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Monday, June 28, 2021

MWC 2021 day one wrap-up

{rss:content:encoded} MWC 2021 day one wrap-up https://ift.tt/3h3Vdwp https://ift.tt/3y4aYsE June 28, 2021 at 11:37PM

“It is great that MWC is back,” Samsung UK’s James Kitto said, opening up this year’s presser. “And behalf of everyone at Samsung, it’s great to be back at MWC.”

What, precisely, it means to be “back” in 2021 is another question entirely. Samsung was, of course, one of a number of major industry players who announced that they would not be exhibiting at this year’s Mobile World Congress in Barcelona. It was hard not to see an echo of last year’s event, when key players pulled out, one by one, forcing the GSMA to cancel the event altogether.

This year’s event is different for myriad reasons. For one thing, MWC’s traditional timeframe of late-February/early-March put the event directly in the crosshairs of COVID-19’s arrival in the EU. For another, this time out, the organizing body had another year to prepare.

The simplest route would have been to do what the CTA did with CES and go all-virtual. The first all-virtual CES had plenty of issues of course, but attempting an in-person element ahead of a widespread vaccine rollout in the U.S. would have, at best, complicated things by orders of magnitude.

COVID-19 continues to be a concern in Spain – as with much of the world. The GSMA opted to go ahead with the event this year, however, after pushing MWC back several months from its standard dates. The company has implemented all sorts of safety measures, but judging from early videos taken at the event, social distancing ought not to prove an issue on the show floor this year.

Image Credits: Samsung/Google

It seems safe to assume that most who are “attending” the event are doing so virtually – a list that includes the vendors themselves.

Samsung is among those high profile companies that presented a pre-recorded virtual press conference. Perhaps companies still see value in being attached to this sort of event even if it’s virtual, or maybe the on-going partnership with the organization is worth nurturing. The cynical part of me wonders how many of the sponsored sessions just couldn’t be reversed.

Samsung’s event was arguably the biggest of the day, but the presser felt like little more than a placeholder. The biggest news of the press conference was an expansion of a partnership Google announced at I/O last month, while much of the rest of the stream was pointing toward an Unpacked event happening later this summer.

Image Credits: Samsung

In fact, the event closed with a black and white slide reading “See you soon at the next Unpacked,” in case you didn’t get the hint. Bottom line: no hardware.

Lenovo, on the other hand, didn’t hold back. That’s due, in part, to the fact that the company releases a tremendous amount of hardware, so why not tie it to MWC, right?

The list of announcements inluces a new version of the Smart Clock Google Assistant alarm clock with a built-in wireless charging pads for phones and several tablets, including the Yoga Tab 11 and 13, which sport combination hanger/kickstand. The 13-inch system also doubles as an external monitor, which is when the kickstand really comes in handy.

Image Credits: Lenovo

TCL got out ahead of the event early, with the announcement of NXTWEAR G – a wearable OLED cinema display. The headmounted device approximates a 140-inch display with a 16:9 aspect ratio. The company also offered a better look at the 20 Pro 5G, which is coming to the States at just a dollar short of $500, featuring a snapdragon 750G processor and a headphone jack to boot.

TCL NEXTWEAR G

Those are your top line headlines for the show so far. The event runs through July 1st, so still plenty of show left, whether or not anyone will be there to see it in person.

Read more about Mobile World Congress 2021 on TechCrunch

 

FTC’s antitrust case against Facebook falters but doesn’t quite fall in federal court

An antitrust suit against Facebook by the FTC and several states had the wind taken out of its sails today by a federal judge, who ruled that the plaintiffs don’t provide enough evidence that the company exerts monopoly control over social media. The court was more receptive, however, to revisiting the acquisitions of Instagram and WhatsApp, and the case was left open for regulators to take another shot at it.

The court decision was in response to a Facebook motion to dismiss the suit. Judge James Boesberg of the D.C. circuit explained that the provided evidence of monopoly and antitrust violations was “too speculative and conclusory to go forward.” In a more ordinary industry, it might have sufficed, he admits, but “this case involves no ordinary or intuitive market.”

It was incumbent on the plaintiffs to back up their allegation of Facebook controlling 60 percent of the market with clear and voluminous data and a convincing delineation of what exactly that market comprises — and it failed to do so, wrote Boesberg. Therefore he dismissed the complaints in accordance with Facebook’s legal argument. (I’ve asked the FTC and Facebook for comment and will update this post if I hear back.)

