Sep
19

Vegan meal delivery startup Allplants is served £7.5M Series A funding

Allplants, a London-based startup that delivers ready-made “plant-based” meals (that’s vegan, to you and me), has raised £7.5 million in Series A funding. The round is led by VC firm Octopus Ventures, which was an early backer in healthy snack delivery company Graze.

Additional investors in the round include existing backer Felix Capital (which I’m told has doubled its seed investment), Swedish VC firm Otiva, unnamed partners at VerlInvest (who are participating in a personal capacity), David Milner (ex-CEO Tyrells), Simon Nixon (founder of MoneySupermarket), and video blogger Jack Harries. Allplants reckons it is the U.K.’s largest Series A round for a vegan company.

Based on the premise that switching to a plant-based diet is the most impactful way to reduce our environmental footprint (and improve health), Allplants has developed a delivery service that wants to make it “effortlessly easy to eat more plants”. Specifically, either as a one-off or on a subscription basis, it delivers healthy, chef-made, vegan meals, for you to reheat at home.

They are “quick frozen” to lock in freshness and the idea is that you receive six meals at a time, to serve one or two people each, making the model more scalable and delivery more cost-effective. When your food is delivered you store it in your own freezer and cook/eat as needed, before your next order.

Since being founded in 2017 by brothers Jonathan and Alex Petrides, Allplants says it has served over 250,000 meals nationwide to plant-inspired foodies and built a “movement” with over 70,000 online fans. Notably, the company is a B-Corp, promising to do good by people and the planet.

Meanwhile, Allplants says it will use the investment to develop a broader range of ready-to-eat food, accelerate the growth of its community, further grow its North London-based 40-plus team, and expand the capacity of its production kitchen, which will operate on renewable and waste-created energy.

Adds Allplants’ Jonathan Petrides: “Most allplants customers aren’t veggie or vegan, they’re curious and hunting for convenient, healthy ways to boost their busy lives. This investment well help us fuel the plant-based movement forward”.

Continue reading
  192 Hits
Jan
25

Dorm Room Fund has built a CRM for founders raising a seed round

Earlier this year we saw the headlines of how the users of popular voice assistants like Alexa and Siri and continue to face issues when their private data is compromised, or even sent to random people. In May it was reported that Amazon’s Alexa recorded a private conversation and sent it to a random contact. Amazon insists its Echo devices aren’t always recording, but it did confirm the audio was sent.

The story could be a harbinger of things to come when voice becomes more and more ubiquitous. After all, Amazon announced the launch of Alexa for Hospitality, its Alexa system for hotels, in June. News stories like this simply reinforce the idea that voice control is seeping into our daily lives.

The French startup Snips thinks it might have an answer to the issue of security and data privacy. Its built its software to run 100% on-device, independently from the cloud. As a result, user data is processed on the device itself, acting as a potentially stronger guarantor of privacy. Unlike centralized assistants like Alexa and Google, Snips knows nothing about its users.

Its approach is convincing investors. To date, Snips has raised €22 million in funding from investors like Korelya Capital, MAIF Avenir, BPI France and Eniac Ventures. Created in 2013 by 3 PhDs, and now employing more than 60 people in Paris and New York, Snips offers its voice assistant technology as a white-labelled solution for enterprise device manufacturers.

It’s tested its theories about voice by releasing the result of a consumer poll. The survey of 410 people found that 66% of respondents said they would be apprehensive of using a voice assistant in a hotel room, because of concerns over privacy, 90% said they would like to control the ways corporations use their data, even if it meant sacrificing convenience.

“Сonsumers are increasingly aware of the privacy concerns with voice assistants that rely on cloud storage — and that these concerns will actually impact their usage,” says Dr Rand Hindi, co-founder and CEO at Snips. “However, emerging technologies like blockchain are helping us to create safer and fairer alternatives for voice assistants.”

Indeed, blockchain is very much part of Snip’s future. As Hindi told TechCrunch in May, the company will release a new set of consumer devices independent of its enterprise business. The idea is to create a consumer business that will prompt further enterprise development. At the same time, they will issue a cryptographic token via an ICO to incentivize developers to improve the Snips platform, as an alternative to using data from consumers. The theory goes that this will put it at odds with the approach used by Google and Amazon, who are constantly criticised for invading our private lives merely to improve their platforms.

As a result Hindi believes that as voice-controlled devices become an increasingly common sight in public spaces, there could be a significant shift in public opinion about how their privacy is being protected.

In an interview conducted last month with TechCrunch, Hindi told me the company’s plans for its new consumer product are well advanced, and will be designed from the beginning to be improved over time using a combination of decentralized machine learning and cryptography.

By using blockchain technology to share data, they will be able to train the network “without ever anybody sending unencrypted data anywhere,” he told me.

And ‘training the network” is where it gets interesting. By issuing a cryptographic token for developers to use, Hindi says they will incentivize devs to work on their platform and process data in a decentralized fashion. They are starting from a good place. He claims they already have 14,000 developers on the platform who will be further incentivized by a token economy.

“Otherwise people have no incentive to process that data in a decentralized fashion, right?” he says.

“We got into blockchain because we’re trying to find a way to get people to participate in decentralized machine learning. We’ve been wanting to get into consumer [devices] for a couple of years but didn’t really figure out the end goal because we had always had this missing element which was: how do you keep making it better over time.”

“This is the main argument for Google and Amazon to pretend that you need to send your data to them, to make the service better. If we can fix this [by using blockchain] then we can offer a real alternative to Alexa that guarantees Privacy by Design,” he says.

“We now have over 14000 developers building for us and that’s really completely organic growth, zero marketing, purely word of mouth, which is really nice because it shows that there’s a very big demand for decentralized voice assistance, effectively.”

