Brazil’s Loft adds $100M to its accounts, $700M to its valuation in a single month

Nearly exactly one month ago, digital real estate platform Loft announced it had closed on $425 million in Series D funding led by New York-based D1 Capital Partners. The round included participation from a mix of new and existing investors such as DST, Tiger Global, Andreessen Horowitz, Fifth Wall and QED, among many others.

At the time, Loft was valued at $2.2 billion, a huge jump from its being just near unicorn territory in January 2020. The round marked one of the largest ever for a Brazilian startup.

Now, today, São Paulo-based Loft has announced an extension to that round with the closing of $100 million in additional funding that values the company at $2.9 billion. This means that the 3-year-old startup has increased its valuation by $700 million in a matter of weeks.

Baillie Gifford led the Series D-2 round, which also included participation from Tarsadia, Flight Deck, Caffeinated and others. Individuals also put money in the extension, including the founders of Better (Zach Frenkel), GoPuff, Instacart, Kavak and Sweetgreen.

Loft has seen great success in its efforts to serve as a “one-stop shop” for Brazilians to help them manage the home buying and selling process. 

Image courtesy of Loft

In 2020, Loft saw the number of listings on its site increase “10 to 15 times,” according to co-founder and co-CEO Mate Pencz. Today, the company actively maintains more than 13,000 property listings in approximately 130 regions across São Paulo and Rio de Janeiro, partnering with more than 30,000 brokers. Not only are more people open to transacting digitally, more people are looking to buy versus rent in the country.

“We did more than 6x YoY growth with many thousands of transactions over the course of 2020,” Pencz told TechCrunch at the time of the company’s last raise. “We’re now growing into the many tens of thousands, and soon hundreds of thousands, of active listings.”

The decision to raise more capital so soon was due to a variety of factors. For one, Loft has received “overwhelming investor interest” even after “a very, very oversubscribed main round,” Pencz said.

“We have seen a continued acceleration in our market share growth, especially in São Paulo and Rio de Janeiro, the two markets we currently operate in,” he added. “We saw an opportunity to grow even faster with additional capital.”

Pencz also pointed out that Baillie Gifford has relatively large minimum check size requirements, which led to the extension being conducted at a higher price and increased the total round size “by quite a bit to be able to accommodate them.”

While the company was less forthcoming about its financials as of late, it told me last year that it had notched “over $150 million in annualized revenues in its first full year of operation” via more than 1,000 transactions.

The company’s revenues and GMV (gross merchandise value) “increased significantly” in 2020, according to Pencz, who declined to provide more specifics. He did say those figures are “multiples higher from where they were,” and that Loft has “a very clear horizon to profitability.”

Pencz and Florian Hagenbuch founded Loft in early 2018 and today serve as its co-CEOs. The aim of the platform, in the company’s words, is “bringing Latin American real estate into the e-commerce age by developing online alternatives to analogue legacy processes and leveraging data to create transparency in highly opaque markets.” The U.S. real estate tech company with the closest model to Loft’s is probably Zillow, according to Pencz.

In the United States, prospective buyers and sellers have the benefit of MLSs, which in the words of the National Association of Realtors, are private databases that are created, maintained and paid for by real estate professionals to help their clients buy and sell property. Loft itself spent years and many dollars in creating its own such databases for the Brazilian market. Besides helping people buy and sell homes, it offers services around insurance, renovations and rentals.

In 2020, Loft also entered the mortgage business by acquiring one of the largest mortgage brokerage businesses in Brazil. The startup now ranks among the top-three mortgage originators in the country, according to Pencz. When it comes to helping people apply for mortgages, he likened Loft to U.S.-based Better.com.

This latest financing brings Loft’s total funding raised to an impressive $800 million. Other backers include Brazil’s Canary and a group of high-profile angel investors such as Max Levchin of Affirm and PayPal, Palantir co-founder Joe Lonsdale, Instagram co-founder Mike Krieger and David Vélez, CEO and founder of Brazilian fintech Nubank. In addition, Loft has also raised more than $100 million in debt financing through a series of publicly listed real estate funds.

Loft plans to use its new capital in part to expand across Brazil and eventually in Latin America and beyond. The company is also planning to explore more M&A opportunities.

This article was updated post-publication to reflect accurate investor information

#andreessen-horowitz, #baillie-gifford, #better-mortgage, #better-com, #brazil, #co-founder, #d1-capital-partners, #david-velez, #dst, #finance, #financial-services, #funding, #fundings-exits, #instacart, #instagram, #joe-lonsdale, #latin-america, #loft, #max-levchin, #mike-krieger, #money, #new-york, #nubank, #palantir, #paypal, #proptech, #real-estate, #real-estate-tech, #recent-funding, #sao-paulo, #startup, #startups, #tc, #tiger-global, #united-states, #venture-capital, #zillow

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Window Snyder’s new startup Thistle Technologies raises $2.5M seed to secure IoT devices

The Internet of Things has a security problem. The past decade has seen wave after wave of new internet-connected devices, from sensors through to webcams and smart home tech, often manufactured in bulk but with little — if any — consideration to security. Worse, many device manufacturers make no effort to fix security flaws, while others simply leave out the software update mechanisms needed to deliver patches altogether.

That sets up an entire swath of insecure and unpatchable devices to fail, and destined to be thrown out when they break down or are invariably hacked.

Security veteran Window Snyder thinks there is a better way. Her new startup, Thistle Technologies, is backed with $2.5 million in seed funding from True Ventures with the goal of helping IoT manufacturers reliably and securely deliver software updates to their devices.

Snyder founded Thistle last year, and named it after the flowering plant with sharp prickles designed to deter animals from eating them. “It’s a defense mechanism,” Snyder told TechCrunch, a name that’s fitting for a defensive technology company. The startup aims to help device manufacturers without the personnel or resources to integrate update mechanisms into their device’s software in order to receive security updates and better defend against security threats.

“We’re building the means so that they don’t have to do it themselves. They want to spend the time building customer-facing features anyway,” said Snyder. Prior to founding Thistle, Snyder worked in senior cybersecurity positions at Apple, Intel, and Microsoft, and also served as chief security officer at Mozilla, Square, and Fastly.

Thistle lands on the security scene at a time when IoT needs it most. Botnet operators are known to scan the internet for devices with weak default passwords and hijack their internet connections to pummel victims with floods of internet traffic, knocking entire websites and networks offline. In 2016, a record-breaking distributed denial-of-service attack launched by the Mirai botnet on internet infrastructure giant Dyn knocked some of the biggest websites — Shopify, SoundCloud, Spotify, Twitter — offline for hours. Mirai had ensnared thousands of IoT devices into its network at the time of the attack.

Other malicious hackers target IoT devices as a way to get a foot into a victim’s network, allowing them to launch attacks or plant malware from the inside.

Since device manufacturers have done little to solve their security problems among themselves, lawmakers are looking at legislating to curb some of the more egregious security mistakes made by default manufacturers, like using default — and often unchangeable — passwords and selling devices with no way to deliver security updates.

California paved the way after passing an IoT security law in 2018, with the U.K. following shortly after in 2019. The U.S. has no federal law governing basic IoT security standards.

Snyder said the push to introduce IoT cybersecurity laws could be “an easy way for folks to get into compliance” without having to hire fleets of security engineers. Having an update mechanism in place also helps to keeps the IoT devices around for longer — potentially for years longer — simply by being able to push fixes and new features.

“To build the infrastructure that’s going to allow you to continue to make those devices resilient and deliver new functionality through software, that’s an incredible opportunity for these device manufacturers. And so I’m building a security infrastructure company to support that security needs,” she said.

With the seed round in the bank, Snyder said the company is focused on hiring device and back-end engineers, product managers, and building new partnerships with device manufacturers.

Phil Black, co-founder of True Ventures — Thistle’s seed round investor — described the company as “an astute and natural next step in security technologies.” He added: “Window has so many of the qualities we look for in founders. She has deep domain expertise, is highly respected within the security community, and she’s driven by a deep passion to evolve her industry.”

#apple, #bank, #botnet, #california, #co-founder, #computer-security, #computing, #cybercrime, #cyberwarfare, #dyn, #fastly, #intel, #internet-of-things, #internet-traffic, #malware, #microsoft, #mirai, #science-and-technology, #security, #shopify, #soundcloud, #spotify, #startups, #technology, #true-ventures, #united-kingdom, #united-states

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Pulumi launches version 3.0 of its infrastructure-as-code platform

Pulumi was one of the first of what is now a growing number of infrastructure-as-code startups and today, at its developer conference, the company is launching version 3.0 of its cloud engineering platform. With 70 new features and about 1,000 improvements since version 2.0, this is Pulumi’s biggest release yet.

The new release includes features that range from support for Google Cloud as an infrastructure provider (now in preview) to a new Automation API that turns Pulumi into a library that can then be called from other applications. It basically allows developers to write tools that, for example, can then provision and configure their own infrastructure for each customer of a SaaS application, for example.

Image Credits: Pulumi

The company is also launching Pulumi Packages and Components for creating opinionated infrastructure building blocks that developers can then call up from their preferred languages.

Also new is support for Pulumi’s CI/CD Assistant across all the company’s paid plans. This feature makes it easier to deploy cloud infrastructure and applications through more than a dozen popular CI/CD platforms, including the likes of AWS Code Service, Azure DevOps, CircleCI, GitLab CI, Google Cloud Build, Jenkins, Travis CI and Spinnaker. Until now, you needed to be on a Team Pro or Enterprise plan to use this, but it’s now available to all paying users.

In addition, the company is expanding some of its enterprise features with, for example, SAML SSO, SCIm synchronization and new role types.

“When we started out on Pulumi, we knew we wanted to enable developers and infrastructure teams to
collaborate more closely to build more innovative software,” said Joe Duffy, Pulumi co-founder and
CEO. “What we didn’t know yet is that we’d end up calling this ‘Cloud Engineering,’ that our customers
would call it that too, and that they would go on this journey with us. We are now centering our entire
platform around this core idea which is now accelerating as the modern cloud continues to disrupt
entire business models. Pulumi 3.0 is an exciting milestone in realizing this vision of the future —
democratizing access to the cloud and helping teams build better software together — with much more
to come.”

