blogger better: 2019-05-19

Saturday, May 25, 2019

Which public US universities graduate the most funded founders?

Joanna Glasner Contributor

Key findings

Looking at the list above, a few things stand out. First, our top ranker, University of California at Berkeley, is multiples above the rest of the field when it comes to graduating funded founders.

Berkeley is a school that’s generally hard to get into, prominent in STEM and located in the VC-rich San Francisco Bay Area. So seeing it top the list isn’t necessarily surprising. However, the magnitude of its lead — with nearly three times the funded founders of runner-up UCLA — does warrant attention.

Big Midwestern schools also did well, with University of Michigan and University of Illinois, Urbana-Champaign nabbing the third and fourth spots.

More broadly, the list includes schools from all U.S. regions, including the East Coast, West Coast, South, Midwest and Southwest. So no particular region has a lock on graduating funded entrepreneurs. That’s also not surprising. But it’s good to have some more numbers to back up that notion.

https://tcrn.ch/2VPeUdn Which public US universities graduate the most funded founders? https://tcrn.ch/2YNtaVO

Startups Weekly: VCs are drunk on beverage startups

Hello and welcome back to Startups Weekly, a newsletter published every Saturday that dives into the week’s most noteworthy venture deals, fundraises, M&A transactions and trends. Let’s take a quick moment to catch up. Last week, I wrote about an alternative to venture capital called revenue-based financing and before that, I jotted down some notes on one of VCs’ favorite spaces: cannabis tech. Remember, you can send me tips, suggestions and feedback to kate.clark@techcrunch.com or on Twitter @KateClarkTweets.

This week, I want to share some thoughts — questions, rather — on beverages. Just as my inbox has been full of cannabis-related pitches, it’s also been packed with descriptions of new…drinks. Perhaps the most noted so far is Liquid Death, canned water for the punk rock crowd, because why not? Liquid Death has attracted nearly $2 million in funding from angel investors like Away co-founder Jen Rubio and Twitter co-founder Biz Stone. Before I tell you about a few other up-and-coming beverage makers, I must beg the question: Does the beverage industry need disrupting?

Founders say yes. Why? For one, because millennials, according to various studies, are consuming less alcohol than previous generations and are therefore seeking non-alcoholic beverage alternatives. Enter Seedlip, a non-alcoholic spirits company, for example. Or Haus, launching this summer, an all-natural apéritif distilled from grapes that has a lower alcohol content than most hard liquors. Haus, like any good consumer startup in 2019, is shipped directly to your door.

Beverages are being disrupted, there's no stopping it. pic.twitter.com/DMEg88t4iO

— Kate Clark (@KateClarkTweets) May 21, 2019

Bev, a canned wine business that recently raised $7 million in seed funding from Founders Fund, thinks marketing in the alcohol industry is the problem. Founder Alix Peabody designed a line of female-focused canned rosé. If you’re wondering why alcohol needs to be gendered in such a way, you’re not alone. Peabody explained most alcohol brands cater to men, and that’s a problem.

“The joke I like to make is there’s a go-to type of alcohol for every type of bro and we just don’t have that for women,” Peabody told TechCrunch earlier this year.

Finally, the wellness movement is taking over, driving VCs toward some odd upstarts. From wellness chat and journaling apps to therapy substitutes to fitness companies, stick wellness in a pitch and investors will take a second look. More Labs, for example, is backed with $8 million in VC funding. The company is readying the launch of Liquid Focus, a biohacking-beverage that claims to “solve modern-day stressors without the negative side effects.” Finally, Elements, “an elevated functional wellness beverage formulated with clinical levels of adaptogens to give your body exactly what it needs in four categories (focus, vitality, calm, and rest) for specific cognitive functions” (damn, what copy), recently launched. It doesn’t appear to be funded yet, but let’s just give it a few months.

There’s more where that came from, but I’m done for now. On to other news.

IPO Corner

I almost skipped IPO corner this week because no big-name companies dropped or amended their S-1s or completed a highly anticipated IPO, as has been the case basically every week of 2019. But I decided I better give a quick update on Luckin Coffee’s tough second week on the stock market. Luckin Coffee, if you aren’t familiar, is Starbucks’ Chinese rival. The company raised more than $550 million after pricing at $17 per share a little over a week ago. Immediately the stock skyrocketed 20 percent to a roughly $5 billion market cap; then came concerns of the company’s lofty valuation, major cash burn and uncertain path to profitability. Luckin has dropped around 25 percent since closing its debut trading day. It closed Friday down 3 percent.

More changes at Y Combinator

Y Combinator, the popular accelerator program and investment firm announced this week that it has promoted longtime partner Geoff Ralston to president. This comes two months after former president Sam Altman stepped down to focus his efforts full-time on OpenAI. The promotion of Ralston is an unsurprising choice for YC, an organization that employs roughly 60 people, many of whom have been affiliated with it in one way or another for years.

M&A

Automattic acquires subscription payment company Prospress

Shopify quietly acquires Handshake, an e-commerce platform for B2B wholesale purchasing

Streem buys Selerio in an effort to boost its AR conferencing tech

As Amex scoops up Resy, a look at its acquisition history

Fundraising

The Los Angeles ecosystem is $76 million stronger this week as Fika Ventures, a seed-stage venture capital firm, announced its sophomore investment fund. Fika invests roughly half of its capital exclusively in startups headquartered in LA, with a particular fondness for B2B, enterprise and fintech companies. The firm was launched in 2017 by general partners Eva Ho and TX Zhuo, formerly of Susa Ventures and Karlin Ventures, respectively. The pair raised $41 million for the debut effort, opting to nearly double that number the second time around as a means to participate in more follow-on fundings.

