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Porsche and Axel Springer increase investment into their APX accelerator to €55M

Startup News - 2021, January 21 - 6:00pm

Berlin-based early-stage fund APX today announced that its two investors, European publisher Axel Springer and sports car maker Porsche, have increased their investment in the fund to a total of €55 million.

With this, APX, which launched in 2018, is now able to deploy up to €500,000 in pre-Series A seed funding per company. That’s up from up to €100,000 when the fund launched. So far, the group has invested in more than 70 companies and plans to increase this number to close to 200 by 2022.

When APX launched, the fund didn’t disclose the total investment from Porsche and Axel Springer. Today, the team said that the new investment “more than doubles APX’s total amount for investing in new and current companies.” APX also stressed that the total volume of the fund is now “at least” €55 million, in part because the investors can always allocate additional funding for outliers.

In addition to the new funding, APX also today announced that it is doing away with its 100-day accelerator program and instead opting for a long-term commitment to its companies, including participation in future rounds.

“We will try and invest into 50 or more companies this year — and we were at 35 last year. So this is quite some growth,” APX founding managing director (and folk music aficionado) Henric Hungerhoff told me. “We think that our deal flow systems and our entire operations are settled in well enough that we can have quality founders in our portfolio. That’s our goal — and that might even increase to 70 the year after. […] We see really nice synergies or network effects within our portfolio, with founders helping other founders and learning from each other.”

Image Credits: APX

Hungerhoff tells me that the team is quite confident in its ability now to identify quality deal flows. The team is using a data-driven approach. And while it leverages its own network and that of its founders, it has also set up a scout program at leading European universities to identify potential founders, for example.

As APX founding managing director, and the former CEO of Axel Springer’s Plug and Play accelerator, Jörg Rheinboldt noted, APX never asks its founders to pitch. Instead, the team has multiple conversations with them about the product they want to build, how they came up with the idea — and how it changed over time.

“And then, we do multiple things simultaneously,” Rheinboldt said. “One is, we look at team dynamics. How do the founders interact? We also stress them a little bit — in a friendly way — where someone asks very fast questions, or we focus a little bit on one person and see how the others rescue them. We want to know about the team dynamics and then we want to understand the strategy, how we can help them best?”

The idea here is to be able to invest quickly. In addition, though, with the new funding, the team isn’t just able to invest into more companies but also invest more into the individual companies.

Image Credits: APX

“We want to invest deeper per startup at a very early stage,” Hungerhoff said. “So far, […] our typical approach was a non-dilution, pro-rata follow-on strategy with most of our portfolio companies. And this is something we want to pledge in the future. Looking at the past, 100% of the times in equity rounds, we do the pro-rata follow-on or more, but now, we have developed a strategy that we will, for the fastest-moving of fastest-growing companies, we want to deploy significantly more cash in a very early phase, which means an amount of up to €500,000.”

What the team saw was that the companies in its portfolio would raise a small pre-seed round from APX and other investors, with APX typically taking a 5% stake in the startup. Most founders would then go on and raise extended pre-seed or seed rounds soon thereafter.

“We more felt like we missed out when we saw these companies raising really nice financing rounds and we did our investment,” Rheinbolt said. “We felt very good that we can do a pro-rata investment. but we looked at each other and said: we knew this, we knew that they would do this 12 weeks ago. We could have given them a check and maybe the round would have been done in eight weeks and maybe [our stake] wouldn’t be 5% but 7%.”

Given this new focus on supporting startups throughout their lifecycle, it’s no surprise that APX did away with the 100-day program as well. But the team still expects to be quite hands-on. With a growing network, though, the partners also expect that founders will be able to learn from each other, too. “We now see the value that is coming from this,” Hungerhoff said. For example, a team that we’ve invested in two months ago, they’re now thinking about the angel round. They can actually get the best advice on this — or just experienced sharing — from another team, rather than talking to Jörg who did this maybe 30 years ago — no offense.”

The team also spends a lot of time thinking about its community, which now includes founders from 20 countries. The COVID pandemic has obviously moved most of the interactions online. Before COVID, APX often hosted events in its offices, which helped create the kind of serendipity that often leads to new ideas and connections. Looking ahead, the team still believes that there is a lot of value in having face-to-face meetings, but at the same time, maybe not every company needs to move to Berlin and instead visit for a few days every now and then.

‘The money is still there,’ says APX managing director Jörg Rheinboldt

Bonus: Here is Hungerhoff’s latest album with St. Beaufort.

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Categories: Business News

Softr scores $2.2M seed for its no-code website and web app platform powered by Airtable

Startup News - 2021, January 21 - 6:00pm

No-code — software that lets you accomplish tasks that previously required coding skills — is an increasingly hot space, even if the basic premise has been promised and not fully realised for many years. Related to this are companies like Airtable, which attempt to make building relational databases and interrogating them as easy as creating a spreadsheet. Now Softr, a startup out of Berlin, wants to push the no-code concept further by making it easy to build websites on top of Airtable without the need to write code.