#api, #aws, #cloud-computing, #cloud-infrastructure, #co-founder, #computing, #continuous-integration, #devops, #gitlab, #identity-management, #jenkins, #joe-duffy, #pulumi, #software-engineering, #tc, #technology, #version-control

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‘Bowl food’ startup Poke House closes $24M Series B led by Eulero Capital to expand in Europe

The FoodTech industry is effectively now going into fast food. Sweetgreen in the US is a ‘fast-casual’ restaurant chain that serves healthy “bowl food”. It’s raised $478.6M. A similar firm is Sweetfin. Both employ a lot of tech in their back-end to improve efficiencies.

Into this area has come European startup Poke House, which is effectively industrializing the production of “poke bowls” for food delivery platforms. Poke House specializes in bowl food that often includes marinated fish that’s cubed and layered up with sticky rice, pickles, noodles, etc.

The company has now raised €20 million ($24m) in a Series B funding round led by Eulero Capital, with the backing of FG2 Capital and reinvestment from Milan Investment Partners SGR. It using tech and data to optimize the production and delivery of its product via all the major food delivery platforms such as Uber East etc. The Italy-born food tech startup claims to have built a “€100M+ company” inside two years.

Founded by Matteo Pichi and Vittoria Zanetti, Poke House has opened 30+ stores in Italy, Portugal and Spain, and now has 400 employees. It’s claiming an expected turnover of €40M+ in 2021.

With the funding, the startup will start opening new stores in existing markets, enter France and start in expansion in the UK.

Poke House says it uses a lot of tech on its back-end, tracking every element of the supply chain to optimize the business. It also analyzes data from third-party delivery platforms (ie. Deliveroo, Glovo, UberEats) to deliver a sub-10 mins food preparation time, and a delivery time under 25 mins.

Matteo Pichi, Co-Founder of Poke House said: “The pandemic has challenged our food sector, and we see technology as the way forward to innovate and digitalize the traditional restaurant experience. We are seeing a shift in people’s desires in fast but healthy food. Poke bowls fit this new need and it promotes a more balanced, active and sustainable lifestyle with quick and healthy food options available nearby.”

Speaking to TechCrunch, Pichi added: “Our competitors are the fast-growing healthy concepts such as Sweetgreen or Sweetfin in the US. But in the same time, we think we are lucky because we really are one of the first brands built 100% from food delivery experts or former employees. Our next competitors are gonna be full native virtual brands extremely strong in data analysis and digital brand building. We use food delivery platforms as media platforms and we invest heavier than competitors in the channel.”

Gianfranco Burei, Founding Partner of Eulero Capital said: “Poke House business model rides some of the main trends in the food sector (food-tech, healthy food, delivery, customization) and has all the characteristics and talents to position the company among the top players at European level. We are thrilled to be a partner of Poke House in an innovative and forward-looking project, in line with our investment strategy which is based on the search for companies included in the macro-trends that will characterize the economic, technological and social evolution of the coming years.”

#co-founder, #companies, #deliveroo, #distribution, #europe, #food, #food-delivery, #food-tech, #france, #healthy-food, #italy, #online-food-ordering, #partner, #poke, #portugal, #spain, #supply-chain, #sweetgreen, #tc, #uber, #uber-eats, #united-kingdom, #united-states

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Gwyneth Paltrow invests in The Expert, a video marketplace for high-end interior designers

The pandemic-induced lockdowns halted many a home decoration project, but the irony was that our homes became even more important. But where to get ideas to decorate? Home decor experts could no longer visit. Now an LA-based startup is addressing this digitization of the interior design market, but kicking off with a typically LA-oriented, high-end clientele.

The LA-based The Expert – a platform for video consultations with interior designers – has raised a $3 million seed funding round led by Forerunner Ventures, with participation from Sweet Capital, Promus Ventures, Golden Ventures, Jeffrey Katzenberg’s WndrCo, AD 100 designer Brigette Romanek, and movie star Gwyneth Paltrow.

The Expert offers 1:1 video consultations with leading interior designers, it says.

The founders consist of Jake Arnold, a celebrity interior designer (who has worked with John Legend, Rashida Jones, and Cameron Diaz among, others) and YC-alumni, Leo Seigal, who previously founded and sold Represent.com to CustomInk for $100m in 2015.

After being “inundated” with DMs during lockdown asking for his advice, Arnold says he realized he didn’t have the business model to help non-retainer clients. So he joined Seigal to create The Expert.

The Expert features 85 designers, so far. CLients click on their profiles to see rates and availability and then click to book. Clients can upload any relevant floor plans, images of the home, inspiration ideas etc for the designer to review ahead of time. They then join a zoom link (the platform uses the Zoom API) to meet with an interior designer and can leave a review afterward.

The company claims it has 700 designers on its waitlist and will hit $1m of bookings after its first quarter, after launching in early February this year.

The startup has some competition in the form of Modsy and Havenly, but The Expert says it is going for a more high-end experience, where clients are willing to pay $300-$2,500 for an hour of a designers’ time. The startup takes a 20% cut of the transaction.

Co-founder Leo Seigal said: “We were able to attract a crazy roster of designers partly thanks to co-founder Jake who is so highly regarded in the industry, and partly due to a timeliness of offering which is far above anything that has been tried in the home space.”

In a statement, Gwyneth Paltrow said: “I’ve always felt that access to great design – and those who create it – is too rare of a commodity. It’s a game-changer for someone without the budget for a full-time designer to have this roster of talent on speed dial.”

Nicole Johnson, Partner at Forerunner said: “We’ve been thinking through new models for the interior design sector for years at Forerunner, observing room for improvement for the trade and consumers alike. Interior design is arguably the ultimate, best-suited source of home inspiration and commerce enablement for consumers, but the trade is a famously walled garden. The Expert solves for this, connecting anyone, anywhere with the world’s leading interior designers via video consultation—allowing Experts to broaden their reach and monetization in a predictable, rewarding, and low-friction way.”

#actors, #api, #co-founder, #designer, #dms, #forerunner-ventures, #golden-ventures, #gwyneth-paltrow, #interior-design, #jeffrey-katzenberg, #john-legend, #louisiana, #partner, #promus-ventures, #tc

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Hadrian is building the factories of the future for rocket ships and advanced manufacturing

If the eight person team behind the new startup Hadrian has their way, they’ll have transformed the manufacturing industry within the next decade.

At least, that’s the goal for the new San Francisco-based startup, founded only last year, which has set its sights on building out a new model for advanced manufacturing to enable the satellite, space ship, and advanced energy technology companies to build the future they envision better and faster.

We view our job as to provide the world’s most efficient space and defense component factory,” said Hadrian founder, Chris Power.

Initially, the company is building factories to make the parts that go on rocket ships, according to Power, but the business has implications for any company that needs bespoke components to make their equipment.

“Let me tell you how bad it is at the moment and what’s going to happen over the next 20 years. Right now everyone in space and defense, [including] SpaceX and Lockheed Martin, outsources their parts and manufacturing to small factories across the country. They’re super expensive, they’re unreliable and they’re completely invisible to the customers,” said Power. “This causes big problems with space and defense manufacturers in the design phase, because the lead time is so long and the iteration time is super long. Imagine running software and being able to iterate on your product once every 20 days? If you can imagine a Gantt chart of how to build a rocket, about 60% of that is buffer time… A lot of the delays in launches and stuff like that happen because parts got delivered three months ago. It’d be like running a McDonalds and realizing that your fries and burger providers could not tell you when the food would arrive.”

It’s hard to overstate the strategic importance of the parts suppliers to the operations of aerospace, defense, and advanced machining companies. As no less an authority on manufacturing than Elon Musk noted in a tweet, “The factory is the product.” It’s also hard to overstate the geopolitical importance of re-establishing the U.S. as a center of manufacturing excellence, according to Hadrian’s investors Lux Capital, Founders Fund, and Construct Capital. Which is one reason why they’re investing $9.5 million into the very early stage business.

“America made massive strategic mistakes in the early 90s which have left our national manufacturing ecosystem completely dilapidated,” said Founders Fund principal Delian Asparouhov. “The only way to get out of this disaster is to re-invent the most basic input into our aerospace and defense supply chains, machining metal parts quickly and with high tolerance. Right now, America’s most innovative company, SpaceX, relies on a network of near-retired machinists to produce space-worthy metal parts, and no one in technology is. focused on solving this.”

 

Power got to understand the problem at his previous company, Ento, which sold workforce management software to blue collar customers. It was there he realized the issue of. the aging workforce and the need for manufacturers to upgrade almost every aspect of their own technology stack. “I realized that the right way to bring technology to the industrial space is not to sell software to these companies, it’s to build an industrial business from scratch with software.”

Initially, Hadrian is focusing all of its efforts on the space industry, where the component manufacturing problem is especially acute, but the manufacturing capabilities the company is building out have broad relevance across any industry that requires highly engineered components.

“The demand for manufacturing from both the large SpaceX and Blue Origin all the way to this growing long tail of companies from Anduril to Relativity to Varda,” said Lux Capital co-founder Josh Wolfe. “Most of these guys are using mom and pop machine shops… [and] those shops are horribly inefficient. They’re not consistent, and they’re not reliable. Between the software automation, the hardware, you can cut down on inefficiency every step of the process… I like to think of value creation as waste reduction… so mundane things like quoting, scheduling, bidding, and planning all the way to the programming of the manufacturing… every one of those things takes hours to tens of hours to days and weeks, so if you can do that in minutes, it’s just a no-brainer. [Hadrian] will be the cutting edge choice for all of the new and explicitly dedicated and focused aerospace and defense companies.”

Power envisions a network of manufacturing facilities that can initially cover roughly 65% of all space and defense components, and will eventually take that number up to 95% of components. Already several of the biggest launch vehicle and satellite manufacturers are in talks with the company to produce hundreds of units for them, Power said. Some of those companies just happen to be in the Construct, Lux, and Founders Fund portfolio.

And the company’s founder sees this as a new way to revitalize American manufacturing jobs as well. “Manufacturing jobs in space and defense can easily be as high paying as a software engineering job at Google,” he said. In an ideal world, Hadrian would like to offer an onramp to high paying manufacturing careers in the 21st century in the same way that automakers provided good union jobs in the twentieth.

“We haven’t built any of this. If you look at the sheer number of people that we need to train and hire on our new technology and new systems, that people problem and that training problem is part of growing our business.”

A render of Axiom’s future commercial space station design.