On the other hand, Boesberg is sensible that lack of evidence in the record does not mean that the evidence does not exist. So he his giving the FTC and states 30 days to amend their filing, after which the complaints will be reevaluated.

He also found that Facebook’s logic for dismissing the suit’s allegations regarding its controversial acquisitions of Instagram and WhatsApp was lacking.

Facebook argued that even supposing that these acquisitions were somehow problematic, the FTC is not authorized to prosecute such “long-past conduct” and is limited to more recent or imminent problems. Boesberg was not convinced, finding precedent that essentially says such mergers are legally considered current as long as they exist, and the government can revisit them any time it thinks it has cause.

That may very well be the plan of the FTC’s new Chair, Lina Khan, who has taken a hawkish regulatory position regarding antitrust in general and past acquisitions specifically. At her confirmation hearing she commented that the approvals of the mergers may have been made without complete information and as such represented a “missed opportunity” to understand and build rules around.

The 30 day punt in fact may be a great opportunity for Khan to put her ideas into practice, as the judge practically literally invites them to rewrite the complaint with more information. Whether she and the FTC have enough material to put together a compelling case remains to be seen, but one thing is for certain: Facebook should put the champagne back in the fridge, for now at least. Khan may not stop at a slap on the wrist.



from Social – TechCrunch https://ift.tt/eA8V8J FTC’s antitrust case against Facebook falters but doesn’t quite fall in federal court Devin Coldewey https://ift.tt/3hdDul1
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Facebook to target Nigerian learners with educational app Sabee, created by its R&D team

{rss:content:encoded} Facebook to target Nigerian learners with educational app Sabee, created by its R&D team https://ift.tt/3dmJNBI https://ift.tt/3y2j317 June 28, 2021 at 08:04PM

Last fall, Facebook announced it was opening an office in Lagos, Nigeria, which would provide the company with a hub in the region and the first office on the continent staffed with a team of engineers. We’ve now spotted one of the first products to emerge from this office: an education-focused mobile app called Sabee, which means “to know” in Nigerian Pidgin. The app aims to connect learners and educators in online communities to make educational opportunities more accessible.

The app was briefly published to Google Play by “NPE Team,” the internal R&D group at Facebook, which has typically focused on new social experiences in areas like dating, audio, music, video, messaging and more.

While the learnings from the NPE Team’s apps sometimes inform broader Facebook efforts, the group hasn’t yet produced an app that has graduated to become a standalone Facebook product. Many of its earlier apps have also shut down, including (somewhat sadly), the online zine creator Eg.g, video app Hobbi, calling app CatchUp, friend-finder Bump, podcast community app Venue, and several others.

Sabee, however, represents a new direction for the NPE Team, as it’s not about building yet another social experiment.

Instead, Sabee is tied to Facebook’s larger strategy of focusing more on serving the African continent, starting with Nigeria. This is a strategic move, informed by data that indicates a larger majority of the world’s population will be in urban centers by 2030, and much of that will be on the African continent and throughout the Middle East. By 2100, Africa’s population is expected to have tripled, with Nigeria becoming the second-most populated country in the world, behind China.

Image Credits: Facebook NPE Team

To address the need to connect these regions to the internet, Facebook teamed with telcos on 2Africa, a subsea cable project that aims to serve the over 1 billion people still offline in Africa and the Middle East. These aren’t altruistic investments, of course — Facebook knows its future growth will come from these demographics.

Facebook confirmed its plans for Sabee to TechCrunch after we discovered it, noting it was still a small test for the time being.

“There are 50 million learners, but only 2 million educators in Nigeria,” said Facebook Product Lead, Emeka Okafor. “With this small, early test, we’re hoping to understand how we can help educators build communities that make education available to everyone. We look forward to learning with our early testers, and deciding what to do from there.”

Image Credits: Facebook NPE Team

The disparity between learners and educators in Nigeria greatly impacts women and girls, which is another key focus for Sabee — and the NPE Team’s efforts in the region as a whole. The company also wants to explore how to better serve groups who are often left behind by technology. On this front, Sabee is working to create an experience that works with low connectivity, like 2G.

We understand the app is currently in early alpha testing with fewer than 100 testers who are under NDA agreements with Facebook. It’s not available for anyone else beyond that group at present, but the company hopes to scale Sabee to the next stage before the end of the year.

There is no way to sign up for a Sabee waitlist, and the app is no longer public on Google Play. It was available so briefly that it was never ranked on any charts, app store intelligence firm Sensor Tower confirmed to us.