It could be a high-risk strategy. Launching a voice-controlled device is one thing. Layering it with applications produced by developed supposedly incentivized by tokens, especially when crypto prices have crashed, is quite another.

It does definitely feel like a moonshot idea, however, and we’ll really only know if Snips can live up to such lofty ideals after the launch.

Continue reading
  41 Hits
Sep
18

1Mby1M Virtual Accelerator Investor Forum: With Tim Guleri of Sierra Ventures (Part 2) - Sramana Mitra

Sramana Mitra: Double-click for us on the stage question. You like to be the first institutional money in. What do you like to see? Let’s say you are doing a Series A deal. What do you like to see in...

___

Original author: Sramana Mitra

Continue reading
  22 Hits
Jan
23

Rainforest QA rakes in $25 million Series B to expand on-demand software testing biz

In a world where nothing can be trusted and fake news abounds, ICO and crypto teams are further muddying the waters by trying – and often failing – to pay for posts. While bribes for blogs is nothing new, sadly the current crop of ICO creators and crypto projects are particularly interested in scaling fast and many ICO CEOs are far happier with scammy multi-level marketing tricks than real media relations.

The worst part of this spammy, scammy ecosystem is the service providers. A new group of media organizations are appearing where pay-to-post is the norm rather than the rare exception. I’ve been looking at these groups for a while now and recently found a few egregious examples.

But first some background.

Oh yeah, Mr. Smart Guy? How do I get press?

Say you’re trying to publicize a startup. You’ve emailed all the big names in the industry and the emails have gone unanswered. Your product is about to flounder on the market without users and you can’t get any because, in perfect chicken-or-egg fashion, you can’t get funding without users and you can’t get users without funding. So isn’t it a good idea to pay a few dollars for a little press?

No.

And isn’t most PR just pay-for-post anyway?

No.

PR people are consummate networkers and are paid to reach out to media on your behalf and their particular set of skills, honed over long careers, are dedicated to breaking down the forcefield between the journalist and the outside world. They are your surrogate hustlers, dedicated to getting you more exposure. A good PR person is worth their weight in gold. They can call up a popular journalist and make a simple pitch: “This cool new thing is happening. Can I put you in touch?”

If a journalist’s mission is to afflict the comfortable and comfort the afflicted, a good PR person makes the comfortable look slightly afflicted in order to give the journalist a better story. Also, like velociraptors, they are tenacious and will follow up multiple times on your behalf.

A bad PR person, on the other hand, will cold-call hundreds of journalists and read a script that is half the length of Moby Dick. They produce little more than spam and their efforts begin and end with pressing the “Send” button. It’s also interesting to note that many bad PR people, of late, have found new life as ICO specialists.

Now meet the pay-for-post hucksters. As I wrote before, there is now a subset of the PR world that offers to get your press release or story on the top of various websites for the low, low price of between $500 and $13,000. For example, one set of hucksters created a small business selling posts on Harvard.edu by creating garbage WordPress blogs and posting press releases to increase SEO coverage. Further, I received a document that outlined the prices for placement in various blogs including this one. While it is impossible to buy a post on TechCrunch this way, it doesn’t stop many from trying.

What’s the difference between that price list and the job a PR person will do for you? The difference is trust. A pay-for-post huckster is dependent on convincing poorly paid freelance writers to add links and other dross to their posts in order to get a “placement.” I get requests like this almost every day and almost all the journalists I talked to reported the same.

Some entrepreneurs are savvy enough to avoid these scams. Even more aren’t.

“I’ve never paid since I think it’s almost always a waste of money but I’ve been offered this type of coverage many times,” said Rick Ramos, of HealthJoy.com. “The last offer was for Kathy Ireland’s Worldwide Business… A TV show that I’ve never heard of in my life. I’ve also been approached by niche publications like InsuranceOutlook and HealthCareTechOutlook that want $3,000 for a ‘reprint branding package.’ A quick Alexa.com search shows their rank as 1,725,207 and 1,054,501 globally. I think I get pitched at least every six months for one of these types of packages.

Unfortunately, many of these organizations hide their request for payment until the last minute. That said, how do you know when it’s someone selling pay-for-play vs. a real editor? It’s usually obvious.

“It’s usually pretty easy to sniff out based on their email blast. It’s pretty untargeted with no reference to what your company does or how it related to a story. Some people are up front about the payment but others want a ’15 min call to discuss.’ A quick LinkedIn search always shows them as a sales person versus a reporter or editor,” said Ramos.

It’s getting worse

This is a document I received from a company attempting an ICO. This sort of menu was quite uncommon until fairly recently when the “on-demand” economy melded with PR scammers. The completeness of the document is unique – you could feasibly plan your own PR efforts just by reaching out to journalists who work at all of these places. But you’ll also note that each spot has its own price, often in the low hundreds of dollars, which means that those spots are mostly pay-for-play anyway.

ICOLists by on Scribd

No PR company can promise coverage. In fact, many pay-for-play folks mention this in their communications, hiding it in plain sight. This snippet of text appeared in a contract for work from one of the pay-for-play providers. In short, you’re paying for something they cannot guarantee to get. Interestingly, the PR company below calls their product an IO – an insertion order – which is language used in ad sales. Further, they take great pains in explaining that it is almost impossible to achieve what they promise.

None of the pay-for-post folks I mentioned here would respond to my requests for comment.

Counter-point: Journalists are also at fault

Journalists should never expect money for coverage.

Yet many do.

“Lately I have worked on a number of blockchain technology pieces and I have encountered a wide variety of these asks,” said Brittany Whitmore, CEO at Exvera Communications. “A lot of the new, smaller blockchain-focused outlets seem to do a lot of pay-to-play, likely trying to capitalize on the ICO gold rush. The strangest request that I received was that the outlet would do a an article about the news for free but only if we paid them over $1,000 to promote the article with ads. I did not proceed.”