#aerospace, #america, #blue-origin, #co-founder, #construct-capital, #elon-musk, #entrepreneurship, #factory, #food, #founders-fund, #google, #josh-wolfe, #lockheed-martin, #lux-capital, #manufacturing, #mcdonalds, #san-francisco, #software-automation, #spacex, #startup-company, #tc, #united-states

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Sales scheduling platform Chili Piper raises $33M Series B funding led by Tiger Global

Chili Piper, which has a sophisticated SaaS appointment scheduling platform for sales teams, has raised a $33 million B round led by Tiger Global. Existing investors Base10 Partners and Gradient Ventures (Google’s AI-focused VC) also participated. This brings the company’s total financing to $54 million. The company will use the capital raised to accelerate product development. The previous $18M A round was led by Base10 and Google’s Gradient Ventures 9 months ago.

It’s main competitor is Calendly, started 21/2 years previously, which recently achieved a $3Bn valuation.

Launched in 2016, Chili Piper’s software for B2B revenue teams is designed to convert leads into attended meetings. Sales teams can also use it to book demos, increase inbound conversion rates, eliminate manual lead routing, and streamline critical processes around meetings. It’s used by Intuit, Twilio, Forrester, Spotify, and Gong.

Chili Piper has a number of different tools for businesses to schedule and calendar accountments, but its key USP is in its use by ‘inbound SDR Sales Development Representatives (SDR)’, who are responsible for qualifying inbound sales leads. It’s particularly useful in scheduling calls when customers hit websites ask for a salesperson to call them back.

Nicolas Vandenberghe, CEO, and co-founder of Chili Piper said: “When we started we sold the house and decided to grow the company ourselves. So all the way until 2019 we bootstrapped. Tiger gave us a valuation that we expected to get at the end of this year, which will help us accelerate things much faster, so we couldn’t refuse it.”

Alina Vandenberghe, CPO, and Co-founder said: “We’re proud to have so many customers scheduling meetings and optimizing their calendars with Chili Piper’s Instant Booker.”

The husband-and-wife founded company has was fully remote from day one, with 93 employees in 81 cities and 21 countries, long before the pandemic hit.

John Curtius, Partner at Tiger Global said: “When we met Nicolas and Alina, we were fired up by their product vision and focus on customer happiness.”

TJ Nahigian, Managing Partner at Base10 Partners, added: “We originally invested in Chili Piper because we knew customers needed ways to add fire to how they connected with inbound leads. We’ve been absolutely blown away with the progress over the past year, 2020 has been a step-change for this company as business went remote.”

#artificial-intelligence, #base10-partners, #co-founder, #europe, #food-and-drink, #forrester, #gradient-ventures, #intuit, #lead-generation, #managing-partner, #marketing, #sales, #spotify, #tc, #tiger-global, #twilio

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Triller owner gets a new CEO with acquisition of Amplify.AI; also acquires live streaming service FITE TV

Would be TikTok competitor Triller, operated by parent company TrillerNet, is gaining a new CEO, the company announced today. The short-form video app said it’s acquiring an A.I.-based customer engagement platform, Amplify.AI, whose co-founder Mahi de Silva will now become TrillerNet’s CEO. Existing CEO Mike Lu will transition to President of TrillerNet and will focus on investor relations. The company separately announced the acquisition of FITE TV, a live event and pay-per-view combat sports streaming platform.

New CEO Mahi de Silva had been closely involved with Triller before today. The company’s press release today says he’s been serving as non-executive chairman since 2016, but his LinkedIn notes the year was 2019 (which would be following Triller’s 2019 funding by Proxima Media, when the press release at the time noted he was assuming the role of “chairman.”)  These are both wrong, the company discovered when we reached out for clarity. The correct year is 2018.

Ahead of the acquisition, de Silva had been serving as CEO and co-founder to Amplify.AI since 2017, and before that was CEO of Opera Mediaworks, the marketing and advertising arm of Opera Software, and co-founder and CEO of Botworx.

Amplify.AI, which works with brands in CPG, financial services, automotive, telecom, politics, and digital media, among others, will continue to operate as a subsidiary of TrillerNet following the deal. Other team members include former RSA and Verisign executive Ram Moskowitz who helped design and develop the digital certificates for SSL and code signing; and Amplify.ai co-founder and CTO Manoj Malhotra, a pioneer in B2C SMS messaging, the company notes.

TrillerNet also today announced it’s acquiring another strategic property to help shift its business further into the direction of live events: FITE TV. This deal gives Triller more of a foothold in the live events and pay-per-view streaming market, it says. As a result, FITE, which touts 10 million users, will become the exclusive digital distributor of all Triller Fight Club boxing events going forward.

“Acquiring FITE is part of the larger Triller strategy to bring together content, creators and commerce for the first time and the only place where they truly interact,” said Triller’s Ryan Kavanaugh, the former head of movie studio Relativity Media (and controversial figure) whose Proxima Media became Triller’s majority investor in 2019. “We have invested hundreds of millions of dollars and believe we have created a better more efficient e-commerce content platform,” he added.

The acquisition follows several others TrillerNet has made to expand into live events, now that becoming a TikTok replacement in the U.S. is no longer a viable option, as the Trump ban was put on hold by the Biden administration. Triller also in March acquired live music streaming platform Verzuz, founded by Swizz Beats and Timbaland. And it operates Triller Flight Club in partnership with Snoop Dogg, as well as a streaming platform Triller TV.

While specific deal terms were not revealed, Triller told TechCrunch it’s spent $250 million in the aggregate on its acquisitions, including Halogen, Mashtraxx, Verzuz, FITE and Amplify today.

#amplify, #apps, #biden-administration, #ceo, #chairman, #co-founder, #computing, #digital-media, #executive, #financial-services, #fundings-exits, #internet-culture, #mike-lu, #opera-mediaworks, #opera-software, #president, #sms, #snoop, #software, #ssl, #tiktok, #triller, #trump, #united-states, #verisign, #video-hosting

0

JXL turns Jira into spreadsheets

Atlassian’s Jira is an extremely powerful issue tracking and project management tool, but it’s not the world’s most intuitive piece of software either. Spreadsheets, on the other hand, are pretty much the de facto standard for managing virtually anything in a business. It’s maybe no surprise then that there are already a couple of tools on the market that bring a spreadsheet-like view of your projects to Jira or connect it to services like Google Sheets.

The latest entrant in this field is JXL Spreadsheets for Jira (and specifically Jira Cloud), which was founded by two ex-Atlassian employees, Daniel Franz and Hannes Obweger. And in what has become a bit of a trend, Atlassian Ventures invested in JXL earlier this year.

Franz built the Good News news reader before joining Atlassian while his co-founder previously founded Radiant Minds Software, the makers of Jira Roadmaps (now Portfolio for Jira), which was acquired by Atlassian.

Image Credits: JXL

“Jira is so successful because it is awesome,” Franz told me. “It is so versatile. It’s highly customizable. I’ve seen people in my time who are doing anything and everything with it. Working with customers [at Atlassian] — at some point, you didn’t get surprised anymore, but what the people can do and track with JIRA is amazing. But no one would rock up and say, ‘hey, JIRA is very pleasant and easy to use.’”

As Franz noted, by default, Jira takes a very opinionated view of how people should use it. But that also means that users often end up exporting their issues to create reports and visualizations, for example. But if they make any changes to this data, it never flows back into Jira. No matter how you feel about spreadsheets, they do work for many people and are highly flexible. Even Atlassian would likely agree because the new Jira Work Management, which is currently in beta, comes with a spreadsheet-like view and Trello, too, recently went this way when it launched a major update earlier this year.

Image Credits: JXL

Over the course of its three-month beta, the JXL team saw how its users ended up building everything from cross-project portfolio management to sprint planning, backlog maintenance, timesheets and inventory management on top of its service. Indeed, Franz tells me that the team already has some large customers, with one of them having a 7,000-seat license.

Pricing for JXL seems quite reasonable, starting at $1/user/month for teams with up to 10 users. Larger teams get increasingly larger discounts, down to $0.45/user/month for licenses with over 5,000 seats. There is also a free trial.

One of the reasons the company can offer this kind of pricing is because it only needs a very simple backend. None of a customer’s data sits on JXL’s servers. Instead, it sits right on top of Jira’s APIs, which in turn also means that changes are synced back and forth in real time.

JXL is now available in the Atlassian Marketplace and the team is actively hiring as it looks to build out its product (and put its new funding to work).

#atlassian, #atlassian-ventures, #business, #co-founder, #google, #jira, #management, #software, #spreadsheets, #tc, #trello

0

ConsenSys raises $65M from JP Morgan, Mastercard, UBS to build infrastructure for DeFi

ConsenSys, a key player in crypto and a major proponent of the Ethereum blockchain, has raised a $65 million funding round from J.P. Morgan, Mastercard, and UBS AG, as well as major blockchain companies Protocol Labs, the Maker Foundation, Fenbushi, The LAO and Alameda Research. Additional investors include CMT Digital and the Greater Bay Area Homeland Development Fund. As well as fiat, several funds invested with Ethereum-based stablecoins, DAI and USDC, as consideration.

Sources told TechCrunch that this is an unpriced round because of the valuation risk, and the funding instrument is “full”, so the round is being closed now.

The fundraise looks like a highly strategic one, based around the idea that traditional institutions will need visibility into the increasingly influential world of ‘decentralized finance’ (DeFi) and the Web3 applications being developed on the Ethereum blockchain.

In a statement on the fundraise, ConsenSys said it has been through a “period of strategic evolution and growth”, but most outside observers would agree that this is that’s something of an understatement.

After a period of quite a lot of ‘creative disruption’ to put it mildly (at one point a couple of years ago, ConsenSys seemed to have everything from a VC fund, to an accelerator, to multiple startups under its wing), the company has restructured to form two main arms: ConsenSys, the core software business; and ConsenSys Mesh, the investment arm, incubator, and portfolio. It also acquired the Quorum product from J.P. Morgan which has given it a deeper bench into the enterprise blockchain ecosystem. This means it now has a very key product suite for the Etherum platform, including products such as Codefi, Diligence, Infura, MetaMask, Truffle, and Quorum.

This suite allows it to serve both public and private permissioned blockchain networks. It can also support Layer 2 Ethereum networks, as well as facilitate access to adjacent protocols like IPFS, Filecoin, and others. ConsenSys is also a major contributor to the Ethereum 2.0 project, for obvious reasons.

