Texas. Daylight Labs is based out of Austin, and Sun joins troves of entrepreneurs who have been moving to the area for years.

More to come on Daylight Labs when Sun is ready to share.

Categories: Business News

6 reasons why reporters aren’t interested in your content marketing

2020, November 24 - 12:34am
Amanda Milligan Contributor Share on Twitter Amanda Milligan is the marketing director at Fractl, a prominent growth marketing agency that’s helped Fortune 500 companies and boutique businesses alike earn quality media coverage, backlinks, awareness and authority. More posts by this contributor

Digital PR is an excellent strategy to pair with content marketing, especially if your goals include increasing your brand awareness and improving your backlink portfolio.

When you create excellent content and pitch it to writers, you not only get great media coverage, but you get the link back to your project and the authority that comes with being mentioned in a trusted publication.

This earned media tactic is very effective — but it isn’t easy.

If you get any part of it wrong, your chances of success decrease dramatically. If you’ve run into roadblocks, make sure you’re not making any of these mistakes with your content or your pitching.

1. It’s not newsworthy

Sure, it’s easy to say the news only wants to cover material that is, well, news worthy.

But what does that actually mean?

For content marketers, it usually refers to three criteria: timeliness, relevance and significance.

But there’s a catch: Most content marketing programs don’t have journalists devoted to breaking news like actual media outlets do. So how can you create content that is truly newsworthy without the resources of a newsroom?

By creating and analyzing your own data.

If your brand provides a fresh data set or a new analysis of existing data, then you’re the sole owner of information, and you can offer it exclusively to publications. This makes your pitch much more interesting.

This tactic is a combination of original content marketing and digital PR.

But the content can’t just be timely. It also has to be relevant to the writer you’re pitching and that writer’s audience. I’ll explain more on that in #4.

Finally, significance, which refers to the impact it has on the audience. When you think of local news, this is why they report on things like traffic jams and school closures: It directly affects the daily lives of the people watching and listening.

Alternatively, your data can be significant to writers covering specific beats. For example, for our client ZenBusiness, we surveyed Americans and asked what they thought about the government’s relief packages for COVID-19.

While ZenBusiness operates in the office/work niches, this new insight into American perspective was appealing to the political publication The Hill.

Image Credits: Fractl (opens in a new window)

Significance is tough criteria from a brand perspective, but if you’re able to offer brand-new insights, it’s certainly not impossible.

2. The significance isn’t clear

Imagine a stranger handing you a book with a blank cover and saying, “Here, you’ll find this interesting.” Would you read the whole book?

Categories: Business News

Equity Monday: Good vaccine news, three rounds and why IPOs are trending

2020, November 24 - 12:05am

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines.

This is Equity Monday, our weekly kickoff that tracks the latest big news, chats about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here — and don’t forget to check out last Thursday’s main ep, and our bonus episode that went out on Saturday.

All IPOs should be paid for in Robux

If you like Equity, your cup runneth over.

So, what did we get into this morning? A grip of things, which I’ve listed below in order:

Please stay safe this week, America. Do something boring and unfun, so that we can keep more of us alive into next year.

Equity drops every Monday at 7:00 a.m. PDT and Thursday afternoon as fast as we can get it out, so subscribe to us on Apple PodcastsOvercastSpotify and all the casts.

How the pandemic drove the IPO wave we see today

Categories: Business News

Serenade snags $2.1M seed round to turn speech into code

2020, November 24 - 12:00am

Several years ago Serenade co-founder Matt Wiethoff was a developer at Quora when he was diagnosed with a severe repetitive stress injury to his hand and couldn’t code. He and co-founder Tommy MacWilliam decided to use AI to create a tool that let him speak the code instead, and Serenade was born.

Today, the company announced a $2.1 million seed investment led by Amplify Partners and Neo. While it was at it, the startup also announced the first commercial version of the product, Serenade Pro.

“Serenade is an app that you’ll download onto your computer. It will plug into your existing editors like Visual Studio Code or IntelliJ, and then allows you to speak your code,” co-founder MacWilliam told me. At that point the startup’s AI engine takes over and translates what you say into syntactically correct code.

He says that while there are a bunch of generalized speech-to-text engines out there, they hadn’t been able to find anything that was tuned specifically for the requirements of someone entering code. While it may seem that this would have a pretty narrow market focus, the co-founders see this use case as simply a starting point with developers using this kind of technology even when not injured.

