Today Coinbase, an American cryptocurrency trading platform and software company, said that it will begin to trade via a direct listing on April 14th. In a separate release the company also said that it will provide a financial update on April 6th, after the close of trading.

Coinbase’s impending public debut comes at an interesting market moment. As some tech companies delay their offerings over demand concerns, Coinbase is pushing ahead with its flotation perhaps in part because it will not price its debut in the traditional sense; direct listings forgo raising capital at a specific price point, and instead merely begin to trade, albeit with a reference price attached.

That Coinbase will release new numbers before beginning to trade is at once interesting and pedestrian. It’s interesting as TechCrunch cannot recall a private company looking to go public holding a similar event. And, Coinbase deciding to share “first quarter 2021 estimated results” and “provide a financial outlook for 2021” is also in part a common move, as many companies provide updated financials in their S-1 documents if time passes from when they first file to when they actually trade.

We’ll be tuned into that call, as the numbers shared will impact not only how Coinbase trades when it does float, but will also provide insight into how active consumer trading is writ large, and particularly in the cryptocurrency space; more than one startup in the market today depends on trading incomes to generate top-line, so seeing new numbers from Coinbase will be welcome.

The company will trade under the ticker symbol “COIN.”

While several tech companies are opting to delay their IPOs in the face of less-than-enthusiastic market demand for their shares, real estate tech company Compass forged ahead and went public today. After pricing its shares at $18 apiece last night, the low end of a lowered IPO price range, Compass shares closed the day up just under 12% at $20.15 apiece.

TechCrunch caught up with Compass CEO and founder Robert Reffkin to chat about his company’s debut in the market’s suddenly choppy waters for tech and tech-enabled debuts.

Regarding whether Compass is a tech company or a real estate brokerage, Reffkin — who raised the comparison himself — used the opportunity to note that companies like Amazon or Tesla aren’t only one thing. Amazon is a logistics company, an e-commerce company, a cloud-computing business and a media concern all at the same time. Price that.

The argument was good enough for Compass to sell 25 million shares — a lowered amount — at its IPO price for a gross worth $450 million. That, the CEO said, was his company’s goal for its public offering.

Sparing TechCrunch the usual CEO line about an IPO not being a destination but merely one stop on a longer journey at that juncture, Reffkin instead argued that putting nine figures of capital into his company was his objective, not a particular price or resulting valuation.

That might sound simple, but as Kaltura and Intermedia Cloud Communications have pushed their IPOs back, it’s a bit gutsy. Still, if financing was the key objective, Compass did succeed in its debut. It was even rewarded with a neat little bump in value during its first day’s trading.

Reffkin did confirm to TechCrunch what we’ve been reporting lately, namely that the IPO market has changed for the worse in recent weeks. He described it as “challenging.”

So why go public now when there is so much capital available for private companies?

Reffkin cited a few numbers, but centered his view around having what he construes as the “right team” and the “right results.” We’ll get a bit more on the latter when Compass reports its first set of public earnings.

For now, it’s a company that braved stormier seas than we might have expected to see so soon after a blistering first few months of the year for IPOs.

And because I would also bring her along if I ever took a company public, here’s the company’s founder and CEO with his mother:

 

By now, all companies are fundamentally data driven. This is true regardless of whether they operate in the tech space. Therefore, it makes sense to examine the role data management plays in bolstering — and, for that matter, hampering — productivity and collaboration within organizations.

While the term “data management” inevitably conjures up mental images of vast server farms, the basic tenets predate the computer age. From censuses and elections to the dawn of banking, individuals and organizations have long grappled with the acquisition and analysis of data.

One oft-quoted example is Florence Nightingale, a British nurse who, during the Crimean war, recorded and visualized patient records to highlight the dismal conditions in frontline hospitals. Over a century later, Nightingale is regarded not just as a humanitarian, but also as one of the world’s first data scientists.

As technology began to play a greater role, and the size of data sets began to swell, data management ultimately became codified in a number of formal roles, with names like “database analyst” and “chief data officer.” New challenges followed that formalization, particularly from the regulatory side of things, as legislators introduced tough new data protection rules — most notably the EU’s GDPR legislation.

This inevitably led many organizations to perceive data management as being akin to data governance, where responsibilities are centered around establishing controls and audit procedures, and things are viewed from a defensive lens.

That defensiveness is admittedly justified, particularly given the potential financial and reputational damages caused by data mismanagement and leakage. Nonetheless, there’s an element of myopia here, and being excessively cautious can prevent organizations from realizing the benefits of data-driven collaboration, particularly when it comes to software and product development.