Startup capital

DoorDash raises $600M at a $12.7B valuation
TransferWise completes $292M secondary round at a $3.5B valuation
Auth0 raises $103M, pushes its valuation over $1B
Canva gets $70M at a $2.5B valuation
Payment card startup Marqeta confirms $260M round at close to $2B valuation
Modsy scores $37M to virtually design your home
Sun Basket whips up $30M Series E
Zero raises $20M from NEA for a credit card that works like debit
Nigeria’s Gokada raises $5.3M for its motorcycle ride-hail biz

Extra Crunch

Our premium subscription service had another great week of interesting deep dives. This week, TechCrunch’s Lucas Matney went deep on Getaround’s acquisition of Drivy for his latest installment of The Exit, a new series at TechCrunch where we chat with VCs who were in the right place at the right time and made the right call on an investment that paid off. Here are some of the other Extra Crunch pieces that stood out this week:

Equity

If you enjoy this newsletter, be sure to check out TechCrunch’s venture-focused podcast, Equity. In this week’s episode, available here, Crunchbase News editor-in-chief Alex Wilhelm and I discuss how startups are avoiding IPOs and VC’s insatiable interest in food delivery startups.

https://tcrn.ch/2BYQuGw Startups Weekly: VCs are drunk on beverage startups https://tcrn.ch/2HXRoWR

How to see another company’s growth tactics and try them yourself

CoinBits launches as a passive investment app for bitcoin

Erik Finman is a twenty-something bitcoin maximalist as famous for his precocity as he is for his $12 bet on the currency a few years ago.

Now, Finman, who built his first company while still in High School, is launching a new startup called CoinBits, which allows users to passively invest in bitcoin.

The idea, according to Finman, is to democratize access to the currency by letting everyday folks invest nominal sums through well-known mechanisms like roundups on transactions made with a credit or debit card or through regular transactions from a customer’s savings or checking account to bitcoin through CoinBits.

Every transaction also helps Finman’s own bitcoin holdings grow and makes the young entrepreneur a little wealthier himself through his bitcoin holdings.

Users can make one-time investments of $10, $25, $50, or $100 dollars through the web-based platform and can establish a level of risk for their holdings.

Finman’s app collects no commissions on transactions and 98% of the Bitcoin is stored offline — for safety.

“Overall, investing in Bitcoin is complicated and can feel almost impossible,”. said Finman. “Coinbits allows you to put that spare change in Bitcoin. For example, if you spend $1.75 on French fries, that remaining 25 cents is invested automatically.”

Withdrawals are handled by CoinBits which will give users same-day processing for a 50 cent-fee and offers an easily downloadable record for accountants to deal with any gains or losses associated with bitcoin.

Given the fractional nature of these investments, and the volatility of bitcoin, it’s hard to know what real value investors can reap from these small transactions, but it’s a less risky way to experiment with building bitcoin holdings than take a huge flyer on the market.

https://ift.tt/eA8V8J CoinBits launches as a passive investment app for bitcoin https://tcrn.ch/2X0019s

Livekick raises $3M to use live video for private training

Livekick, a startup that gives customers access to one-on-one personal training and yoga from their home (or hotel room, or elsewhere), is announcing that it has raised $3 million in seed funding.

The company was founded by entrepreneur Yarden Tadmor and fitness expert Shayna Schmidt. Tadmor said that with all his travel for work, his fitness routine “really eroded,” so he contacted Schmidt and asked her to train him remotely — they’d connect via FaceTime, he’d mount his phone at the gym and she’d supervise his workout.

“We trained this way for a while, and then we realized: Hey, this is something that other people can really benefit from,” Tadmor said.

So with Livekick, users can sign up for one, two or three live, 30-minute sessions with a remote trainer, who they’ll connect with via the Livekick iOS app or website. (After a two-week trial, pricing starts at $32 per week.) The workouts will be tailored to the space and equipment that you have access to, and the trainers will also assign other workouts for the rest of the week.

Tadmor and Schmidt contrasted this approach with companies like Peloton and Mirror, which are bringing new exercise equipment and classes into the home, but which don’t offer one-on-one interaction with a trainer. Tadmor said this individualized approach is not just better tailored to each user’s needs, but also more effective at keeping them motivated. And Schmidt said the live interaction also ensures that people are doing their workouts correctly and safely.

Peloton raises $550M at a valuation of $4 billion

As for the trainers, Schmidt said this gives them a new way to find clients, particularly during their off-hours.

“For trainers, the hours that user are never booked are usually noon to 4pm — they never get a client because people are at work, obviously,” she said. “So we can give trainers in London those hours because for a user in New York, that’s morning. We can really fill their schedules [and] help them make some more income.”

Beyond consumer subscriptions, Livekick also offers a corporate program called Livekick for Travelers. And just to be clear, the service isn’t just for frequent travelers, as Tadmor noted: “If you live in New York, you have access to a lot of fitness options, but most people don’t. You’ve got to do a lot of commuting to get to a studio with great trainers, and so part of what we’re trying to bring is really let you do that from the comfort of your home.”

And while we recently covered the launch of a similar service called Future, Livekick actually launched in September, and Tadmor said the average retention rate has been over six months.

The round was led by Firstime VC, with participation from Rhodium and Draper Frontier.

“With its leading technology and ethos to make exercise accessible and affordable, we believe Livekick has the capacity to improve the lives and health of millions,” said Firstime’s Nir Taralovsky in a statement.

https://ift.tt/eA8V8J Livekick raises $3M to use live video for private training https://tcrn.ch/2VYVJ5P

CFIUS Cometh: What this Obscure Agency Does and Why It Matters to Your Fund or Startup

Evan J. Zimmerman Contributor

Evan J. Zimmerman is an entrepreneur, investor, and writer. He is the Chairman of Jovono and Chairman of the Clinton Health Access Initiative technology council. He is a partner and director in Mighty Mug/Mighty Products, Inc, and chairman of Brush Up Club, an innovative oral health company.

On January 12, 2016, Grindr announced it had sold a 60% controlling stake in the company to Beijing Kunlun Tech, a Chinese gaming firm, valuing the company at $155 million. Champagne bottles were surely popped at the small-ish firm.

Though not at a unicorn-level valuation, the 9-figure exit was still respectable and signaled a bright future for the gay hookup app. Indeed, two years later, Kunlun bought the rest of the firm at more than double the valuation and was planning a public offering for Grindr.

On March 27, 2019, it all fell apart. Kunlun was putting Grindr up for sale instead.

What went wrong? It wasn’t that Grindr’s business ground to a halt. By all accounts, its business seems to actually be growing. The problem was that Kunlun owning Grindr was viewed as a threat to national security. Consequently, CFIUS, or the Committee for Foreign Investment in the United States, stepped in to block the transaction.

So what changed? CFIUS was expanded by FIRRMA, or the Foreign Risk Review Modernization Act, in late 2018, which gave it massive new power and scale. Unlike before, FIRRMA gave CFIUS a technology focus. So now CFIUS isn’t just an American problem—it’s an American tech problem. And in the coming years, it will transform venture capital, Chinese involvement in US tech, and maybe even startups as we know it.