“Our vision is that this is just the future of programming. With machine learning, coding becomes faster and easier than ever before, and our AI eliminates a lot of the rote mechanical parts of programming. So rather than needing to remember keyboard shortcuts or syntax details of a language, you can just focus on expressing your idea naturally, and then our machine learning takes care of translating that into actual code for you,” MacWilliam explained.

Google Cloud’s speech APIs get cheaper and learn new languages

The startup has five employees today, but has plans to build the company to 15-20 in the next year fueled by the introduction of the commercial product and the new funding. As they build the company, MacWilliam says being diverse is a big part of that.

“Our diversity strategy ranges throughout the process. I think it starts at the top of the funnel. We need to make sure that we’re going out and reaching great people — there are great people everywhere and it’s on us to find them and convince them why working at Serenade would be great,” he said. They are working with a variety of sources to find a diverse group of candidates that stretches beyond their own personal network, then looking at how they interview and judge candidates’ skill sets with the goal of building a more diverse employee base.

The company sees itself as a way to move beyond the keyboard to speaking your code, and it intends to use this money to continue building the product, while building a community of dedicated users. “We’ll be thinking about how we can showcase the value of coding by voice, how we can put together demos and build a community of product champions showing that [it’s faster to code using your voice],” he said.

AWS’ new text-to-speech engine sounds like a newscaster

Categories: Business News

Friday app, a remote work tool, raises $2.1 million led by Bessemer

2020, November 24 - 12:00am

Friday, an app looking to make remote work more efficient, has announced the close of a $2.1 million seed round led by Bessemer Venture Partners. Active Capital, Underscore, El Cap Holdings, TLC Collective and New York Venture Partners also participated in the round, among others.

Founded by Luke Thomas, Friday sits on top of the tools that teams already use — GitHub, Trello, Asana, Slack, etc. — to surface information that workers need when they need it and keep them on top of what others in the organization are doing.

The platform offers a Daily Planner feature, so users can roadmap their day and share it with others, as well as a Work Routines feature, giving users the ability to customize and even automate routine updates. For example, weekly updates or daily standups done via Slack or Google Hangouts can be done via Friday app, eliminating the time spent by managers, or others, jotting down these updates or copying that info over from Slack.

Friday also lets users set goals across the organization or team so that users’ daily and weekly work aligns with the broader OKRs of the company.

Plus, Friday users can track their time spent in meetings, as well as team morale and productivity, using the Analytics dashboard of the platform.

Friday has a free-forever model, which allows individual users or even organizations to use the app for free for as long as they want. More advanced features like Goals, Analytics and the ability to see past three weeks of history within the app are paywalled for a price of $6/seat/month.

Thomas says that one of the biggest challenges for Friday is that people automatically assume it’s competing with an Asana or Trello, as opposed to being a layer on top of these products that brings all that information into one place.

“The number one problem is that we’re in a noisy space,” said Thomas. “There are a lot of tools that are saying they’re a remote work tool when they’re really just a layer on top of Zoom or a video conferencing tool. There is certainly increased amount of interest in the space in a good and positive way, but it also means that we have to work harder to cut through the noise.”

The Friday team is small for now — four full-time staff members — and Thomas says that he plans to double the size of the team following the seed round. Thomas declined to share any information around the diversity breakdown of the team.

Following a beta launch at the beginning of 2020, Friday says it is used by employees at organizations such as Twitter, LinkedIn, Quizlet, Red Hat and EA, among others.

This latest round brings the company’s total funding to $2.5 million.

Work From Home is dead, long live Work From Anywhere

Categories: Business News

Corporate services platform Sleek lands $4 million in new funding

2020, November 23 - 11:01pm

Sleek, the corporate services platform that helps entrepreneurs launch and run new companies in Singapore and Hong Kong, has raised $4 million.

The new funding was led by SEEDS Capital, the investment arm of government agency Enterprise Singapore. Returning investors MI8 Limited and Pierre Lorinet also participated, along with Singapore Fintech Association co-founder Varun Mittal as part of Sequoia Capital’s scout program.

Sleek co-founder and chief growth officer Adrien Barthel told TechCrunch that the funding is part of Sleek’s seed round and brings the startup’s total raised so far to $7 million. It will start raising a Series A next year.

