Oct
19

Jane VC, a new fund for female entrepreneurs, wants founders to cold email them

Want to pitch a venture capitalist? You’ll need a “warm introduction” first. At least that’s what most in the business will advise.

Find a person, typically a man, who made the VC you’re interested in pitching a whole bunch of money at some point and have them introduce you. Why? Because VCs love people who’ve made them money; naturally, they’ll be willing to hear you out if you’ve got at least one money maker on your side.

There’s a big problem with that cycle. Not all entrepreneurs are friendly with millionaires and not all entrepreneurs, especially those based outside Silicon Valley or from underrepresented backgrounds, have anyone in their network to provide them that coveted intro.

Jane VC, a new venture fund based out of Cleveland and London wants entrepreneurs to cold email them. Send them your pitch, no wealthy or successful intermediary necessary. The fund, which has so far raised $2 million to invest between $25,000 and $150,000 in early-stage female-founded companies across industries, is scrapping the opaque, inaccessible model of VC that’s been less than favorable toward women.

“We like to say that Jane VC is venture for every woman,” the firm’s co-founder Jennifer Neundorfer told TechCrunch.

Neundorfer, who previously co-founded and led an accelerator for Midwest startups called Flashstarts after stints at 21st Century Fox and YouTube, partnered with her former Stanford business school classmate Maren Bannon, the former chief executive officer and co-founder of LittleLane. So far, they’ve backed insurtech company Proformex and Hatch Apps, an enterprise software startup that makes it easier for companies to create and distribute mobile and web apps.

“We are going to shoot them straight”

Jane VC, like many members of the next generation of venture capital funds, is bucking the idea that the best founders can only be found in Silicon Valley. Instead, the firm is going global and operating under the philosophy that a system of radical transparency and honesty will pay off.

“Let’s be efficient with an entrepreneur’s time and say no if it’s not a hit,” Neundorfer said. “I’ve been on the opposite end of that coaching. So many entrepreneurs think a VC is interested and they aren’t. An entrepreneur’s time is so valuable and we want to protect that. We are going to shoot them straight.”

Though Jane VC plans to invest across the globe, the firm isn’t turning its back on Bay Area founders. Neundorfer and Bannon will leverage their Silicon Valley network and work with an investment committee of nine women based throughout the U.S. to source deals. 

“We are women that have raised money and have been through the ups and downs of raising money in what is a very male-dominated world,” Neundorfer added. “We believe that investing in women is not only the right thing to do but that you can make a lot of money doing it.”

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Jun
28

404th Roundtable For Entrepreneurs Starting In 30 Minutes: Live Tweeting By @1Mby1M - Sramana Mitra

When I last wrote about Knotch, the company had just patented its color-based feedback system that helps advertisers measure the effectiveness of their sponsored content.

Since then, it’s added a competitive intelligence product and now Blueprint, a tool for marketers who want to find the best topics, formats and partners to reach their desired audience.

Lara Vandenberg, Knotch’s senior vice president of marketing and communications, told me that agencies had been asking the company to recommend which publishers to work with, so Blueprint is meant to meet that need. She described it as both “this ultimate content planning product” and as “a predictive matchmaker for brands as content becomes so much more of a focus.”

To accomplish this, she said Knotch is scouring the web for sponsored content, then automatically identifying elements like content, themes and trends.

Marketers can then access this data by browsing through different themes and publishers. They also can search based on the audience and metrics that they’re looking for, and Blueprint will recommend publishers that seem like a good fit. Blueprint offers detailed information about publishers, like how often they’re publishing sponsored content, who their advertisers are and what kind of response they’re getting.

In some cases, marketers can even click a button to send a message directly to the publisher’s sales team.

The initial brands using Blueprint include JP Morgan Chase and Ford. Vandenberg said the product will only be monetized on the brand side, but publishers can also claim their profiles, turning them into “verified” accounts where Knotch measures their sponsored content directly.

“The idea is for Knotch to be with a brand at every phase of the content cycle, except for the creating,” Vandenberg said. That means the company wants to be involved in “the measurement, the optimization, the distribution, the planning.”

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May
14

5 ways to build a smarter enterprise

Uber is reportedly developing a short-term staffing business to offer 1099 independent contractors for events and corporate functions, the Financial Times first reported. Dubbed Uber Works, the service would provide waiters, security guards and other temporary staffers to business partners, a source close to Uber told TechCrunch.

