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Daily Crunch: June 23, 2021

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Market Overview

Greetings, and welcome to today’s Daily Crunch for June 23, 2021. Leading cryptocurrencies have experienced a partial recovery in value over the past 24 hours.

Recognition is extended to those who have held their cryptocurrency investments ("hodlrs").

For individuals without cryptocurrency holdings ("nocoiners"), it's worth noting that stock values are also currently increasing.

Recent TechCrunch Discussions

The TechCrunch team recently hosted a discussion on the present condition of the cryptocurrency market via a Twitter Space. Further insights into this topic can be found there.

Now, let's move on to the latest news. — Alex

TechCrunch's Leading Three Stories

Recent developments indicate that robotaxis are steadily progressing toward wider implementation, though the pace remains measured. Waymo, the autonomous driving division of Alphabet, has been actively expanding its operations.

However, it isn't the sole entity garnering attention within this competitive landscape. WeRide, a Chinese firm specializing in robotaxi technology, has successfully secured $600 million in funding within a six-month period, as detailed by TechCrunch.

This influx of capital has elevated WeRide’s valuation to $3.3 billion. It is anticipated that the substantial investment and ongoing activity in this sector will yield positive results as the technology matures and is deployed on public roads.

Democratizing Access to Autonomous Technology

The opportunity to participate in the advancement of self-driving technology is no longer limited to large investors. Embark, a company focused on autonomous trucking, is preparing to become a publicly traded entity through a Special Purpose Acquisition Company (SPAC).

This move will allow individuals to invest in the future of self-driving vehicles with a considerably smaller investment – as little as $100. This represents a significant step toward broader accessibility within the autonomous vehicle market.

Ongoing Dialogue Regarding Tech Industry Culture

The tech industry is currently engaged in a crucial and evolving discussion surrounding its internal culture. This conversation encompasses a range of issues, from restrictions on discussing “politics” to the dissemination of internal memos, both publicly and privately.

A recently released document originating from the edtech industry articulates a firm stance in favor of openly addressing potentially contentious subjects. Natasha Mascarenhas reported on this development for TechCrunch, noting that this is unlikely to be the final statement on the matter.

Further internal communications addressing these cultural considerations are expected to emerge from various companies within the technology sector.

Startups

The market for acquiring rapidly expanding startups remains highly competitive. Recent initial public offering (IPO) submissions within the technology sector demonstrate this trend.

This presents a favorable outlook for both investors and employees of these startups. However, larger technology companies seeking acquisitions may face increased costs due to the substantial premiums required to secure these ventures.

Snackpass Secures $70M in Funding

Snackpass, recognizable through its signage at numerous restaurants, has successfully raised $70 million. The company specializes in facilitating order pickups directly from restaurants, rather than relying on delivery services.

Reports indicate a significant surge in growth for Snackpass as people have resumed dining out. This growth has propelled the company’s valuation to exceed $400 million.

PairTree's $2.25M Raise for Adoption Platform

PairTree has secured $2.25 million in funding to streamline the adoption process. The company aims to address a significant human need through technology.

As noted by Devin, PairTree provides an “online matching platform” connecting expectant mothers with prospective adoptive parents, bypassing traditional agencies or organizations.

Drata Attains $25M to Simplify Security Compliance

Maintaining security compliance is a critical challenge for many businesses. Drata is focused on simplifying the process of achieving SOC 2 compliance.

By easing this burden, Drata helps startups avoid losing potential deals due to a lack of necessary compliance certifications.

Vercel's $102M Funding for Next.js

Next.js, a popular React framework for front-end development, is well-known within the tech community. Vercel, the company behind Next.js, originally developed it in collaboration with Facebook and Google.

A recent Series C funding round has provided Vercel with an additional $102 million, valuing the company at over $1 billion. According to TechCrunch, traffic across Vercel’s network has doubled since October of the previous year, demonstrating substantial user growth.

This level of growth is particularly attractive to investors.

Shein's Rapid Growth and Implications for Amazon

Recent data from Apptopia indicates a substantial 130% increase in daily active users for the online apparel retailer, Shein, over the past year.

The application is consistently updated with thousands of new product listings on a daily basis. These items undergo a swift design and prototyping process, leading to production by Shein’s manufacturing partners located in Guangzhou.

Within approximately two weeks, these stock keeping units (SKUs) are then distributed to fulfillment centers worldwide.

Shein's Agile Supply Chain

Rita Liao, a reporter for TechCrunch, has investigated how Shein’s remarkably adaptable supply chain has become a significant topic of discussion within the e-commerce industry.

Beyond efficient logistics and data-informed product creation, the company’s strong ties with its suppliers are fundamentally crucial to its achievements.

A key question being asked is regarding Shein’s national origin.

Determining Shein's Origins

Richard Xu, representing Grand View Capital – a venture capital firm based in China – offered insight into this matter.