We should note that “sabee” and “sabi/sabis” have other, less-polite meanings in different languages, per Urban Dictionary. But the team has no plans to change the name for now as it makes sense in the Nigerian market where the app is targeted.

 

Samsung and Google preview wearable platform ahead of next Galaxy Watch launch

{rss:content:encoded} Samsung and Google preview wearable platform ahead of next Galaxy Watch launch https://ift.tt/2T6Rmpf https://ift.tt/3vXpzEN June 28, 2021 at 07:15PM

Samsung’s Mobile World Congress presser was, once again, all about wearables. The big news at this evening’s (or afternoon’s, timezone dependent) event was our best look yet at a redesigned interface for the company’s line of Galaxy Watches.

One UI Watch – which takes its name from the Galaxy mobile interface — will share a design language with the one found on the company’s line of Galaxy phones. The upcoming One UI Watch will debut at an upcoming Unpacked event later this summer, sporting the new UI, as well as the forthcoming joint Samsung/Google platform.

Image Credits: Samsung/Google

It was first teased at I/O last month that the two technology powerhouses would be teaming up on a wearables project. We still have little in the way of information about it, however, – including what it will actually be called.

The partnership was initially announced as a “unified platform” that would allow developers to create a single app for both Google’s Wear OS and Tizen, the open-source operating system Samsung has long relied on for its own smartwatches. As we noted at the time, third-party app development has proven a considerable hurdle for both companies as they look to take on Apple’s dominance of the space.

Among the benefits of the partnerships is that once a watch-compatible app has been downloaded on a connected smartphone, it will also be downloaded to the app. Along with first-party Google apps like Maps and YouTube Music, the list includes Spotify (naturally), Calm, Strava, Adidas Running and Sleep Cycle.

Image Credits: Samsung/Google

“Samsung and Google have a long history of collaboration, and whenever we’ve worked together, the experience for our consumers has been dramatically better for everyone,” Google SVP Sameer Samat said in a release tied to the news. “That certainly holds true for this new, unified platform, which will be rolling out for the first time on Samsung’s new Galaxy Watch. In collaboration with Samsung, we’re thrilled to bring longer battery life, faster performance, and a wide range of apps, including many from Google to a whole new wearable experience.”

Such a partnership seems odd at first blush – Samsung long ago eschewed Google’s wearable operating system in favor of its own heavily customized version of Tizen. Ultimately, however, it seems the two are united against the monolith that is Apple – which currently enjoys somewhere in the neighborhood of 40% of the global market. Samsung is in second, but even with Fitbit under its wing, Google’s still got a ways to go.

Samsung will also be showing off improved development tools that make it easier to create things like watch faces for the platform.

Read more about Mobile World Congress 2021 on TechCrunch

 

VCs discuss the opportunities – and challenges – in Pittsburgh’s startup ecosystem

Ahead of our TechCrunch City Spotlight: Pittsburgh event tomorrow, I spoke to current Mayor Bill Peduto and Dave Mawhinney, the executive director of Carnegie Mellon University’s Swartz Center for Entrepreneurship. Like many in the Steel City startup community, both share a focus on the historically difficult task of keeping startups in town.

For more on investing in Pittsburgh, be sure to tune in to our City Spotlight on Tuesday, June 29, where we will be joined by Peduto, Duolingo director of engineering Karin Tsai and Carnegie Mellon University President Farnam Jahanian. Register for the free event here.

I asked Peduto and Mawhinney what the single biggest obstacle has been in building out Pittsburgh’s startup ecosystem. Both responded the same way: venture capital. Raising funding is, of course, a hurdle regardless of location, but many VCs have been reluctant to invest in startups outside of traditional hubs like San Francisco and New York.

“But one of the challenges is getting that capital to come into the community,” said Mawhinney, who leads CMU’s startup efforts. “If you look at how much Uber ATG brought in, how much Argo AI and Aurora — collectively, those three companies, which have all licensed CMU technologies, they’ve all got over $7 billion in collective capital. Not all of it will be spent here, but a lot of it will be spent here. But that doesn’t necessarily trickle down to the next AI startup raising their first $3 million.”

Pittsburgh skyline

Image Credits: Eilis Garvey/Unsplash

Peduto said growing the VC pipeline has been a focus during his time as mayor.