Uber has been working on the project for several months in Chicago, after first trialing the project in Los Angeles. Uber already has a vast network of drivers — all of whom have become familiarized with the process of filing taxes as an independent contractor — who may be looking for additional work. However, Uber’s current pilot program does not include active Uber drivers.

Uber Works falls under the purview of Rachel Holt, who stepped into the role of head of new modalities in June. Holt, who has been with Uber since 2011, is tasked with ramping up and onboarding new mobility services like bikes, scooters, car rentals and public transit integration.

In a job posting for a general manager to lead special projects in Chicago, Uber says, “our business is based around providing a flexible, on-demand supply for our business partners – it’s imperative that we have intuitive and responsive account management to support for our business partners in addressing their needs promptly.”

Uber declined to comment for this story. But as the company gears up for its initial public offering next year, Uber is clearly trying to diversify its business. In the last year, Uber double-downed on multi-modal transportation with the acquisition and deployment of JUMP bike-share. And in the last month, Uber deployed electric scooters in Santa Monica, Calif.

Whether this effort launches remains to be seen, but it’s certainly something Uber is exploring and positioning as a business-to-business service. In a similar vein, Uber is also working to create a pipeline to hire some of its driver partners.

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Oct
18

1Mby1M Virtual Accelerator Investor Forum: With Utsav Somani of AngelList India (Part 4) - Sramana Mitra

Sramana Mitra: What else is interesting in your structure that is worth discussing that I have not discussed with you yet? Utsav Somani: I think you’ve pretty much covered everything. There are some...

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Original author: Sramana Mitra

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Jun
29

DoubleDown is going public: Why isn’t its IPO worth more?

For the first time, Uber will make contextual, personalized suggestions about the best way to get from point A to point B. The startup offers more than just cars now, and it’s starting to understand the trade-offs between price, speed, convenience and comfort amidst its multi-modal fleet. Most noticeably, you’ll soon see JUMP bikes get premier billing right alongside Uber’s other vehicles. Going a short distance and there’s a charged up bike nearby? Uber will suggest you pedal. Might need extra room for luggage on your way to the airport? UberXL and SUV will appear. Always take cheap Pools? It won’t show you a pricier Black car.

Uber is finally getting smart. It has to if it’s going to make sense of its growing patchwork of ride types without overwhelming passengers with too many options. Uber’s algorithm can help them choose. “We think there’s a lot to be gained by being a one-stop shop to get somewhere,” says Uber director of product Nundu Janakiram.

Uber now dynamically recommends different ride types

In particular, Uber could block disruption by scooter-specific startups like Spin, Bird or Skip. If those apps have no vehicles nearby or you’re going too far, they’ve got nothing to offer. But Uber can provide a competitively priced Express Pool when there’s no open-air ride available, while convincing its existing UberX riders to try a bike or scooter for quick trips when congestion is thick, thanks to its new in-house traffic estimates.

Uber Director of Product Nundu Janakiram

Previously, you’d get a static set of three ride options from the price class you booked from last, regardless of your destination. Meanwhile, bikes and scooters were buried in Uber’s hamburger menu sidebar or an awkward toggle at the top of the screen. The company hasn’t done a good job of communicating the definition of Select (nicer normal-sized cars) or Express Pool (walk and wait for a discount) either.

Now Uber’s homescreen can cherry pick the most relevant ride suggestions from across all price classes and vehicle types based on your trip length, destination type and personal ride history. Along with better explanations of the different options, this could get users experimenting with modes they’d never tried before. In the coming weeks, you’ll start to see bikes in these recommendations.

To make room for more suggestions, the Uber Pool option will unfold to offer both Pools and Express Pools. Uber will even point you to nicer vehicles like Black cars or XLs if UberX is surging to the point that their prices are similar. If you want to compare all the options manually, you can tap to see a list with all the specs and prices lined up.

Beyond ride recommendations, Uber is moving the address bar to the bottom of the screen so it’s closer to your thumbs (which is great as phones keep getting bigger). Finally, in the coming weeks Uber will add a dynamic message bar to the center of the homescreen. Here, depending on your pickup and drop off, it could show instructions for hailing from an airport, a discount offer, a birthday message or just a friendly “Good Morning.” 