Commenting on the fundraise, Joseph Lubin, founder of ConsenSys and co-founder, Ethreum said in a statement: “When we set out to raise a round, it was important to us to patiently construct a diverse cap table, consistent with our belief that similar to how the web developed, the whole economy would join the revolutionaries on a next-generation protocol. ConsenSys’ software stack represents access to a new automated objective trust foundation enabled by decentralized protocols like Ethereum. We are proud to partner with preeminent financial firms alongside leading crypto companies to further converge the centralized and decentralized financial domains at this particularly exciting time of growth for ConsenSys and the entire industry.”

With financial institutions able to see, ‘in public’ DeFi happening on Ethereuem, because of the public chain, they can see how much of the financial system is gradually starting to merge with the blockchain world. So it’s becoming clearer what attracts these major institutions.

Mike Dargan, Head of Group Technology at UBS said: “Our investment in ConsenSys adds proven expertise in distributed ledger technology to our UBS Next portfolio.”

For MasterCard this appears to be not just a pure investment – Consensys has been working with it on a private permissioned network.

Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships at Mastercard said: “Enterprise Ethereum is a key infrastructure on which we and our partners are building payment and non-payment applications to power the future of commerce… Our investment and partnership with ConsenSys helps us bring secure and performant Enterprise Ethereum capabilities to our customers.”

Colleen Sullivan, Co-Founder and CEO of CMT Digital said: “ConsenSys is the pioneer in bridging the gaps across traditional finance, centralized crypto, and DeFi, and more broadly, between Web 2.0 and Web 3.0. We are proud to participate in this funding round as the ConsenSys team continues to pave the way for global users  — retail and institutional — to easily access the crypto ecosystem.”

TechCrunch understands that the fundraise was started around the time of the Quorum acquisition, last June. The $65 million round is in majority fiat currency as opposed to cryptocurrency and is an adjunct to the round done with JP Morgan last summer.

The presence of significant crypto players such as Maker Protocol Labs shows the significance of the fund-raise, beyond the simple transaction. The announcement also comes just ahead of the Coinbase IPO, which makes for interesting timing.

ConsenSys’ products have become highly significant in the world where developers, enterprises, and consumers meet blockchain and crypto. In its statement, the company claims MetaMask now has over three million monthly active users across mobile and desktop, a 3x increase in the last five or six months, it says. This is roughly the same amount of monthly active customers as Coinbase.

The ConsenSys announcement comes just ahead of the Coinbase IPO. While Coinbase is acting as an exchange to turn fiat into crypto and vice versa, it has also been getting into DeFi of late. Where there are also resemblances with ConsenSys, is that Coinbase, with 3 million users, is used as a wallet, and MetMask, which also has 3 million users, can also be used as a wallet. The comparison ends there, but it’s certainly interesting, given Coinbase’s $100 billion valuation.

As Jeremy Millar, Chief Development Officer, told me: “Coinbase has pioneered an exchange, in one of the world’s most regulated financial markets, the US. And it has helped drive significant interest in the space. We enjoy a very positive relationship with Coinbase, trying to further enable the ecosystem and adoption of the technology.”

The background to this raise is that a lot of early-stage blockchain and crypto companies have been raising a lot of money recently, but much of this has been through crypto investment firms. Only a handful of Silicon Valley VCs are backing blockchain, such as Andreessen Horowitz.

What’s interesting about this announcement is that these incumbent financial giants are not only taking an interest, but working alongside ConsenSys to both invest and build products on Ethereum.

It’s ConsenSys’ view that every payment service provider, banks will need this financial infrastructure in the future, especially for DeFI.

Given there is roughly $43 billion collateralized in DeFi, it’s increasingly the case that major investors are involved, and there are increasingly higher returns than traditional yield and bond or bond yields.

The moves by Central Banks into digital currencies is also forcing companies and governments to realize digital currency, and the ‘blockchain rails’ on which it runs, is here to stay. This is what is suggested by the Greater Bay Area Homeland Development Fund’s (a Shenzhen / Hong Kong joint partnership) decision to get involved.

Another aspect of this story is that ConsenSys is sitting on some extremely powerful products. Consensys has six products that serve three different types of people.

Service developers who are building on Ethereum are using Truffle to develop smart contracts. Users joining the NFT hype are using MetaMask underneath it all.

The MetaMask wallet allows users to swap one token for another. This has proved quite lucrative for ConsenSys, which says it has resulted in $1.8 billion in volume in decentralized exchange use. ConsenSys takes a 0.875 percent cut on every swap that it serves.

And institutions are using Consensys’ products. The company says more than 150,000 developers use Infura’s APIs, and 4.5 million developers create and deploy smart contracts using Truffle, while its Protocols group — developer of Hyperledger Besu and ConsenSys Quorum — are building Central Bank Digital Currencies (CBDCs) for six central banks, says Consensys.

Consensys is also making hay with the NFT boom. Developers are using Consensys products for the nodes and infrastructure on Ethereum which stores the NFT files.

Consensys is also riding two waves. One is the developer eave and the other is the financial system wave.

As a spokesperson said: “Where the interest in money and invention started happening was on public networks like Ethereum. So we really believe that these are converging and they will continue to, and every one of our products offers public main net compatibility because we think this is the future.”

Millar added: “If we want to help the world adopt the technology we need to meet it at its adoption point, which for many large enterprises means inside the firewall first. But similarly, we think, just like the public Internet, the real value – the disruptive value – changes the ability to do this on a broader permissionless basis, especially when you have sufficient privacy and authentication available.”

#andreessen-horowitz, #articles, #blockchains, #co-founder, #coinbase, #consensys, #cryptocurrencies, #decentralization, #decentralized-finance, #energy, #ethereum, #finance, #firewall, #founder, #joseph-lubin, #jp-morgan, #mastercard, #player, #protocol-labs, #quorum, #shenzhen, #smart-contract, #software, #spokesperson, #tc, #technology, #united-states

0

How one founder identified a huge healthcare gap and acquired the skills necessary to address it

Our new podcast Found is now available, and the first episode features guest Iman Abuzeid, co-founder and CEO of Incredible Health. Abuzeid’s story of founding and building Incredible Health, a career platform for healthcare professionals focusing specifically on nurses, is all about a focused entrepreneur building a unique skill set, and acquiring the experience necessary to create a world-leading solution.

Abuzeid went to medical school and acquired her MD, but decided before residency to instead go get an MBA from Wharton, in order to pursue her dream of entrepreneurship, inspired by two generations of entrepreneurs in the family that preceded her. After eventually making her way to Silicon Valley and working in a couple of other startups in the healthcare space, Abuzeid took important lessons away from those experiences about what not to do when running your own company, and embarked on building her own with co-founder Rome Portlock, now the company’s CTO.

Incredible Health is tackling a huge challenge — the shortfall of availability of skilled nurses, and the lack of mature, sophisticated career resources to help those nurses in their professional life. COVID-19 threw those issues into stark relief, and Incredible Health adjusted its game plan to adapt to its users’ needs. Abuzeid tells us all about how she made those calls, and also how she convinced venture investors to come along for the ride.

We hope you enjoy this episode, and don’t forget to subscribe in Apple Podcasts, Spotify, or your podcast app of choice. We’d love to hear your feed back, too — either on Twitter or via email, and tune in weekly for more episodes.

Found is hosted by Darrell Etherington and Jordan Crook, and is produced, mixed and edited by Yashad Kulkarni. TechCrunch’s audio products are managed by Henry Pickavet, and Bryce Durbin created the show’s artwork. Found published weekly on Friday afternoons, and you can find past episodes on TechCrunch here.

#articles, #co-founder, #cto, #found, #found-podcast, #iman-abuzeid, #incredible-health, #maryland, #nursing, #podcast, #science-and-technology, #spotify, #tc, #technology

0

Private chef parties at home startup Yhangry raises $1.5M Seed from VC angels and Ollie Locke

There’s an “uber for everything” these days and now there are “Ubers for personal chefs”. Just take a look at PopTop or 100 Pleats for instance. Now in London, there is Yhangry (which brands itself as the appropriately shouty YHANGRY). This is a “private chef parties at home” website, and no doubt an app at some point. The startup has now raised a $1.5 million Seed round from a number of notable UK angels which also includes a few UK VCs for good measure, as well as ‘Made In Chelsea’ TV star Ollie Locke.

Founders Heinin Zhang and Siddhi Mittal created the startup before the pandemic, which lets people order a made-to-measure dinner party online. Although it trundled along until Covid, it had to pivot into virtual chef classes during lockdowns last year and this. The company is now poised to take advantage of London’s unlocking, which will see legal outdoor and indoor dining return.

The startup also speaks to the decentralization of experiences going on in the wake of the pandemic. In 2019 we were working out in gyms and going to restaurants. In 2021 we are working out at home and bringing the restaurant to us.

Normally booking private dinner parties involves a lot of hassle. The idea here is that Yhangry makes the whole affair as easy to order as an Uber Eats or Deliveroo.

Investors in the Seed round include Carmen Rico (Blossom Capital), Eileen Burbidge (Passion Capital), Orson Stadler (Antler) and Martin Mignot (Index Ventures), Made In Chelsea star Ollie Locke, plus fellow tech founders including Jack Tang (Urban), Adnan Ebrahim (MindLabs), Alex Fitzgerald (Cuckoo Internet), Georgina Kirby (Vinehealth) and Deepali Nangia (Alma Angels). Yhangry’s statement said all the investors are also keen customers. I bet they are.

Co-founder Mittal said in a statement: “By making private chef experiences more accessible and affordable, our customers regularly tell us they are finally able to catch up with friends at home… 70% of our customers have never had a private chef before and for them, the freedom and flexibility to curate their own evening is priceless.”

Yhangry now has 130 chefs on its books. Chefs have to pass a cooking trial and adhere to Covid rules. The funding will be used to double the size of the startup’s team.

The menus start at £17pp for six people. The price of the booking covers everything, including the cost of the fresh ingredients, but customers can add extras, such as wine etc. Since its launch in December 2019, the firm says it has served more than 7,000 Londoners.

Yhangry says it will enter key European markets, such as Paris, Berlin, Lisbon and Barcelona.

How will Yhangry survive post-Covid, with restaurants/bars opening up again?

Mittal said: “When restaurants were open between our launch and March 2020, we saw demand because people want to be able to spend time with their friends in a relaxed setting, and aren’t limited to the two-hour slot you get in a restaurant. Once places start to open up again, we believe Yhangry will follow this trend of at-home dining and socializing – not to mention for people who are not ready yet to go out to a busy pub or restaurant.”