“I think we’ve been able to convince investors from the coast that the companies don’t need to leave Pittsburgh in order to be highly successful and see their investment pay off,” he told TechCrunch. “However, I believe if we had more venture capital arriving here to help take early-stage companies into that critical next stage of expansion, it would build off itself and it would excel growth in all of the industry cluster, significantly.”



https://ift.tt/3xZ5wHC VCs discuss the opportunities – and challenges – in Pittsburgh’s startup ecosystem https://ift.tt/360Y82m

Real estate tech startup Side raises $50M more at a $2B valuation as it preps for an IPO

Side, a real estate technology company that works to turn agents and independent brokerages into boutique brands and businesses, has raised “$50 million-plus” in a funding round that doubles its valuation to $2 billion.

The latest financing comes just three months after the San Francisco-based startup raised $150 million in a Series D funding round led by Coatue Management at a $1 billion valuation. Tiger Global Management led the latest investment, which also included participation from ICONIQ Capital and D1 Capital Partners. With the latest capital infusion, Side’s total raised since its 2017 inception now totals over $250 million. Matrix Partners, Sapphire Ventures, Trinity Ventures and 8VC led its earlier rounds.

Side says that it is now “backed by the three top technology initial public offering (IPO) underwriters” and that the latest funding “sets the stage for a future IPO.”

The startup pulled in between “$30 million and $50 million in revenue” in 2020 (a wide range, we know), and expects to double revenue this year. In 2019, Side represented over $5 billion in annual home sales across all of its partners. Today, the company’s community of agent partners represents over $15 billion in annual production volume. And it’s predicting that by the end of 2021, it will have closed over $20 billion in home sales, positioning the company “as a top 10 national brokerage by volume.”

Today, Side supports more than 1,800 partner agents across California, Texas and Florida. It says it’s seen a 200% year-over-year increase in agent-represented home sales across its three operating markets of California, Texas and Florida. The company plans to enter 15 new states by year’s end.

Guy Gal, Edward Wu and Hilary Saunders founded Side on the premise that most real estate agents are “underserved and under-appreciated” by traditional brokerage models.

CEO Gal said existing brokerages are designed to support “average” agents and, as such, the top-producing agents end up having to do “all of the heavy lifting.”

Side’s white label model works with agents and teams by exclusively marketing their boutique brand, while also providing the required technology and support needed on the back end. The goal is to help partner agents “predictably grow” their businesses and improve their productivity.

“The way to think about Side is the way you think about what Shopify does for e-commerce […] When partnering with Side, top-producing agents, teams and independent brokerages, for the first time in history, gain full ownership of their own brand and business without having to operate a brokerage,” Gal told me at the time of the company’s last raise. “When you spend years solving the problems of this very specific community of agents, you are able to use software to drive enormous efficiency for them in a way that has never been done before.”

Existing brokerages, he argues, actively discourage agents from becoming top producers and teams, because agents who serve fewer clients can be forced into paying much higher commission fees on every transaction, which means the incentives between brokerages and top agents and teams are misaligned.

“Top producers want to grow and differentiate, and brokerages want them to do less business at higher fees and be one more of the same under the same brand,” Gal said. “Side, rather than discouraging and competing with top-producing agents and teams, enables them to grow and scale their own business and brand.”

 



https://ift.tt/eA8V8J Real estate tech startup Side raises $50M more at a $2B valuation as it preps for an IPO https://ift.tt/3A7Alvx

Foursquare founder Dennis Crowley steps back from the company

Foursquare co-founder Dennis Crowley has announced that he is stepping back of his full-time role at the company. During the first seven years of the company, he was the startup’s Chief Executive Officer. In 2016, Crowley moved to an executive chairman position. He’s also been running the Foursquare Labs R&D group since then.

Going forward, Crowley won’t be working full-time at the company. He’ll remain on the Board of Directors as co-chair with Factual founder Gil Elbaz.

In 2009, Foursquare was better-known for its location-based social network. People would check in to locations to share what they’ve been up to with their friends. Users would earn badges and mayorships.

Over the years, the most active users had amassed thousands of checkins. Foursquare became a great app to keep track of places you like. You could also use it to discover your friends’ favorite places.

That’s why the company decided to split its main app into two separate apps — the Foursquare City Guide and Swarm. At the same time, the company started workin on developer APIs and SDKs so that other companies could take advantage of Foursquare’s location data.

That business in particular has been quite lucrative. With the company’s Pilgrim SDK, developers can build location-aware apps. For instance, an advertiser can send a personalized notification based on where you are. Foursquare tries to be as accurate as possible and can sometimes even figure out when you enter or exit a venue.

That SDK enables many different possibilities. It’s easy to track the impact of an advertising campaign on online sales — but what about offline interest?