Eventually, Uber hopes to integrate public transportation ticketing like through its partner Masabi, car rentals and even multi-leg trips into its recommendations. Maybe a JUMP bike to the train, then an UberPool that’s waiting to take you to your final destination is quicker and cheaper than any one mode alone. If you’re looking at an hour-plus Uber, it might cost less to just rent a car through its partner GetAround and drive yourself. And if a scooter is by far the best ride for you but all of Uber’s are rented, it could recommend one from its partner Lime.

A new communication box is coming to the center of Uber’s homescreen

Uber’s data shows users are rapidly embracing the multi-modal future. A study found the introduction of JUMP bikes to one city led to a 15 percent increase in total Uber + JUMP trips, even though Uber use dropped 10 to 15 percent.

Even if Uber sometimes cannibalizes itself by recommending cheaper options, it’s a smart long-term strategy. Janakiram laughs that “If we wanted to optimize for revenue, we wouldn’t have shown UberX, Pool and Express Pool first for every user for the last few years.” The lifetime value of ridesharing users is so high that it’s worth losing a couple of bucks here or there to keep users from straying to multi-modal competitors like Lyft. Retention will be a key metric under scrutiny as it eyes a 2019 IPO at a potential $120 billion valuation.

“The big picture is that we want your phone to replace your personal car,” Janakiram concludes. “If we want to be a true transportation platform, we need to be everywhere our riders need to be, as well. The right ride for the right context, and what’s the right ride for you.”

[Disclosure: Uber’s Janakiram and I briefly lived in the same three-bedroom apartment five years ago, though I’d already agreed to write about the redesign when I found out he was involved.]

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Oct
18

Future Family raises $10M to make fertility treatments more affordable

Future Family, a startup that helps families more easily afford fertility services like IVF and egg freezing, has raised $10 million in a Series A round.

Just weeks back, Future Family switched up its offerings to feel less like a loan, and more like a monthly subscription. The end results might seem pretty similar — with both, customers get the services they need without having to cough up a big pile of cash up front — but the monthly subscription approach has a big advantage: flexibility. If a customer realizes a few months in that additional fertility services are needed, the cost can just be wrapped right into the monthly plan on the fly.

The company’s fertility offerings start at $195 a month (for 60 months) for a plan that pairs you with a clinic and concierge to help you start navigating, while $250 a month (for 60 months) covers the cost of lab work, medication, clinic visits and the IVF procedure.

Future Family CEO Claire Tomkins tells me that this Series A will largely go toward expanding their monthly subscription offerings, as well as expanding the number of fertility clinics they partner with. The company had previously raised around $4.2 million.

Future Family was born out of Claire Tomkins’ own experiences with the complexities and costs of fertility treatments. After spending hundreds of thousands of dollars on treatments involved with having her first child (with much of the cost coming as a surprise only revealed once the process had begun), Claire set out to build a better way. Future Family partners with clinics to work out all the pricing ahead of time and pays the bill upfront, ensuring there are no billing surprises down the road.

This round was led by Aspect Ventures, and backed by iNovia, BBG, Ulu Ventures, LaunchCapital and Portfolia. As part of the deal, Aspect Venture’s Lauren Kolodny will join Future Family’s board of directors.

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Oct
18

419th Roundtable Recording on October 17, 2018: With Ray Chan, K5 Ventures - Sramana Mitra

In case you missed it, you can listen to the recording here:

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Original author: Maureen Kelly

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Oct
18

Amplifyher Ventures launches to fund startups led by women

Amplifyher Ventures is a new firm looking to invest in female founders.

Amplifyher was created by Tricia Black, Facebook’s former vice president of advertising sales. Since her time at Facebook (where she was the seventh employee), Black has been angel investing, and she also co-founded Victress Capital.

Black told me that Amplifyher allows her to build on her work as an individual investor and at Victress: “I really wanted … to build a team, to formally build my own brand.”

At Amplifyher, the investment team consists of Black and Meghan Cross Breeden, the former managing partner at Red Bear Angels, who also worked at director of communications at StyleCaster.

“We’re a great match,” Black said. “Meghan has done a ton of work on the operational side, I’m really engaged on the networking side … I think we’re going to find a nice balance between the two of us.”

There are other firms with a similar focus on female founders, including Female Founders Fund and BBG Ventures (which is backed by TechCrunch’s parent company Oath) . However, Cross Breeden said she was “completely enthusiastic about Tricia’s whole thesis — not just about seeding the founders, but arming them with both resources and capital to get from founder to CEO.”