Recently soft launched on Product Hunt, today the young company is disclosing $2.2 million in seed funding, having previously been bootstrapped by its two Armenian founders, CEO Mariam Hakobyan and CTO Artur Mkrtchyan. Leading the round is Atlantic Labs, along with Philipp Moehring (Tiny.VC) and founders from GitHub, SumUp, Zeitgold, EyeEm and Rows.

Started in 2019, Softr has built a no-code platform to enable anybody to build websites and web apps based on data housed in Airtable. The idea is to let Airtable do the database grunt work, combined with Softr’s relatively flexible but template-driven approach to website and web app creation.

Softr’s Hakobyan explains that out of the box the startup offers templates for anything from a simple marketing website to web apps for an e-commerce store, job board, marketplace and more. Those applications can include functionality like user authentication, gated content, payments, upvoting, and commenting etc.

“Softr has zero learning curve and can literally be used by anyone without a tech background, as it abstracts away all the technical aspects and focuses the user on product building and content, rather than technology,” she explains. “Softr uses Airtable as the database, as it makes it easy creating and sharing relational databases, without having to learn SQL or scripting. Airtable has gotten pretty popular in the last few years and is used not only by individuals but also Fortune 500 companies”.

Image Credits: Softr

To that end, Hakobyan says Softr’s magic is that it uses the concept of “pre-built building blocks” (listings, user accounts, payments etc) and business logic to handle most of the heavy lifting on behalf of the website creator. “When using blocks and templates.. ., 70% of the work is already done for the user,” she explains.

In addition, Softr connects to popular services like Stripe, Paypal, Mailchimp, Zapier, Integromat, Hotjar, Google Analytics, Hubspot, Drift and others.

Softr is currently used by “several thousands of makers and startups”. Examples of applications that customers have built on Softr include a language learning school with membership, a baby-sitters booking marketplace, and a community with gated content and online courses.

Armed with capital, Softr plans to expand its customer base to non-tech functions of SMBs to help them build internal tooling, such as employee directories, product inventories, real estate listings etc., and to automate manual processes.

Categories: Business News

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This startup says its AI can better spot a healthy embryo — and improve IVF success

Startup News - 2021, January 21 - 2:57pm

With every year, AI is beginning to bring more standardized levels of diagnostic accuracy in medicine. This is true of skin cancer detection, for example, and lung cancers.

Now, a startup in Israel called Embryonics says its AI can improve the odds of successfully implanting a healthy embryo during in vitro fertilization. What the company has been developing, in essence, is an algorithm to predict embryo implantation probability, one they have trained through IVF time-lapsed imaging of developing embryos.

It’s just getting started, to be clear. So far, in a pilot involving 11 women ranging in age from 20 to 40, six of those individuals are enjoying successful pregnancies, and the other five are awaiting results, says Embryonics.

Still, Embryonics is interesting for its potential to shake up a big market that’s been stuck for decades and continues to grow only because of external trends, like millennial women who are putting off having children owing to economic concerns.

Consider that the global in-vitro fertilization market is expected to grow from roughly $18.3 billion to nearly double that number in the next five years by some estimates. Yet the tens of thousands of women who undergo IVF each year have long faced costs of anywhere from $10,000 to $15,000 per cycle (at least in the U.S.), along with long-shot odds that grow worse with age.

Indeed, it’s the prospect of reducing the number of IVF rounds and their attendant expenses that drives Embryonics, which was founded three years ago by CEO Yael Gold-Zamir, an M.D. who studied general surgery at Hebrew University, yet became a researcher in an IVF laboratory owing to an abiding interest in the science behind fertility.

As it happens, she would be introduced to two individuals with complementary interests and expertise. One of them was David Silver, who had studied bioinformatics at the prestigious Technion-Israel Institute of Technology and who, before joining Embryonics last year, spent three years as a machine learning engineer at Apple and three years before that as an algorithm engineer at Intel.

The second individual to whom Gold-Zamir was introduced was Alex Bronstein, a serial founder who spent years as a principal engineer with Intel and who is today the head of the Center for Intelligent Systems at Technion as well as involved with several efforts involving deep learning AI, including at Embryonics and at Sibylla AI, a nascent outfit focused on algorithmic trading in capital markets.

It’s a small outfit, but the three, along with 13 other full-time employees to join them, appear to be making progress.

Fueled in part by $4 million in seed funding led by the Shuctermann Family Investment Office (led by the former president of Soros Capital, Sender Cohen) and the Israeli Innovation Authority, Embryonics says it’s about to receive regulatory approval in Europe that will enable it to sell its software — which the team says can recognize patterns and interpret image in small cell clusters with greater accuracy than a human —  to fertility clinics across the continent.

Using a database with millions of (anonymized) patient records from different centers around the world that representing all races and geographies and ages, says Gold-Zamir, the company is already eyeing next steps, too.