Foursquare’s SDK can help advertisers and brand see whether an advertising campaign has an impact on foot traffic. Of course, you can also combine that data with other customer data.

The company has become an important advertising and marketing platform focused on location. Overall, the company has generated more than $100 million in revenue in 2020. And it plans to grow in 2021 and beat that number.

Dennis Crowley mentions two reasons why he’s leaving now. According to him, the company is doing well, and he’s been working on the same thing for twelve years already.

“Foursquare hasn’t just found its way… it leads the way. I used to say that my goal was to make the name ‘Foursquare’ synonymous with ‘innovation in contextual aware computing’… And, here in 2021, we’ve built the tools and frameworks that can make that so,” Crowley writes in a blog post.

“Also, twelve years is a lot of time. I have lots of things I still want to build — many of which don’t fit neatly into the Foursquare of 2021 (and, hey fellow founder, it’s fine to feel this way!),” he adds. He’s also going to spend some well-deserved time with his family.

Crowley has been an iconic startup founder during Web 2.0 era. He managed to attract tens of millions of users. It’s clear that he’s been a great product CEO during the early years of the company. And now, the company is also generating revenue. So it’s going to be interesting to see what he builds next.



https://ift.tt/eA8V8J Foursquare founder Dennis Crowley steps back from the company https://ift.tt/3dpcAFH

SentinelOne’s upgraded IPO pricing is good news for Tiger, public markets and your local VC

As the second quarter races to a close, we’re down to the wire for IPOs looking to get out before June ends. One such company is SentinelOne, a cybersecurity startup backed by Insight Venture Partners, Redpoint, Tiger Global Management, Data Collective and Anchorage Capital, among others.

SentinelOne raised an ocean of capital while private, including nearly $500 million across two rounds in 2020. Its debut is therefore a huge liquidity event for a host of investing groups. And today, the cybersecurity unicorn had good news in the form of an upgrade to its IPO price range.


The Exchange explores startups, markets and money. Read it every morning on Extra Crunch or get The Exchange newsletter every Saturday.


Last week, The Exchange wrote that the company’s IPO would be a “good heat check for the IPO market” given its rapid growth and pace of losses. How investors valued it would help explain the public market’s current appetite for loss-making startups. Today’s news implies healthy appetites.

SentinelOne raised its IPO price range this morning from $26 to $29 per share to $31 to $32 per share, a sizable lift to its valuation and IPO raise.

This morning, we’re unpacking the company’s new valuation range, thinking about SentinelOne’s growth and revenue results compared to similar public companies, and working to understand if the company is inexpensive, neutrally priced or expensive compared to current comps. Sound fun? It will be!

What’s SentinelOne worth?

Recall that when SentinelOne last raised capital it was valued at $2.7 billion on a pre-money basis. The company was therefore worth just under $3 billion after the $267 million round. The unicorn is going to yeet that figure into space in its IPO, barring something catastrophic.

Its new IPO price range of $31 to $32 per share values the company on a much richer basis. With an anticipated simple share count of 253,530,006 after its IPO, inclusive of a private placement, the company would be worth $7.86 billion to $8.11 billion.



https://ift.tt/37CXSXp SentinelOne’s upgraded IPO pricing is good news for Tiger, public markets and your local VC https://ift.tt/3gYuG3k

Tapcart, a ‘Shopify for mobile apps,’ raises a $50 million Series B

Shopify changed the e-commerce landscape by making it easier for merchants to set up their websites both quickly and affordably. A startup called Tapcart is now doing the same for mobile commerce.

The company, which has referred to itself as the “Shopify for mobile apps,” today powers the shopping apps for top brands, including Fashion Nova, Pier One Imports, The Hundreds, Patta, Culture Kings, and thousands more. Following a year of 3x revenue growth, in part driven by the pandemic, Tapcart is today announcing the close of a $50 million round of Series B funding, led by Left Lane Capital. Having clearly taken notice of Tapcart’s traction with its own merchant base, Shopify is among the round’s participants.

Other investors in the round include SignalFire, Greycroft, Act One Ventures and Amplify LA.

Tapcart’s co-founders, Sina Mobasser and Eric Netsch, have worked in the mobile app industry for years. Mobasser’s previous company, TestMax, offered one of the first test prep courses on iOS, while Netsch had more recently worked on the agency side to create mobile and digital experiences for brands. Together, the two realized the potential in helping online merchants bring their businesses to mobile, as easily as they were able to go online with Shopify.