Here’s a closer look at how it all fits together.

What is CFIUS
What is FIRRMA?
Who Does This Affect?
Wrap-up

What is CFIUS?

Image via Getty Images / Busà Photography

CFIUS is the most important agency you’ve never heard of, and until recently it wasn’t even more than a committee. In essence, CFIUS has the ability to stop foreign entities, called “covered entities,” from acquiring companies when it could adversely affect national security—a “covered transaction.”

Once a filing is made, CFIUS investigates the transaction and both parties, which can take over a month in its first pass. From there, the company and CFIUS enter a negotiation to see if they can resolve any issues.

https://tcrn.ch/2JCVNBC CFIUS Cometh: What this Obscure Agency Does and Why It Matters to Your Fund or Startup https://tcrn.ch/2WmEydW

Nigeria’s Gokada raises $5.3M round for its motorcycle ride-hail biz

In many large cities across Africa, motorcycle taxies are as common as yellow-cabs in New York.

That includes Lagos, Nigeria, where ride-hail startup Gokada has raised a $5.3 million Series A round to grow its two-wheel transit business.

Gokada has trained and on-boarded over 1000 motorcycles and their pilots on its app that connects commuters to moto-taxis and the company’s signature green, DOT approved helmets.

The startup has completed nearly 1 million rides since it was co-founded in 2018 by Fahim Saleh—a Bangladeshi entrepreneur who previously founded and exited Pathao, a motorcycle, bicycle, and car transportation company.

For Gokada’s Series A, Rise Capital led the investment joined by Adventure Capital, IC Global Partners, and Illinois based First MidWest Group. Coinciding with the round, Nigerian investor and Jobberman founder Ayodeji Adewunmi will join Gokada as co-CEO.

Gokada will use the financing to increase its fleet and ride volume, while developing a network to offer goods and services to its drivers. “We’re going to start a Gokada club in each of the cities with a restaurant where drivers can relax, and we’ll experiment with a Gokada Shop, where drivers can get things they need on a regular basis, such as plantains, yams, and rice,” Saleh told TechCrunch.

The startup differs from other ride-hail ventures in that it doesn’t split fare revenue with drivers. Gokada charges drivers a flat-fee of 3000 Nigerian Naira a day (around $8) to work on their platform. The company is looking to generate a larger share of its revenue from building a commercial network around its rider community.

“We don’t do anything with the fares. We want to create an Amazon prime type membership…and ecosystem around the driver where we’re going to provide them more and more services, such as motorcycle insurance, maintenance, personal life-insurance, micro-finance loans,” Saleh said.

“We’re trying to provide a network of great services for our drivers that makes them stick with us, and not necessarily see a reason to switch to other platforms,” said Saleh.

Competition among those platforms is heating up, as global players enter Africa’s motorcycle taxi market and local startups raise VC and expand to new countries.

Uber began offering a two-wheel transit option in East Africa in 2018, around the same time Bolt (previously Taxify) started motorcycle taxi service in Kenya.

Uber and Taxify are going head-to-head to digitize Africa’s two-wheeled taxis

Rwanda has motorbike taxi startups SafeMotos and Yegomoto. Uganda based motorcycle ride-hail company Safeboda expanded into Kenya in 2018 and this month raised a Series B round of an undisclosed amount co-led by the venture arms of Germany’s Allianz and Indonesia’s GoJek.

Safeboda will use the round to further expand in East Africa and Nigeria in the near future, the startup’s CEO Maxime Diedonne confirmed to TechCrunch.

In Nigeria, Gokada faces a competitor in local startup MAX.ng, which offers mobile based passenger and logistics delivery services.

Overall, Africa’s motorcycle taxi market is becoming a significant sub-sector in the continent’s e-transport startup landscape. Two-wheel transit startups are vying to digitize a share of Africa’s boda boda and okada markets (the name for motorcycle taxis in East and West Africa)—representing a collective revenue pool of $4 billion and expected to double to $9 billion by 2021, according to a TechSci study.

“There is a formalization of an informal sector play here…to make it safer and higher quality,” Gokada investor Nazar Yasin of Rise Capital told TechCrunch.

The appeal to passengers is the lower cost of motorbike transit compared to buses or cabs ($1.85 is Gokada’s average fare) and the ability of two-wheelers to cut through the heavy congestion in cities such as Lagos and Nairobi.

A notable facet of motorcycle ride-hail companies in Africa is better organizing a space with a reputation for being somewhat chaotic and downright dangerous (see Nigeria’s past bans on the sector entirely due to safety).

For Gokada that includes training courses and certification of riders, the ability to track trips and safety stats from the app, and quality control for motorcycles—something that’s been lacking in East and West Africa’s non-digital moto-taxi space.

The company’s rider program offers a way for drivers to buy, own, and maintain their motorcycles as they earn. Gokada has entered into partnership with Indian motorcycle maker TVS Motors to create a custom version of the company’s TVS Apache motorcycles for Gokada drivers.

Gokada is also experimenting with adding sensors to its fleet to better track safety standards. “We’re looking at seat sensors and another GPS sensor to track things like ‘did this driver add more than one passenger on the bike’ and all that data will feed back into our servers,” Saleh said.

The company won’t enter any new countries in Africa in the near future. “We plan to expand all over Nigeria. We think it’s a large enough market for now,” said Gokada CEO Fahim Saleh. Nigeria is Africa’s most populous nation (190 million) and largest economy.

https://tcrn.ch/2W0rr2r Nigeria’s Gokada raises $5.3M round for its motorcycle ride-hail biz https://tcrn.ch/30HRQAQ

Online bank Simple makes things harder by removing bill pay

With a growing number of challenger banks taking on the U.S. market, one of the original startup banks, Simple — now owned by BBVA — has taken the unusual step of removing a core banking feature: bill pay. The company claimed the feature was under-utilized and usage was trending downwards, which is why it decided to sunset the option to pay bills through its app. That decision, not surprisingly, has angered a number of customers who are taking to social media and online forums like Reddit threatening to switch banks as a result.

It’s likely true that fewer people today use bill pay than in the past.

The feature is something of a holdover from an earlier era before electronic payment options and auto pay became as ubiquitous as they are now. And many customers may still have bill pay set up even though another electronic option has since become available. Or they may not want to take the time to reconfigure things, when what they have works.

