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Showing posts from January, 2020

Legacy, a sperm testing and freezing service, just raised $3.5 million to send the message to men: get checked

Legacy , a male fertility startup, has just raised a fresh, $3.5 million in funding from Bill Maris’s San Diego-based venture firm, Section 32, along with Y Combinator and Bain Capital Ventures, which led a $1.5 million seed round for the Boston startup last year. We talked earlier today with Legacy’s founder and CEO Khaled Kteily about his now two-year-old, five-person startup and its big ambitions to become the world’s preeminent male fertility center. Our biggest question was how Legacy and similar startups convince men — who are generally less concerned with their fertility than women — that they need the company’s at-home testing kits and services in the first place. “They should be worried about [their fertility],” said Kteily, a former healthcare and life sciences consultant with a master’s degree in public policy from the Harvard Kennedy School. “Sperm counts have gone down 50 to 60% over the last 40 years.” More from our chat with Legacy, a former TechCrunch Battlefield

Customer feedback is a development opportunity

Kyle Lomeli Contributor Share on Twitter Kyle Lomeli is the CTO and a founding engineer at CarGurus.com . Online commerce accounted for nearly $518 billion in revenue in the United States alone last year. The growing number of online marketplaces like Amazon and eBay will command 40% of the global retail market in 2020. As the number of digital offerings — not only marketplaces but also online storefronts and company websites — available to consumers continues to grow, the primary challenge for any online platform lies in setting itself apart. The central question for how to accomplish this: Where does differentiation matter most? A customer’s ability to easily (and accurately) find a specific product or service with minimal barriers helps ensure they feel satisfied and confident with their choice of purchase. This ultimately becomes the differentiator that sets an online platform apart. It’s about coupling a stellar product with an exceptional experience. Often, that

You need a minimum viable company, not a minimum viable product

Ann Miura-Ko Contributor Share on Twitter Ann Miura-Ko is a co-founding partner at Floodgate , a seed-stage VC firm. A repeat member of the Forbes Midas List and the New York Times Top 20 Venture Capitalists Worldwide, she earned a PhD in math modeling of cybersecurity at Stanford University. Hi, I’m Ann . I was one of the first investors in Lyft, Refinery29 and Xamarin. I’ve been on the Midas List for the past three years and was recently named on The New York Times’ list of The Top 20 Venture Capitalists. In 2008, I co-founded Floodgate , one of the first seed-stage VC funds in Silicon Valley. Unlike most funds, we invest exclusively in seed, making us experts in finding product-market fit and building a minimum viable company. Seed is fundamentally different from later stages, so we’ve made it more than a specialty: It’s all we do. Each of our partners sees thousands of companies every year before electing to invest in only the top three or four. For the past 11 years

You need a minimum viable company, not a minimum viable product

Ann Miura-Ko Contributor Share on Twitter Ann Miura-Ko is a co-founding partner at Floodgate , a seed-stage VC firm. A repeat member of the Forbes Midas List and the New York Times Top 20 Venture Capitalists Worldwide, she earned a PhD in math modeling of cybersecurity at Stanford University. Hi, I’m Ann . I was one of the first investors in Lyft, Refinery29 and Xamarin. I’ve been on the Midas List for the past three years and was recently named on The New York Times’ list of The Top 20 Venture Capitalists. In 2008, I co-founded Floodgate , one of the first seed-stage VC funds in Silicon Valley. Unlike most funds, we invest exclusively in seed, making us experts in finding product-market fit and building a minimum viable company. Seed is fundamentally different from later stages, so we’ve made it more than a specialty: It’s all we do. Each of our partners sees thousands of companies every year before electing to invest in only the top three or four. For the past 11 years

Unicorn fever as One Medical’s IPO pops 40% after conservative pricing

Shares of One Medical are worth $19.50 this morning after the venture-backed unicorn priced its IPO at $14 per share last night . The company opened at $18 before rising further, according to Yahoo Finance data. At its current price, One Medical is worth about 40% more than its IPO price, a strong debut for the company. The result is a boon for One Medical, which raised $532.1 million during its time as a private company. At $14 per share, the company was worth $1.71 billion. At 19.50, One Medical is worth $2.38 billion, a winning result for a company said to be worth around $1.5 billion as a private company. For investors The Carlyle Group, J.P. Morgan, Redmile Group, GV and Benchmark (among others), the debut is a success, pricing their stakes in the company higher once again. For other unicorns, the news is even better. One Medical, a company with gross margins under the 50% mark, deeply minority recurring revenue and 30% revenue growth in 2019 at best is now worth about 8.5x i