In one very detailed article on The Outline, Jon Christian explored this world and found that many writers received small sums for a single brand mention in a story, a sort of SEO flogging that rarely helps. He wrote:

An unpaid contributor to the Huffington Post, also speaking on condition of anonymity because, in his words, “I would be pretty fucked if my name got out there,” said that he has included sponsored references to brands in his articles for years, in articles on the Huffington Post and other sites, on behalf of six separate agencies. Some agencies pay him directly, he said, in amounts that can be as small as $50 or $175, but others pay him through an employee’s personal PayPal account in order to obfuscate the source of the funds. In a statement, Huffington Post said “Using the HuffPost Contributors Network to self-publish paid content violates our terms of use. Anyone we discover to be engaging in such abuse has their post removed from the site and is banned from future publication.”
The Huffington Post writer also described specific brands he’d written about on behalf of one of the agencies, which ranged from a popular ride-hailing app, to a publicly-traded site for booking flights and hotels, to a large American cell phone service provider.
“This is a classic example of payola,” he said of the brand mentions, invoking a term that’s been used to describe radio DJs who accept payments from record companies in order to play certain artists on the air.

Further, many influencers – folks who sell their Internet fame to the highest bidder – masquerade as journalists, asking for outrageous sums to flog an ICO on their YouTube channel or Instagram page. Pay-for-play services can also put out organic content like this in hopes of appearing in the news.

The rule of thumb? Paid posts and native advertising are not journalism. Ultimately, journalists who charge for coverage are marketers. No one at any reputable news organization will ask for cash but, sadly, there are a number of disreputable news organizations making the rounds.

ICO spamming/Don’t do it

All this still doesn’t answer the question: Should you pay-to-post?

“The short answer is no,” said Kevin Bourke of BourkePR. “I get asked all the time, and in fact, turned down another request just today. And I advise my clients to decline these offers as well.”

Pay-for-post disrupts journalism in a way that should be familiar and desirable to any modern-day entrepreneur. Middlemen are being knocked out everywhere and brands are approaching consumers from every angle including native ads in Instagram and Twitter. But the value of coverage – real coverage – from a journalists perspective is the opportunity to explain complex ideas to a ready audience. While posting a picture of a blockchain on Facebook and hoping for clicks is one strategy, explaining your views, opinions, and insights is far more important even if you approach it from a mercenary position.

“When you start paying for placement, you remove objectivity and credibility, and in my opinion, this is the reason you look for coverage of your company/products in the first place. That’s what influences readers/viewers. But I understand the temptation for startups. You come to believe that ‘all visibility is good visibility.’ I just can’t agree with that,” said Bourke. “I see the trend toward paid placements (now called sponsored content), paid awards and I can’t stand it – especially with the trade show awards in high tech. They’ve completely devalued the Best of Show awards in so many cases. Typically, only the big companies with budgets can afford them, so many of the smaller guys with no money but amazing products get left out. I understand that the publishing industry needs to figure out new revenue streams – these are very difficult times for them. But they need to figure out smarter business models and maintain the integrity of editorialized content, built on the opinions and perspectives of journalists and influencers.”

Continue reading
  32 Hits
Jan
22

226th 1Mby1M Entrepreneurship Podcast With Andrew Cain McClary, KdT Ventures - Sramana Mitra

Rent the Runway, the fashion startup that began as a rental service for special occasions and has since evolved into a service for people also looking to spice up their everyday wear, just opened up its fifth physical, standalone location. The new location, in downtown San Francisco, enables Rent the Runway members to try on clothes, rent and return them.

Rent the Runway’s launch of a standalone brick-and-mortar location in San Francisco comes after it first opened up a location inside Neiman Marcus. With a standalone location, the company is able to offer longer hours for its members. Instead of opening at 10 a.m. and closing at 7 p.m., Rent the Runway can now stay open from 9 a.m. – 8 p.m. Monday through Friday. It also, of course, has weekend hours.

Thanks to some technology Rent the Runway developed within the last year, it has essentially “legalized shoplifting” for its members, Rent the Runway COO Maureen Sullivan told me yesterday ahead of the store’s launch. Toward the front of the store, there’s a self-return process that enables anyone to quickly return their items. A little farther back in the store, there’s a handful of self-checkout kiosks that let members quickly scan their items and leave.

Photo by Miha Matei Photography

Since its launch about nine years ago, Rent the Runway has launched two additional product offerings. In addition to its standard Reserve product, a one-time rental, Rent the Runway now offers two subscription products. The first is called Unlimited, which lets members rent four items at a time on a constant rotation (meaning you can swap them out as much as you want) for $159 a month.

The second is called Update, which lets you rent just four items for the whole month for $89 per month. In the event someone really likes what they’ve rented, they always have the option to purchase the item at anywhere from 10 percent to 75 percent off. Today, the subscription products make up 50 percent of Rent the Runway’s revenue, with San Francisco as the third largest subscription market.

Photo by Miha Matei Photography

In the nine years or so Rent the Runway has been around, a number of other services have cropped up around fashion. Stitch Fix, which went public last November, and Trunk Club by Nordstrom are two of the big ones. But what differentiates Rent the Runway from the likes of Stitch Fix is that, “they’re trying to get you to buy stuff,” Sullivan said. “You’re still buying things that accumulate in your closet.”

The vision with Rent the runway is to get to the point where 50 percent of your closet is rented, and therefore less cluttered. Rent the Runway, for example, has some customers who wear rented clothes 120 days out of the year.