Founded three years ago by Barthel and Julien Labruyere, Sleek first began offering online corporate services, including company incorporation, compliance, digital accounting and tax filing, in Singapore before expanding into Hong Kong. Sleek now serves more than 3,000 companies, ranging from individual consultants to SMEs, startups and investment vehicles for funds, Barthel said.

Sleek is one of several cloud-based corporate services platforms focused on Singapore and/or Hong Kong, where regulations make it easier to incorporate companies and file taxes online, that have recently raised new venture capital funding. Others include Lanturn, Osome and Bluemeg. These startups were originally launched to reduce the amount of time and money spent on performing operational tasks, but the COVID-19 pandemic has increased demand for their services.

Lanturn, a Singaporean tech-enabled corporate services provider, raises $3 million seed round

“We are happy to see other digital initiatives coming up around us,” Barthel told TechCrunch. “The market is wide enough for us to evolve on different positioning, and we’re only starting to see traditional firms looking at embracing the use of technology.”

While Sleek’s peers also offer secretarial, accounting and tax services, Barthel said his company’s vision “is to become the entrepreneur’s operating system, by going beyond that common service ground and building a range of services that are here to fit all entrepreneurs’ needs.”

For example, it recently released an electronic signature app called SleekSign that has digitized 145,000 signatures so far, added payroll services and launched a corporate insurance desk. Barthel said more product releases are planned for the end of this year and the first quarter of 2021.

In addition to growing its roster of services for entrepreneurs, Sleek also plans to expand into new markets where regulations also mesh well with its digital services.

“Our platform being common law friendly, we’re looking at such jurisdictions with attention, such as Australia, the United Kingdom and North America,” said Barthel. “We are also closely looking at a few regional markets in Southeast Asia where regulatory frameworks are evolving and accepting progressively the use of technology for governance management and accounting.”

Singapore-based digital business assistant Osome raises $3 million

Categories: Business News

Metigy gets $20 million AUD to make online marketing easier for SMEs

2020, November 23 - 11:01pm

David Fairfull, CEO and co-founder of Metigy

Metigy, a marketing platform created to help small businesses automate more of the decision making in their online ad campaigns, has raised a Series B of $20 million AUD (about $14.6 million USD). The new funding, led by returning investor Cygnet Capital, will be used to grow the Sydney, Australia-based startup’s international customer base, especially in the United States and Southeast Asia. Other participants in the round included Regal Funds Management, OC Funds, Five V Venture Capital and Thorney, plus returning

Founded in 2015, Metigy is currently used by about 26,000 businesses and has channel partnerships with Google and Optus. About 44% of its customers are in Australia and New Zealand, while 26% are in Southeast Asia, and 22% are in the United States. The startup has raised AUD $27.1 million (about USD $19.9 million) in total.

Co-founder and chief executive officer David Fairfull told TechCrunch Metigy was created because “half of SMEs fail in the first two years and marketing is one of the top two reasons for this. It’s a global issue and a paradigm that can be changed by harnessing technology.”

Fairfull and other members of Metigy’s founding team previously worked at We Are Social, a global creative agency. While there, they “spotted an opportunity to give small businesses access to the same data and strategic insights” as larger marketing teams.

Marketing platform Metigy’s Command Center

Metigy’s platform gives more support to small or inexperienced marketing teams by using real-time data from their online advertising channels to create a livestream of recommendations. For example, it will tell marketing teams if they should start posting more content right away, use more hashtags or schedule more posts. The platforms also predicts what posts will result in the most conversions, helping companies decide how to spend their advertising budget.

For example, one of Metigy’s customers, parking app Share with Oscar, used Metigy to analyze what was trending on social media when members of the Royal Family visited Sydney. As a result, Fairfull said they were able to generate 2,700 customer engagements by spending about AUD $10 (about USD $7).

Other social marketing platforms like Hootsuite and Sprout Social are “essentially process solutions that help make the marketer more efficient,” said Fairfull. “However, if you don’t understand marketing, then all this process efficiency won’t help you gain results.”

Metigy is focusing on the United States and Southeast Asia because of the large number of SMEs there. By 2022, there is expected to be 30 million SMEs in the U.S. “On top of this, success in marketing technology is often benchmarked by success in the U.S., so expanding in this region adds credibility,” Fairfull added.