Last day for early-bird tickets to TC Sessions: Robotics + AI 2020

Today’s your last day to score early-bird pricing on tickets to TC Sessions: Robotics + AI 2020 , which takes place on March 3. If you want to keep $150 in your wallet, beat the deadline and buy your ticket here before the clock strikes 11:59 p.m. (PT) tonight! Our one-day conference dedicated to robotics and AI — the good, the bad and the challenging — features interviews, panel discussions, Q&As, workshops and demos. Join roughly 1,500 experts, visionaries, creators, founders, investors, researchers and engineers. Rub elbows, network and engage with current and aspiring leaders, as well as students poised to drive future innovation. We have a stellar line up, and just because we’re biased doesn’t mean we’re wrong. I mean come on — assistive robots, ethics and AI, the state of VC investment and robot demos. And that’s just for starters. Here are a couple of specific examples, and you can peruse the full agenda right here . Cultivating Intelligence in Agricultural Robots: The

Why Google Backtracked on Its New Search Results Look

By BY DAISUKE WAKABAYASHI AND TIFFANY HSU from NYT Technology https://ift.tt/38RPSB6

After earnings, Amazon joins the $1T club as Alphabet dips out

American tech companies almost did something neat today before messing it up. After reporting earnings yesterday , Amazon’s shares shot higher this morning, pushing the company’s value north of $1 trillion. Its growth and profits proved toothsome to the investing classes, bolstering the Seattle area’s tech pedigree by adding a second trillion-dollar business to its rolls. Microsoft and Apple, also flush after reporting their own well-received earnings , are also worth north of $1 trillion apiece. Amazon’s ascension would have brought the group of trillion-dollar American tech shops to four , if Alphabet hadn’t gone and spoiled the fun. Here’s the chart, on which you can spot Alphabet’s dip back under the $1,000 billion mark: So close, right? Perhaps Google and its cadre of money-losing subsidiaries will manage to skate back over $1 trillion today, leaving only little Facebook out of the Cool Kid Clubhouse. Get it together, Zuck! A billion dollars isn’t cool. You know what is

Moda Operandi, an online marketplace for high-end fashion, raises $100M led by NEA and Apax

Moda Operandi , an online marketplace that specialises in right-off-the-runway luxury fashion, accessories and home decor, is today announcing a high-priced event of its own: it’s raised $100 million, a mix of equity and debt that it will use to invest in its platform and technology as well as to continue growing business overall, which was founded in 2010 and today offers products from some 1,000 brands and designers and ships to 125 countries. “For the past eight years, Moda has disrupted the way people shop for luxury fashion,” said Moda Operandi CEO Ganesh Srivats in a statement. “This investment will enable us to build on that innovation, investing further in the client and designer experience and connecting more of the world’s best fashion to more people.” The financing is being co-led by NEA and Apax Partners, both previous investors in Moda Operandi, with participation also from the Santo Domingo Family (connected to Lauren Santo Domingo , who co-founded Moda with Aslaug Ma

How to blow through capital at an incredible rate

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. It was yet another jam-packed week full of big news, IPO happenings, and venture activity. As always we’ve done our best to deliver the gist on what’s been going on. We had Alex Wilhelm and Danny Crichton on hand to handle it all, which went medium-good. In other Equity news, we’re back with guests over the next few weeks, so if you miss us having a venture capitalist along for the ride, fear not, their return is just around the corner. Up top this week was Jon Shieber’s  report that Kleiner Perkins has rapidly deployed its most recent fund, a $600 million vehicle. While the news felt surprising, digging back through our archives we were reminded that the firm had indicated it might put its capital to work quickly. Still, as Danny pointed out, it’s rare that venture capitalists have to go our raising from LPs on an annual basis. Kleiner Perkins has