Most notably, beyond analyzing which of several embryos is most likely to thrive, Embryonics wants to work with fertility clinics on improving what’s called hormonal stimulation, so that their patients produce as many mature eggs as possible.

As Bronstein explains it, every woman who goes through IVF or fertility preservation goes through an hormonal stimulation process — which involves getting injected with hormones from 8 to 14 days — to induce their ovaries to produce numerous eggs. But right now, there are just three general protocols and  a “lot of trial and error in trying to establish the right one,” he says.

Though deep learning, Embryonics thinks it can begin to understand not just which hormones each individual should be taking but the different times they should be taken.

In addition to embryo selection, Embryonics has developed a non-invasive genetic test based on analysis of visual information, together with clinical data, that in some cases can detect major chromosomal aberrations like down syndrome, says Gold-Zamir.

And there’s more in the works if all goes as planned. “Embryonics’s goal is to provide a holistic solution, covering all aspects of the process,” says Gold-Zamir, who volunteers that she is raising four children of her own, along with running the company.

It’s too soon to say whether the nascent outfit will succeed, naturally. But it certainly seems to be at the forefront of a technology that is fast changing after more than 40 years wherein many IVF clinics worldwide have simply assessed embryo health by looking at days-old embryos on a petri dish under a microscope to assess their cell multiplication and shape.

In the spring of 2019, for instance, investigators from Weill Cornell Medicine in New York City published own their conclusion  that AI can evaluate embryo morphology more accurately than the human eye after using 12,000 photos of human embryos taken precisely 110 hours after fertilization to train an algorithm to discriminate between poor and good embryo quality.

The investigators said that each embryo was first assigned a grade by embryologists that considered various aspects of the embryo’s appearance. The investigators then performed a statistical analysis to correlate the embryo grade with the probability of a successful pregnancy outcome. Embryos were considered good quality if the chances were greater than 58 percent and poor quality if the chances were below 35%.

After training and validation, the algorithm was able to classify the quality of a new set of images with 97% accuracy.

Photo Credit: Tammy Bar-Shay

Categories: Business News

Accounting automation startup Georges raises $42.4 million and rebrands to Indy

Startup News - 2021, January 21 - 2:45pm

French startup Georges — or Georges.tech — is raising a new round of funding of $42.4 million (€35 million). The company is also getting a new name and will be called Indy going forward. The startup has been building an accounting automation application for freelancers and small companies.

Singular is leading today’s funding round. You might not be familiar with Singular, but it makes a ton of sense to see the VC firm on the cap table. Former Alven partners Jeremy Uzan and Raffi Kamber left the Paris-based VC firm to raise their own fund. Uzan previously invested in Indy when he was at Alven and he’s following up with Singular.

Existing investors Alven and Kerala are also investing once again. Overall, Indy has managed to attract 40,000 clients who pay a monthly subscription fee to access the service.

Indy first started with a product specifically designed for freelancers, self-employed people, doctors, architects, lawyers, etc. It can help you replace your accountant altogether. You first connect the service to your bank account. Indy then imports all your transactions and tries to tag and categorize as many transactions as possible.

You can go back and add missing data. You can also add receipts or invoices right next to your transactions. Once this is done, you know how much VAT you’re supposed to get back at the end of the year.

Indy then automatically fills out administrative forms based on your data. You can then download your tax documents or send them directly from Indy.

You can also use the platform to get an overview of your business. You can see your corporate revenue, track your expenses, and see how much you earn per year based on personal expenses and your own pay.

Over time, Indy has expanded its service so that it supports more types of companies. In addition to freelancers, Indy supports EURL, SARL, SAS and SASU. In 2020, the startup has tripled its revenue.

And the company plans to improve its product to support even more self-employed people, including people selling stuff under the BIC status in France. Indy plans to hire 100 people in 2021 in Lyon.

Indy has even bigger plans as it has been evaluating the U.S. as a potential market. There are a ton of self-employed people in the U.S. and that’s why it represents an interesting opportunity.

Georges raises $11.2 million for its accounting automation tool

Categories: Business News

Voice over Internet Protocol (<b>VoIP</b>) Services Market In-Depth Analysis : How Market Will Grow In ...

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Global <b>VoIP</b> Provider Services Market Size, Status and Forecast 2021-2025

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Digital securities platform iSTOX closes $50 million Series A to make private equity accessible to more investors

Startup News - 2021, January 21 - 12:16pm

Oi Yee Choo, chief commercial officer of digital securities platform iSTOX

iSTOX, a digital securities platform that wants to make private equity investment more accessible, has added new investors from Japan to its Series A round, bringing its total to $50 million. Two of its new backers are the government-owned Development Bank of Japan and JIC Venture Growth Investments, the venture capital arm of Japan Investment Corporation, a state-backed investment fund.