But despite bill pay’s waning usage, it’s odd to shut down such a commonplace banking feature. It’s rare to find a bank that doesn’t offer bill pay services, in fact, outside of a handful of smaller up-and-comers that aren’t full-service banks.

Even new most of the newer U.S. fintech players like Chime, Qapital, SoFi Money, Varo, Aspiration, and others offer bill pay services where they mail a check for you. And it’s common among more traditional online banks like Ally, as well.

Removing bill pay also greatly impacts those who pay their rent by way of a mailed check, as many landlords are not set up for electronic payments. This is a recurring complaint among the customers who are lambasting Simple for its decision.

Instead, these customers will now have to purchase Simple’s newly available paper checks (sold in packs of 25 for $5 — oh, what a timely launch!).

They’ll then need to buy stamps, address envelopes, fill out checks and actually mail them.

Postal mail, of course, is not a preferred by today’s younger generation — many of whom never had to write letters, having grown up in the internet age. Millennials have even complained that the very act of having to mail things gives them anxiety, due to all the steps involved and their overall unfamiliarity with the process.

I use bill pay to support a family member.

You’re saying “paper checks will put me in control” but really what that means is that I now have something that previously was automatically handled and no I have to manually do it.

I was in control prior, you’re just taking it away

— Jonah Moses (@jonahmoses) May 19, 2019

Considering that banks like Simple are targeting the millennial customer, forcing them back to checks they have to mail themselves is not the smartest move — at least from a public relations perspective.

On top of all this, Simple’s announcement about the discontinuation of bill pay was not well-communicated. As it touted the arrival of paper checks, an email footer also quietly noted that bill bay would also shut down after July 9, 2019. Customers dinged Simple for its lack of transparency.

In the spirit of transparency, @simple should also let its users know that Bill Pay is going away. Proof here (from an email from them) pic.twitter.com/LuDmnHJIA2

— BC (@bcurielv) May 7, 2019

The company claimed it was sending emails about bill pay to customers — but many didn’t receive any message before learning of the change on Twitter. And they were angry.

Since the decision was announced, Simple has been dutifully responding to customers’ complaints on Twitter, sometimes with smiley emojis and cheerful customer service-ese, like: “We hear ya. Mailing payments for bills can be nerve wracking.”

The company even wished one customer well on their journey to find another bank.

No…..you aren't hearing us….that's the problem.

— Rebecca Ford (@rebannford) May 9, 2019

We do now offer paper checks for folks who want them, and many of our customers set up automatic withdrawals from the biller’s websites for their bill payments. But if you decide to look for a new bank partner, we wish you the best. -DG

— Simple (@simple) May 23, 2019

In addition to declining usage, the company said its newer Expenses feature was not working well with Bill Pay, which was another factor in its decision.

Good question – both are true. We knew that our existing bill pay process wasn't working well with our expenses feature, so combined with the low usage rates we decided to end it. Hope that helps to clarify! ^BC

— Simple (@simple) May 19, 2019

Predictably, the volume of customer complaints has led to the creation of a Change.org petition.

Things are now going so badly that Simple just sent customers another email in response to all the backlash. In it, the company acknowledges how unhappy customers are about its decision and its handling of the news.

“To be completely transparent, a really small percentage of our customers use Bill Pay,” the email reads. “With this service’s usage declining, we made the decision to sunset it. This allows us to use those resources to build new features that benefit a broader number of customers. We know that some of you aren’t happy about this decision or how we broke the news, and for that, we’re sorry.”

The decision, however, still stands.

Simple was one of the original innovators in online banking. But after its acquisition, the pace of innovation has slowed down and customer growth has stagnated. Over the years, the company has been maligned for not allowing non-U.S. citizens to sign up and for shutting down customers’ accounts without with little notice, due to transition issues.

Now it’s angering customers again just as a number of new, millennial-focused online banks are hitting the market — and as challenger banks from Europe, like N26 and Revolut are preparing to make the jump to the U.S. That may not be the best time to send a core group of users in search of alternatives.

The full email sent to customers is below:

You probably heard this already but if you haven’t: Simple’s “Pay a bill” and “Mail a check” features (also known as “Bill Pay”) are going away on or after July 9. If you have a payment scheduled on or after that date, it will not be paid or sent.

To be completely transparent, a really small percentage of our customers use Bill Pay. With this service’s usage declining, we made the decision to sunset it. This allows us to use those resources to build new features that benefit a broader number of customers.

We know that some of you aren’t happy about this decision or how we broke the news, and for that, we’re sorry.

We’ll continue to be in touch over the coming weeks. In the meantime, if you have any questions, we’re reachable via a support message or at (888) 248-0632.

Thanks,

— The Team at Simple

Simple has been offered the opportunity to comment.

http://bit.ly/2WDkD7v Online bank Simple makes things harder by removing bill pay https://tcrn.ch/2MgyUG6

Canopy’s upscale co-working business adds a new location in SF on the heels of strategic funding

Canopy, an upscale, profitable developer of co-working spaces, has expanded its footprint in San Francisco to a third location on the heels of a strategic financing round.

Co-founded by the product designer Yves Behar, the second-generation design-build developer Amir Mortazavi and serial entrepreneur and medical office space developer Steve Mohebi, Canopy bills itself as a better-designed WeWork for high-powered adults (or aspiring high-powered adults).

Canopy co-founders Amir Mortazavi, Yves Behar and Steve Mohebi

The company opened its latest office space in the financial district of San Francisco and has plans to double its Jackson Square location with a new penthouse space.

Investors in the round were culled from Canopy members and a few institutional investment funds, including Structure Capital, Montage Ventures and Graph Ventures, and individuals like Erik Blachford, the former chief executive of Expedia, Mark Pincus, the former chief executive of Zynga and Spencer Rascoff, the co-founder of Zillow.

Canopy’s latest office will be at 353 Kearny Street and Pine. The ground floor will house a retail store in partnership with Monocle Magazine and contain 32 offices suitable for everyone from one person shops to larger teams of 10.

Like all of its offices, Canopy’s new building will be kitted out with Herman Miller sit-to-stand desks and Sayl chairs, and sound masking for privacy.

“Designing our spaces along with my friend and co-founder, Yves Behar, to serve the unmet demands of the premium segment has been a true labor of passion,” said co-founder and CEO, Amir Mortazavi, in a statement. “We build everything around our members’ needs — a generosity of space, abundant natural light, easy flow between private and shared spaces — to ensure the overall Canopy experience is at once inspiring and calm.”