Rent the Runway currently partners with over 500 brands, and operates as a new type of distribution channel for them. What Rent the Runway offers for brands is marketing and discovery, and customer data.

Down the road, Rent the Runway does envision getting into men’s clothing Sullivan said, but right now, there’s “unprecedented growth” in women’s clothing, so that’s where the focus will be for now.

Back in August, Rent the Runway partnered with Temasek for a $200 million credit facility. Before that deal, Rent the Runway had raised more than $200 million from traditional investors like KPCBC, Highland Capital, Bain Capital, TCV and others.

Continue reading
  31 Hits
Sep
18

Spire Health Tags are now on Apple’s shelves

Spire’s Health Tags, the dark and tiny devices you stick on your clothes to gather all sorts of health data from your steps, heartbeat and stress levels is now available at your local Apple Store.

The company started out with a breath tracking device to detect when you are feeling tense and help calm you down. But four years in and its now all about the wearable “tags” you stick on items of clothing like your pants or sports bra.

Yes, yes, there are lots of gadgets out there to gather similar information — the Apple Watch will now even detect if you have a fall or if something is wrong with your heart — but the Spire health tag is nothing like a Fitbit or Apple Watch, according to the company. For one, there’s zero need to charge the device. One tag’s battery will last a year and a half before dying out. They’re also machine washable. You just pick a few outfits and stick a tag on each of them.

Of course a few other startups out there are working on making smart, washable, data-gathering clothes. Enflux makes the clothing and then sews in the motion sensor to tell you if you are lifting correctly. Vitali is a “smart” bra with a built-in sensor to detect stress. Then there’s OmSignal, which makes body-hugging workout clothes that gather “medical-grade biometric data to achieve optimal health.” But these tiny health tags are different in that they allow you to choose the clothes you want to adhere the monitor to.

Like Spire’s first product, the Stone, which earned more than $8 million in sales, according to the company, the tags will also pick up on times of stress and help calm you down through a series of breaths and focus on the app.

“Continuous health data will revolutionize health and wellness globally, but early incarnations have been hampered by poor user experiences and a focus on the hardware over the outcomes that the hardware can create,” Spire’s founder Jonathan Palley said. “By making the device ‘disappear’, we believe Health Tag is the first product to unlock the potential.”

Spire’s Health Tags will be sold in Apple Stores as a three-pack for $130, six-pack for $230 and an eight-pack for $300, with additional pack sizes available on the company’s website.

Continue reading
  29 Hits
Sep
18

The Gap Table: Women own just 9% of startup equity

Even bigger than the salary gap that sees women earn $.82 on the dollar is the equity gap. A new study from Carta and the ex-Twitter female investor group #Angels reveals that women make up 35 percent of startup equity-holding employees, yet own just 20 percent of the equity. That means they own just $0.47 for every $1 that men own. Even worse, women account for 13 percent of startup founders but just 6 percent of founder equity — or merely $0.39 on the dollar.

Combined, that means only 9 percent of founder and employee startup equity is owned by women.

“This is not just about wealth” says #Angels’ Chloe Sladden. “Wealth from successful exits goes on to shape the entire industry. It’s about who has power and who gets to decide what gets funded.” #Angels’ Jessica Verrilli notes that “Having this data is going to  be a watershed moment and catalyze more urgency to address this underrepresentation.”

#Angels’ Chloe Sladden

The study by cap table management tool Carta (formerly eShares) looked at a subset of its privately held company customers including roughly 180,000 employees, 15,000 founders, and 6,000 companies encompassing $45 billion in equity value.

Amongst the hypothesized causes of the gap are that female-led startups get valued lower and diluted more, there’s less total capital allocated to women due to investor and industry bias, the underrepresentation of women as investors, challenges facing women during negotiations, and that they often team-up with more co-founders that have to split the equity pool.

#Angels’ Jana Messerschmidt explains that the gap table spotlights how women aren’t being hired for early engineering and leadership positions. These roles often get the lion’s share of equity, and when women are hired for sales, marketing, and HR jobs, “those folks are getting less equity because they are joining later and we have a hypothesis of how those roles are valued differently.” Sladden reminds founders to focus on diversity from day one. “Don’t push this off as something you’ll fix down the road as you’re facing all the other challenges.”

Once a successful startup gets acquired or IPOs and paper money turns into cash, tech workers often reinvest their winnings into more startups as angels, fund LPs, or by starting their own venture firm. If only men are getting enough equity to make those downstream investments, their biases could further unbalance the gender breakdown of the tech industry. The #Angels say they’ve found this translates into fewer fundraising term sheets and bargaining power for female founders when they come to the Sand Hill Road boy’s club for venture capital.

Beyond more diverse hiring, the #Angels believe it’s critical that the industry demystify equity so more women know how to exercise stock options and score tax advantages for maximum gain. “You shouldn’t need to have an MBA to know the importance of equity and how to negotiate for it” says Sladden. Better financing avenues for those women who need up-front capital to exercise their stock options could also ensure it’s not just those who already have money who can make money through equity.

Sladden concludes, “We hope this is going to start a movement. We hope that CEOs will start to measure it and talk about it.”

Continue reading
  25 Hits
May
22

Instagram now lets you mute accounts

Today marks a big milestone for Lyft — one billion rides. That’s a milestone Uber hit in December 2015. Uber has since grown to 10 billion trips completed — including Eats deliveries — as of this past July. Uber, of course, had a bit of head start given it launched in 2009 while Lyft first launched in 2012.

This milestone for Lyft comes about a year after it announced it was completing one million rides a day. To celebrate it, Lyft employees are surprising 3,500 drives with a free tank of gas.