Other participants included Juroku Bank and Mobile Internet Capital, along with returning investors Singapore Exchange, Tokai Tokyo Financial Holdings and Hanwha Asset Management.

Founded in 2017 and owned by blockchain infrastructure firm ICHX, iSTOX’s goal is to open private capital opportunities, including startups, hedge funds and private debt, that are usually limited to a small group of high-net-worth individuals to more institutional and accredited investors. (It also serves accredited investors outside of Singapore, as long as they meet the country’s standards by holding the equivalent amount in assets and income.) iSTOX’s allows users to make investments as small as SGD $100 (about USD $75.50) and says it is able to keep fees low by using blockchain technology for smart contracts and to hold digital securities, which makes the issuance process more effective and less costly.

iSTOX’s Series A round was first announced in September 2019, when the company said it had raised an undisclosed amount from Thai investment bank Kiatnakin Phatra Financial Group while participating in the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox. The Singaporean government has been especially supportive of blockchain technology, launching initiatives to commercialize its use in fintech, data security, logistics and other sectors.

Singapore’s government launches blockchain innovation program with $8.9 million in funding

iSTOX completed the sandbox program in February 2020, and was approved by the MAS for the issuance, custody and trading of digitized securities. The new funding will be used for geographical expansion, including in China, where it already has an agreement in the city of Chongqing, and Europe and and Australia, where it is currently working on issuance deals. iSTOX also plans to add new investment products, including private issuances that investors can subscribe to in “bite-size portions.”

In a press statement, iSTOX chief commercial officer Oi Yee Choo said, “Capital markets are transforming rapidly because of advancements in technology. The regulator MAS and our institutional investors have been far-sighted and progressive, and they support the change wholeheartedly.”

The company is among several Asia-based fintech platforms that want to democratize the process of investing. For retail investors, there are apps like Bibit, Syfe, Stashaway, Kristal.ai and Grab Financial’s investment products.

Since iSTOX works with accredited and institutional investors, however, its most direct competitors include the recently-launched DBS Digital Exchange, which is also based in Singapore. iSTOX’s advantage is that it offers more kinds of assets. Right now, it facilitates the issuance of funds and bonds, but this year, it will start issuing private equity and structured products as well. The company’s securities are also fully digitized, which means they are created on the blockchain, instead of being recorded on the blockchain after they are issued, which means iSTOX is able to offer faster settlement times.

Indonesian robo-advisor app Bibit raises $30 million led by Sequoia Capital India

Categories: Business News

She Was Denied a Promotion, but It&#39;s What Came Next That Really Hurt…

Google News - VoIP - 2021, January 21 - 10:29am
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Zyxel 10G PON ONT solutions enable service providers to deliver 10G broadband services

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Genflow nabs $11M investment from BGF

Startup News - 2021, January 21 - 9:01am

Genflow, a London and LA-based brand-building agency that offers an e-commerce and mobile tech platform to let influencers start companies, has raised $11 million in funding.

Leading the round is U.K. investor BGF. The injection of capital will be used by Genflow to further scale its offering and for international expansion.

Founded in 2016 by entrepreneur Shan Hanif to help social media influencers develop their brands and extract revenue from their audiences, Genflow combines aspects of a traditional branding agency — such as strategy, design and planning — and a tech company with its own software stack.

This sees Genflow position itself as a brand-as-a-service (BaaS) platform, which helps influencers develop their own digital and physical products instead of promoting other brands, and enables them to launch their own membership club, gated community, mobile app or direct to consumer brand.

“Genflow offers the complete infrastructure from design, development, manufacturing and logistics through to strategy, marketing and content creation to drive revenue and profit,” explains the company.

Out of the box influencer strategies to accelerate awareness for your startup

Genflow says its client base are established influencers who typically have large followings on Instagram and YouTube.

“Genflow allows an influencer to start their own business instead of the traditional brand deals so if someone with an audience wants truly their own audience and business Genflow does that for them,” says Hanif. “We provide them the complete infrastructure to launch a business: design, manufacturing, development, content, strategy and marketing all in one place. This gives us the unique ability to execute to a very high level that drives revenue”.

Hanif says influencers typically approach Genflow either with an idea or when they need help figuring out what brand they can launch. “We use ‘Genlytics,’ our in-house built software, to see what the best brand they can release by checking their analytics, breakdown of their followers, what brands they have worked with in the past and to see how much they can potentially sell,” he explains.

Next, Genflow onboards the client and begins the brand building process, offering broadly two options: Gated content, membership clubs, community and mobile apps, or developing direct to consumer brand with physical products.

The first is akin to having your own OnlyFans, Patreon or social media platform. The second is a classic D2C e-commerce play and includes designing the products, and working with factories to create samples, manufacture the products and then handle all logistics etc.

In the future, everyone will be famous for 15 followers

“In both cases then we plan the launch of the brand, the marketing strategy and then work with the influencer to launch the brand itself,” adds Hanif.