Tapcart’s founders Sina Mobasser and Eric Netsch at their Santa Monica HQ

“Now, you can launch an app on our platform in a matter of weeks, where historically it would take up to a year if you wanted to custom build an app,” explains Mobasser. “And you can do it for a low monthly fee.”

Tapcart’s platform itself offers a simple drag-and-drop builder that allows anyone to create a mobile app for their existing Shopify store using tools to design their layout, customize the product detail pages, integrate checkout options, include product reviews, and even optionally add other branded content, like blogs, lookbooks, videos (including live video) and more. Everything is synced directly from Shopify to the app in real-time, so the merchant’s inventory, products and collections are all kept up-to-date. That’s a big differentiator from some rivals, which require duplicate sets of data and data transformation.

Tapcart, meanwhile, leverages all of Shopify’s APIs and SDKs to create a native application that works with Shopify’s existing data structures.

Image Credits: Tapcart

 

This tight integration with Shopify helps Tapcart because it doesn’t have to focus on the e-commerce infrastructure, as the way things are structured around inventory and collections are roughly 90% the same across brands. Instead, Tapcart focuses on the 10% that makes brands stand out from one another, which includes things like branding, content and design. Its CMS allows merchants to create exclusive content, change the colors and fonts, add videos and more to make the app look and feel fully customized.

Beyond the mobile app creation aspect to its business, Tapcart also helps merchants automate their marketing. Through the Tapcart platform, merchants can communicate with their customers in real-time using push notifications that can alert them to new sales, to encourage them to return to abandoned carts, or any other promotions. The marketing campaigns can be automated, as well, which helps merchants schedule their upcoming launches and product drops ahead of time. The company claims these push notifications deliver click-through rates that are 72% higher than a traditional email or SMS text because of their interactivity and branding.

Image Credits: Tapcart

The platform has quickly found traction with SMB to mid-market enterprise customers who have reached the stage of their business where it makes sense for them to double down on customer retention and conversion and optimize their mobile workflow.

“Our sweet spot is when you have maybe a couple hundred customers in your database,” notes Netsch. “That’s a perfect time to now focus less on the paid acquisition portion of your business and more on how to retain and engage those existing customers, [so they’ll] shop more and have a better experience,” he says.

During the past 12 months, over $1.2 billion in merchant sales have flowed through Tapcart’s platform. And in 2020, Tapcart’s recurring revenue increased by 3x, as mobile apps grew even faster during the pandemic, which had increased consumer mobile screen time by 20% year-over-year from 2019. Mobile commerce spending also grew 55% year-over-year, topping $53 billion globally during the holiday shopping season, the company says. Tapcart’s own merchants saw mobile app orders at a rate of more than once-per-second during this time, and it believes these trends will continue even as the pandemic comes to an end.

Today, Tapcart generates revenue by charging a flat SaaS (software-as-a-service) fee, which differentiates it from a number of competitors who charge a percent of the merchant’s total sales.

Image Credits: Tapcart

With the additional funding, Tapcart plans to focus on its goal of becoming a vertically integrated mobile commerce suite of tools, which more recently includes support for iOS App Clips. It will also soon release an upgraded version of its insights analytics platform and will offer scripts that merchants can install on their mobile websites to compare what works on the site versus what works in the app.

Later this year, Tapcart plans to launch a full marketing automation product that will allow brands to automate and personalize their notifications even further. And it plans to invest in market expansions to make its product better designed for mobile, global commerce.

The funding will allow Santa Monica-based Tapcart to hire another 200 people over the next 24 months, up from the 70 it has currently. These will include new additions across time zones and even in markets like Australia and Europe as it moves toward global expansion.

Shopify’s investment will open up a number of new opportunities as well, including on product, engineering, business strategy and partnerships. It will also help to get Tapcart in front of Shopify’s 1.7 million global merchants.

“There’s still quite a lot of merchants that need better mobile experiences, but have yet to really double down on the mobile effort and get something like a native app,” notes Netsch. “There’s a lot of different ways and methods that merchants are experimenting with mobile growth, and we’re trying to offer all of the best parts of that in a single platform. So there’s tons of expansion for Tapcart to do just that with the existing target addressable market,” he says.

“We believe brands must be where their customers are, and today that means being on their phones,” said Satish Kanwar, VP of product acceleration at Shopify, in a statement. “Tapcart helps merchants create mobile-first shopping experiences that customers love, reinforcing Shopify’s mission to make commerce better for everyone. We look forward to seeing Tapcart expand its success on Shopify with the more than 1.7 million merchants on our platform today.”