Earlier this month, Lyft officially entered the scooter sharing space when it launched electric scooters in Denver, Colo. Lyft has since deployed its scooters in Santa Monica, Calif. as part of the city’s pilot program. Lyft’s entrance into scooters came close after its acquisition of bike-share company Motivate. We’ll be watching closely to see how Lyft’s additional modes of transportation impacts number of trips completed.

Continue reading
  32 Hits
Sep
18

Framer X design tool steps in the ring with InVision, Adobe, and Sketch

Design tools are becoming increasingly important to just about every brand out there. Today, a new entrant joins the race.

Framer X, a revamped version of three-year-old Framer, was founded by Koen Bok and Jorn van Dijk after the duo sold design software Sofa to Facebook in 2011. Framer X is a rich, React-based design tool that lets any designer draw out their interface components and instantly send them over to the engineering team for collaboration.

The key here is reusability and fidelity. With Framer X, engineers can send over existing components that are in production and let designers move forward from there. Conversely, designers aren’t sending developers a facsimile of a button or icon but the actual SVG code behind that component.

Framer X also allows users to collect components and other design items as a package within the Framer X store, so that they’re easily accessible during the design process. Framer X offers a public Framer X Store where casual designers can build off of the experience of advanced designers who’ve uploaded components to the store.

The company also allows enterprises to launch their own private store for use within the organization.

Framer costs $15/month for users, and private Framer X stores for the enterprise are priced flexibly based on the size of the organization.

Framer now joins a competitive landscape, which includes the likes of InVision, Adobe, and Sketch.

The company says it has around 50,000 monthly active users, with 200 companies (including Google, Facebook and Dropbox) using the product. Framer has raised $9 million to date from Greylock, Foundation Capital, Designer Fund, and Accel Europe.

Continue reading
  38 Hits
Sep
18

1Mby1M Virtual Accelerator Investor Forum: With Patricia Nakache of Trinity Ventures (Part 2) - Sramana Mitra

Patricia Nakache: Now there’s more of this bifurcation in the market of the haves and the have nots. We read it on the paper. We read on TechCrunch a lot about the haves. There’s probably a larger...

___

Original author: Sramana Mitra

Continue reading
  42 Hits
Sep
18

Postmates raises another $300M, reportedly valued at $1.2B

On-demand delivery service Postmates announced this morning that it has raised $300 million in additional funding led by Tiger Global Management.

While the company’s press release doesn’t mention this, Fortune reports that the deal valued Postmates at $1.2 billion. Tiger’s Scott Schleifer is joining the board of directors.

Postmates does say that it’s completing “millions” of deliveries every month and is profitable in 90 percent of its markets, and that over the past four years, gross margins have “improved dramatically to nearly 50%.”

Over the past few months, Postmates expanded into more than 100 new cities (it’s now available in more than 400 U.S. cities, as well as Mexico City) and also announced partnerships with companies like Instacart and Walmart.

Postmates previously raised a $140 million round at a $600 million valuation in 2016. More broadly, it looks like VCs aren’t backing away from the on-demand delivery market — DoorDash, for example, recently raised $250 million at a $4 billion valuation.

“The transformation of how commerce moves in cities demands that we build the most innovative tools for businesses to keep up and distribute their products to the modern consumer — efficiently and cost effectively,” said Postmates CEO Bastian Lehmann in the release. “Postmates is proud to be the first and largest on-demand network that is enabling the growth of retail across the country, and today’s investment accelerates our ability to pair technology with the vitality of our neighborhoods.”

Continue reading
  94 Hits
Jan
22

Techstars Mentor Manifesto In Detail

Singular, a startup working to unify data for marketers, is announcing that it has raised $30 million in Series B funding.

The company was founded by former Onavo executives, including Gadi Eliashiv, Eran Friedman and Susan Kuo — who now serve, respectively, as Singular’s CEO, CTO and COO.

Eliashiv explained that Singular was created in response to “this trend of data explosion in the marketing stack,” which require marketers to pull data from hundreds or thousands of different systems.

“Essentially what we see is the creation of this new category of marketing intelligence, where the complexity of the marketing stack has created the need for this layer that sits on top,” he said. “It doesn’t matter if you use a marketing cloud like Adobe that’s bundling five products together — at the end of the day, you need a layer on top making sense of it, helping you make better decisions.”

Eliashiv said Singular is able to go from a high-level dashboard summary for CMOs to “the finest level of detail.” He also noted that while the company is designed to integrate with existing marketing tools, it will “oftentimes displace smaller point solutions.”

“Our principal is, it has to be relevant for data, meaning we’re never going to displace your ad-buying tool,” he added. “It’s not what we do. We’re an intelligence platform.”

The idea of unifying marketing data is one that I hear a lot, but Eliashiv’s claims seem weightier when you see that Singular is already working with a number of big names, including Lyft, Yelp, Airbnb, LinkedIn, Symantec, Zynga, Match and Twitter.

Singular previously raised $20 million in funding. Norwest Venture Partners led the new round, with partner Scott Beechuk joining the board of directors.

Beechuk told me that he’d been studying the marketing analytics market for quite some time, and he argued, “There is something really unique and special about Singular. It’s the bridge between mobile, web and offline, all on a single platform.”

“What you’re going to find is, there are going to be a lot of technologies that Singular replaces,” Beechuk continued. “Let’s say a CMO or [chief growth officer] has 300 different outlets where they are advertising … Every one of those systems tends to have their own analytics built in. The first thing Singular does, it replaces all of those analytics systems with a single pane of glass.”

General Catalyst, Method Capital, Telstra Ventures, Translink Capital and Thomvest also participated in the new funding.

Continue reading
  36 Hits
Sep
18

UiPath lands $225M Series C on $3 billion valuation as robotic process automation soars

UiPath is bringing automation to repetitive processes inside large organizations and it seems to have landed on a huge pain point. Today it announced a massive $225 million Series C on a $3 billion valuation.