“What’s interesting is that traditionally in startups you find a problem, get a team, some funding then try to find customers. What we have invented is the ‘audience first approach’ where we already have the audience and now just need the right products and it’s instantly a success. The metrics that I see for our brands are not normal: conversion rates that are 5-30%, 20% repeat purchase buys and around 6:1 return on Facebook ads.

“We are proud that every brand we have launched to date is profitable and growing year on year so we know our approach works.”

 

Categories: Business News

Curtsy, a clothing resale app aimed at Gen Z women, raises $11 million Series A

Startup News - 2021, January 21 - 6:39am

Curtsy, a clothing resale app and competitor to recently IPO’d Poshmark, announced today it has raised $11 million in Series A funding for its startup focused on the Gen Z market. The app, which evolved out of an earlier effort for renting dresses, now allows women to list their clothes, shoes and accessories for resale, while also reducing many of the frictions involved with the typical resale process.

The new round was led by Index Ventures, and included participation from Y Combinator, prior investors FJ Labs and 1984 Ventures, and angel investor Josh Breinlinger (who left Jackson Square Ventures to start his own fund).

To date, Curtsy has raised $14.5 million, including over two prior rounds, which also included investors CRV, SV Angel, Kevin Durant, Priscilla Scala and other angels.

Like other online clothing resale businesses, Curtsy aims to address the needs of a younger generation of consumers who are looking for a more sustainable alternative when shopping for clothing. Instead of constantly buying new, many Gen Z consumers will rotate their wardrobes over time, often by leveraging resale apps.

Image Credits: Curtsy

However, the current process for listing your own clothes on resale apps can be time-consuming. A recent report by Wired, for example, detailed how many women were spinning their wheels engaging with Poshmark in the hopes of making money from their closets, to little avail. The Poshmark sellers complained they had to do more than just list, sell, package and ship their items — they also had to participate in the community in order to have their items discovered.

Curtsy has an entirely different take. It wants to make it easier and faster for casual sellers to list items by reducing the amount of work involved to sell. It also doesn’t matter how many followers a seller has, which makes its marketplace more welcoming to first-time sellers.

“The big gap in the market is really for casual sellers — people who are not interested in selling professionally,” explains Curtsy CEO David Oates. “In pretty much every other app that you’ve heard about, pro sellers really crowd out everyday women. Part of that is the friction of the whole process,” he says.

Peer-to-peer dress rental startup Curtsy lets you rent out your wardrobe

On Curtsy, the listing process is far more streamlined.

The app uses a combination of machine learning and human review to help the sellers merchandise their items, which increase their chances of selling. When sellers first list their item in the app, Curtsy will recommend a price, then fill in details like the brand, category, subcategory, shipping weight and the suggested selling price, using machine learning systems training on the previous items sold on its marketplace. Human review fixes any errors in that process.

Also before items are posted, Curtsy improves and crops the images, as well as fixes any other issues with the listing, and moderates listings for spam. This process helps to standardize the listings on the app across all sellers, giving everyone a fair shot at having their items discovered and purchased.

Another unique feature is how Curtsy caters to the Gen Z to young Millennial user base (ages 15-30), who are often without shipping supplies or even a printer for producing a shipping label.

Image Credit: Curtsy / Photo credit: Brooke Ray

First-time sellers receive a free starter kit with Curtsy-branded supplies for packaging their items at home, like poly mailers in multiple sizes. As they need more supplies, the cost of those is built into the selling flow, so you don’t have to explicitly pay for it — it’s just deducted from your earnings. Curtsy also helps sellers to schedule a free USPS pickup to save a trip to the post office, and it will even send sellers a shipping label, if need be.

“One of the things we realized quickly is Gen Z does not really have printers. So we actually have a label service and we’ll send you the label in the mail for free from centers across the country,” says Oates.

Later, when a buyer of an item purchased from Curtsy is ready to resell it, they can do so with one tap — they don’t have to photograph it and describe it again. This also speeds up the selling process.

Poshmark is pushing into the public market at a high-end valuation as the resale market sizzles

Overall, the use of technology, outsourced teams who improve listings and extra features like supplies and labels can be expensive. But Curtsy believes the end result is that they can bring more casual sellers to the resale market.

“Whatever costs we have, they should be in service of increased liquidity, so we can grow faster and add more people,” Oates says. “In case of the label service, those are people who otherwise wouldn’t be able to participate in selling online. There’s no other app that would allow them to sell without a printer.”

Image Credits: Curtsy

This system, so far, appears to be working. Curtsy now has several hundred thousand people who buy and sell on its iOS-only app, with an average transaction rates of three items bought or sold per month. When the new round closed late in 2020, the company was reporting a $25 million GMV revenue run rate, and average monthly growth of around 30%. Today, Curtsy generates revenue by taking a 20% commission on sales (or $3 for items under $15).