The company boasts 300 members already and its founders say the business is already profitable. Canopy’s workspaces are not for everyone. Prices start at $100 per month to take advantage of the company’s addresses for people who want a virtual office. For folks who want 10 days’ worth of access to the co-working space’s common areas and an actual seat at a table, the price tag is $365 per month ($275 gets you 60 days of access out of a year).

Meanwhile, anyone who wants to be able to sit at an actual desk and work at a Canopy space better be willing to shell out $925 per month. That’s… not cheap.

https://tcrn.ch/2whzFUC Canopy’s upscale co-working business adds a new location in SF on the heels of strategic funding https://tcrn.ch/2K0PqaA

Luckin leaves bitter aftertaste, now trading below IPO price

In the first few days following Luckin Coffee’s initial public offering, the stock chart for LK looked like a roller coaster. Now it’s looking more like a freefall.

The Chinese Coffee chain successfully completed its highly anticipated offering roughly a week ago, raising over $550 million after pricing at $17 per share, the high end of its $15-$17 per share range.

Luckin was met with a warm reception from the markets, with the stock skyrocketing roughly 20% to a greater than $5 billion market cap in its first day of trading. However, concerns over the company’s lofty valuation, major cash burn and uncertain path to profitability have caused the stock to nosedive since.

Luckin has around 25% since closing its debut trading day at $20.38 per share, and 40% from its intraday peak of $25.96. As of Friday’s open, Luckin stock sat at $15.44, now well below its IPO price.

Leading into the IPO, Luckin had already been the topic of much debate. Luckin had filed for its public offering just a year and a half after its founding. And prior to its filing, Luckin had raised over $500 million in venture capital through four fundraising rounds that all occurred just within roughly one year’s time, per Pitchbook and Crunchbase data.

As Luckin’s valuation continued to level up, many questioned the sustainability of its business model and heavily discounted pricing strategy, with Luckin’s limited operating history already pointing to substantial losses and heavy cash outflows.

The concerns have followed Luckin into the public markets and it’s unclear whether the stock’s early struggles are just growing pains or a broader indication that public investors have limits to the levels of nascency and unprofitability they are willing to accept and bet capital on.

As one of the few publicly-traded early-stage growth companies, and likely the only one in the “coffee” vertical, Luckin lacks similar companies for investors to compare the stock to and also seems to lack a natural investor base – with the story a bit too foreign for typical tech sector investors and a bit too hectic for your typical food and beverage investor.

What is clear is that much is still misunderstood regarding the company’s unique history, its growth strategy, local market dynamics or otherwise. We’ll continue to keep an eye on Luckin stock to see whether the picture gets a bit brighter once investors get more comfortable with the story and as management proves its ability to execute.

For now, check out articles on Extra Crunch written by TechCrunch’s Danny Crichton and Rita Liao for deep dive primers into Luckin and all its moving parts.

https://ift.tt/eA8V8J Luckin leaves bitter aftertaste, now trading below IPO price https://tcrn.ch/2JBMcLq

Why Luckin’s ultimate target may not be Starbucks

Starbucks plans to double its store count in China to 5,000 in 2021 and Luckin, a one-year-old coffee startup, is matching up by aiming to reach 4,500 by the end of this year. Luckin’s upsized $651 million flotation has brought American investors’ attention to this potential Starbucks rival in China, where the Seattle giant controlled over half of the coffee market as late as 2017. But as soon as you make your first purchase with Luckin, you realize its ultimate goal may not be to topple Starbucks.

To get your caffeine intake from Luckin, the ordering process happens entirely on its app. First, you will decide how you want to fetch the drink: have it delivered within 30 minutes, pick it up at a nearby Luckin kiosk, or sit back and sip at one of its full-on cafes, or what it calls ‘relax stores.’

Say you’re tied up at the desk, you can input your location to check if you’re within Luckin’s delivery radius. Luckin has essentially built a vast coffee delivery network through its partnership with one of China’s biggest courier services SF Express, which dispatch staff to ferry the drinks on scoot fleets. luckin You then place the order, choosing from a range of drinks and customizing it — hot or cold, the amount of sugar and portions of creamer, the type of syrup flavor and the likes. When you get to the end, Luckin will ask you to pay via its app. If you’re a first-time user, you get a ‘first order free’ voucher, a common strategy for many Chinese consumer-facing apps to lure new users.

https://tcrn.ch/2JChzW5 Why Luckin’s ultimate target may not be Starbucks https://tcrn.ch/2QjETsm

Why Luckin’s ultimate target may not be Starbucks

from Social – TechCrunch https://tcrn.ch/2JChzW5 Why Luckin’s ultimate target may not be Starbucks Rita Liao https://tcrn.ch/2QjETsm
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Best Buy cancels Samsung Galaxy Fold preorders

{rss:content:encoded} Best Buy cancels Samsung Galaxy Fold preorders https://tcrn.ch/2JyllQg http://bit.ly/2JYgreK May 24, 2019 at 04:04PM

Samsung is taking its time bringing the Galaxy Fold back to market. And frankly, that’s probably for the best. The Note debacle from a few years back was an important lesson about what happens when you rush a product back to market. That one resulted in a second recall — PR nightmae upon PR nightmare.

With a release date still very much in limbo, Best Buy has sent notes to those who pre-ordered the Fold. Spotted by The Verge, the letter has since been posted to Best Buy’s support forum. It cites “a plethora of unforeseen hiccups,” (fair enought) adding, “Because we put our customers first and want to ensure they are taken care of in the best possible manner, Best Buy has decided to cancel all current pre-orders for the Samsung Galaxy Fold.

The letter goes on to assure customers that the big box retailer is “working closely with Samsung” to help deliver the product to customers. At the moment, however, their guess on the timeframe is as good as ours.

Recent reports have suggested that an announcement was imminent, with the company having solved design flaws that had reviewers peeling off screens and getting debris jammed in the holes of the folding mechanism. More recent reports gave the product a June 13 release date, but that too appears to have been scrubbed for the time being.

Lime’s founding CEO steps down as his co-founder takes control

In an all-hands meeting this afternoon, the scooter and bike-sharing phenom Lime announced co-founder and chief executive officer Toby Sun would transition out of the C-suite to focus on company culture and R&D. Brad Bao, a Lime co-founder and long-time Tencent executive, will assume chief responsibilities, Lime confirmed to TechCrunch.