But in terms of volume, Southeast Asia offers a more promising market. “The real growth opportunity for us though is in Southeast Asia, where there is expected to be 150 million SMEs across the 11 markets by 2022,” Fairfull said. But the majority of them don’t have large marketing teams or access to the kind of ad technology that larger companies do. Companies in the region also tend to be more price sensitive, Fairfull added, so artificial intelligence and machine learning-based technology helps lower the cost of software like Metigy to an attractive price.

 

Categories: Business News

Resilience raises over $800 million to transform pharmaceutical manufacturing in response to COVID-19

2020, November 23 - 10:26pm

Resilience, a new biopharmaceutical company backed by $800 million in financing from investors including ARCH Venture Partners and 8VC, has emerged from stealth to transform the way that drugs and therapies are manufactured in the U.S.

Founded by ARCH Venture Partners investor Robert Nelsen, National Resilience Inc., which does business as Resilience, was born out of Nelsen’s frustrations with the inept American response to the COVID-19 pandemic.

According to a statement, the company will invest heavily in developing new manufacturing technologies across cell and gene therapies, viral vectors, vaccines and proteins.

Resilience’s founders identified problems in the therapeutic manufacturing process as one of the key problems that the industry faces in bringing new treatments to market — and that hurdle is exactly what the company was founded to overcome.

“COVID-19 has exposed critical vulnerabilities in medical supply chains, and today’s manufacturing can’t keep up with scientific innovation, medical discovery, and the need to rapidly produce and distribute critically important drugs at scale. We are committed to tackling these huge problems with a whole new business model,” said Nelsen in a statement.

The company brings together some of the leading investment firms in healthcare and biosciences, including operating partners from Flagship Pioneering like Rahul Singhvi, who will serve as the company’s chief executive; former Food and Drug Administration commissioner Scott Gottlieb, a partner at New Enterprise Associates and director on the Resilience board; and Patrick Yang, the former executive vice president and global head of technical operations at Roche/Genentech .

Flagship Pioneering raises $1.1 billion to spend on sustainability and health-focused biotech

“It is critical that we adopt solutions that will protect the manufacturing supply chain, and provide more certainty around drug development and the ability to scale up the manufacturing of safe, effective but also more complex products that science is making possible,” said Dr. Gottlieb, in a statement. “RESILIENCE will enable these solutions by combining cutting edge technology, an unrivaled pool of talent, and the industry’s first shared service business model. Similar to Amazon Web Services, RESILIENCE will empower drug developers with the tools to more fully align discovery, development, and manufacturing; while offering new opportunities to invest in downstream innovations in formulation and manufacturing earlier, while products are still being conceived and developed.”

Other heavy hitters in the world of medicine and biotechnology who are working with the company include Frances Arnold, the Nobel Prize-winning professor from the California Institute of Technology; George Barrett, the former chief executive of Cardinal Health; Susan Desmond-Hellmann, the former president of product development at Genentech; Kaye Foster, the former vice president of human resources at Johnson and Johnson; and Denice Torres, the former president of Johnson & Johnson Pharmaceutical and Consumer Companies.

Categories: Business News

How the pandemic drove the IPO wave we see today

2020, November 22 - 6:00am

This is The TechCrunch Exchange, a newsletter that goes out on Saturdays, based on the column of the same name. You can sign up for the email here.

I had a neat look into the world of mental health startup fundraising planned for this week, but after being slow-motion carpet-bombed by S-1s, that is now shoved off to Monday and we have to pause and talk about COVID-19.

The pandemic has been the most animating force for startups and venture capital in 2020, discounting the slow movement of global business into the digital realm. But COVID did more than that, as we all know. It crashed some companies as assuredly as it gave others a boost. For every Peloton there is probably a Toast, in other words.

Such is the case with this week’s crop of unicorn IPO candidates, though they are unsurprisingly weighted far more toward the COVID-accelerated cohort of startups instead of the group of startups that the pandemic cut off at the knees. 

More simply, COVID-19 gave most of our recent IPOs a polite shove in the back, helping them jog a bit faster toward the public-offering finish line. Let’s talk about it.

Roblox, the gaming company that targets kids, has been a beneficiary during the COVID-19 pandemic, as folks stayed home and, it appears, gave their kids money to buy in-game currency so that their parents could have some peace. Great business, even if Roblox warned that growth could slow sharply next year, when compared to its epic 2020 gains.