Tricia Black, Meghan Cross Breeden

Black and Cross Breeden pointed to stats suggested that there’s plenty more work to be done on this front — the share of female CEOs in the Fortune 500 dropped by 25 percent this year, while in 2017, only 2 percent of VC dollars are going to startups founded solely by women.

“We look at female founders not as necessarily under funded … but just an untapped opportunity,” Black said.

To that end, Amplifyher has raised what Black said is an “evergreen fund” that’s fully-financed to make 10 to 15 investments of $100,000 to $300,000 for the next three years.

Again, these should be startups led by woman — ideally with at least one female founder, but “if there’s a woman in the C-suite, that works for us,” Black said.

And while the firm isn’t focused on any specific industry, she noted, “We are … both marketers by trade, and I’ve invested in many direct-to-consumer brands.” They also expect most of their investments to be on the East Coast, particularly those in Boston and New York City (where Amplifyher is based).

“We’re building an entire ecosystem of women leaders,” Black added. “Through our personal networks, we’re not just making introductions between them, but really encouraging the sharing of ideas and expertise.”

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Oct
18

Thought Leaders in Big Data: Marc Alacqua CEO and Steve Davis CTO of Signafire (Part 4) - Sramana Mitra

Sramana Mitra: It’s not usually easy to sell pure horizontal. In the world of complex queries, what is missing? If you look at the universe, what are the specific things or capabilities that are...

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Original author: Sramana Mitra

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Jun
28

The International Olympic Committee is curious about esports

Every year or two I refresh the formatting on this website along with a few others that I help manage and generate content for. I work with a great firm called Valet that I really like and everything is hosted on Pantheon, so the process works smoothly for me.

In addition to the refresh on Feld Thoughts, I also just refreshed Venture Deals (which used to be Ask the VC) and Startup Revolution. Amy and I also recently put up a website for the Anchor Point Foundation (our foundation). And, Seth and Micah did a big refresh on the Foundry Group website.

As part of this, each of them now has a separate subscribe by email option in addition to an RSS feed. If you want to skip searching for it and just subscribe, click on the following links as you desire.

I’m still cleaning up a lot of little stuff now that it’s all live (e.g. I know the favicon for Venture Deals shouldn’t be my face), so if you see something that is either broken, wrong, or that you don’t like, toss it in the comments or email me. And, of course, general feedback on things that could be better are very welcome.

Also published on Medium.

Original author: Brad Feld

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Jun
27

Colors: Cherry Blossoms, Forlorn - Sramana Mitra

Great startups normally come from a personal place. Byran Dai’s new company, Daivergent, is no different.

Founded in December 2017, Daivergent looks to connect enterprise clients with folks on the autism spectrum who will help complete tasks in AI/ML data management.

Dai’s younger brother, Brandon, is on the autism spectrum. Dai realized that his brother and other folks on the spectrum are perfect candidates for certain high-complexity tasks that require extraordinary attention to detail, such as data entry and enrichment, quality assurance and data validation, and content moderation.

In a landscape where just about everyone is working on AI and machine learning algorithms, organizing data is a top priority. Daivergent believes that it can put together the perfect pool of data specialists to complete any task in this space.

Daivergent partners with various agencies including the AHRC and Autism Speaks to source talent. Those folks go through a screening process, which assesses their abilities to complete these sorts of tasks. They then become Daivergent contractors, where they get further training and then start working on projects.

The company says that there are 2.5 million adults with autism in the U.S., and Autism Speaks reports an 85 percent unemployment rate among college-educated adults with autism.

Daivergent not only provides a way for these people to get into the workforce, but it offers a way for corporations and companies to employ American workers for projects they would likely otherwise employ overseas contractors.

When a new task comes in to Daivergent, the company splits that project into smaller tasks and then assigns those tasks to its workers. The company also determines the complexity of the overall project, factoring in the urgency level of the request, to decide pricing.

Daivergent takes a small cut of the earnings and passes the rest on to the workers.

Right now, Daivergent has 25 active workers performing tasks for customers, with 150 workers registered and going through the qualification process and another 400 adults with autism in the candidate pool.

The company recently graduated from the ERA accelerator.

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Jun
28

Catching Up On Readings: Global Games 2020 - Sramana Mitra

There are some gadgets that are nice to have – iPhones, sous vide wands – and some gadgets that you must have. Proxxi fits in the latter camp.