Taking the offense

Data defensiveness manifests itself in bureaucracy. You start creating roles like “data steward” and “data custodian” to handle internal requests. A “governance council” sits above them, whose members issue diktats and establish operating procedures — while not actually working in the trenches. Before long, blockages emerge.

Blockages are never good for business. The first sign of trouble comes in the form of “data breadlines.” Employees seeking crucial data find themselves having to make their case to whoever is responsible. Time gets wasted.

By itself, this is catastrophic. But the cultural impact is much worse. People are natural problem-solvers. That’s doubly true for software engineers. So, they start figuring out how to circumvent established procedures, hoarding data in their own “silos.” Collaboration falters. Inconsistencies creep in as teams inevitably find themselves working from different versions of the same data set.

Meet Soda, a data monitoring platform that is going to help you discover issues with your data processing setup. This way, you can react as quickly as possible and make sure that you keep the full data picture.

If you’re building a digital-first company, you and your customers are likely generating a ton of data. And you may even be leveraging that data to adjust your product itself — think about hotel pricing, finding the right restaurant on a food delivery website, applying for a loan with a fintech company, etc. Those are data-heavy products.

“Companies build a data platform — as they call it — in one of the big three clouds [Amazon Web Services, Google Cloud, Microsoft Azure]. They land their data in there and they make it available for analytics and more,” Soda co-founder and CEO Maarten Masschelein told me.

You can then tap into those data lakes or data warehouses to display analytics, visualize your data, monitor your services, etc. But what happens if there’s an issue in your data workflows?

It might take you a while to realize that there’s some missing data, or that you’re miscounting some stuff. For instance, Facebook miscalculated average video view times for several years. When you spot that issue, an important part of your business might be affected.

Soda wants to catch data issues as quickly as possible by monitoring your data automatically and at scale. “We sit further upstream, closer to the source of data,” Masschelein said.

When you set up Soda with your data platform, you instantly get some alerts. Soda tells you if there’s something off. For example, if your application generated only 6,000 records today while you usually generate 24,000 records in 24 hours, chances are there’s something wrong. Or if you usually get a new entry every minute and there hasn’t been an entry in 15 minutes, your data might not be fresh.

“But that only covers a small part of what is considered data issues. There’s more logic that you want to test and validate,” Masschelein said.

Soda lets you create rules to test and validate your data. Basically, think about test suite in software development. When you build a new version of your app, your code needs to pass several tests to make sure that nothing critical is going to break with the new version.

With Soda, you can check data immediately and get the result. If the test doesn’t pass, you can programmatically react — for instance, you can stop a process and quarantine data.

Today, the startup is also launching Soda Cloud. It’s a collaboration web application that gives you visibility in your data flows across the organization. This way, nontechnical people can easily browse metadata to see whether everything seems to be flowing correctly.

Basically, Soda customers use Soda SQL, a command-line tool that helps someone scan data, along with Soda Cloud, a web application to view Soda SQL results.

Beyond those products, Soda’s vision is that data is becoming an entire category in software products. Development teams now have a ton of dev tools available to automate testing, integration, deployment, versioning, etc. But there’s a lot of potential for tools specifically designed for data teams.

Soda has recently raised a $13.5 million Series A round (€11.5 million) led by Singular, a new Paris-based VC fund that I covered earlier this week. Soda’s seed investors Point Nine Capital, Hummingbird Ventures, DCF and various business angels also participated.

The Exchange just yesterday discussed a downward revision in the impending Compass IPO and the disappointing Deliveroo flotation as signals that market demand for high-growth, unprofitable tech shares could be slipping. Recent news underscores the possibly chilling conditions. This morning, Kaltura, a technology company that provides video streaming software and services, delayed its IPO. JioForMe reports that the postponement comes after Kaltura’s “valuation demand was lower than expected.”

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

TechCrunch noted yesterday that Kaltura had not released a second, higher IPO price range. The fact stood out given how hot the public markets had proven in recent months for new tech offerings. Kaltura’s S-1 filing detailed accelerating revenue growth, which at the time we thought would be more than enough to fetch the company an attractive initial public valuation.

It appears that Kaltura was also surprised that it was not trending toward a higher IPO price.

In another sign of how quickly the temperature for new tech flotations may have chilled, digital comms firm Intermedia Cloud Communications also delayed its IPO today. In a release, CEO Michael Gold said the decision is due “to challenging current conditions in the market for initial public offerings, especially for technology companies.”