#articles, #barcelona, #berlin, #chef, #co-founder, #companies, #deliveroo, #economy, #eileen-burbidge, #europe, #lisbon, #london, #martin-mignot, #online-food-ordering, #paris, #passion-capital, #restaurant, #startup-company, #tc, #uber, #uber-eats, #united-kingdom

0

As working out goes virtual, Moxie raises $6.3M Seed+ round led by Resolute Ventures

With the pandemic sending the planet indoors to workout, the at-home fitness market has boomed. It was only in October last year that three-year-old Future closed $24 million in Series B and Playbook (streaming for personal trainers) raised $9.3 million in a Series A. Into this market launched Moxie, a platform that allowed fitness instructors to broadcast live and recorded classes, access licensed music playlists and deploy a CRM and payment tools. Classes range from $5-$25 and various subscriptions and packages are offered.

Moxie has now raised a $6.3M ‘Seed+’ funding round led by Resolute Ventures with participation from Bessemer Ventures, Greycroft Ventures, Gokul Rajaram, and additional investors. With the $2.1M Seed round from last October, that means Moxie has now raised a total of $8.4M.

With the funding, Moxie now plans to better optimize the user experience with a curated selection of top Moxie classes; new tools that help connect users to instructors; and the ability to preview classes before attending.

The company claims to have experienced “exponential growth” because of its convenience in the pandemic era, with 8,000 classes and 1 million class-minutes completed in March. Moxie’s independent instructors set their own schedules and prices, and get to keep 85% of what they earn on the platform.

The company will also now launch ‘Moxie Benefits’ in partnership with Stride Health, provide instructors with access to health insurance, dental and vision plans, life insurance, and other benefits.

Also planned is ‘Moxie Teams’, enabling groups of instructors to join together to form small businesses on the platform, not unlike the way some Uber drivers form teams.

Jason Goldberg, CEO and founder said in a statement: “Moxie was born during the pandemic alongside thousands of independent fitness instructors who were forced out of gyms and studios and suddenly had to become entrepreneurs and navigate the new frontier of virtual fitness. Now we are seeing widespread adoption of online fitness into people’s lives, and Moxie’s growth proves that these shifts in consumer behavior have staying power. We know that 89% of Moxie users plan to continue virtual workouts post COVID — they love the convenience.”

Resolute Ventures Partner & Co-Founder Raanan Bar-Cohen said: “Our investment theory has always been to identify entrepreneurial founders solving for today’s problems. With Moxie, we saw an experienced operator in Jason, with a product that solved for the issues that instructors and consumers had experienced in the shift to online fitness, as well as a clear roadmap for continued success.”

So why has Moxie managed to cleave to the new virtual workout culture? Goldberg tells me it’s down to a range of factors.

For starters, it’s a two-sided fitness marketplace that has live interactive group fitness classes, unlike VOD apps, and, crucially, unlike Peloton. Additionally, any instructor can teach on Moxie, rather than wait to be picked as a ‘star’ by Peloton. Since 90% of classes are live group fitness classes, they are effectively replacing yoga studios and HIIT classes, rather than personal training. He says many top instructors are now earning $6-figures on the platform.

Certainly, Moxie has managed to capitalize on the fact that while gyms are closed, it’s easy to do virtual classes. Will they still stick around when the pandemic is over? Presumably many will find it more convenient than schlepping to the gym and less intimidating than joining classes in person. Additionally, users can switch classes as easily as switching TV channels.

As Goldberg told me via email: “Covid forced everyone to try virtual fitness for the first time. Guess what? People found it more convenient and more connected than going to offline gyms. And guess what? Peloton is not for everyone.”

#3m, #bessemer-ventures, #ceo, #co-founder, #companies, #crm, #drinks, #education, #future, #gokul-rajaram, #health-insurance, #jason-goldberg, #life-insurance, #moxie, #online-fitness, #peloton, #playbook, #resolute-ventures, #tc, #uber

0

Note-taking app Mem raises $5.6 million from Andreessen Horowitz

The competition for note-taking is as fierce as it has ever been with plenty of highly-valued productivity startups fighting for an audience it can potentially serve endless productivity offshoots. In the past year, Notion raised at a $2 billion valuation, Coda raised at $636 million, and Roam raised at $200 million.

A new competitor in the space is emerging out of stealth with fresh funding from Andreessen Horowitz. The free app, called Mem, is an early access platform dedicated to pushing users to quickly jot down their thoughts without focusing too heavily on the underlying organization of them. The startup’s founders have vast ambitions for what their platform could become down the road, tapping into further advances in machine learning and even AR.

“Really the differentiation is [information] that is summonable ubiquitously wherever you are,” Mem co-founder Kevin Moody tells TechCrunch. “So, in the near term, through your desktop app with Mem Spotlight as a heads-up display for wherever you are, in the medium term through an assistive mobile application, and then in the long term, imagine contact lenses that are overlaying useful content to you in the world.”

Moody and his co-founder Dennis Xu tell TechCrunch they’ve raised $5.6 million led by a16z with additional participation from their Cultural Leadership Fund, Will Smith’s dreamers.vc, Floodgate and Unusual Ventures. The round also was host to a handful of angel investors including Harry Stebbings, Julia Lipton, Niv Dror, Tony Liu, Rahul Vohra and Todd Goldberg, among others.

In its current iteration, Mem push users towards “lightweight organization” rather than clicking through folders and links to find the perfect place to nestle their thoughts. Users can quickly tag users or dedicated topics in their notes. The user workflow relies pretty heavily on search and chronological organization, presenting users with their most recently accessed notes. Users can also set reminders for certain notes, bringing a popular email framework to note-taking.

For users of stock apps like Apple Notes, these interface quirks may not sound very jarring, though the design is still a departure from apps like Notion and Airtable which have heavily focused on structure over immediacy.

Mem Spotlight

Perhaps Mem’s biggest shift is how users access the information they’ve dumped into the platform. The founders say they want to avoid their app being seen as a “destination,” instead hoping users rely heavily on a keyboard-shortcut-prompted overlay called Mem Spotlight that allows them to search out information that they may need for an email, presentation or text message. The broader hope of the founders and investors behind Mem is that the team can leverage the platform’s intelligence over time to better understand the data dump from your brain — and likely other information sources across your digital footprint — to know you better than any ad network or social media graph does.

“What would it mean to just capture passively your digital footprint and then make use of that as though it were structured,” Moody posits. “If we can actually have our own Mem modeling of all of these entities, whether it’s text, or maybe it’s contacts, the people that you know, or it’s the events that you’re going to and these different sources feed into Mem, what would it mean for Mem to be able to have a product that is the ‘you’ API?”

For now, the startup’s app isn’t quite as grandiose in scale as what the founders may see in its future, but as Mem continues to onboard early users from its waitlist and add to its desktop functionality, the company is driving towards a platform they hope feels more instrumental to how its users “remember” information.

#ad-network, #andreessen, #andreessen-horowitz, #api, #co-founder, #harry-stebbings, #machine-learning, #notion, #rahul-vohra, #tc, #todd-goldberg, #unusual-ventures, #will-smith

0

Collaborative iOS app Craft Docs secures $8M, led by Creandum and a ‘Skyscanner Mafia’

Launched in only November last year, the Craft Docs app — which was built from the ground up as an iOS app for collaborative documents — has secured an $8 million Series A round led by Creandum. Also participating was InReach Ventures, Gareth Williams, former CEO and co-founder of Skyscanner, and a number of other tech entrepreneurs, many of whom are ex-Skyscanner.

Currently available on iOS, iPadOS and MacOS, Craft now plans to launch APIs, extended integrations, and a browser-based editor in 2021. It has aspirations to become a similar product to Notion, and the founder and CEO Balint Grosz told me over a Zoom call that “Notion is very much focused around writing and wikis and all that sort of stuff. We have a lot of users coming from Notion, but we believe we have a better solution for people, mainly for written content. Notion is very strong with its databases and structural content. People just happen to use it for other stuff. So we are viewed as a very strong competitor by our users, because of the similarities in the product. I don’t believe our markets overlap much, but right now from the outside people do switch from Notion to us, and they do perceive us as being competitors.”

He told me this was less down to the app experience than “the hierarchical content. We have this structure where you can create notes within notes, so with every chunk of text you add content and navigate style, and add inside of that – and notion has that as well. And that is a feature which not many products have, so that is the primary reason why people tend to compare us.”

Craft says it’s main advantages over Notion are UX; Data storage and privacy (Craft is offline first, with real-time sync and collaboration; you can use 3rd party cloud services (i.e. iCloud); and integrations with other tools.

Orosz was previously responsible for Skyscanner’s mobile strategy after the company acquired his previous company, Distinction.

Fredrik Cassel, General Partner at Creandum, said in a statement: “Since our first discussions we’ve been impressed by both the amount of love users have for Craft, as well as the team’s unique ability to create a product that is beautiful and powerful at the same time. The upcoming features around connectivity and data accessibility truly set Craft apart from the competition.”

Craft ipad app

Craft ipad app

Roberto Bonazinga, Co-founder at InReach Ventures, added: “We invested in Craft on day zero because we were fascinated by the clarity and the boldness of Balint’s vision – to reinvent how millions of people can structure their thoughts and write them down in the most effective and beautiful way.”

The launch and funding of the Craft startup suggests there is something of a “Skyscanner Mafia” emerging, after its acquisition by Trip.com Group (formerly Ctrip), the largest travel firm in China, $1.75 billion in 2016.

Other backers of the company include Carlos Gonzalez (former CPO at Skyscanner, CTPO at GoCardless), Filip Filipov (former VP Strategy at Skyscanner), Ross McNairn (former CEO at Dorsai, CPO at TravelPerk), Stefan Lesser (former Technology and Partnership Manager at Apple) and Akos Kapui (Former Head of Technology at Skyscanner, VP of Engineering at Shapr3D).

#app-store, #apple, #ceo, #china, #co-founder, #creandum, #distinction, #europe, #general-partner, #inreach-ventures, #macos, #notion, #operating-systems, #skyscanner, #software, #tc, #travel, #trip-com, #yo

0

Manticore Games raises $100 million to build a ‘creator multiverse’

The gaming sector has never been hotter or had higher expectations from investors who are dumping billions into upstarts that can adjust to shifting tides faster that the existing giants will.