Proxxi is an always-on sensor that buzzes when it gets too close to high voltage electricity. It’s worn by mechanics and electricians and alerts them when they’re approaching something dangerous. The Vancouver-based company just sold out of its initial commercial evaluation units and they’re building a huge business supplying these clever little bracelets to GE, Con Edison, Exelon, Baker Hughes, Schneider Electric and ABB.

The bracelet connects to an app that lets workers silence warnings if they’re working on something that is energized and it also tracks the number of potentially harmful interactions wirelessly. This lets management know exactly where the trouble spots are before they happen. If, for example, it senses many close brushes with highly charged gear it lets management investigate and take care of the problem.

Founded by Richard Sim and Campbell Macdonald, the company has orders for thousands of units, a testament to the must-have nature of their product. They raised $700,000 in angel funding.

“All of this is critical to enterprises looking to mitigate risk from catastrophic injuries: operational disruption, PR nightmare, stock analyst markdowns and insurance premiums,” said Macdonald. “This represents a whole new class of hardware protection for industrial workers who are used to protection being process driven or protective gear like gloves and masks.”

The company began when British Columbia Hydro tasked Sim to research a product that would protect workers from electricity. Macdonald, whose background is in hardware and programming, instead built a prototype and showed it around.

“We initially found that all utilities and electricians wanted this,” he said. “The most exciting thing we have discovered in the last year is that the opportunity is much larger covering manufacturing, oil and gas, and construction.”

“It’s a $40 billion problem,” he said.

The goal is to create something that can be used all day. Unlike other sensors that are used only in dangerous situations, Proxxi is designed to be put on in the morning and taken off at night, after work.

“There are other induction sensors out there, but they are focused on high risk scenarios, ie, people use them when they think they are at risk. The trouble is you can’t tell when you are at risk. You can’t sense that you have made a mistake in the safety process,” said Macdonald. The goal, he said, is to prevent human error and, ultimately, death. Not bad for a wearable.

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Jun
28

Unblockable raises $5M to create crypto collectibles around pro athletes

Seva, a New York City startup, that wants to help customers find content wherever it lives across SaaS products, announced a $2.4 million seed round today. Avalon Ventures led the round with participation from Studio VC and Datadog founder and CEO Olivier Pomel.

Company founder and CEO Sanjay Jain says that he started this company because he felt the frustration personally of having to hunt across different cloud services to find the information he was looking for. When he began researching the idea for the company, he found others who also complained about this fragmentation.

“Our fundamental vision is to change the way that knowledge workers acquire the information they need to do their jobs from one where they have to spend a ton of time actually seeking it out to one where the Seva platform can prescribe the right information at the right time when and where the knowledge worker actually needs it, regardless of where it lives.”

Seva, which is currently in Beta, certainly isn’t the first company to try to solve this issue. Jain believes that with a modern application of AI and machine learning and single sign-on, Seva can provide a much more user-centric approach than past solutions simply because the technology wasn’t there yet.

The way they do this is by looking across the different information types. Today they support a range of products including Gmail, Google Calendar, Google Drive,, Box, Dropbox, Slack and JIRA, Confluence. Jain says they will be adding additional services over time.

Screenshot: Seva

Customers can link Seva to these products by simply selecting one and entering the user credentials. Seva inherits all of the security and permissioning applied to each of the services, so when it begins pulling information from different sources, it doesn’t violate any internal permissioning in the process.

Jain says once connected to these services, Seva can then start making logical connections between information wherever it lives. A salesperson might have an appointment with a customer in his or her calendar, information about the customer in a CRM and a training video related to the customer visit. It can deliver all of this information as a package, which users can share with one another within the platform, giving it a collaborative element.

Seva currently has 6 employees, but with the new funding is looking to hire a couple of more engineers to add to the team. Jain hopes the money will be a bridge to a Series A round at the end of next year by which time the product will be generally available.

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Oct
18

Sick of managing your Airbnb? Vacasa raises $64M to do it for you

Airbnbing can be a ton of work. Between key pickups, tidying, and maintenance emergencies, renting out your place isn’t such a passive revenue source. But Vacasa equips owners with full-service vacation home management, including listings on top rental platforms like Airbnb and HomeAway, as well as local cleaners who come between guests. It now manages 10,600 vacation rental properties in over 16 countries.