Challenging current conditions? For IPOs? For tech IPOs? That’s new.

Uh-oh

Axios reporter Dan Primack noted this morning that SPAC formation appears to be slowing. Mix that into the delays and yesterday’s anemic-to-awful IPO news, and the market could be seeing a somewhat rapid retrenchment toward more historical valuations and demand levels for unprofitable equities.

Thinking out loud: We should expect SPAC formation and deal volume to fall the fastest of all the signals we’re tracking, including IPO pricing, the pace of S-1 filings and first-day trading performance. Why? Because it’s the most exotic of the various data points we’ve observed on the way up during the tech boom. Therefore, it should also be the thing most vulnerable to rising financial gravity.

Holler, described by founder and CEO Travis Montaque as “a conversational media company,” just announced that it’s raised $36 million in Series B funding.

You may not know what conversational media is, but there’s a decent chance you’ve used Holler’s technology. For example, if you’ve added a sticker or a GIF to your Venmo payments, Holler actually manages the app’s search and suggestion experience around that media. (You may notice a little “powered by Holler” identifier at the bottom of the window.)

Montaque told me the company started out initially as a news and video content app before focusing on messaging in 2016. Messaging, he argued, is “the most important experience for people online,” since “it’s where we communicate with the people who are closest to us.”

He continued, “It seemed bizarre that we haven’t seen much innovation in the text messaging experience since the first text message was sent in 1992.”

So Holler works with partners like PayPal-owned Venmo and The Meet Group to bring more compelling content into the messaging side of their apps — or as Montaque put it, the startup aims to “enrich conversations everywhere.”

There’s both an art and a science to this, he said. The art involves creating and curating the best stickers and GIFs, while the science takes the form of Holler’s Suggestion AI technology, which will recommend the right content based on the user’s conversations and contexts — the stickers and GIFs you want to send in a dating app are probably different from what you’d in a work-related chat. Montaque said that this context-focused approach allows the company to provide smart recommendations in a way that also respects user privacy.

“I believe that the future is context, not identity,” he said. “Because I don’t really need to know about Anthony, I just need to know someone is in need of lunch. If I know you’re in the mood for Mexican food, I don’t need to know every aspect of the last 10 times you went to a Mexican restaurant.”

Holler monetizes this content by partnering with brands like HBO Max, Ikea and Starbucks to create branded stickers and GIFs that become part of the company’s content library. Montaque said the startup has also worked with brands to measure the impact of these campaigns across a variety of metrics.

Holler’s content now reaches 75 million users each month, compared to 19 million users a year ago, while revenue has grown 226%, he said. (Apparently, last year was the first time the company saw significant revenue growth.)

The startup has now raised more than $51 million in total funding. The Series B was co-led by CityRock Venture Partners and New General Market Partners, with participation from Gaingels, Interplay Ventures, Relevance Ventures, Towerview Ventures and WorldQuant Ventures.

“Holler is more than simply a groundbreaking technology company,” said CityRock Managing Partner Oliver Libby in a statement. “Under Travis Montaque’s visionary leadership, Holler boldly stands for a new era of ethics in social media, and also deeply reflects the values of diversity, inclusion and belonging.”

Montaque (who, as a Black tech CEO, wrote a post for TechCrunch last year about bringing more diversity to the industry) said that Holler will use the funds to continue developing its product and advertising model. For one thing, he noted that although stickers and GIFs were an obvious starting point, the company is now looking to explore and create new media formats.

“We want to invent a new kind of content consumption paradigm,” he said.

Who’s ready for bootcamp? Today’s the day new founders get down to the business of, well, building a better business. TechCrunch Early Stage 2021: Operations & Fundraising provides early-stage founders with access to top founders, investors and subject-matter experts across the startup realm. The goal? Learn and develop the skills essential for startup success, avoid common mistakes, expand your network and discover new opportunities.

Procrastination Station: You can still get your founder bootcamp on. Buy a pass right here, right now.

Ready to roll up your sleeves, get to work and have some fun? We’re highlighting just a few of today’s sessions you won’t want to miss. You’ll find descriptions of all the presentations in the program-packed agenda.

Don’t miss our special partner sessions. These eight interactive presentations, scheduled throughout the day, cover a range of hot topics.