“Lime has experienced unprecedented growth in the global marketplace under the joint leadership of our co-founders Brad Bao and Toby Sun,” the company said in a statement provided to TechCrunch. “Fortunately, Lime’s structure allows for our executive leadership to be multipurpose and we are making a few changes to our team today to seize the opportunity ahead of us.”

Sun and Bao launched Lime together in late 2016. The San Mateo-based company had near-immediate success, attracting hundreds of millions in venture capital funding and reaching a valuation of more than $1 billion in only a year and a half’s time. Today, the company is valued at $2.4 billion and is expected to hit the fundraising circuit soon.

In addition to today’s CEO shake-up, Lime’s chief operating officer and former GV partner Joe Kraus has been promoted to the role of president. Kraus joined Lime full-time late last year after more than a decade at the venture capital arm of Alphabet.

Meet @tobysun and @Bradbao, our founders.#UnlockLife
Full Film: https://t.co/FyLLe86Ywt pic.twitter.com/0ndiBCTOIT

— Lime (@limebike) May 23, 2019

Bao, given his Tencent tenure, seems like a natural choice to lead Lime into a more mature phase of business. Sun, a former investment director at Fosun Kinzon, has less operational experience than his counterpart, who was most recently the vice president of the Chinese conglomerate’s gaming decision.

News of Sun’s demotion comes hot off the heels of a fresh new marketing campaign, featured above, in which the Lime co-founders describe the scooter-sharing startup’s origin story and grand ambitions. The company, backed by Bain Capital Ventures, Andreessen Horowitz, Fidelity Ventures, GV, IVP and a slew of other top-notch investors, is active in more than 100 cities in the U.S. and 27 cities internationally. As of June, riders had taken more than 50 million trips on one of Lime’s vehicles.

Lime raises $310 million Series D round led by Bain Capital Ventures and others

https://ift.tt/eA8V8J Lime’s founding CEO steps down as his co-founder takes control https://tcrn.ch/2VXDrly

Streem buys Selerio in effort to boost its AR teleconferencing tech

Streem, an AR startup that is meshing teleconferencing software with computer vision tech, has acquired a small U.K. startup called Selerio that’s also building out augmented reality technologies.

The startups were both members of betaworks’ VisionCamp accelerator program last year where they met and collaborated while tackling separate computer vision problems in the AR space.

Streem’s play is that they can create a kind of souped-up Skype call that enables home service providers to get more visual data in the course of chatting with home-owners. This can be something simple like character recognition that enables users to point their phone rather than reciting a 30-character serial number; the company can also take measurements or save localized notes.

The Portland startup has disclosed more than $10 million in funding, though they have also just closed a new bout of funding (though they’re not sharing the amount yet).

Selerio’s focus is all about gaining a contextual understanding of a space. The startup was spun out of research from Cambridge University. The company has not disclosed its amount of seed funding, but betaworks, Greycroft Partners and GGV Capital are among its backers. All three of Selerio’s employees have joined Streem as part of the acquisition.

https://tcrn.ch/2Wkiq3U Streem buys Selerio in effort to boost its AR teleconferencing tech https://tcrn.ch/2JA7cSH

Zero raises $20 million from NEA and others for a credit card that works like debit

Just ahead of the launch of the Apple Card, a startup that has its own take on modernizing the credit card industry, Zero, is announcing the close of its $20 million Series A. The new round of funding was led by New Enterprise Associates (NEA), and brings Zero’s total raised to date to $35 million, including both equity and debt funding.

Other investors in the round include SignalFire, Eniac Ventures, Nyca Partners, and some unnamed school endowments. Zero had previously announced an $8.5 million raise in fall 2017, led by Eniac, and had raised $7 million in venture debt from Silicon Valley Bank.

Zero has a clever idea that targets millennials’ hesitance to sign up for credit cards.

Today, only 33 percent of millennials have a major credit card, a Bankrate survey found — largely because they’re wary of falling into the vicious debt cycle. Instead, this younger demographic often only carries a debit card. But that also means they’re missing out on credit card benefits — like points, rewards, and cash back.

Zero’s idea is to offer a rewards credit card that works like debit.

The Zerocard itself is a World Mastercard, so it earns credit card cash back. But unlike a traditional credit card, it’s combined with an FDIC-backed checking account called Zero Checking. That means Zerocard and Zero Checking work together in the app, allowing cardholders to see one net number they can spend from.

That way, they won’t make the mistake of accidentally going over budget, as is often the case with traditional credit cards who then benefit from charging interest on the unpaid balance.

Zero co-founder and CEO Bryce Galen says he had always liked optimizing his personal finances, but didn’t see the value in overspending to chase rewards.

“People spend 10 to 15 percent more on average just because they’re putting it on a credit card, and not seeing where they stand all the time,” he says. “Spending 10 to 15 percent more to chase 1 to 2 percent in rewards doesn’t make sense.”

Plus, he adds, “half of all credit card points are never even redeemed.”

With Zerocard, the company does away with other credit card annoyances as well.

Zerocard doesn’t charge annual fees like many traditional credit cards do. And Zero Checking doesn’t add any additional ATM fees beyond what the ATM owner charges. It also does away with foreign transaction fees, minimum balance fees, and overdraft fees — like many of today’s challenger banks.

Meanwhile, the Zero app is built with an eye towards what makes apps great.

Galen, who led product development for Zynga’s “Words with Friends” has experience in this department, while co-founder and COO Joel Washington previously co-founded car sales marketplace Shift. The executive team, combined, has backgrounds that include time at Affirm, Apple, Capital One, Dropbox, Google, Postmates, Silicon Valley Bank, Upgrade, and Wells Fargo.

Overall, Zero’s design feels clean and simple, compared to the cluttered and dated apps from traditional banks. It has smart features, too, like a detailed transaction view that shows the vendor’s logo and location on a map to make it easier to recognize purchases.

“Zero creates an innovative debit-style experience, with an elegant design, and truly compelling rewards. It’s a fabulous banking experience,” said Hans Morris, Managing Partner of Nyca Partners and former President of Visa, Inc., in a statement. “Few people understand how complex it is to launch either a credit card or a checking account program, and I believe Zero is the first U.S. startup to launch both,” he said.