“Precisely identifying Shein’s country of origin proves challenging,” Xu stated.

He further clarified that Shein functions as a company with operations and supply networks situated in China, but primarily focuses on the international marketplace, with minimal domestic business within China itself.

(Access to exclusive content and resources for founders and startup teams is available through Extra Crunch. Registration can be completed here.)

Big Tech Inc.

Today’s focus shifts away from political developments, so updates regarding India’s engagements with American technology firms will be paused. Nevertheless, several noteworthy events have transpired:

• Ford Continues Investment in Micromobility: The acquisition of Spin by Ford previously signaled a commitment to the micromobility sector. Currently, Spin has unveiled its inaugural internally developed scooter. For those requiring portable, battery-powered transportation, Ford now provides a solution. It’s important to note Ford’s substantial investments in both electric vehicles and trucks.
• Enhanced Collaboration Between Amazon and Salesforce: The existing alliance between Amazon and Salesforce has been further strengthened. The two prominent American tech companies have announced “new integration features designed to streamline data sharing and application development across their respective platforms.” Considering Amazon’s competition with Microsoft in cloud computing and Salesforce’s rivalry with Microsoft in CRM, this collaboration isn’t unexpected.
• A Significant Milestone for TikTok’s Competitor: A primary competitor to TikTok, operating within China, has reached 1 billion monthly active users (MAU). This represents a considerable achievement, considering the global population. Kuaishou, the application in question, currently possesses 150 million MAUs outside of China. This positions it as a dominant force within the Chinese market, rather than a global leader, though this could evolve with continued growth.

TechCrunch Experts: Growth Marketing

Startup founders are being contacted to identify their preferred sources for current growth marketing strategies.

Participation in the survey can be completed at this link.

Below is a recommendation that was submitted.

Marketer's Name: Karl Hughes, draft.dev.

Recommender's Name: Joshua Shulman, Bitmovin.com.

Recommendation: “Karl possesses a deep understanding of content and growth marketing, specifically when targeting a substantial, yet specialized, developer audience.

Draft.dev, led by him, consistently demonstrates excellence in ‘developer marketing,’ a demographic often underestimated in its importance.”

This expertise is particularly valuable given the increasing reliance on developers in modern technology ecosystems.

Why Developer Marketing Matters

Developer marketing is a specialized field focusing on reaching technical audiences.

It requires a different approach than traditional marketing, emphasizing technical content and community engagement.

Successful developer marketing builds trust and fosters long-term relationships with key influencers.

• Technical documentation and tutorials are crucial.
• Active participation in developer communities is essential.
• Providing valuable tools and resources demonstrates commitment.

Bitmovin.com’s Joshua Shulman highlights the significance of recognizing this often-overlooked segment.

Draft.dev’s ability to effectively engage developers sets them apart in the growth marketing landscape.

Community

Image Credits: TechCrunch

We've been actively engaging with our audience through innovative platforms. Recently, we integrated audio directly into an existing audio experience.

A lively discussion concerning Bitcoin and the broader cryptocurrency landscape took place yesterday. The conversation unfolded on Twitter Spaces, hosting several hundred participants.

The Equity Podcast team spearheaded the event, with contributions from additional members of our writing staff. Key insights from the discussion were incorporated into the newest installment of Equity, which is available for listening.

Further live interactive sessions are planned, so stay tuned for announcements regarding our next community chats.

TC Eventful

A valuable opportunity is approaching quickly. Startup founders globally are invited to participate in our bootcamp series, TC Early Stage 2021: Marketing & Fundraising, scheduled for July 8th and 9th.

Participants will have the ability to select from numerous presentations. These cover essential aspects of business launch and expansion, catering to both bootstrapped ventures and those recently funded.

Don't miss out on significant savings. Register before this Friday to receive a 50% discount using the promotional code DAILYCRUNCH50.

Bootcamp Details

The TC Early Stage 2021 bootcamp is designed to equip founders with practical knowledge. It focuses on two critical areas: marketing and fundraising.

Marketing Sessions

Marketing sessions will delve into strategies for reaching your target audience. They will also cover building brand awareness and driving customer acquisition.

Fundraising Sessions

Fundraising sessions will provide insights into securing investment. Topics include pitch deck creation, investor relations, and negotiation tactics.

Who Should Attend?

• Founders in the early stages of their startup journey.
• Entrepreneurs seeking guidance on marketing and fundraising.
• Individuals looking to network with other founders and investors.

This bootcamp is ideal for those who are actively building their businesses. It’s also beneficial for those preparing to seek external funding.

Registration Information

Early bird registration is currently open. Secure your spot and take advantage of the 50% discount with code DAILYCRUNCH50 before it expires this Friday.

Visit the official TC Early Stage 2021 website for more details and to register. Don't delay, as spaces are limited!