The team, until recently, was only five people — including co-founders David Oates, William Ault, Clara Agnes Ault and Eli Allen, plus a contract workforce. With the Series A, Curtsy will be expanding, specifically by investing in new roles within product and marketing to help it scale. It will also be focused on developing an Android version of its app in the first quarter of 2021 and further building out its web presence.

“Never before have we seen such a strong overlap between buyers and sellers on a consumer-to-consumer marketplace,” said Damir Becirovic of Index Ventures, about the firm’s investment. “We believe the incredible love for Curtsy is indicative of a large marketplace in the making,” he added.

Categories: Business News

African edtech startup uLesson lands a $7.5 million Series A

Startup News - 2021, January 21 - 6:11am

ULesson, an edtech startup based in Nigeria that sells digital curriculum to students through SD cards, has raised $7.5 million in Series A funding. The round is led by Owl Ventures, which closed over half a billion in new fund money just months ago. Other participants include LocalGlobe and existing investors, including TLcom Capital and Founder Collective.

The financing comes a little over a year since uLesson closed its $3.1 million seed round in November 2019. The startup’s biggest difference between now and then isn’t simply the millions it has in the bank, it’s the impact of the coronavirus pandemic on its entire value proposition.

ULesson launched into the market just weeks before the World Health Organization declared the coronavirus a pandemic. The startup, which uses SD cards as a low-bandwidth way to deliver content, saw a wave of smart devices enter homes across Africa as students adapted to remote education.

“The ground became wet in a way we didn’t see before,” founder and CEO Sim Shagaya said. “It opens up the world for us to do all kinds of really amazing things we’ve wanted to do in the world of edtech that you can’t do in a strictly offline sense,” the founder added.

Similar to many edtech startups, uLesson has benefited from the overnight adoption of remote education. Its positioning as a supplementary education tool helped it surface 70% month over month growth, said Shagaya. The founder says that the digital infrastructure gains will allow them to “go online entirely by Q2 this year.”

Sim Shagaya’s uLesson African edtech startup raises $3.1M

It costs an annual fee of $50, and the app has been downloaded more than 1 million times.

With fresh demand, Shagaya sees uLesson evolving into a live, online platform instead of an offline, asynchronous content play. The startup is already experimenting with live tutoring: it tested a feature that allowed students to ask questions while going through pre-recorded material. The startup got more than 3,000 questions each day, with demand so high they had to pause the test feature.

“We want you to be able to push a button and get immediate support from a college student sitting somewhere in the continent who is basically a master in what you’re studying,” he said. The trend of content-focused startups adding on a live tutoring layer continues when you look at Chegg, Quizlet, Brainly and others.

The broader landscape

E-learning startups have been booming in the wake of the coronavirus. It’s led to an influx of tutoring marketplaces and content that promises to serve students. One of the most valuable startups in edtech is Byju’s, which offers online learning services and prepares students for tests.

But Shagaya doesn’t think any competitors, even Byju’s, have cracked the nut on how to do so in a digital way for African markets. There are placement agencies in South Africa and Kenya and offline tutoring marketplaces that send people to student homes, but no clear leader from a digital curriculum perspective.

Owl Ventures’ new pair of funds gives edtech a $585 million boost

“Everybody sees that Africa is a big opportunity,” Shagaya said. “But everybody also sees that you need a local team to execute on this.”

Shagaya thinks the opportunity in African edtech is huge because of two reasons: a young population, and a deep penetration of private school-going students. Combined, those facts could create troves of students who have the cash and are willing to pay for supplementary education.

The biggest hurdle ahead for uLesson, and any edtech startup that benefitted from pandemic gains, is distribution and outcomes. ULesson didn’t share any data on effectiveness and outcomes, but says it’s in the process of conducting a study with the University of Georgia to track mastery.

“Content efforts and products [will] live or die at the altar of distribution,” Shagaya said. The founder noted that in India, for example, pre-recorded videos do well due to social nuances and culture. ULesson is trying to find the perfect sauce for videos in markets around Africa and embed that into the product.

Categories: Business News

Dear Sophie: What are Biden’s immigration changes?

Startup News - 2021, January 21 - 4:35am
Sophie Alcorn Contributor Share on Twitter Sophie Alcorn is the founder of Alcorn Immigration Law in Silicon Valley and 2019 Global Law Experts Awards’ “Law Firm of the Year in California for Entrepreneur Immigration Services.” She connects people with the businesses and opportunities that expand their lives. More posts by this contributor

Here’s another edition of “Dear Sophie,” the advice column that answers immigration-related questions about working at technology companies.

“Your questions are vital to the spread of knowledge that allows people all over the world to rise above borders and pursue their dreams,” says Sophie Alcorn, a Silicon Valley immigration attorney. “Whether you’re in people ops, a founder or seeking a job in Silicon Valley, I would love to answer your questions in my next column.”

Extra Crunch members receive access to weekly “Dear Sophie” columns; use promo code ALCORN to purchase a one- or two-year subscription for 50% off.