With the peer-to-peer housing market maturing and Airbnb looking to go public, private equity firms see an opportunity in who controls the end relationship with home owners like Vacasa does. So today the startup is announcing it’s raised $64 million in a Series B bridge round led by Riverwood, and joined by Level Equity, Assurant, and Newspring. The cash will fuel Vacasa’s expansion into real estate as it seeks to sell property to people who want to own and rent out a vacation home.

Vacasa was impressively bootstrapped from 2009 until 2015. “I’ve always been passionate about vacation rentals. When traveling with friends or family, I love having common spaces to come together in” says CEO Eric Breon. He founded the company after owning a vacation cabin on the Washington Coast. He’d go up in the Spring, spend a weekend fixing up the place, it’d sit idle all summer, and then he’d have to spend another weekend closing it up. He considered a local property manager, but they massively underestimated how much he could earn off renting it out. So Breon built Vacasa to make it easy for home owners to earn the most money without a hassle.

After years growing the business organically, Vacasa raised a $35 million series A from Level Equity in 2016, then $5 million more from Assurant. Then in fall of 2017, it raised an $103.5 million series B. Now it’s topping up that round with $64 million and a new valuation warranted by the startup’s growth this past year. That brings Vacasa to a total of $207.5 million in funding

While that’s just a fraction of the over $4.4 billion Airbnb has raised. But Vacasa caters to a more upscale market that don’t want to manage the properties themselves. With plenty of popular listings sites out there, Vacasa gets easy distribution. But eventually as the other giants in the space become public companies, they’ll be forced to chase bigger margins that could see them compete with Vacasa after years of partnership.

Breon remains confident, though. When I ask him the biggest existential threat to the business, he declares that “We’ve reached a point where failure isn’t a realistic outcome. We have great retention of our homeowners, and strong recurring revenue. The question is more about how quickly we can continue scaling into the huge $32 billion market we’re focused on.” Getting to an exit might not be quite so straightforward, but with life seeming to get more stressful by the year, there’ll be no shortage of people seeking a getaway.

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Oct
18

Arianna Huffington’s Thrive Global is teaming up with Zenefits

Many are familiar with Arianna Huffington’s personal journey from media mogul to outspoken sleep advocate.

In April 2007 she collapsed, broke her cheekbone and woke up in a pool of blood, a well-publicized accident she attributes to sleep deprivation and exhaustion. In the years that followed, she shifted her focus to wellness, authoring two books on the topic: Thrive and The Sleep Revolutionand later founded a corporate services and media company called Thrive Global.

Thrive, which bills itself as a “behavior change” startup, helps businesses help their employees develop healthy relationships with technology and manage stress and burnout — issues with which Huffington is personally familiar. The company has raised nearly $43 million in venture capital funding to date, at a $121.5 million valuation as of May.

Today, Thrive is announcing a new partnership with Zenefits, the provider of software that helps small- and medium-sized business (SMBs) manage human resources, though is still often known for a series of regulatory and compliance issues that led to the exit of its founding chief executive, Parker Conrad.

The partnership will make available to employees of the 11,000 businesses that use Zenefits human resources software Thrive content, tips and tools within the Zenefits platform, and managers will be able to use the Thrive app to track and measure employee well-being.

“People are sleep deprived; people are eating the wrong food,” Huffington told TechCrunch. “It’s very basic things we can change through behavior that affect the bottom line of a company.”

“When you give employees science-based micro steps — that’s how change happens,” she added. “You need little nudges to help you change your behavior.”

Thrive educational content focuses on sleep, humans’ relationship with technology, goal setting and other issues that pertain to physical and mental health.

Huffington and Jay Fulcher, Zenefits CEO, told TechCrunch this arrangement was a year in the making.

Zenefits tapped Fulcher, the former CEO of Ooyala and Agile Software, as CEO last year. He was the third CEO in the span of 12 months after Conrad was ousted and Craft Ventures’ David Sacks stepped down after a brief stint as interim CEO. 

“{Stress] is the tipping point for things like retention, which obviously costs businesses billions and billions every year,” Fulcher said. “We have a very sophisticated and broad tech platform and to be able to put all of Thrive’s content on our platform, we think that is a really good proposition and one that customers are excited about.”

Thrive has historically worked with large enterprises, inking deals with Accenture, J.P. Morgan and others since Huffington launched the company in 2016. A partnership with Zenefits marks its first foray into SMBs. 