Creating and Protecting IP Value in Connection with VC Financings (Perkins Coie)Scientist Entrepreneurs – Scaling Breakout Engineering Biology Companies (Mayfield)Using Fast Feedback to Make Higher-Confidence Decisions and Accelerate the Dev Process (UserTesting)An M&A Playbook for Startup Founders: Lessons from Google and Microsoft (Merus Capital)How to Scale a Remote-First Startup (Remote)Why Founders Should Adopt OKRs Now (Dell for Entrepreneurs)Naming & Protecting Your Company’s Intellectual Property with Brainbase (Brainbase)Nailing the Little Things: How Startups Can Achieve Operational Excellence from Day One (B Capital Group)

Wondering how to pitch effectively in these virtual times? Melissa Bradley, co-founder of Ureeka, shows how to bring the heat in How to Nail Your Virtual Pitch Meeting. The rules of the pitch meeting have changed. Instead of traveling across the country, wasting time in planes, trains and automobiles, founders can take upwards of 30 meetings in a day from the comfort of their home. Entrepreneur and VC Melissa Bradley will outline how to make the most of that half hour on Zoom and lock in the next one.

If you build it, who will sell it? Learn everything you need to know about Building and Leading a Sales Team. Contrary to popular opinion, even the very best products don’t sell themselves. Salespeople do. Hear from Zoom’s chief revenue officer, at the helm of the company’s sales team during the biggest period of growth of any software company ever, lay out how to build a stellar sales team.

Thanks to video on demand, you won’t miss a minute of TC Early Stage. Watch your favorites again to catch nuance you may have missed or check out topics you couldn’t fit into your schedule. All videos will be available after the conference ends and you can access them with the free Extra Crunch membership that you get with your ticket!

That’s a sweet peek at just some of the presentations happening today at TechCrunch Early Stage 2021: Operations & Fundraising. Are you ready? It’s time for bootcamp!

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Every tech vendor has to pass security muster with customers, typically a tedious activity involving answering long questionnaires. Kintent, a new startup that wants to automate this process, announced a $4 million seed today led by Tola Capital with help from a bunch of tech industry angel investors.

After company co-founder and CEO Sravish Sridhar sold his previous startup Kinvey, which provided backend as a service to mobile app developers, he took a couple of years off while he decided what to do next. The sale to Progress Software in 2017 gave him that luxury.

He knew firsthand from his experience at Kinvey that companies like his had to adhere to a lot of compliance standards, and the idea for the next company began to form in his head. He wanted to create a new startup that could make it easier to figure out how to become compliant with a given standard, measure the current state of compliance and get recommendations on how to improve. He created Kintent to achieve that goal.

“So the big picture idea is can we build a system of record for trust and our first use case is information security and data privacy compliance, specifically if you’re a company that is building a SaaS business and you’re storing customer data or PHI, which is health information,” Sridhar explained.

The company’s product is called Trust Cloud. He says that they begin by looking at the lay of your technology land in terms of systems and the types of information you are storing, looking at how compliant each system is with whatever standard you are trying to adhere to.

Then based on how you classify your data, the Trust Cloud generates a list of best practices to stay in compliance with your desired standard, and finally it provides the means to keep testing to validate what you’ve done and that you are remaining in compliance.

The company launched in 2019, spent the first part of 2020 developing the product and began selling it last October. Today, it has 35 paying customers. “We’re in the high six figures in revenue. We’ve been growing at about 20-30% month-over-month consistently since we launched in October, and the customers are across 11 verticals already,” he said.

With 14 employees and some money in the bank from this funding round, he is thinking ahead to adding people. He says that diversity has to be more than something you just talk about, and he has made it one of the core founding values of the company, and one he takes very seriously.

“I’m very conscious with every hire that we make that we’re really pushing to extend ourselves to [find] people from different walks of life, different statuses and so on,” he said.

The company is also working on a DEI component for the Trust Cloud, which it will be offering for free, which enables companies to provide a set of diversity metrics to measure against and then report on how well you are doing, and how you can improve your numbers.

Mmhmm, the software that allows folks to personalize their appearance on video chat, has today announced that it’s introducing usage-based enterprise accounts.

In a conversation with TechCrunch, founder and CEO Phil Libin said this is a natural evolution, remarking that mmhmm has had hundreds of registrations from users all at the same company.

“It was clear that there was a big demand for enterprise accounts,” said Libin. “Not only for central management, to keep it as easy as possible, but also for getting everything on brand. Companies and organizations of all kinds are realizing video is a permanent part of how we’re going to do business and it needs to be on brand.”

The enterprise accounts are priced the same as individual Pro accounts, at $10/month or $100/year. However, when an organization signs up with an enterprise account, they only pay for the number of users who were active on mmhmm each month, rather than worrying about seats.