Dear Sophie:

I work in HR for a tech firm. I understand that Biden is rolling out a new immigration plan today.

What is your sense as to how the new administration will change business, corporate and startup founder immigration to the U.S.?

—Free in Fremont

Dear Free:

Today is a historic day. The pace of change is accelerating now, especially in Washington. At the time of this writing, Biden is expected to imminently launch a new legislative proposal for comprehensive immigration reform. As the world sits back and watches, we are focusing great collective attention on upgrading our political, sociological and technological structures so that each human has the chance to succeed.

One of the things I adore about my practice of supporting international professionals with U.S. immigration is bearing witness to the process of individual transformation; it is an honor to support people in their personal journey from living in a world of effects to becoming the cause.

The immediate focus of the proposed legislation is centered around a solution for Dreamers (who are in the U.S. without documentation) as well as supporting the rights of refugees and asylum-seekers and children. For more of my recent thoughts on this topic, check out my recent podcast explaining many of the changes. The draft bill is expected to span hundreds of pages, so please follow this Dear Sophie column for more updates as I track and explore the details, especially related to tech immigration.

Innovation will be supported by many new immigration opportunities coming into greater focus. Biden’s campaign platform celebrated how “Immigrants are essential to the strength of our country and the U.S. economy.” The Biden team has prioritized immigration as a key focus within COVID, with an immediate goal of rewriting most Trump-era rules. For context, Trump issued more than 400 immigration-related executive orders and proclamations during his term.

H-1Bs: Although H-1Bs have been in the news a lot regarding new wage rules changing the order of the lottery and litigation, the lottery is still happening this spring, and if you want to sponsor candidates, the time to act is now, regardless of what is happening in Washington. If your company is planning on sponsoring individuals for an H-1B visa — whether they’re already living in the U.S. or are living abroad — I suggest that you continue to prepare for the upcoming H-1B registration period.

Categories: Business News

Miami-based Ironhack raises $20 million for its coding bootcamps as demand for coders continues

Startup News - 2021, January 21 - 4:12am

Ironhack, a company offering programming bootcamps across Europe and North and South America, has raised $20 million in its latest round of funding.

The Miami-based company (with locations in Amsterdam, Barcelona, Berlin, Lisbon, Madrid, Mexico City, Miami, Paris and São Paulo) said it will use the money to build out more virtual offerings to complement the company’s campuses.

Over the next five years, 13 million jobs will be added to the tech industry in the U.S., according to Ironhack co-founder Ariel Quiñones. That’s in addition to another 20 million jobs that Quiñones expects to come from the growth of the technology sector in the EU.

Ironhack isn’t the only bootcamp to benefit from this growth. Last year, Lambda School raised $74 million for its coding education program.

Lambda School raises $74M for its virtual coding school where you pay tuition only after you get a job

Ironhack raised its latest round from Endeavor Catalyst, a fund that invests in entrepreneurs from emerging and underserved markets; Lumos Capital, which was formed by investors with a long history in education technology; Creas Capital, a Spanish impact investment firm; and Brighteye, a European edtech investor.

Prices for the company’s classes vary by country. In the U.S. an Ironhack bootcamp costs $12,000, while that figure is more like $3,000 for classes in Mexico City.

The company offers classes in subjects ranging from web development to UX/UI design, and data analytics to cybersecurity, according to a statement. 

“We believe that practical skills training, a supportive global community and career development programs can give everyone, regardless of their education or employment history, the ability to write their stories through technology,” said Quiñones.

Since its launch in 2013, the company has graduated more than 8,000 students, with a job placement rate of 89%, according to data collected as of July 2020. Companies who have employed Ironhack graduates include Capgemini, Siemens and Santander, the company said.

 

Categories: Business News

BVoIP CEO: What&#39;s Next for Unified Communications and MSPs

Google News - VoIP - 2021, January 21 - 4:07am
The classic voice-over-IP (VoIP) market has evolved quite a bit amid the rise of cloud, unified communications, workforce automation, mobile and other ...
Categories: VoIP News

Monzo founder Tom Blomfield is departing the challenger bank and says he’s ‘struggled’ during the pandemic

Startup News - 2021, January 21 - 2:55am

Monzo founder Tom Blomfield is departing the U.K. challenger bank entirely at the end of the month, staff were informed earlier today.

Blomfield held the role of CEO until May last year when he assumed the newly created title of president and resigned from the Monzo board. However, having been given the time and space to consider his long-term future at the bank he helped create six years ago, and with a refreshed executive team now in place, he says it is time to “hand over the baton”.

In a brief but candid telephone interview, Blomfield also revealed that, as well as being unhappy during the last couple of years as CEO when the company scaled well beyond a “scrappy startup”, the pandemic and subsequent lockdowns exacerbated pressures placed on his own mental well-being. “I’m very happy to talk about what’s gone on with me, because I don’t think people do it enough”, he says.