But Roblox is hardly the only company taking advantage of COVID-19’s impacts on the market to get public while their numbers are stellar. We saw DoorDash file last week, crowing from atop a mountain of revenue growth that came in part from you and I trying to stay home since March. As it turns out you order more delivery when you can’t leave your house.

Affirm got a COVID-19 boost as well, with not only e-commerce spend growing — Affirm provides point-of-sale loans to consumers during online shopping — but also because Peloton took off, and lots of folks chose to finance their new exercise bike with the payment service. Call it a double-boost.

The IPO is well-timed. Wish falls into the same bucket, though it did hit some supply-chain and delivery issues due to the pandemic, so you could argue it either way.

Regardless, as we have seen from global numbers, COVID-19 is very much not done wreaking havoc on our health, happiness, and ability to go about normal life. So the trends that this week’s S-1s have shown us still have some room to run.

Which is irksome for Airbnb, a unicorn that was supposed to have debuted already via a direct listing, but instead had to hit pause, borrow money, lay off staff, and now jog to the startup finish line with less revenue in this Q3 than the last. In time, Airbnb will get back to full-speed, but among our new IPO candidates it’s the only company net-harmed by COVID-19. That makes it special.

There are other trends to keep tabs on, regarding the pandemic. Not every software company that you might expect to be thriving at the moment actually is; Workday shares are off 8% today as I write to you, because the company said that COVID-19 is harming its ability to land new customers. Here’s its CFO Robynne Sisco from its earnings call

Keep in mind, however, that while we have seen some recent stability in the underlying environment, headwinds due to COVID remains particularly to net new bookings. And given our subscription model, these headwinds that have impacted us all year will be more fully evident in next year’s subscription revenue weighing on our growth in the near-term.

Yeesh. So don’t look at recent IPOs and think that all things are good for all companies, or even all software companies. (To be clear, the pandemic is a human crisis, but my job is to talk about its business impacts so here we are. Hugs, and please stay as safe as you can.)

Market Notes

There was so much news this week that we have to be annoyingly summary. 

I caught up with Brex CEO Henrique Dubugras the other day, giving The Exchange a chance to parse what happened to the company during the early COVID days when the company decided to cut staff. The short answer from the CEO is that the company went from growing 10% to 15% each month, to seeing negative growth — not a sin, Airbnb saw negative gross bookings for a few months earlier this year — and as the company had hired for a big year, it had to make cuts. Dubugras talked about how hard of a choice that was to make.

Brex’s business rebounded faster than the company expected, however, driven in part by strong new business formation — some data here — and companies rapidly moving into the digital realm and moving to finance systems like Brex’s. 

Looking forward, Dubugras wants to expand the pool of companies that Brex can underwrite, which makes sense as that would open up its market size quite a lot. And the company is as remote as companies are now, with its CEO opening up during our chat about the pros and cons of the move. Happily for the business fintech unicorn, Dubugras said that some of the negatives of companies working more remotely haven’t been as tough as expected. 

Next up: Growth metric. Verbit, a startup that uses AI to transcribe and caption videos, raised a $60 million Series C this week led by Sapphire Ventures. I couldn’t get to the round, but the company did note in its release that it has seen 400% year-over-year revenue growth, and that its “revenue run-rate [has] grown five-fold since 2019.” Nice.

Jai Das led the round for Verbit, and, in a quirk of good timing, I’m hosting an Extra Crunch Live with him in a few weeks. (Extra Crunch sub required for that, head here if you need one. The discount code ‘EQUITY’ should still be working if it helps.)

Telos, a Virginia-based cybersecurity and identity company went public this week. It fell under our radar because there is more news than we have hands to type it up. Such is the rapid-fire news cycle of late 2020. But, to catch us both up, Telos priced midrange but with an upsized offering, valuing it around $1 billion, according to MarketWatch.

After going public, Telos shares have performed well. Cybersecurity is having one hell of a year.

Turning back to our favorite topic in the world, SaaS, ProfitWell’s Patrick Campbell dropped a grip of data on the impact of COVID-19 on the B2B SaaS market. Mostly it’s positive. There was a hit early on, but then growth seems to have accelerated. Just keep in mind the Workday example from earlier; not everyone is in software growth paradise as 2020 comes to a close.