Bay Area-based Manticore Games is one of the second-layer gaming platforms looking to build on the market’s momentum. The startup tells TechCrunch they’ve closed a $100 million Series C funding round, bringing their total funding to $160 million. The round was led by XN, with participation from Softbank and LVP alongside existing investors Benchmark, Bitkraft, Correlation Ventures and Epic Games.

When Manticore closed its Series B back in September 2019, VCs were starting to take Roblox and the gaming sector more seriously, but it took the pandemic hitting to really expand their expectations for the market. “Gaming is now a bonafide super category,” CEO Frederic Descamps tells TechCrunch.

Manticore’s Core gaming platform is quite similar to Roblox conceptually, the big difference is that the gaming company is aiming to quickly scale up a games and creator platform geared towards the 13+ crowd that may have already left Roblox behind. The challenge will be coaxing that demographic faster than Roblox can expand its own ambitions, and doing so while other venture-backed gaming startups like Rec Room, which recently raised at a $1.2 billion valuation, race for the same prize.

Like other players, Manticore is attempting to build a game discovery platform directly into a game engine. They haven’t built the engine tech from scratch, they’ve been working closely with Epic Games which makes the Unreal Engine and made a $15 million investment in the company last year.

A big focus of the Core platform is giving creators a true drag-and-drop platform for game creation with a specific focus on “remixing” allowing users to pick pre-made environments, drop pre-rendered 3D assets into them, choose a game mode and publish it to the web. For creators looking to inject new mechanics or assets into a title, there will be some technical know-how necessary but Manticore’s team hopes that making the barriers of entry low for new creators means that they can grow alongside the platform. Manticore’s big bet is on the flexibility of their engine, hoping that creators will come on board for the chance to engineer their own mechanics or create their own path towards monetization, something established app store wouldn’t allow them to.

“Creators can implement their own styles of [in-app purchases] and what we’re really hoping for here is that maybe the next battle pass equivalent innovation will come out of this,” co-founder Jordan Maynard tells us.

This all comes at an added cost, developers earn 50% of revenues from their games, leaving more potential revenue locked up in fees routed to the platforms that Manticore depends on than if they built for the App Store directly, but this revenue split is still much friendlier to creators that what they can earn on platforms like Roblox.

Building cross-platform secondary gaming platforms is host to plenty of its own challenges. The platforms involved not only have to deal with stacking revenue share fees on non-PC platforms, but some hardware platforms that are reticent to allow them all, an area where Sony has been a particular stickler with PlayStation. The long-term success of these platforms may ultimately rely on greater independence, something that seems hard to imagine happening on consoles and mobile ecosystems.

#app-store, #ceo, #co-founder, #core, #correlation-ventures, #epic-games, #frederic-descamps, #funding, #gaming, #jordan-maynard, #online-games, #roblox, #softbank, #sony, #video-game, #video-games, #video-gaming

0

Startups have about $1 trillion worth of reasons to love the Biden infrastructure plan

The sweeping infrastructure package put forward today by President Joe Biden comes with a price tag of roughly $2 trillion (and hefty tax hikes) but gives startups and the broader tech industry about $1 trillion worth of reasons to support it.

Tech companies have spent the past decade or more developing innovations that can be applied to old-world industries like agriculture, construction, energy, education, manufacturing and transportation and logistics. These are industries where structural impediments to technology adoption have only recently been broken down by the advent of incredibly powerful mobile devices.

Now, these industries are at the heart of the President’s plan to build back better, and the hundreds of billions of dollars that are earmarked to make America great again will, either directly or indirectly, be a huge boost to a number of startups and large tech companies whose hardware and software services will enable much of the work the Biden administration wants done.

“The climate-oriented investment in Biden’s new plan would be roughly ten times what came through ARRA,” wrote Shayle Kann, a partner with the investment firm, Energy Impact Partners. “It would present a huge opportunity for a variety of climate tech sectors, ranging from clean electricity to carbon management to vehicle electrification.”

Much of this will look and feel like a Green New Deal, but sold under a package of infrastructure modernization and service upgrades that the country desperately needs.  Indeed, it’s hard to invest in infrastructure without supporting the kind of energy efficiency and renewable development plans that are at the core of the Green New Deal, since efficiency upgrades are just a part of the new way of building and making things.

Over $700 billion of the proposed budget will go to improving resiliency against natural disasters; upgrading critical water, power, and internet infrastructure; and rehabilitating and improving public housing, federal buildings, and aging commercial and residential real estate.

Additionally there’s another roughly $400 billion in spending earmarked for boosting domestic manufacturing of critical components like semiconductors; protecting against future pandemics; and creating regional innovation hubs to promote venture capital investment and startup development intended to “support the growth of entrepreneurship in communities of color and underserved communities.”

Climate resiliency 

Given the steady drumbeat of climate disasters that hit the U.S. over the course of 2020 (and their combined estimated price tag of nearly $100 billion), it’s not surprising that the Biden plan begins with a focus on resiliency.

The first big outlay of cash outlined in the Biden plan would call for $50 billion in financing to improve, protect and invest in underserved communities most at risk from climate disasters through programs from the Federal Emergency Management Agency, Department of Housing and Urban Development, and new initiatives from the Department of Transportation. Most relevant to startups is the push to fund initiatives and technologies that can help prevent or protect against extreme wildfires; rising sea levels and hurricanes; new agriculture resource management; and “climate-smart” technologies.

As with most of Biden’s big infrastructure initiatives, there are startups tackling these issues. Companies like Cornea, Emergency Reporting, Zonehaven are trying to solve different facets of the fire problem; while flood prediction and weather monitoring startups are floating up their services too. Big data analytics, monitoring and sensing tools, and robotics are also becoming fixtures on the farm. For the President’s water efficiency and recycling programs, companies like Epic CleanTec, which has developed wastewater recycling technologies for residential and commercial buildings.

Fables of the reconstruction

Energy efficiency and building upgrades represent by far the biggest chunk of the Biden infrastructure package — totaling a whopping $400 billion of the spending package and all devoted to upgrading homes, offices, schools, veteran’s hospitals and federal buildings.

It gives extra credence to the thesis behind new climate-focused funds from Greensoil Proptech Ventures and Fifth Wall Ventures, which is raising a $200 million investment vehicle to focus on energy efficiency and climate tech solutions.

As Fifth Wall’s newest partner Greg Smithies noted last year, there’s a massive opportunity in building retrofits and startup technologies to improve efficiency.

“What excites me about this space is that there’s so much low-hanging fruit. And there’s $260 trillion worth of buildings,” Smithies said last year. “The vast majority of those are nowhere up to modern codes. We’re going to have a much bigger opportunity by focusing on some not-so-sexy stuff.”

Decarbonizing real estate can also make a huge difference in the fight against global climate change in addition to the its ability to improve quality of life and happiness for residents. “Real estate consumes 40% of all energy. The global economy happens indoors,” said Fifth Wall co-founder Brendan Wallace, in a statement. “Real estate will be the biggest spender on climate tech for no other reason than its contribution to the carbon problem.”

The Biden plan calls on Congress to enact new grant programs that award flexible funding to jurisdictions that take concrete steps to eliminate barriers to produce affordable housing. Part of that will include $40 billion to improve the infrastructure of the public housing in America.

It’s a project that startups like BlocPower are already deeply involved in supporting.

“Get the superhero masks and capes out. The Biden Harris Climate announcement is literally a plan to save the American economy and save the planet. This is Avengers Endgame in real life. We can’t undo the last five years… but we can make smart, massive investments in the climate infrastructure of the future,” wrote Donnel Baird, the chief executive and founder of BlocPower. “Committing to electrify 2 million American buildings, moving them entirely off of fossil fuels is exactly that — an investment in America leading theway towards creating a new industry creating American jobs that cannot be outsourced, and beginning to reduce the 30% of greenhouse gas emissiosn that come from buildings.”

As part of the package that directly impacts startups, there’s a proposal for a $27 billion Clean Energy and Sustainability Accelerator to mobilize private investment, according to the White House. The focus will be on distributed energy resources, retrofits of residential, commercial and municipal buildings; and clean transportation. A focus there will be on disadvantaged communities that haven’t had access to clean energy investments.

Financing the future startup nation

“From the invention of the semiconductor to the creation of the Internet, new engines of economic growth have emerged due to public investments that support research, commercialization, and strong supply chains,” the White House wrote. “President Biden is calling on Congress to make smart investments in research and development, manufacturing and regional economic development, and in workforce development to give our workers and companies the tools and training they need to compete on the global stage.”

To enable that, Biden is proposing another $480 billion in spending to boost research and development — including $50 billion for the National Science Foundation to focus on semiconductors and advanced communications technologies, energ technologies and biotechnology. Another $30 billion is designed to be targeted toward rural development; and finally the $40 billion in upgrading research infrastructure.

There’s also an initiative to create ARPA-C, a climate focused Advanced Research Projects Agency modeled on the DARPA program that gave birth to the Internet. There’s $20 billion heading toward funding climate-focused research and demonstration projects for energy storage, carbon capture and storage, hydrogen, advanced nuclear and rare earth  element separations, floating off shore wind, biofuel/bioproducts, quantum computing and electric vehicles.

The bulk of Biden’s efforts to pour money into manufacturing represents another $300 billion in potential government funding. That’s $30 billion tickets for biopreparedness and pandemic preparedness; another $50 billion in semiconductor manufacturing and research; $46 billion for federal buying power for new advanced nuclear reactors and fuel, cars, ports, pumps and clean materials.

Included in all of this is an emphasis on developing economies fairly and equally across the country — that means $20 billion in regional innovation hubs and a Community Revitalization Fund, which is designed to support innovative, community-led redevelopment efforts and $52 billion in investing in domestic manufacturers — promoting rural manufacturing and clean energy.

Finally for startups there’s a $31 billion available for programs that give small businesses access to credit, venture capital, and R&D dollars. Specifically, the proposal calls for funding for community-based small business incubators and innovation hubs to support growth in communities of color and underserved communites.

Water and power infrastructure 

America’s C- grade infrastructure has problems extending across the length and breadth of the country. It encompasses everything from crumbling roads and bridges to a lack of clean drinking water, failing sewage systems, inadequate recycling facilities, and increasing demands on power generation, transmission and distribution assets that the nation’s electricity grid is unable to meet.

“Across the country, pipes and treatment plants are aging and polluted drinking water is endangering public health. An estimated six to ten million homes still receive drinking water through lead pipes and service lines,” the White House wrote in a statement.