Thrive is backed by Salesforce CEO Marc Benioff, Sean Parker, Lerer Hippeau, Greycroft Partners and others. Zenefits, founded in 2013, is backed by Andreessen Horowitz, Fidelity, TPG and others. Both companies are backed by IVP.

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Oct
18

Netflix Betting Big on India - Sramana Mitra

After a rather weak second quarter earlier this summer, Netflix (Nasdaq: NFLX) restored faith amongst investors by delivering stellar third quarter results. The stock market is pleased with the...

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Original author: MitraSramana

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Oct
18

Building a VC-Funded B2C CRM Company From Virginia: Zaius Founder and CTO Spencer Pingry (Part 4) - Sramana Mitra

Spencer Pingry: In early 2016, we decided to launch a freemium product. We offered our entire product for free primarily to get as many interactions with as many customers as possible in the shortest...

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Original author: Sramana Mitra

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Oct
18

Careem, a ridehailing company in acquisition talks with Uber, raised $200 million from Saudi backers

Careem, a Middle East rival to Uber, has closed an initial $200 million raise in a funding round co-led by Saudi Arabia's Kingdom Holding Company and other existing backers.

Kingdom Holding Company is an investment vehicle for Saudi's richest man, billionaire Prince Alwaleed bin Talal.

One source with knowledge of the matter said the deal values Dubai-headquartered Careem at upwards of $2 billion, and the ride-hailing firm eventually hopes to raise $500 million. The money will be used for expansion.

Mudassir Sheikha, CEO and cofounder of Careem, said: "Internet-enabled services are having a profound and positive impact on our region, where the consumer internet opportunity is huge and untapped.

"As a platform with 30 million users and presence in 120+ cities, Careem is uniquely positioned to tap into this opportunity by expanding into new verticals."

Careem operates in 15 countries across the Middle East, and boasts a little under half of Uber's user numbers. The company made headlines when it began working with female cab drivers in Saudi Arabia after the country lifted its driving ban on women in June.

Other lead investors in this round include Al Tayyar Group, Rakuten, and STV.

Prince Alwaleed bin Talal, Saudi's richest man and a member of the royal family.AP Photo

The deal comes at a sensitive time.

Saudi Arabia and its crown prince Mohammed bin Salman are under global scrutiny over the disappearance of Saudi journalist and Washington Post columnist Jamal Khashoggi. Khashoggi entered the Saudi consulate in Istanbul, Turkey on October 2 and has not been seen since. Turkish authorities have said he was brutally murdered and dismembered by Saudi agents, and that they have evidence to back this up.

Careem investor Prince Alwaleed bin Talal has run afoul of the Saudi authorities himself. His net worth has tumbled 58% since 2012, according to Bloomberg, in part thanks to his sudden detention last year in an anti-corruption crackdown. He is also reportedly a friend of Jamal Khashoggi.

Yet bin Talal's tech investments through Kingdom Holding, which includes Apple, Twitter, and Snap, have come under scrutiny as US companies try to reconcile their discomfort with Saudi Arabia's behaviour with the fact that the country is the biggest single investor for US startups.

One reason this may matter for Careem is that it has been in acquisition talks with Uber this summer, according to a source with knowledge of the matter. A spokeswoman declined to comment on whether the talks were still ongoing.

Uber's chief executive Dara Khosrowshahi recently pulled out of a Saudi investment conference, thanks to the uncertainty around Khashoggi. While Saudi's wealth fund happens to have a large stake in Uber, it's possible the company may back away from further ties for now.

Original author: Shona Ghosh

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Oct
18

Facebook built an election 'war room' to try and avoid repeating the mistakes of 2016 — here's what it's like inside (FB)

Facebook can't afford to repeat the mistakes of 2016.

During the 2016 US presidential election, the social network was wildly abused by Russian propagandists, who spread fake news and misinformation on a massive scale — setting off a chain reaction of scandals for Facebook that reverberates to this day.

Two years later, America is gearing up for its contentious midterm elections, and Facebook is eager to show progress in its fight against election-meddling.

On Wednesday, the Silicon Valley firm invited journalists into its Menlo Park, California headquarters, to tour the "war room" it has put in place to tackle election-related issues in the US midterms and the presidential election campaign still ongoing in Brazil.

What is the Facebook 'war room?'