 



https://ift.tt/3jmHbYb Tapcart, a ‘Shopify for mobile apps,’ raises a $50 million Series B https://ift.tt/3jhz3Iu

Foursquare founder Dennis Crowley steps back from the company

Foursquare co-founder Dennis Crowley has announced that he is stepping back of his full-time role at the company. During the first seven years of the company, he was the startup’s Chief Executive Officer. In 2016, Crowley moved to an executive chairman position. He’s also been running the Foursquare Labs R&D group since then.

Going forward, Crowley won’t be working full-time at the company. He’ll remain on the Board of Directors as co-chair with Factual founder Gil Elbaz.

In 2009, Foursquare was better-known for its location-based social network. People would check in to locations to share what they’ve been up to with their friends. Users would earn badges and mayorships.

Over the years, the most active users had amassed thousands of checkins. Foursquare became a great app to keep track of places you like. You could also use it to discover your friends’ favorite places.

That’s why the company decided to split its main app into two separate apps — the Foursquare City Guide and Swarm. At the same time, the company started workin on developer APIs and SDKs so that other companies could take advantage of Foursquare’s location data.

That business in particular has been quite lucrative. With the company’s Pilgrim SDK, developers can build location-aware apps. For instance, an advertiser can send a personalized notification based on where you are. Foursquare tries to be as accurate as possible and can sometimes even figure out when you enter or exit a venue.

That SDK enables many different possibilities. It’s easy to track the impact of an advertising campaign on online sales — but what about offline interest?

Foursquare’s SDK can help advertisers and brand see whether an advertising campaign has an impact on foot traffic. Of course, you can also combine that data with other customer data.

The company has become an important advertising and marketing platform focused on location. Overall, the company has generated more than $100 million in revenue in 2020. And it plans to grow in 2021 and beat that number.

Dennis Crowley mentions two reasons why he’s leaving now. According to him, the company is doing well, and he’s been working on the same thing for twelve years already.

“Foursquare hasn’t just found its way… it leads the way. I used to say that my goal was to make the name ‘Foursquare’ synonymous with ‘innovation in contextual aware computing’… And, here in 2021, we’ve built the tools and frameworks that can make that so,” Crowley writes in a blog post.

“Also, twelve years is a lot of time. I have lots of things I still want to build — many of which don’t fit neatly into the Foursquare of 2021 (and, hey fellow founder, it’s fine to feel this way!),” he adds. He’s also going to spend some well-deserved time with his family.

Crowley has been an iconic startup founder during Web 2.0 era. He managed to attract tens of millions of users. It’s clear that he’s been a great product CEO during the early years of the company. And now, the company is also generating revenue. So it’s going to be interesting to see what he builds next.



from Social – TechCrunch https://ift.tt/eA8V8J Foursquare founder Dennis Crowley steps back from the company Romain Dillet https://ift.tt/3dpcAFH
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Tapcart, a ‘Shopify for mobile apps,’ raises a $50 million Series B

{rss:content:encoded} Tapcart, a ‘Shopify for mobile apps,’ raises a $50 million Series B https://ift.tt/3jhz3Iu https://ift.tt/3jmHbYb June 28, 2021 at 05:42PM

Shopify changed the e-commerce landscape by making it easier for merchants to set up their websites both quickly and affordably. A startup called Tapcart is now doing the same for mobile commerce.

The company, which has referred to itself as the “Shopify for mobile apps,” today powers the shopping apps for top brands, including Fashion Nova, Pier One Imports, The Hundreds, Patta, Culture Kings, and thousands more. Following a year of 3x revenue growth, in part driven by the pandemic, Tapcart is today announcing the close of a $50 million round of Series B funding, led by Left Lane Capital. Having clearly taken notice of Tapcart’s traction with its own merchant base, Shopify is among the round’s participants.

Other investors in the round include SignalFire, Greycroft, Act One Ventures and Amplify LA.

Tapcart’s co-founders, Sina Mobasser and Eric Netsch, have worked in the mobile app industry for years. Mobasser’s previous company, TestMax, offered one of the first test prep courses on iOS, while Netsch had more recently worked on the agency side to create mobile and digital experiences for brands. Together, the two realized the potential in helping online merchants bring their businesses to mobile, as easily as they were able to go online with Shopify.