To address this issue, Biden’s calling for an infusion of $45 billion into the Environmental Protection Agency’s Drinking Water State Revolving Fund and Water Infrastructure Improvements for the Nation Act grants. While that kind of rip and replace project may not directly impact startups, another $66 billion earmarked for upgrades to drinking water, wastewater and stormwater systems and monitoring and managing the presence of contaminants in water will be a huge boon for the vast array of water sensing and filtration startups that have flooded the market in the past decade or more (there’s even an entire incubator dedicated to just water technologies).

The sad fact is that water infrastructure in America has largely failed to keep up in large swaths of the country, necessitating this kind of massive capital infusion.

And what’s true for water is also true increasingly true for power. Outages cost the U.S. economy upwards of $70 billion per year, according to the White House. So when analysts compare those economic losses to a potential $100 billion outlay, the math should be clear. For startups that math equals dollar signs.

Calls to build a more resilient transmission system should be music to the ears of companies like Veir, which is developing a novel technology for improving capacity on transmission lines (a project that the Biden administration explicitly calls out in its plan).

The Biden plan also includes more than money, calling for the creation of a new Grid Deployment Authority within the Department of Energy to better leverage rights-of-way along roads and railways and will support financing tools to develop new high-voltage transmission lines, the White House said.

The administration doesn’t stop there. Energy storage and renewable technologies are going to get a boost through a clutch of tax credits designed to accelerate their deployment. That includes a ten-year extension and phase down of direct-pay investment tax credits and production tax credits. The plan aslo calls for clean energy block grants and calls for the government to purchase nothing but renewable energy all day for federal buildings.

Complimenting this push for clean power and storage will be a surge in funding for waste remediation and cleanup, which is getting a $21 billion boost under Biden.

Companies like Renewell Energy, or various non-profits that are trying to plug abandoned oil wells, can play a role here. There’s also the potential to recover other mineral deposits or reuse the wastewater that comes from these wells. And here, too, investors can find early stage businesses looking for an angle. Part of the money frm the Biden plan will aim to redevelop brownfields and turn them into more sustainable businesses.

That’s where some of the indoor agriculture companies, like Plenty, Bowery Farms, AppHarvest could find additional pots of money to turn unused factory and warehouse space into working farms. Idled factories could also be transformed into hubs for energy storage and community based power generation and distribution facilities, given their position on the grid.

“President Biden’s plan also will spur targeted sustainable, economic development efforts through the Appalachian Regional Commission’s POWER grant program, Department of Energy retooling grants for idled factories (through the Section 132 program), and dedicated funding to support community-driven environmental justice efforts – such as capacity and project grants to address legacy pollution and the cumulative impacts experienced by frontline and fenceline communities,” the White House wrote.

Key to these redevelopment efforts will be the establishment of pioneer facilities that demonstrate carbon capture retrofits for large steel, cement, and chemical production facilities. But if the Biden Administration wanted to, its departments could go a step further to support lower emission manufacturing technologies like the kind companies including Heliogen, which is using solar power to generate energy for a massive mining operation, or Boston Metal, which is partnering with BMW on developing a lower emission manufacturing process for steel production.

Critical to ensuring that this money gets spent is a $25 billion commitment to finance pre-development activities, that could help smaller project developers, as Rob Day writes in Forbes.

“As I’ve written about elsewhere, local project developers are key to getting sustainability projects built where they will actually do the most good — in the communities hit hardest by both local pollution and climate change impacts. These smaller project developers have lots of expenses they must pay just to get to the point where private-sector infrastructure construction investments can come in,” Day wrote. “Everyone in sustainability policy talks about supporting entrepreneurs, but in reality much of the support is aimed at technology innovators and not these smaller project developers who would be the ones to actually roll out those technology innovations. Infrastructure investors are typically much more reticent to provide capital before projects are construction-ready.”

Building a better Internet

“Broadband internet is the new electricity. It is necessary for Americans to do their jobs, to participate equally in school learning, health care, and to stay connected,” the White House wrote. “Yet, by one definition, more than 30 million Americans live in areas where there is no broadband infrastructure that provides minimally acceptable speeds. Americans in rural areas and on tribal lands particularly lack adequate access. And, in part because the United States has some of the highest broadband prices among OECD countries, millions of Americans can’t use broadband internet even if the infrastructure exists where they live.”

The $100 billion that the Biden Administration is earmarking for broadband infrastructure includes goals to meet 100 percent high-speed broadband coverage and prioritizes support for networks owned, operated, or faffiliated with local governments, non-profits and cooperatives.

Attendant with the new cash is a shift in regulatory policy that would open up opportunities for municipally-owned or affiliated providers and rural electric co-ops from competing with prive providers and requiring internet providers to be more transparent about their pricing. This increased competition is good for hardware vendors and ultimately could create new businesses for entrepreneurs who want to become ISPs of their own.

Wander is one-such service providing high speed wireless internet in Los Angeles.

“Americans pay too much for the internet – much more than people in many other countries – and the President is committed to working with Congress to find a solution to reduce internet prices for all Americans, increase adoption in both rural and urban areas, hold providers accountable, and save taxpayer money,” the White House wrote.

 

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Apple invests $50M into music distributor UnitedMasters alongside A16z and Alphabet

Independent music distribution platform and tool factory UnitedMasters has raised a $50M series B round led by Apple. A16z and Alphabet are participating again in this raise. United Masters is also entering a strategic partnership with Apple alongside this investment. 

If you’re unfamiliar with UnitedMasters, it’s a distribution company launched in 2017 by Steve Stoute, a former Interscope and Sony Music executive. The focus of UnitedMasters is to provide artists with a direct pipeline to data around the way that fans are interacting with their content and community, allowing them to connect more directly to offer tickets, merchandise and other commercial efforts. UnitedMasters also generally allows artists to retain control of their own masters.

Neither of these conditions are at all typical in the music industry. In a typical artist deal, recording companies retain all audience and targeting data as well as masters. This limits an artist’s ability to be agile, taking advantage of new technologies to foster a community. 

While Apple does invest in various companies, it typically does so out of its Advanced Manufacturing Fund to promote US manufacturing or strategically in partners that make critical components of its hardware like silicon foundries or glass manufacturing. Apple does a lot more purchasing than investing, typically, buying a company every few weeks or so to supplement one product effort or another. UnitedMasters, then, would be a relatively unique partnership, especially in the music space. 

I spoke to UnitedMasters CEO Steve Stoute about the deal and what it means for the businesses 1M current artists and new ones. Stoute credits Apple executive Eddy Cue having a philosophy aligned with the UnitedMasters vision with getting this deal done. 

“We want all artists to have the same opportunity,” says Stoute. “Currently, independent artists have less opportunity for success and we’re trying to remove that stigma.”

This infusion, Stoute says, will be used to hire talent that are mission oriented to take UnitedMasters global. They’re seeking local technical talent and artists talent to build out the platform worldwide. 

“Every artist needs access to a CTO,” Stoute says. “Some of the value of what a manager is today for an artist needs to be transferred to that role.”

UnitedMasters wants to provide that technical edge at scale, allowing artists to build out their fanbase at a community level.

Currently, UnitedMasters has deals with the NBA, ESPN, TikTok, Twitch and others that allow artists to tap big brand deals that would normally be brokered by a label and manager. It also has a direct distribution app that allows publishing to all of the major streaming services. Most importantly, they can check stream, fan and earnings data at a glance. 

“Steve Stoute and UnitedMasters provide creators with more opportunities to advance their careers and bring their music to the world,” said Apple’s Eddy Cue in a release statement. “The contributions of independent artists play a significant role in driving the continued growth and success of the music industry, and UnitedMasters, like Apple, is committed to empowering creators.”

“UnitedMasters has completely transformed the way artists create, retain ownership in their work, and connect with their fans,” said Ben Horowitz, Co-Founder and General Partner of Andreessen Horowitz in a release. “We are excited to work with Steve and team to build a better, bigger, and far more profitable world for musical artists.” 

We are currently at an inflection point in the way that artists and fans connect with one another. Though there have been seemingly endless ways for artists to get their messages out or speak to fans using social media and other platforms, the actual business of distributing work to a community and making money from that work has been out of their hands completely since the beginning of the recording industry. Recent developments like NFTs, DAOs and social tokens, as well as an explosion of DTC frameworks have begun to re-write that deal. But the major players have yet to make the truly aggressive strides they need to in order to embrace this ‘artist centric’ new world. 

The mechanics of distribution have been based on a framework defined by DRM and the DMCA for decades. This framework was always marketed as a way to protect value for the artist but was in fact architected to protect value for the distributor. We need a rethinking of the entire distribution layer.

As I mentioned when reporting the UnitedMasters + TikTok deal, it’s going to be instrumental in a more equitable future for artists:

It’s beyond time for the creators of The Culture to benefit from that culture. That’s why I find this UnitedMasters deal so interesting. Offering a direct pipeline to audiences without the attendant vulture-ism of the recording industry apparatus is really well-aligned with a platform like TikTok, which encourages and enables “viral sounds” with collaborative performances. Traditional deal structures are not well-suited to capturing viral hype, which can rise and fall within weeks without additional fuel.

In music, Apple is at the center of this maelstrom along with a few other major players like Spotify. One of the big misses in recent years for Apple Music, in my opinion, was Apple’s failure to turn Apple Music Connect into an industry-standard portal that allowed artists to connect broadly with fans, distribute directly, sell tickets and merchandise but — most importantly — to foster and own their community. 

A UnitedMasters tie up isn’t a straight line to that goal, but it’s definitely got the ingredients. I’m looking forward to seeing what this produces. 

Image Credits: Steve Stoute

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NBA Top Shot maker Dapper Labs is now worth $2.6 billion thanks to half of Hollywood, the NBA, and Michael Jordan

From the early success of Crypto Kitties to the explosive growth of NBA Top Shot, Dapper Labs has been at the forefront of the cryptocurrency collectible craze known as NFTs.

Now the company is reaping the benefits of its trailblazing status with a new $305 million financing led by some of the biggest names in Hollywood, sports, and investing.

The new round values the company at a whopping $2.6 billion, according to multiple media reports, and comes at a time when NFTs have captured the popular imagination.

Leading the company’s financing was Coatue, the financial services firm that’s behind many of the biggest later stage tech deals. But heavy hitters from the entertainment world also took their cut — these are folks like NBA legend Michael Jordan as well as current players and funds including Kevin Durant, Andre Iguodala, Kyle Lowry, Spencer Dinwiddie, Andre Drummond, Alex Caruso, Michael Carter-Williams, Josh Hart, Udonis Haslem, JaVale McGee, Khris Middleton, Domantas Sabonis, Klay Thompson, Nikola Vucevic, Thad Young, and Richard Seymour’s 93 Ventures.