The Week in Tech: London Hands Washington a Loss on Huawei

By BY DAVID MCCABE from NYT Technology https://ift.tt/37LyyxM

How Bykea is winning Pakistan’s ride-hailing and delivery market

Increasingly, the streets of Karachi and Lahore are being flooded with men riding bikes and wearing green T-shirts, a writer friend recently told me. In a sense, these men represent the emergence of Pakistan’s tech startups. India now has more than 25,000 startups and raised a record $14.5 billion last year , according to government figures. But not all Asian countries are as large as India or have such a thriving startup ecosystem. Long overdue, things are beginning to change in bordering Pakistan. Bykea , a three-year-old ride-hailing and delivery service, today has more than 500,000 bikes registered on its platform. It operates in some of Pakistan’s most populated cities, such as Karachi, Lahore and Islamabad, Muneeb Maayr, Bykea founder and CEO, told TechCrunch. Maayr is one of the most recognized startup founders in Pakistan, and previously worked for Rocket Internet, helping the giant run fashion e-commerce platform Daraz in the country. While leading Daraz, he expanded the

Mammoth Biosciences aims to be Illumina for the gene editing generation

In 1998, the startup company Illumina launched a revolution in the life sciences industry by developing technology to slash the costs of identifying and mapping genetic material. Now, a little over 20 years later, Mammoth Biosciences is hoping to do the same thing for gene editing tools. The company, co-founded by Jennifer Doudna, who did some of the pioneering work to discover the gene editing enzyme known as CRISPR, has just raised $45 million as it looks to bring to market products that can be used not only for disease detection, but are more precise editing tools for genetic material. Rather than get bogged down in the patent dispute that raged over the provenance and ownership of applications for the original CRISPR enzyme — the Cas9 discovered by Doudna and developed for clinical applications at the Broad Institute — Mammoth has joined a number of startups in identifying new enzymes with a broader array of properties. “From the very beginning of the company we’ve only work

Apple’s redesigned Maps app is available across the U.S., adds real-time transit for Miami

Apple’s updated and more detailed Maps experience has now rolled out across the U.S., the company announced this morning. The redesigned app will include more accurate information overall as well as comprehensive views of roads, buildings, parks, airports, malls, and other public places. It will also bring Look Around to more cities and real-time transit to Miami. The company has now spent years upgrading its Maps experience to better compete with Google Maps, which Apple replaced with its own Maps app in 2012. That launch didn’t go well, to say the least. Apple CEO Tim Cook even had to apologize for how Maps fell short of customers’ expectations and promised Apple would do better going forward. Over time, Apple has been making good on those promises, by updating Maps with better data and notably, by announcing  a ground-up rebuild of the Maps platform back in 2018. Last year, Apple also introduced the new “Look Around” feature in iOS 13 — essentially Apple’s version of Google

IPO pricing for One Medical and Casper will set the tone for 2020’s unicorn debuts

Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between. As One Medical looks to become the first venture-backed company to price its IPO in 2020 this afternoon and Casper aims to price its own shares next Wednesday, the market is gearing up for a pair of tests. If you listen to the Nasdaq and the NYSE, IPO volume in 2020 will prove vibrant. A surprise, perhaps, in the wake of the WeWork meltdown that many had expected might reduce IPO cadence. One Medical and Casper, though, are charging ahead, meaning that their debuts will help set the tone for the 2020 IPO market. If they struggle with weak pricing and slow initial trading, their disappointing offerings could slow the IPO market. If they price well and are welcomed by the street, however, the opposite. Let’s take a look at how many IPOs are coming, what One Medical and Casper are hoping for and what their results might mean for unicorn liquidity. Don’t forget t

With $30 million in fresh funds, The Bouqs plans to plant its flower delivery business in Japan

The Bouqs plans to take a slice of Japan’s $6 billion flower market this year with a $30 million strategic growth round from Japanese enterprise business investor Yamasa. While The Bouqs still must compete with bigger contenders like 1-800-Flowers and FTD in the U.S., it will now have to take on incumbents like Ayoma Flower Market and FloraJapan, both of which also offer same-day delivery throughout the land of the rising sun. So why Japan? According to The Bouqs founder and CEO John Tabis, his company had been looking to expand internationally for awhile and Japan seemed to fit well within that plan. The Bouqs CEO and founder John Tabis And as far as bigger competition in any country, Tabis is undeterred, telling TechCrunch there’s plenty of opportunities in the flower delivery business if you know where to look. “There’ve been four or five other startups that tried something similar — some of them no longer exist,” Tabis said. “But the thing that’s worked for us, the first is