Enterprise accounts can also share design system assets built specifically for mmhmm to “stay on brand” as Libin said. Folks who opt in to enterprise can also control employee accounts under one umbrella, invite via link, claim an email domain and enjoy a single bill.

Libin also gave us a glimpse into the financials of the business, explaining that while it’s too early to tell, the conversion rate to Pro accounts is outpacing that of Evernote, one of Libin’s earlier ventures.

He said that, with freemium tools like both mmhmm and Evernote, the likelihood of a user upgrading to premium grows with every month they’re on the platform. At Evernote, it was half a percent after the first month, and then 5% by the end of the first year, and after two years it would jump to 12%.

Obviously, mmhmm doesn’t have 24 months’ worth of data. That said, the product is doing 10x better than Evernote did.

But revenue is not the focus, according to Libin. The company is far more concerned with ensuring the onboarding process is easy for casual users and that they really understand what they can do with the platform. In the spirit of that, mmhmm is launching new interactive tutorial videos on the platform to ensure people are fully aware of the features.

Mmhmm first came on the scene in the summer of last year in a closed beta, and eventually opened up to everyone who has a Mac in November 2020. Alongside the launch of enterprise, mmhmm is also launching a Windows version of the app in open beta.

Libin said that mmhmm is in a growth stage, and that after starting five different companies, he knows the biggest challenge is people.

“I’ve been in some startups now that have been through this hyper growth stage,” said Libin. “The toughest thing at this stage is getting people, keeping people from burning out, and doing career development. This is my fifth startup, so I’m trying to demonstrate some learning behavior and apply lessons learned from previous mistakes. We’ll see how it goes.”

Editor’s Note: An earlier version of this article incorrectly stated that mmhmm was introducing Windows in a closed beta. It has been updated for accuracy. 

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Nested, the London-based startup that is using technology to build a “modern” estate agency and improve the home-selling experience, has raised an additional £5 million. Backing comes from Axel Springer, alongside previous backers Balderton Capital and Northzone.

Described as a “strategic investment,” Nested co-founder and CEO Matt Robinson tells TechCrunch that the round brings the “vast industry experience and resources” of Axel Springer to the board, in advance of a U.K. nationwide launch this year — meaning that the proptech is expanding beyond its current footprint of London.

Pitched as a “modern estate agent,” Nested’s offering pairs local agents with what it claims is industry leading tools and technology to help them better-support home-sellers (and buyers). It initially launched by offering to front the cash needed to buy your next home before you had sold your existing one, but now covers the entire house-selling journey.

Most recently, Robinson says Nested has been testing a new “hyper-local” approach so it can better service different neighbourhoods in a huge city like London. The idea, he says, is to give customers the best of both worlds: “a fantastic local agent who knows their area inside out, powered by Nested’s unique technology”.

This saw Nested launch 5 hyper-local areas in 2020 and Robinson says it has quickly gained up to 15% market share in those local markets. It is planning to launch an additional 30 areas over the next 18 months, as well as moving outside London for the first time.

“We find the best local agents and empower them with unique technology and services versus anyone else in the industry, traditional or online,” says Robinson. “There are some good traditional agents out there but the tools they have to do their job and for the customer to see what’s happening are pre-internet. We take the best local agents and give them tools to instantly be better at their job and give customer a better experience”.

He says that this is very different to online estate agencies, such as Purplebricks, which effectively offer “a DIY option where the agents are set up to fail by having to serve too many customers to give any of them a good service”. Meanwhile, he notes, traditional agents have barely changed in 50 years.

“Customers used to pick us because we had great features and services they couldn’t get anywhere else and great people but it was clear that the vast majority of customers also really value the knowledge and experience of a local agent and we were forcing them to pick between superior features, service and people versus most local,” adds Robinson.

“Our approach now is to give them both. We hire the absolute best local agents, and empower them and our customers with features to manage their sale better than they could anywhere else. For example, our customer account, buying agent and advance”.

Furthermore, Robinson argues that by focusing on each local market, customers benefit from local network effects through cross-selling homes. “We are [also] able to give agents a healthier workload with less travel, meaning more time for clients and better tailored advice”.

As an example of how Nested’s tech helps local agents do a better job, the company recently released updates to its mobile app which gives home-sellers instant access to every aspect of their sale — from viewing feedback and scheduled viewings to even showing what actions their agent has taken to generate enquiries and how many times they have chased up specific enquiries. “All at the tap of a button instead of playing phone tag with your agent,” is how Robinson frames it.