The round was led by CapitalG and Sequoia Capital. Accel, which invested in the companies A and B rounds also participated. Today’s investment brings the total raised to $408 million, according to Crunchbase, and comes just months after a $153 million Series B we reported on last March. At that time, it had a valuation of over $1 billion, meaning the valuation has tripled in less than six months.

There’s a reason this company you might have never heard of is garnering this level of investment so quickly. For starters, it’s growing in leaps in bounds. Consider that it went from $1 million to $100 million in annual recurring revenue in under 21 months, according to the company. It currently has 1800 enterprise customers and claims to be adding 6 new ones a day, an astonishing rate of customer acquisition.

The company is part of the growing field of robotic process automation or RPA. While the robotics part of the name could be considered a bit of a misnomer, the software helps automate a series of mundane tasks that were typically handled by humans. It allows companies to bring a level of automation to legacy processes like accounts payable, employee onboarding, procurement and reconciliation without actually having to replace legacy systems.

Phil Fersht, CEO and chief analyst at HfS, a firm that watches the RPA market, says RPA isn’t actually that intelligent. “It’s about taking manual work, work-arounds and integrated processes built on legacy technology and finding way to stitch them together,” he told TechCrunch in an interview earlier this year.

It isn’t quite as simple as the old macro recorders that used to record a series of tasks and execute them with a keystroke, but it is somewhat analogous to that approach. Today, it’s more akin to a bot that may help you complete a task in Slack. RPA is a bit more sophisticated moving through a workflow in an automated fashion.

Ian Barkin from Symphony Ventures, a firm that used to do outsourcing, has embraced RPA. He says while most organizations have a hard time getting a handle on AI, RPA allows them to institute fundamental change around desktop routines without having to understand AI.

If you’re worrying about this technology replacing humans, it is somewhat valid, but Barkin says the technology is replacing jobs that most humans don’t enjoy doing. “The work people enjoy doing is exceptions and judgment based, which isn’t the sweet spot of RPA. It frees them from mundaneness of routine,” he said in an interview last year.

Whatever it is, it’s resonating inside large organizations and UiPath, is benefiting from the growing need by offering its own flavor of RPA. Today its customers include the likes of Autodesk, BMW Group and Huawei.

As it has grown over the last year, the number of employees has increased 3x  and the company expects to reach 1700 employees by the end of the year.

Continue reading
  107 Hits
Sep
18

Indigo raises $250M, launches marketplace to help farmers get paid for quality grain

Indigo, the startup bringing algorithms and machine learning to the agricultural industry, has raised a $250 million Series E, bringing its total raised to $650 million.

The funding values the company at $3.5 billion, according to a source familiar with the deal. That’s a steep increase from its previously reported value: $1.4 billion with a $156 million Series D last September. Existing investors Baillie Gifford, the Alaska Permanent Fund, the Investment Corporation of Dubai and Flagship Pioneering participated in the round. New investors, who Indigo declined to name, also participated.

Indigo initially launched in 2014 to help farmers improve the health and productivity of their crops with microbial products that protect against the environment, disease and pest stress. Now, the company is expanding its suite of digital tools with the launch of Indigo Marketplace, which is essentially eBay for farmers.

Indigo CEO David Perry, who grew up on a farm in Arkansas, told TechCrunch Indigo expects to do $500 million in bookings this year thanks to the early growth of the new product. That’s more than 8x growth YoY.

Indigo first began rolling out the online grain marketplace to its network of farmers in June and has since seen more than $6 billion worth of grain put up for sale by farmers. Buyers have placed more than 4,000 bids worth $2 billion.

Perry, a serial entrepreneur — he co-founded Better Therapeutics and Anacor Pharmaceuticals, which was acquired for $5.2 billion by Pfizer — says Indigo’s marketplace has had the most rapid adoption of any product launch he’s been associated with in his career.

“It’s part of a bigger plan,” he said. “We knew microbiology was a cornerstone to changing agriculture but it couldn’t do it by itself.”

Using Indigo Marketplace, buyers can purchase grain directly from farmers. They can filter by protein content, milling quality or by production practices, i.e. whether it’s organic or not. Growers are paid based on the quality of their crop, which is determined by a sample sent to a third-party lab for analysis.

Indigo manages the testing, the transportation of the crop and the payment through its new platform. 

Venture capital investment in agtech has been steadily growing in the last decade with more and more early-stage startups emerging to compete with the Big 6 of agriculture: Monsanto, Bayer, DuPont, Dow, Syngenta and BASF.

The industry, according to agtech firm Finistere Ventures, has transitioned “from a niche, opportunistic clade of the venture capital investment class, to a legitimate asset class attracting focused and generalist funds.”

As for Indigo, it has been and continues to be the most valuable private agtech startup.

Continue reading
  23 Hits
Jun
30

Thursday, July 2 – 492nd 1Mby1M Mentoring Roundtable for Entrepreneurs - Sramana Mitra

Mabl, a Boston-based startup from the folks who brought you Stackdriver, wants to change software testing using machine learning, and today it announced a $20 million Series B investment led by GV (formerly Google Ventures).

Existing investors CRV and Amplify Partners also participated. As part of the deal, Karim Faris, general partner at GV will be joining the Mabl board. Today’s investment comes on top of a $10 million Series A announced in February.

While it was at it, the company also announced a brand new enterprise product. In fact, part of the reason for going for a hefty Series B so soon after landing the Series A was because it takes some money to service enterprise clients, company founder Izzy Azeri explained.

Azeri says that when he and his partner Dan Belcher decided to start a new company after selling Stackdriver to Google in 2014, they wanted to be methodical about it. They did some research to find gaps and pain points the new company could address. What they found was that QA wasn’t keeping up with modern development speed.