Zero launched in November 2018, but only to a small number of customers. Though officially open for business, it was functioning more like a public beta — though it didn’t call it that at the time. Meanwhile, its waitlist continued to grow.

Today, there are still 204,000 people waiting to be allowed in — something that Galen says is now going to happen.

“We haven’t launched to everyone on the waitlist yet, but we expect to within the next few weeks,” he says.

Another interesting twist on traditional credit cards is Zero’s path to card upgrades: it encourages but also rewards customers for telling their friends. By doing so, customers gain access to better-looking cards and higher cash back percentages.

Zero customers start with a “Quartz” card offering 1 percent back on purchases. When a friend they refer joins, they receive a higher-level card called “Graphite” that offers 1.5 percent back. Two friends earns you the “Magnesium” card with 2 percent back and four friends gets you the “Carbon” card with 3 percent back. The Carbon card is also solid metal, capitalizing on the millennial trend of wanting their cards to look cool. And metal cards are in particular demand.

To receive the full cash back rates, customers have to pay their balances in full by the due date, Zero says.

The company has partnered with Salt Lake City-based WebBank to issue the card, and deposits are held at Memphis-based Evolve Bank & Trust, an FDIC member. Zero makes money primarily on interchange and interest on deposits.

While some users may leave balances on the card that generate interest, Zero isn’t focused on that aspect of the business for revenue generation.

“Most companies in fintech today are launching undifferentiated debit cards as a feature or extension to their product for an additional engagement and monetization stream,” says Rick Yang, partner at NEA, as to why he invested.

“Zero is completely focused on their card programs and building a differentiated solution that actually provides a value proposition that resonates with consumers. We’ve also been fascinated by the growth of debit outpacing credit, and we think that our solution gives consumers the best of both worlds,” he adds.

Zero is currently iOS-only, but is working on an Android version which is expected to be ready in August.

https://tcrn.ch/2whoQlI Zero raises $20 million from NEA and others for a credit card that works like debit https://tcrn.ch/2QkuuN0

From launch to launch: Peter Beck on building Rocket Lab’s orbital business

Breaking into the launch industry is no easy task, but New Zealand’s Rocket Lab has done it without missing a step. The company has just completed its third commercial launch of 2019, and is planning to increase the frequency of its launches until there’s one a week. It’s ambitious, but few things in spaceflight aren’t.

Although it has risen to prominence over the last two years at a remarkable rate, the appearance of Rocket Lab in the launch market isn’t exactly sudden. One does not engineer and test an orbital launch system in a day.

The New Zealand-based company was founded in 2006, and for years pursued smaller projects while putting together the Rutherford rocket engine, which would eventually power its Electron launch vehicle.

Far from the ambitions of the likes of SpaceX and Blue Origin, which covet heavy-launch capabilities to compete with ULA to bring payloads beyond Earth orbit, Rocket Lab and its Electron LV have been laser-focused on frequent and reliable access to orbit.

Utilizing 3D printed engine components that can be turned out in a single day rather than weeks, and other manufacturing efficiencies, the company has gone from producing a rocket a year to one a month, with the goal of one a week, to match or exceed its launch cadence.

Seem excessive? The years-long backlog of projects waiting to go to orbit disagrees. There’s demand to spare and the market is only growing.

Peter Beck, the company’s founder and CEO, sat down with us to talk about the process of building a launch provider from scratch, and where the company goes from here — other than up.

Devin: To start with, why don’t we talk about the recent launches? Congratulations on everything going well, by the way. Any thoughts on these most recent ones?

Peter: Thanks, it’s great to be hitting our stride. We wanted electron to be an accurate vehicle and we’re averaging within around 1.4 kilometers. When you get into what that means, at those speeds it takes 180 milliseconds to travel 1.4 km, so we’ve got the accuracy down pat.

https://ift.tt/eA8V8J From launch to launch: Peter Beck on building Rocket Lab’s orbital business https://tcrn.ch/2VZvMTz

Facebook releases community standards enforcement report

Facebook has just released its latest community standards enforcement report and the verdict is in: people are awful, and happy to share how awful they are with the world.

The latest effort at transparency from Facebook on how it enforces its community standards contains several interesting nuggets. While the company’s algorithms and internal moderators have become exceedingly good at tracking myriad violations before they’re reported to the company, hate speech, online bullying, harassment and the nuances of interpersonal awfulness still have the company flummoxed.

In most instances, Facebook is able to enforce its own standards and catches between 90% and over 99% of community standards violations itself. But those numbers are far lower for bullying, where Facebook only caught 14% of the 2.6 million instances of harassment reported; and hate speech, where the company internally flagged 65.4% of the 4.0 million moments of hate speech users reported.

By far the most common violation of community standards — and the one that’s potentially most worrying heading into the 2020 election — is the creation of fake accounts. In the first quarter of the year, Facebook found and removed 2.19 billion fake accounts. That’s a spike of 1 billion fake accounts created in the first quarter of the year.

Spammers also keep trying to leverage Facebook’s social network — and the company took down nearly 1.76 billion instances of spammy content in the first quarter.

For a real window into the true awfulness that people can achieve, there are the company’s self-reported statistics around removing child pornography and graphic violence. The company said it had to remove 5.4 million pieces of content depicting child nudity or sexual exploitation and that there were 33.6 million takedowns of violent or graphic content.

Interestingly, the areas where Facebook is the weakest on internal moderation are also the places where the company is least likely to reverse a decision on content removal. Although posts containing hate speech are among the most appealed types of content, they’re the least likely to be restored. Facebook reversed itself 152,000 times out of the 1.1 million appeals it heard related to hate speech. Other areas where the company seemed immune to argument was with posts related to the sale of regulated goods like guns and drugs.

In a further attempt to bolster its credibility and transparency, the company also released a summary of findings from an independent panel designed to give feedback on Facebook’s reporting and community guidelines themselves.

Facebook summarized the findings from the 44-page report by saying the commission validated Facebook’s approach to content moderation was appropriate and its audits well-designed “if executed as described.”

The group also recommended that Facebook develop more transparent processes and greater input for users into community guidelines policy development.

Recommendations also called for Facebook to incorporate more of the reporting metrics used by law enforcement when tracking crime.