Entertainment and music heavyweights including Ashton Kutcher and Guy Oseary’s Sound Ventures, Will Smith and Keisuke Honda’s Dreamers VC, Shawn Mendes and Andrew Gertler’s AG Ventures, Shay Mitchell, and 2 Chainz also bought in on the action.

And from the venture world comes other strategic investors like Andreessen Horowitz, The Chernin Group, USV, Version One, and Venrock.

The company said it would use the funds to continue building out NBA Top Shot and expanding the updated digital trading card platform to other sports and a broader creator community.

Top Shot has already notched over $500 million in sales for its animated trading cards featuring things like LeBron James dunking and the sky (at least for now) is seemingly the limit for the collectible applications of blockchain.

It’s like the one thing that cryptocurrency can do really well and it’s been embraced far beyond the world of sports collectibles. The recent $69 million sale of a digital piece of art at Christies also marks a watershed moment for art world.

“NBA Top Shot is successful because it taps into basketball fandom – it’s a new and more exciting way for people to connect with their favorite teams and players,” said Roham Gharegozlou, CEO of Dapper Labs. “We want to bring the same magic to other sports leagues as well as help other entertainment studios and independent creators find their own approaches in exploring open platforms. NFTs unlock a new model for monetization that benefits the fans much more than advertising or sponsorships.”

Powering the Top Shot system and Dapper Labs’ other offerings is a new blockchain protocol called Flow, which purports to handle mainstream consumer applications at scale, and can support mass adoption.

Flow also allows for transactions using fiat currency and credit cards in addition to provide a much needed ease of cryptocurrency, and can keep customers safe from the fraud or theft common in cryptocurrency systems, according to a statement from Dapper Labs.

Flow enables NFT marketplaces and other decentralized applications that need to scale to handle mainstream demand without extremely high transaction costs (“gas fees”) or environmental concerns, the company said.

“NBA Top Shot is one of the best demonstrations we’ve seen of how quickly new technology can change the landscape for media and sports fans,” said Kevin Durant, Co-Founder of Thirty Five Ventures. “We’re excited to follow the progress with everything happening on Flow blockchain and use our platform with the Boardroom to connect with fans in a new way.”

Already companies like Warner Music Group, Ubisoft, Warner Media, and the UFC, as well as thousands of third party developers, artists, and other creators are using the Flow mainnet to sell collectible cards, and develop custodial wallets.

Additional investors in the round include: MLB players like Tim Beckham and Nolan Arenado; NFL players: Ken Crawley, Thomas Davis, Stefon Diggs, Dee Ford, Malcom Jenkins, Rodney McLeod, Jordan Matthew, Devin McCourty, Jason McCourty, DK Metcalf, Tyrod Taylor, and Trent Williams; team ownership including Vivek Ranadive (Kings), and notable sports investors Bolt Ventures.

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Atlanta’s early stage investment renaissance continues with Overline’s $27 million fund close

Michael Cohn became a celebrity in the Atlanta startup ecosystem when the company he co-founded was sold to Accenture in a deal valued somewhere between $350 million and $400 million nearly six years ago.

That same year, Sean O’Brien also made waves in the community when he helped shepherd the sale of the  collaboration software vendor, PGi, to a private equity firm for $1.5 billion.

The two men are now looking to become fixtures in the city’s burgeoning new tech community with the close of their seed-stage venture capital firm’s first fund, a $27.4 million investment vehicle.

Overline’s first fund has already made commitments to companies that are expanding the parameters of what’s investible in the Southeast broadly and Atlanta’s startup scene locally.

These are companies like Grubbly Farms, which sells insect-based chicken feed for backyard farmers, or Kayhan Space, which is aiming to be the air traffic control service for the space industry. Others, like Padsplit, an Atlanta-based flexible housing marketplace, are tackling America’s low income housing crisis. 

“Our business model is very different from that of a traditional software startup, and the Overline team’s unique strengths and operator mindset have been invaluable in helping us grow the company,” said Sean Warner, CEO and co-founder of Grubbly Farms. 

That’s on top of investments into companies building on Atlanta’s natural strengths as a financial services, payments and business software powerhouse.

For all of the activity in Atlanta these days, the city and the broader southeastern region is still massively underfunded, according to O’brien and Cohn. The region only received less than 10 percent of all the institutional venture investments that were committed in 2020. Indeed, only seven percent of Atlanta founders raise money locally when they’re first starting out, an Overline survey suggested.

“The data reflects what we have seen throughout our careers building, growing, and investing in startups. There is no shortage of phenomenal founders and businesses coming out of Atlanta and the Southeast, but they often struggle to find institutional capital at their earliest stages,” said O’Brien, in a statement. “Overline will lead as the first institutional check for these companies and be a true partner to the Founders throughout their lifecycle—supporting them on the strategic and operational business initiatives and decisions that are critical to a company’s success.” 

The limited partners in Overline’s first fund also reflects the firm’s emphasis on regional roots. The privately held email marketing behemoth Mailchimp anchored the fund, which also included partners like Cox Enterprises, Social Leverage,

Overline is supported by a bench of impressive partners that reflects the firm’s roots in the Southeast. Anchored by marketing platform, Mailchimp, additional partners include Cox Enterprises, Scottsdale, Ariz.-based Social Leverage, Wilmington, Del.-based Hallett Capital, and Atlanta Tech Village founder David Cummings, along with Techstars co-founder David Cohen. 

“At Mailchimp, we love our hometown of Atlanta, and are proud of the robust startup ecosystem that’s growing in our city. The Overline founding team’s vision of deploying smart, local capital into startups in Atlanta and the Southeast aligns with our goals of promoting and advancing local innovation,” said Rick Lynch, CFO, Mailchimp, in a statement.

The firm expects to make investments of between $250,000 to $1.5 million into seed stage companies and has already backed 11 companies including, Relay Payments, a logistics fintech company that has raised over $40 million from top-tier investors. 

“When we set out to build Atlanta Tech Village almost a decade ago, one of our primary goals was to help Atlanta develop into a top 10 startup city, where all entrepreneurs would thrive. We’re making tremendous strides as a community, as evidenced by the number of newly minted unicorns,” said serial entrepreneur and Atlanta Tech Village founder David Cummings. “I believe in Overline’s thesis that value-add institutional early-stage capital is critical to the ecosystem’s continued development. Since the early days, Michael and Sean have been an active presence in our community in a way that goes far beyond being a source of capital—as mentors, advisors, and champions of Atlanta founders. I am proud to be one of their first investors.”

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Bluu Biosciences raises cash to become Europe’s first purveyor of lab grown salmon, trout, and carp

A startup from Europe is joining the race to become the first big provider of lab grown fish.

Bluu Biosciences has raised €7 million in a round of financing from investors including Manta Ray Ventures, Norrsken VC, Be8, CPT Capital and Lever VC to compete with a host of startups like BluNalu, Wild Type, and Shiok Meats in a bid to market with a lab-grown fish replacement.

The market for sustainable fish is huge and growing. Already, concerns over the effects of overfishing and industrial fish farming are mounting as demand for fish increases. It’s the same problem that other animal-based sources of protein face. The amount of demand for high quality sources of protein from the Earth’s several billion people cannot sustainably keep up with the available supply.

That’s why a number of cellular meat companies are focusing on fish instead of other meats like beef, pork, or chicken.

There is a lot of talent in Europe and very little companies built in this space. If you compare it t0 the mammalian space there are a lot fewer companies,” said Simon Fabich, co-founder and managing director of Bluu.  

At Berlin-based Bluu, the focus is on salmon, trout, and carp (the most popular fish in China). Other companies are tackling tuna, salmon, and shrimp, but Bluu sees carp as an especially attractive target, given its popularity in one of the world’s most populous companies.

One advantage for Bluu, its founders argue, is the deep experience that co-founder Sebastian Rakers has in the wild world of cultivated fish cells.

A marine and cell biologist who was working for several years at the Munich-based Fraunhofer Institute, one of Europe’s most celebrated research institutes, Rakers led a task force that looked at potential commercial viability of cell-based meat, after conducting research on the viability of using fish cells as a component for viral production for the pharmaceutical industry.

Bluu Biotechnologies co-founder Sebastian Rakers. Image Credit: Bluu Biosciences

During his research Rakers cultivated 80 different cell cultures for more than 20 different species of fish. What’s more, he was able to make these cell lines immortal.

Before envisioning an endless, ever-producing mass of fish cells that could overwhelm the world, it might be worth explaining what immortal cell lines mean… Actually… the endless, ever-producing mass of self-reproducing fish cells comes pretty close.

Most cell lines tend to die off after reprodcuing a certain number of times, which means that to manufacture meat at scale can require several biopsies of the same animal to cultivate multiple cell lines at a time. Rakers said that Bluu could avoid that step, thanks to the work that had already been done to develop these “immortal” salmon, trout, and carp cell cultivars.

“It’s such a strong competitive advantage,” said Fabich. “If you have normal cells that are not immortalized you can only proliferate 20 to 25 times and then you need to start again from another biopsy. With immortalized cells you can grow up to 100,000 times and we can double it every day.” 

With this technology in hand, Rakers said he was thinking about what could come next in his own career and met up with Gary Lin, an impact investor and the founder of Purple Orange Ventures.

Lin connected Rakers with Fabich and the two men set off to commercialize Rakers’ research as Bluu. And even though there are several companies that have a head start in the market (and in funding), Rakers said that there are certain advantages to coming in late.

Five years ago there was hardly any company looking into media development, hardly any companies focused on bioreactor technologies at a very large scale and there was no company looking for scaffolding alternatives for cell-based meat,” he said. Now there are. 

The company is picking up speed quickly thanks to those other technology providers that are coming to market and will look to have a prototype product out by the end of 2022.

The company is also pushing for regulation, which both Fabich and Rakers said were one of the last remaining obstacles to commercialization. Ultimately, the company has its eye firmly on the Asian market. “That’s the one that moves the needle,” in terms of sustainability, Fabich said. “We can have the biggest impact if we change production behavior there.”

Bluu Biosciences co-founders Sebastian Rakers and Simon Fabich. Image Credit: Bluu Biosciences

 

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