Tapcart’s founders Sina Mobasser and Eric Netsch at their Santa Monica HQ

“Now, you can launch an app on our platform in a matter of weeks, where historically it would take up to a year if you wanted to custom build an app,” explains Mobasser. “And you can do it for a low monthly fee.”

Tapcart’s platform itself offers a simple drag-and-drop builder that allows anyone to create a mobile app for their existing Shopify store using tools to design their layout, customize the product detail pages, integrate checkout options, include product reviews, and even optionally add other branded content, like blogs, lookbooks, videos (including live video) and more. Everything is synced directly from Shopify to the app in real-time, so the merchant’s inventory, products and collections are all kept up-to-date. That’s a big differentiator from some rivals, which require duplicate sets of data and data transformation.

Tapcart, meanwhile, leverages all of Shopify’s APIs and SDKs to create a native application that works with Shopify’s existing data structures.

Image Credits: Tapcart

 

This tight integration with Shopify helps Tapcart because it doesn’t have to focus on the e-commerce infrastructure, as the way things are structured around inventory and collections are roughly 90% the same across brands. Instead, Tapcart focuses on the 10% that makes brands stand out from one another, which includes things like branding, content and design. Its CMS allows merchants to create exclusive content, change the colors and fonts, add videos and more to make the app look and feel fully customized.

Beyond the mobile app creation aspect to its business, Tapcart also helps merchants automate their marketing. Through the Tapcart platform, merchants can communicate with their customers in real-time using push notifications that can alert them to new sales, to encourage them to return to abandoned carts, or any other promotions. The marketing campaigns can be automated, as well, which helps merchants schedule their upcoming launches and product drops ahead of time. The company claims these push notifications deliver click-through rates that are 72% higher than a traditional email or SMS text because of their interactivity and branding.

Image Credits: Tapcart

The platform has quickly found traction with SMB to mid-market enterprise customers who have reached the stage of their business where it makes sense for them to double down on customer retention and conversion and optimize their mobile workflow.

“Our sweet spot is when you have maybe a couple hundred customers in your database,” notes Netsch. “That’s a perfect time to now focus less on the paid acquisition portion of your business and more on how to retain and engage those existing customers, [so they’ll] shop more and have a better experience,” he says.

During the past 12 months, over $1.2 billion in merchant sales have flowed through Tapcart’s platform. And in 2020, Tapcart’s recurring revenue increased by 3x, as mobile apps grew even faster during the pandemic, which had increased consumer mobile screen time by 20% year-over-year from 2019. Mobile commerce spending also grew 55% year-over-year, topping $53 billion globally during the holiday shopping season, the company says. Tapcart’s own merchants saw mobile app orders at a rate of more than once-per-second during this time, and it believes these trends will continue even as the pandemic comes to an end.

Today, Tapcart generates revenue by charging a flat SaaS (software-as-a-service) fee, which differentiates it from a number of competitors who charge a percent of the merchant’s total sales.

Image Credits: Tapcart

With the additional funding, Tapcart plans to focus on its goal of becoming a vertically integrated mobile commerce suite of tools, which more recently includes support for iOS App Clips. It will also soon release an upgraded version of its insights analytics platform and will offer scripts that merchants can install on their mobile websites to compare what works on the site versus what works in the app.

Later this year, Tapcart plans to launch a full marketing automation product that will allow brands to automate and personalize their notifications even further. And it plans to invest in market expansions to make its product better designed for mobile, global commerce.

The funding will allow Santa Monica-based Tapcart to hire another 200 people over the next 24 months, up from the 70 it has currently. These will include new additions across time zones and even in markets like Australia and Europe as it moves toward global expansion.

Shopify’s investment will open up a number of new opportunities as well, including on product, engineering, business strategy and partnerships. It will also help to get Tapcart in front of Shopify’s 1.7 million global merchants.

“There’s still quite a lot of merchants that need better mobile experiences, but have yet to really double down on the mobile effort and get something like a native app,” notes Netsch. “There’s a lot of different ways and methods that merchants are experimenting with mobile growth, and we’re trying to offer all of the best parts of that in a single platform. So there’s tons of expansion for Tapcart to do just that with the existing target addressable market,” he says.

“We believe brands must be where their customers are, and today that means being on their phones,” said Satish Kanwar, VP of product acceleration at Shopify, in a statement. “Tapcart helps merchants create mobile-first shopping experiences that customers love, reinforcing Shopify’s mission to make commerce better for everyone. We look forward to seeing Tapcart expand its success on Shopify with the more than 1.7 million merchants on our platform today.”

 

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