“Law enforcement looks at how many people were the victims of crime — but they also look at how many criminal events law enforcement became aware of, how many crimes may have been committed without law enforcement knowing and how many people committed crimes,” according to a blog post from Facebook’s Radha Iyengar Plumb, head of Product Policy Research. “The group recommends that we provide additional metrics like these, while still noting that our current measurements and methodology are sound.”

Finally the report recommended a number of steps for Facebook to improve, which the company summarized below:

Additional metrics we could provide that show our efforts to enforce our polices such as the accuracy of our enforcement and how often people disagree with our decisions
Further break-downs of the metrics we already provide, such as the prevalence of certain types of violations in particular areas of the world, or how much content we removed versus apply a warning screen to when we include it in our content actioned metric
Ways to make it easier for people who use Facebook to stay updated on changes we make to our policies and to have a greater voice in what content violates our policies and what doesn’t

Meanwhile, examples of what regulation might look like to ensure that Facebook is taking the right steps in a way that is accountable to the countries in which it operates are beginning to proliferate.

What does ‘regulating Facebook’ mean? Here’s an example

It’s hard to moderate a social network that’s larger than the world’s most populous countries, but accountability and transparency are critical to preventing the problems that exist on those networks from putting down permanent, physical roots in the countries where Facebook operates.

from Social – TechCrunch https://tcrn.ch/2HNwNV5 Facebook releases community standards enforcement report Jonathan Shieber https://tcrn.ch/2VWMYsQ
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Indian PM Narendra Modi’s reelection spells more frustration for US tech giants

Amazon and Walmart’s problems in India look set to continue after Narendra Modi, the biggest force to embrace the country’s politics in decades, led his Hindu nationalist Bharatiya Janata Party to a historic landslide re-election on Thursday, reaffirming his popularity in the eyes of the world’s largest democracy.

The re-election, which gives Modi’s government another five years in power, will in many ways chart the path of India’s burgeoning startup ecosystem, as well as the local play of Silicon Valley companies that have grown increasingly wary of recent policy changes.

At stake is also the future of India’s internet, the second largest in the world. With more than 550 million internet users, the nation has emerged as one of the last great growth markets for Silicon Valley companies. Google, Facebook, and Amazon count India as one of their largest and fastest growing markets. And until late 2016, they enjoyed great dynamics with the Indian government.

But in recent years, New Delhi has ordered more internet shutdowns than ever before and puzzled many over crackdowns on sometimes legitimate websites. To top that, the government recently proposed a law that would require any intermediary — telecom operators, messaging apps, and social media services among others — with more than 5 million users to introduce a number of changes to how they operate in the nation. More on this shortly.

Growing tension

from Social – TechCrunch https://ift.tt/eA8V8J Indian PM Narendra Modi’s reelection spells more frustration for US tech giants Manish Singh https://tcrn.ch/2K01RUb
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DoorDash, now valued at $12.6B, shoots for the moon

More than five years ago, Sequoia partner Alfred Lin called Tony Xu, the founder of a small on-demand delivery startup called DoorDash, to say he was passing on the company’s seed round.

This was, of course, before venture capital funding in food delivery startups had taken off. DoorDash, launched out of Xu’s Stanford graduate school dorm room, wasn’t worth Sequoia’s capital — yet.

Today, venture capitalists are valuing the San Francisco-based company at a whopping $12.6 billion with a $600 million Series G. New investors Darsana Capital Partners and Sands Capital participated in the deal, which nearly doubles DoorDash’s previous valuation, alongside existing backers Coatue Management, Dragoneer, DST Global, Sequoia Capital, the SoftBank Vision Fund and Temasek Capital Management.

As for Sequoia’s Alfred Lin, he realized his mistake years ago and jumped in on DoorDash’s 2014 Series A, and has participated in every subsequent round since. DoorDash, a graduate of Y Combinator’s Summer 2013 cohort, is also backed by Kleiner Perkins, CRV and Khosla Ventures, among others. In total, the company has raised $2.5 billion in VC funding, making it one of the most well-capitalized private companies in the U.S.

SoftBank, via its prolific dealmaker Jeffrey Housenbold, was responsible for making DoorDash a unicorn in early 2018. The nearly $100 billion Vision Fund led DoorDash’s $535 million Series D, valuing the business at $1.4 billion. Just three months ago, the SoftBank Vision Fund, DST Global, Coatue Management, GIC, Sequoia and Y Combinator put an additional $400 million in the fast-growing business.

SAN FRANCISCO, CA – SEPTEMBER 05: DoorDash CEO Tony Xu speaks onstage during Day 1 of TechCrunch Disrupt SF 2018 at Moscone Center on September 5, 2018 in San Francisco, California. (Photo by Kimberly White/Getty Images for TechCrunch)

Xu told TechCrunch the company’s Series F was “a reflection of superior performance over the past year.” DoorDash was currently seeing 325% growth year-over-year, he said, pointing to recent data from Second Measure showing the service had overtaken Uber Eats in the U.S., coming in second only to GrubHub.

“I think the numbers speak for themselves,” Xu said at the time. “If you just run the math on DoorDash’s course and speed, we’re on track to be number one.”

At a venture capital-focused summit hosted in April, Xu added that DoorDash was the largest delivery platform in America by “pretty wide margins,” explaining that it was, in fact, growing 4x faster than its next closest peer. In this morning’s announcement, the company added that it’s grown 60% since its late February Series F, with its annualized total sales hitting $7.5 billion in March, an increase of 280% year-over-year.

Still, one wonders what kind of growth metrics DoorDash might be sharing to attract that kind of valuation multiple. The company has yet to disclose revenues and is not yet profitable, but has seen its price tag grow astronomically in just two years. Since March 2018, DoorDash’s valuation has skyrocketed from $1.4 billion to $4 billion with a $250 million Series E to $7.1 billion with a $350 million Series F and, finally, to nearly $13 billion with its Series G.

The $12.6 billion valuation makes DoorDash one of the 10 most valuable venture-backed companies in the U.S., surpassing Coinbase, Instacart and even Slack, according to PitchBook.

DoorDash is currently active in more than 4,000 cities in the U.S. and Canada, with hundreds of partners, including both restaurants and supermarkets (Walmart is using DoorDash for grocery deliveries). The company also operates DoorDash Drive, which allows businesses to use the DoorDash network to make their own deliveries.

https://tcrn.ch/2WjTTvQ DoorDash, now valued at $12.6B, shoots for the moon https://tcrn.ch/2X2U4Zg

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