And, finally, after Affirm released its S-1 filing, competing service Klarna decided it was a good time to drop some performance data of its own. First of all, Klarna — thanks. We like data. Second of all, just go public. Klarna said that it grew from 10 million customers in the United States to 11 million in three weeks, and that the second statistic was up 106% compared to its year-ago tally. 

Affirm, you are now required by honor to update your S-1 with even more data as an arch-nerd clapback. Sorry, I don’t make the rules.

Various and Sundry

Alright, that’s enough of all that. Chat to you soon, and I hope that you are safe and well and good.

Alex

Categories: Business News

Affirm, Airbnb, C3.ai, Roblox, Wish file for tech IPO finale of 2020

2020, November 22 - 4:00am

Editor’s note: Get this free weekly recap of TechCrunch news that any startup can use by email every Saturday morning (7 a.m. PT). Subscribe here.

The wait was long but this week the time was right: Airbnb finally filed its S-1 and so did Affirm, C3.ai, Roblox, and Wish. We are likely to see these five price on public markets before the end of an already superlative year for tech IPOs. The ongoing pandemic and political turmoil were not scary enough, apparently.

This coming decade, you have to think that we’ll see a more even spread of tech companies going public. Many of the companies above have been bottled up for years behind privately funded growth strategies. Today, however, the industry has a better grasp of SPACs and direct listings, and various funding routes. Companies have more options from their founding for how they might grow and exit one day. Public investors in 2020 also seem to have a deeper appreciation for the current revenue numbers and future growth opportunities for tech companies. Why, I can still remember all the geniuses who bragged about shorting the Facebook IPO not so long ago.

Will we see a more even spread of where IPOs come from? While all of this week’s filers are headquartered in San Francisco or environs, that now feels almost like a coincidental reference to the years when these companies were founded. More states have been minting their own unicorns, with Ohio-based Root Insurance recently going public and Utah-based Qualtrics heading (back) that way. Tech startups are now global, meanwhile, and plenty of countries are working to keep their unicorns closer to home than New York.

On to the headlines from TechCrunch and Extra Crunch:

If you didn’t make $1B this week, you are not doing VC right (EC)

Affirm files to go public

Inside Affirm’s IPO filing: A look at its economics, profits and revenue concentration (EC)

Airbnb files to go public

5 questions from Airbnb’s IPO filing (EC)

The VC and founder winners in Airbnb’s IPO (EC)

Roblox files to go public

What is Roblox worth? (EC)

Wish files to go public with 100M monthly actives, $1.75B in 2020 revenue thus far

Unpacking the C3.ai IPO filing (EC)

With a 2021 IPO in the cards, what do we know about Robinhood’s Q3 performance? (EC)

(Photo by Win McNamee/Getty Images)

What does a Biden administration mean for tech?

What does Joe Biden intend as president around technology policy? On the one hand, tech companies might not be returning to the White House too fast. “All told, we’re seeing some familiar names in the mix, but 2020 isn’t 2008,” Taylor Hatmaker explains about potential presidential appointments from the industry. “Tech companies that emerged as golden children over the last 10 years are radioactive now. Regulation looms on the horizon in every direction. Whatever policy priorities emerge out of the Biden administration, Obama’s technocratic gilded age is over and we’re in for something new.”

However, tech industries and companies focused on shared goals might find support. In a review of Biden’s climate-change policies, Jon Shieber looks at major green infrastructure plans that could be on the way.

Any policies that a Biden administration enacts would have to focus on economic opportunity broadly, and much of the proposed plan from the campaign fulfills that need. One of its key propositions was that it would be “creating good, union, middle-class jobs in communities left behind, righting wrongs in communities that bear the brunt of pollution, and lifting up the best ideas from across our great nation — rural, urban and tribal,” according to the transition website. An early emphasis on grid and utility infrastructure could create significant opportunities for job creation across America — and be a boost for technology companies. “Our electric power infrastructure is old, aging and not secure,” said Abe Yokell, co-founder of the energy and climate-focused venture capital firm Congruent Ventures. “From an infrastructure standpoint, transmission distribution really should be upgraded and has been underinvested over the years. And it is in direct alignment with providing renewable energy deployment across the U.S. and the electrification of everything.”