Medloop secures €6M from Kamet Ventures and AXA for self-service patient app

Medloop , which allows patients to manage healthcare needs and providers, has secured €6 million from Kamet Ventures and AXA. The cash will be used to enhance its product offering and continue expansion across Germany and the U.K. Medloop is also developing an evidence-based medical rule engine embedded on the Electronic Medical Record (EMR) of patients. Medloop offers patients what it calls “intuitive” self-service features in an app that enables them to navigate their own healthcare, including online appointment bookings, electronic medical results and prescription refills, as well as chatting in-app with healthcare providers. Founded in 2018 by Berlin-based entrepreneur Shishir Singhee, some medical practices in Germany use the Medloop doctor system to run their entire practice, using it to give an overview of their patient population. Singhee, said: “Healthcare today has become increasingly impersonalized as ever-growing patient registers have made it challenging for doctors t

One day left for early-bird tickets to TC Sessions: Robotics + AI 2020

No one ever wants to pay more, and that’s as true for well-financed companies as it is for early-stage startup founders on a shoe-string budget. So if you love robots and machine learning, why spend more on your ticket to TC Sessions: Robotics + AI 2020 ? Prices go up on January 31, which means you have just one day left to buy an early-bird ticket . You’ll save a tidy $150 in the process. Sweet! On March 3, roughly 1,500 attendees will spend the day delving into the future of robots, the AI that drives them and the people at the forefront. We’re talking some of the top makers, visionaries, founders, investors and engineers. Join your community for live interviews, panel discussions, demos, workshops, audience/speaker Q&As and world-class networking. We’ve posted the day’s agenda , and we’ll add a few more surprises in the coming weeks. Here’s a quick peek at just some of the engaging speakers and presentations you’ll enjoy. Lending a Helping Robotic Hand: As populations age,

SoftBank wants its on-demand portfolio to stop losing so much money

SoftBank wants its competing portfolio companies to stop losing so much money and, in some cases, to merge. That’s the news out from the Financial Times today , which reported that Uber and DoorDash discussed merging last year. The talks didn’t wind up in a deal. The two companies, each heavily backed by SoftBank and its formerly active Vision Fund, compete in the food delivery space at great expense. Uber’s Eats business turned $392 million in adjusted net revenue in Q3 2019 into $316 million adjusted loss. That ocean of red ink actually makes DoorDash’s reported, projected $450 million 2019 operating loss look modest. Perhaps by bringing the two companies together they would lose less money, and thus be in a better place to either return to their original IPO valuation or defend their existing private valuation. Uber has famously struggled after its IPO to retain value, shedding worth during its public offering and since its debut. DoorDash, relatedly, was said to be in the

EU lawmakers take fresh aim at Apple’s Lightning connector with latest e-waste push

The European parliament has voted overwhelmingly for tougher action to reduce e-waste, calling for the Commission to come up with beefed up rules by July 2020. Specifically, the parliament wants the Commission to adopt the delegated act foreseen in the 2014  Radio Equipment Directive by that deadline — or else table a legislative measure by the same date, at the latest. The resolution , which was approved by 582 votes to 40, points out that MEPs have been calling for a single charger for mobile devices for more than a decade now. But the Commission has repeatedly postponed taking steps to force an industry-wide shift. Subtext: We’re tired of the ongoing charging cable nightmare. The parliament says there is now “an urgent need” for EU regulatory action on the issue — to shrink e-waste, empower consumers to make sustainable choices, and allow EU citizens to “fully participate in an efficient and well-functioning internal market”. The resolution notes that around 50 million metric t

SpaceX cautions on launch regulation that outpaces innovation

During the Federal Aviation Administration (FAA)’s 23rd annual Commercial Space Transportation Conference in Washington, D.C., one panel focused on the changing regulatory environment when it comes to private launch activities, and how those are integrated into existing rules and practices for managing commercial air transportation. Panelist Caryn Schenewerk, SpaceX senior counsel and senior director of space flight policy, emphasized that while the company always does the utmost to ensure safety in everything it does, the company also wants to focus on the actual state of the industry today and what it needs to grow as various partners work to establish new rules for the growing commercial launch sector. “When aviation started, the Wright brothers weren’t flying over major populated cities,” Schenewerk pointed out. “They were outside Paris in an unpopulated field, and they were at Kitty Hawk on unpopulated beaches. And they were in Ohio in unpopulated areas.” Schenewerk was direct