“I stopped enjoying my role probably about two years ago… as we grew from a scrappy startup that was iterating and building stuff people really love, into a really important U.K. bank. I’m not saying that one is better than the other, just that the things I enjoy in life is working with small groups of passionate people to start and grow stuff from scratch, and create something customers love. And I think that’s a really valuable skill but also taking on a bank that’s three, four, five million customers and turning it into a 10 or 20 million customer bank and getting to profitability and IPOing it, I think those are huge exciting challenges, just honestly not ones that I found that I was interested in or particularly good at”.

In early 2019 after realising he was “doing too much and not enjoying it,” Blomfield began talking to Monzo investor Eileen Burbidge of Passion Capital, and Monzo Chair Gary Hoffman, about changing roles and how he needed more help. Then, he says, “COVID just exacerbated things,” a period when Monzo also had to cut staff, shutter its Las Vegas office and raise bridge funding in a highly publicised down round.

Monzo confirms £60M down round, with a new pre-money valuation of £1.24B

“I think [for] a lot of people in the world — and you and I have spoken about this — going through a pandemic, going through lockdown and the isolation involved in that has an impact on people’s mental health,” says Blomfield. “I don’t think I was any different, so I was really struggling. I had a really, really supportive exec team around me and a really supportive set of investors on board and I was really grateful that when I put my hand up and said, ‘I need help,’ they were super receptive to that”.

Blomfield also comes clean about his role as president, a title that was intended as a way to provide the time and space for him to get well and figure out if he would return longer-term to Monzo or depart entirely. Contrary to rumours, Blomfield says he wasn’t pushed out by investors. Instead, the Monzo board actually put pressure on him to remain as CEO longer than he wanted or perhaps should have (a version of events corroborated by my own sources). “When I took that president role, it was not certain one way or another what would happen,” Blomfield says, apologising in case I felt I was misled when I reported the news.

(The truth is, within weeks of running that news piece, I knew it was far from certain Blomfield would ever return, with multiple sources, including people close to and worried about Blomfield, confiding in me how burned out the Monzo founder was. As weeks turned into months and following additional sourcing, I had enough information to write a follow-up story much earlier but chose to wait until a formal decision was taken.)

TechCrunch’s Steve O’Hear interviewing Monzo’s Tom Blomfield. Image Credits: Startup Grind

Meanwhile, Blomfield describes his resignation as a Monzo employee as “bitter-sweet,” and is keen to praise what the Monzo team has already achieved, including since his much-reduced involvement. “I think the team has done phenomenally well over the last year or so in really difficult circumstances,” he says. In particular, he cites Monzo’s new CEO TS Anil as doing a “phenomenal” job, while describing Sujata Bhatia, who joined as COO last year, as “an absolute machine, a real operator”.

Monzo recruits former Amex exec Sujata Bhatia as its new COO

To that end, Monzo now has almost 5 million customers, up from 1.3 million in 2019. Monzo’s total weekly revenue is now 30% higher than pre-pandemic, helped no doubt by over 100,000 paid subscribers across Monzo Plus and Premium in the last five months (sources tell me the company surpassed £2 million in weekly revenue in December for the first time in its history). Albeit at a lower valuation, the challenger bank also raised £125 million from new and existing investors during the pandemic.

Blomfield also says that Anil and Bhatia and other members of the Monzo executive team have specific skills — that he simply doesn’t have — related to scaling and managing a bank approaching 5 million customers. And even if he did, he has learned the hard way that there are aspects of running a large company that not everyone enjoys.

“Going from a CEO where you’re front and centre dealing with all of the different pressures every day to a much lighter role is a huge huge weight off my shoulders and has given me the time and space to recover”, he adds. “I’m now feeling pretty great. I’m enjoying life again”.

As for what’s next for Blomfield, he says he wants to “chill out” for a bit and perhaps take a holiday. He’s also finishing his vaccination training so that he can volunteer to help deliver the U.K.’s national COVID-19 vaccination rollout. A recent tweet by Blomfield about a side project also led to speculation that he has begun a new venture. Not true, says Blomfield, telling me it was a five-day project designed to get back into coding and play with a robotic 2D printer. And while he’s very much left Monzo, he says he’ll continue cheering on the company from the outside.

Monzo, the UK challenger bank, picks up additional £60M in funding

Categories: Business News

Mobile <b>Voip</b> Market Size 2021: Showing Impressive Growth with New Business Development ...

Google News - VoIP - 2021, January 21 - 2:36am
The Research Report on “Global Mobile Voip Market – Strategic recommendations, Trends, Segmentation, Use case Analysis, Competitive ...
Categories: VoIP News

Why Multi-Tenant IP PBX Software is Beneficial for <b>VoIP</b> Service Providers?

Google News - VoIP - 2021, January 21 - 1:29am
The VoIP industry is one of the most dynamic and innovative industries. The key intent of VoIP companies is to offer constant and quality communication ...
Categories: VoIP News

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