Image Credits: Steve Proehl (opens in a new window) / Getty Images

The future of construction tech

A skilled labor shortage is piling on top of the construction industry’s traditional challenges this year. The result is that tech adoption is getting a big push into the real world, Allison Xu of Bain Capital Ventures writes in a guest column for Extra Crunch this week. She maps out six main construction categories where tech startups are emerging, including project conception, design and engineering, pre-construction, construction execution, post construction and construction management. Here’s an excerpt from the article about that last item:

  • How it works today: Construction management and operations teams manage the end-to-end project, with functions such as document management, data and insights, accounting, financing, HR/payroll, etc.
  • Key challenges: The complexity of the job site translates to highly complex and burdensome paperwork associated with each project. Managing the process requires communication and alignment across many stakeholders.
  • How technology can address challenges: The nuances of the multistakeholder construction process merit value in a verticalized approach to managing the project. Construction management tools like ProcoreHyphen Solutions and IngeniousIO have created ways for contractors to coordinate and track the end-to-end process more seamlessly. Other players like Levelset have taken a construction-specific approach to functions like invoice management and payments.

Virtual HQs after the pandemic?

Pandemic-era work solutions like online team meeting spaces are heading towards a less certain, vaccine-based reality. Have we all gone remote-first enough that they will have a real market, still? Natasha Mascarenhas checks in with some of the top companies to see how it’s looking, here’s more:

With the goal of making remote work more spontaneous, there are dozens of new startups working to create virtual HQs for distributed teams. The three that have risen to the top include Branch, built by Gen Z gamers; Gather, created by engineers building a gamified Zoom; and Huddle, which is still in stealth.

The platforms are all racing to prove that the world is ready to be a part of virtual workspaces. By drawing on multiplayer gaming culture, the startups are using spatial technology, animations and productivity tools to create a metaverse dedicated to work.

The biggest challenge ahead? The startups need to convince venture capitalists and users alike that they’re more than Sims for Enterprise or an always-on Zoom call. The potential success could signal how the future of work will blend gaming and socialization for distributed teams.

Around TechCrunch

Head of the US Space Force, Gen. John W. ‘Jay’ Raymond, joins us at TechCrunch Sessions: Space

Amazon’s Project Kuiper chief David Limp is coming to TC Sessions: Space

Across the week

TechCrunch

Against all odds: The sheer force of immigrant startup founders

S16 Angel Fund launches a community of founders to invest in other founders

Pre-seed fintech firm Financial Venture Studio closes on debut fund to build on legacy of top investments

How esports can save colleges

Why are telehealth companies treating healthcare like the gig economy?

A court decision in favor of startup UpCodes may help shape open access to the law

Extra Crunch

Will Zoom Apps be the next hot startup platform?

Is the internet advertising economy about to implode?

Surging homegrown talent and VC spark Italy’s tech renaissance

Why some VCs prefer to work with first-time founders

3 growth tactics that helped us surpass Noom and Weight Watchers

A report card for the SEC’s new equity crowdfunding rules

#EquityPod

From Alex Wilhelm:

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast (now on Twitter!), where we unpack the numbers behind the headlines.

This week wound up being incredibly busy. What else, with a week that included both the Airbnb and Affirm IPO filings, a host of mega-rounds for new unicorns, some fascinating smaller funding events and some new funds?

So we had a lot to get through, but with Chris and Danny and Natasha and your humble servant, we dove in headfirst:

What a week! Three episodes, some new records, and a very tired us after all the action. More on Monday!

Equity drops every Monday at 7:00 a.m. PDT and Thursday afternoon as fast as we can get it out, so subscribe to us on Apple PodcastsOvercastSpotify and all the casts.

Categories: Business News

All IPOs should be paid for in Robux

2020, November 21 - 9:00pm

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast (now on Twitter!), where we unpack the numbers behind the headlines.

This is an all-time first for the show, it’s an Equity Leftovers. Which means that we’re not focusing on a single topic like we would in an Equity Shot. This is just, well, more Equity.

Danny and I and Chris got together to chat about a few things that we could not leave out:

And with this, our fourth episode in six days, we shall pause until Monday. Hugs from the Equity crew.

Equity drops every Monday at 7:00 a.m. PDT and Thursday afternoon as fast as we can get it out, so subscribe to us on Apple PodcastsOvercastSpotify and all the casts.

Categories: Business News

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