They saw development and testing teams spending too much time simply maintaining the testing regimen, and they believed with machine learning they could help automate the QA process and deliver it in the form of a cloud service, allowing testing to keep up.

Instead of looking at the code level, Mabl looks at your website or service and alerts you to errors like increased load time, broken links or other problems, and displays the results in a dashboard. When it finds an issue, it flags the step in the process where the problem occurred and sends a screenshot to the test or development team where they can analyze it and fix it if needed.

Mabl dashboard. Screenshot: Mabl

They launched in Beta last February and went GA in May. Since then, they were pleasantly surprised to find that larger companies were interested in their service and they knew they needed to beef up the base product to appeal to these customers.

That meant adding secure tunneling, which they call Mabl Link, a higher level of encryption, support for cross-browser testing and integration with enterprise single sign-on. They also needed a higher level of support and training, which are also part of the enterprise package.

They let each customer try the full suite of features when they sign up for 21 days, after which they can drop down to Pro or sign up for the enterprise version, depending on their budgets and requirements.

Mabl currently has 30 employees in Boston, and as they develop the enterprise business, the plan is bring that up to 70 in the next year as they add enterprise sales people, customer success staff and of course more engineering to keep building the product.

Continue reading
  51 Hits
Dec
10

It Takes Two wins Game of the Year

According to a recent Market Research report, the global cyber security market is expected to grow at a steady pace of 10% annually over the next few years to $172 billion by 2024. FireEye (Nasdaq:...

___

Original author: MitraSramana

Continue reading
  33 Hits
Jun
30

Startup Ideas for the Post Covid World: Meaningful Friendships Through Literature and Film - Sramana Mitra

Roman is a rocket ship, and I’m not talking about how it sells Viagra and Cialis. Less than a year after launching its cloud pharmacy for erectile dysfunction with $3 million in funding and a five-person team, Roman has grown to seventy team members and a revenue run-rate in the 10s of millions — up 720 percent since January. It’s sparked over a million patient-physician visits, phone calls, and text conversations through its telemedicine portal for getting diagnoses and prescriptions.

And now Roman is ready to expand beyond men, so it’s dropping the ‘Man.

Today, the newly renamed ‘Ro’ unveiled its next product, Zero, a $129 ‘quit smoking’ kit. It contains a month’s worth of prescription cessation medication bupropion and nicotine gum, plus an app for tracking progress and learning how to stay motivated through hunger, nausea, and cravings. Pre-orders open today.

“Erectile dysfunction medication is a knee brace. It helps you to walk again but the goal would be to not need a knee brace” says Ro co-founder Zachariah Reitano, who started the company because he lives with ED himself due to a heart medication side effect. “Some people will need ED medication but we’re hoping that a lot of people, through lifestyle changes or quitting smoking, won’t need us any more.”

To get the word out about Zero to women and men alike, as well as build a physician’s electronic medical record system, Ro has also raised a jaw dropping $88 million Series A round. It was led by FirstMark Capital and joined by SignalFire, Initialized Capital, General Catalyst, Slow Ventures, Sinai Ventures, Torch Capital, BoxGroup, and Tusk Ventures. Initialized and Reddit co-founder Alexis Ohanian and FirstMark managing director Rick Heitzmann will both join Ro’s board to steward this massive infusion of capital.

Roman board member Alexia Ohanian sporting a Roman Zero hat while cheering on his wife, tennis star Serena Williams

“The plan for the money is to continue to build out our own pharmacy” as well as “a lot of the backend infrastructure that we call ‘Ro’ that will allow us to launch these other products and verticals over the next two to three years, including women’s health products, Reitano tells me. Ohanian writes that “The only thing that exceeds Ro’s execution to date is their vision for the future of healthcare. Unlike other companies in the space, Ro is full-stack and is actually rebuilding the health care experience from the ground up, which means they are able to deliver unrivaled care for patients across the country.”

Ro’s Zero kit

Until recently, 80 percent of Viagra sold online was counterfeit. That not only made it awkward to buy medication for erectile dysfunction, but also dangerous. Yet that number is starting to drop thanks to the explosion in popularity of Roman, as well as fellow direct-to-consumer men’s health startup Hims. “Roman doesn’t lend itself to the typical Instagram unboxing experience, but we get a lot of one-to-one word of mouth” Reitano says with a chuckle. SEO has also been key to revenue growth, as it’s the first organic search result for ‘buy Viagra’.

One of the thing that’s helped has been me sharing my story [he’s dealt with ED since he was 17], and this ‘check engine light’ concept” that views erections as indicators that a man’s body is in working order. Roman even built a somewhat-silly app called Morning Glory to help men track morning erections. Roman’s whole experience is designed to make patients comfortable with a fundamentally uncomfortable topic. “The fact that this stigma exists is why people don’t talk to their doctor or their partner” Reitano says.

Roman co-founder Zachariah Reitano

Now Ro wants to take the same clear-eyed approach to helping people quit smoking, starting by getting you to chat with its “telehealth assistant” to get paperwork sorted before you speak with a Ro doctor. The startup says that of the 37.5 million people in the US who smoke, 70 percent want to quit and 50 percent try to quit each year, but only 3 to 5 percent are smoke-free after six months. But with medication, nicotine replacement therapy like gum, tapering down smoking before stopping, and counseling, the quit rate drastically improves to 33 percent after six months.

You get all that from Zero’s kit for $129 per month, compared to $120 on Amazon for just the nicotine gum. Reitano admits that “the margin actually is not fantastic to start. Let’s say it’s slightly below what a typical commerce purchase would be.” But the idea is that if Ro and Zero can help someone quit smoking, patients will turn to it for more of their online pharmacy needs.

