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Welcome to the Daily Crunch for Tuesday, April 5, 2022. Today was one of those days reporters love: writing frantically, collecting sources, all the makings of a good newsletter! Join us as our fingers dance to joyous Lindy Hop routines on our keyboards.
While we have you here: Do you love robots? We are sure to do! Join us in Boston on July 22 to learn about Asimov’s arms, mounting, articulation, actuators and legal speech. Come to think of it, we’re about 12% sure we’ll cover the rest of the robotics alphabet as well. — cristina and Hello
TechCrunch Top 3
- Fast slows to a stop: Despite raising quite a bit of cash last year, it looks like one-click payment company Fast had to slow down. Although everything happened very fast. Reports came in last Friday that Fast was looking for a buyer, and then the company surprised us all today by announcing that it is going out of business, with us reporting “that its 2021 revenue growth was modest, its cash expense high and its Limited fundraising options. ”
- The venture capital market is still on the move: When the financing deals in 2021 were so good, it was always going to be hard to match them. So it’s no big surprise that when The Exchange looked at Crunchbase data on venture capital deals in the first quarter, it saw some slowdown. Given current macroeconomic conditions, that’s to be expected: inflation, higher interest rates, larger check sizes, higher valuations. Exchange’s recommendation? Be proactive in this environment.
- Peloton reduces the price of Guide: The Peloton Decoder System Guide is now available for sale at the lower price of $295 after previously announcing it would be $495. This isn’t the first product the fitness giant has slashed the price on, is it? time in the name of affordability?
Startups and VCs
Hello startup nerds. We’re back with another round of news from the startup world, starting with an op-ed by Marc Schröder, managing partner at MGV, on how venture capitalists don’t need to worry about a financial downturn. A VC Proposition: The largest VC firms have far more assets under management than you might know, as Connie explores in her article.
News that I choose for you to examine:
- In the wake of Walmart, Cake makes a break to engage in sexual health, with Target agreeing: The sexual wellness company Cake was already at Walmart; it’s now on shelves at Target, too.
- Lightning is increasing its cash reserves to help the stablecoin shine: Raised $70 million to move stablecoins through the Bitcoin network.
- Boba Networks describes the benefits of scalable Ethernet fireworks: With a valuation of $1.5 billion, the company added $45 million to its coffers to help Ethereum in its next stage of growth.
- Rest assured, Airbyte aims to delight by going offsite: The open source data integration platform launched a cloud service to serve a broader customer base.
- Warp corp boosts to make the terminal excellent: The humble command line rarely sees much innovation, but Warp convinced investors to put up $23 million to innovate.
- ReadySet bets and creates the best set of business data to date: Enterprise-scale data can be a real PITA to mine. ReadySet is positioned to be the intermediary between legacy systems and the data needs of the current generation.
- Allseated tackles the heated, as yet incomplete, corporate metaverse: Moving on from event virtualizations, Allseated wants to help companies build their own metaverses, raising $15 million in the process.
- Workrise should be reviewed with a surprise reduction: Despite its $2.9 billion valuation last year, Workrise is undergoing a correction, laying off part of its 600-person workforce.
- Ghost rules the kitchens of roasted and engrossed ghosts; financial goal: Ghost kitchens only exist in delivery apps. Ghost Financial is helping you with financial tools to help you grow and manage your business.
- Fueled by data, not listening, TinyBird steers nerds toward less fuzzy metrics: TinyBird raises $37 million to help turn data into real-time analytics.
- Wholesum beats the drum of consolidation: The company raised a $50 million series A to consolidate a group of outside vendors.
- Remote goes for the throat with a $3 billion valuation: Remote work continues to be alluring, and Remote raised $300 million to continue developing its suite of tools to help manage it all.
- Gotrade jumps to help, splitting shares, as: Not everyone can afford a $700 share. Gotrade helps by offering fractional share sales targeting international markets, and just raised $15 million to accelerate its growth.
- corsha: … goes to the end of the newsletter for having a name that is impossible to rhyme with. I’m sorry, friends; I don’t make the rules. It did raise $12 million to add multi-factor security to API traffic though, so that’s great.
Q1 Crypto Losses Jump 695% in the Year After Massive Attacks
The total value of cryptocurrencies reached almost $2.3 trillion last year, but as that number soared, so did the interest of malicious actors looking to exploit bugs, poor code, and social engineering attacks.
The web3 ecosystem “lost” $1.23 billion due to exploits in the first quarter of 2022 alone, a nearly eight-fold increase from the previous year, and that number is likely to continue to rise as the space expands, reports Jacquelyn Melinek.
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great tech inc
- Instacart makes it harder to remove tips: Tipping has been a constant issue for Instacart for years, so it’s good to see the grocery delivery giant doing something about it. Users will now have to report an issue to zero out the tip, and Instacart will cover up to $10. It’s a good start, and we’ll reserve our comments on users who do this for no reason.
- The Twitter edit button debacle: We have triple Elon Musk/Twitter news for you today. First Amanda Silberling weighs in on why an edit button wouldn’t solve much, then she joins Alex Wilhelm and Kyle Wiggers to discuss what Musk’s motives might be for buying all that Twitter stock, and finally Wilhelm talks about the addition of Musk to the Twitter directory.
- Flutterwave CEO on the hot seat: A former employee accuses Flutterwave CEO Olugbenga ‘GB’ Agboola of alleged harassment after the two sides failed to settle as part of a lawsuit. TechCrunch solicited comment on these claims, and among responses, the company stated: “We confirm that at the time of resignation, all monies owed to our former employee at that time were immediately disbursed and we have records to confirm this. However, we sincerely regret the circumstances that led to the dispute and wish it was addressed in a more timely manner.” Stay tuned.
- Gogoro leads to the public market: Taiwan’s two-wheeler battery swap company has closed its SPAC, expecting $335 million in cash proceeds. That’s a lot of batteries you can swap. We report that “backed by more favorable market conditions and much better timing, Gogoro has been able to unlock the recipe needed to scale its battery swapping system.” Only now does it need to catch up on this side of the pond.