The "war room" is literally that — a room of experts and team members in one place where they can coordinate more effectively — and Facebook can point to it as a symbol of its efforts to be far more prepared this time around. And while its clear the company has made significant strides in some areas, there are still some worrying indicators that all is perhaps not well.

Rob Price/Business Insider

The war room is a cluster of sitting and standing desks, home to around 20-30 people at once, representing 20 different teams across the company, from threat intelligence to moderation. The walls are draped with American and Brazilian flags, alongside clocks showing different time zones and televisions blaring cable news.

Big computer screens, meanwhile, display everything from relevant internal analytics and video conferences with other offices, and recent tweets in the TweetDeck app.

Facebook has pinned up fancy posters for the "WAR ROOM" inside and outside the room. Rob Price/Business Insider

The physical presence of other people means there's a guaranteed immediacy and faster reaction time when something happens, Facebook's head of civic engagement Samidh Chakrabarti said: "When you message someone, do you know if you have their attention?"

And the few-dozen people in the room also work with their own respective teams throughout Facebook, making the War Room a "nerve centre of this much broader effort," said Nathaniel Gleicher, Facebook's head of cybersecurity policy.

How does Facebook plan on protecting the elections?

There are three main pillars to Facebook's attempts to protecting elections, company executives said. It is cracking down on fake accounts. It is making advertising more transparent. And it is trying to tackle the distribution of fake news and misinformation.

Progress has been made on this, including the creation of an archive of political advertisements that anyone can view.

The room the "War Room" is in is booked up until November 8, two days after the US midterms. Rob Price/Business Insider

But while Facebook has attempted to crack down on fake news on its core Facebook app, it's still a problem on other apps it owns — notably messaging app WhatsApp. A recent study found that the majority of the most popular political content shared on the encrypted messaging app in Brazil is false of misleading.

When pressed by reporters, Facebook execs didn't have a satisfying answer on how it would try and combat the flow of fake news and misinformation, instead pointing to minor cosmetic changes like the addition of a "Forwarded" indicator next to messages that have been forwarded, to show when a message didn't originate with the sender.

The authors of the report into misleading information on the app suggested possible changes to WhatsApp, including restricting forwarding and limiting the size of new groups, they wrote in a column in The New York Times— but were apparently told by the company "there was not enough time to implement the changes."

The risk of fake news spread via WhatsApp is less acute in the midterm elections in America, where relatively few people use the app as their primary communication service. But in elections in Europe and elsewhere in the world, the danger is profound. And it's still not clear that Facebook has a handle on it.

Do you work at Facebook? Got a tip? Contact this reporter via Signal or WhatsApp at +1 (650) 636-6268 using a non-work phone, email at This email address is being protected from spambots. You need JavaScript enabled to view it., WeChat at robaeprice, or Twitter DM at @robaeprice. (PR pitches by email only, please.) You can also contact Business Insider securely via SecureDrop.

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Original author: Rob Price

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Jun
28

Four views: How will the work visa ban affect tech and which changes will last?

eBay filed a lawsuit against Amazon on Wednesday alleging that it is has been illegally poaching high-value sellers by infiltrating eBay's internal messaging system, The Wall Street Journal reports.

eBay first accused Amazon of unlawfully poaching its sellers in early October. At the time, Amazon said it was investigating the allegations.

"For years, and unbeknownst to eBay, Amazon has been engaged in a systematic, coordinated effort to infiltrate and exploit eBay's proprietary M2M system on eBay's platform to lure top eBay sellers to Amazon," the Journal reports eBay alleges in the suit.

M2M is the company's member-to-member contact system, which allows sellers to communicate with each other, eBay, and customers.

"The scheme is startling in breadth — involving large numbers of Amazon representatives ("Amazon reps"), targeting many hundreds of eBay sellers, and spanning several countries overseas and many states in the United States (including California)."

eBay also claims that Amazon coordinated the effort from its headquarters, citing the fact that many of the messages sent were similar or even identical to each other, and that many accounts used to send the messages were attached to devices linked to Amazon internet protocol addresses, the Journal reports.

eBay alleges that three accounts created by a single individual sent 120 messages to sellers, and that Amazon representatives admitted they were breaking eBay's rules.

eBay also says some of the Amazon representatives were successful in poaching sellers, openly discussing their exploits with those they were targetting.

Business Insider has contacted Amazon and eBay for comment. Amazon told the Journal that it is carrying out a thorough investigation of the accusations.

Original author: Isobel Asher Hamilton

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