One barrier for Ro is that it currently doesn’t accept insurance for its $15 telemedicine appointments, Roman pills, or the Zero kit. Eventually it wants to accept FSA cards for tax-favored spending in hopes of reducing the cost for some patients, but otherwise Ro will require people to pay out-of-pocket, restricting it to wealthier segment of the population. Reitano admits that “In any space that’s incredibly competitive and highly regulated, there are things out of your control. In our control, there’s an incredible opportunity to make sure we take advantage of the infrastructure we have.”

Reitano concludes, “Honestly, I hope we can live up to what we want to build.”

Continue reading
  68 Hits
Sep
18

Ostrichpillow Hood, the latest product from Studio Banana, is no joke

I’m not going to lie, when Studio Banana released the original Ostrichpillow back in 2012, despite breaking all Kickstarter records at the time, I thought the whole thing might be an elaborate joke. Or, worse still, since the sleep-at-your-desk styled product had found popularity amongst people who worked at startups, Silicon Valley was now parodying itself.

Except that “transformative” design company Studio Banana is based in Europe, with offices based in London, Lake Geneva and Madrid. And 500,000 sales and five products later, the joke is arguably on its critics. As I’m fond of telling founders who ask for validation, ultimately it is the market that decides.

Enter the latest Ostrichpillow creation: the aptly named Ostrichpillow Hood. Aptly named because, well, it’s a hood. However, unlike the previous products in the range, which were designed to facilitate sleep in non-traditional places, the Ostrichpillow Hood, we’re told, is to be used in “everyday waking life”.

Specifically, by reducing the ability to see activity in the edges of your field of vision, it is intended to help you focus on the task at hand and/or reduce overstimulation, such as the kind induced by open plan co-working spaces.

The Ostrichpillow Original

“The product we’re launching now is the sixth of the different products that have emerged in the Ostrichpillow family and they’re catering to different needs,” Ali Ganjavian, co-founder of Studio Banana, tells me in a video call yesterday. “Ostrichpillow was really about complete isolation and it was really a statement product… So different products have different use-cases and different functions, and also different social acceptances”.

I suggest that the Ostrichpillow Hood may turn out to be broadly socially acceptable, not least for anyone already familiar with the original Ostrichpillow, but also because asking work colleagues to respect the need to focus is a lot different to asking them to ignore your need to take a nap at your desk. Ganjavian doesn’t degree, even though there is no doubt the two products share the same design heritage.

“A lot of the stuff we are thinking about now is about the state of mind,” he says, noting that throughout the working day we are bombarded with stimuli and information, from messaging apps, emails, social media, meetings and even something as innocuous as having to say hello to work mates. “[The Ostrichpillow Hood] is really about sheltering. It is not only a physical movement, there is psychology in the way it shelters you… it’s about shifting your mood”.

Next Ganjavian demonstrates the three positions the Ostrichpillow Hood is designed to be worn.

The ‘Hood’ position is for when you need to concentrate on something in public, for example when commuting or in an open plan office or coffee shop. Like wearing a pair of visually loud headphones, it also has the added effect of signalling to colleagues that you’d rather not be disturbed or are “wired in“.

The ‘Eclipse’ position, where the hood can be turned around to cover your face completely, is for when you need to truly switch off from your surroundings, such as to deeply think, take a short break or meditate. “If I’ve got my headphones on in that posture then what it allows me to do is to totally isolate myself in the same way I would with an Ostrichpillow but in a much more acceptable way,” says Ganjavian.

Finally, the ‘Hoop’ position, with the hood worn down around your neck, is designed to feel warm and cozy and turns the Ostrichpillow Hood into attire more akin to a fashion accessory.

Adds the Studio Banana co-founder: “What I find really exciting about this moment is that I currently work in between three different geographies, there is so much going on, and how do we create a tool or object that makes me feel good, helps me perform better, and helps me become more efficient, and also feeds that overall well-being that I’m looking for in my workplace. At the same time, I can just walk out into the street with it on and just go home and feel good about it”.

Continue reading
  84 Hits
Sep
18

Thought Leaders in Financial Technology: Erich Litch, Chief Revenue Officer, 2Checkout (Part 2) - Sramana Mitra

Sramana Mitra: Can we talk a bit about the competitive map around this ecosystem? The direct competitors are Chargify and Zuora, right? Erich Litch: Since we operate in so many parts of the...

___

Original author: Sramana Mitra

Continue reading
  22 Hits
Sep
18

Twitter will let you see your tweets in chronological order again

Twitter has announced that it will once again give users the option to view their timelines in reverse chronological order, allowing them to opt out of its "Show the best Tweets first" format.

Originally Twitter was structured in reverse chronological order, but the company switched to a default algorithmic timeline in 2016, which upped popular tweets and tweets from accounters users regularly interact with.

In a statement on Monday, Twitter said it had heard "feedback" from users who preferred the unfiltered, chronological model.

It said that it is working on creating an easily accessible switch that would allow people to instantly switch between an algorithmic or chronological timeline, but that in the meantime users can deselect the "Show the best Tweets first" setting to achieve this effect.

It coincides with a piece of advice tweeted by game developer Emma Kinema on Sunday. She said people could use "muted words" as a backdoor to structure their timelines chronologically. The tweet went reasonably viral, with over 18,00 retweets and almost 48,000 likes at the time of writing.

Business Insider has contacted Twitter to ask whether Kinema's tweet had any bearing on the timing of Twitter's announcement.

Twitter reported a small quarter-over-quarter decline in monthly active users in the second quarter of 2018, falling from 336 million in Q1 to 335 million in Q2.

Original author: Isobel Asher Hamilton

Continue reading
  57 Hits