Byju's Acquires GeoGebra for $100M

Daily Crunch: December 8, 2021

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Greetings, and welcome to the Daily Crunch for December 8, 2021. TechCrunch is embracing the festive season with a series of year-end features, notably our highly regarded gift guides.

Gift Guide Highlights

Lucas explored options for camping gear, catering to outdoor enthusiasts. Additionally, Anna and I have compiled the initial installment of our two-part book guide, drawing recommendations from the venture capital community.

We encourage you to explore these resources and find the perfect gifts. Enjoy the curated selections!

—Alex

Image Credits: TechCrunch

The team at TechCrunch hopes you find these guides helpful as you navigate your holiday shopping. We aim to provide insightful recommendations based on industry expertise.

Stay tuned for more end-of-year content as we wrap up 2021. We appreciate your continued readership.

TechCrunch's Leading Three Stories

Here's a rundown of the top three stories covered by TechCrunch recently, detailing significant developments in the edtech and startup landscapes.

Byju’s Acquires GeoGebra

Byju’s, a prominent edtech company originating from India, has expanded its portfolio through the acquisition of GeoGebra.

GeoGebra is recognized as an “interactive and collaborative mathematics learning tool,” as highlighted by TechCrunch. The reported acquisition price is approximately $100 million.

Better.com CEO Issues Apology

Vishal Garg, the CEO of Better.com, has publicly apologized for the manner in which he conducted recent layoffs.

A widely circulated video depicted Garg informing a large group of employees of their termination via a brief and impersonal video call. This action occurred after the company had accessed funds earmarked for future investment.

The incident quickly gained notoriety, with numerous parodies appearing on platforms like TikTok. It is hoped that this apology signals a change in leadership approach.

Synthesia Secures Funding for AI Avatars

Synthesia has secured $50 million in funding to further develop its technology centered around synthetic avatars.

The company focuses on transforming presentations into engaging video content. This innovative approach aims to redefine how businesses communicate and present information.

While the long-term success of this concept remains to be seen, Synthesia exemplifies the potential for startups to pioneer new digital solutions and reshape conventional business practices.

Startups and Venture Capital Updates

Prior to delving into today’s collection of startup-related news, Ron Miller has detailed Twilio’s launch of a new corporate venture capital fund. While corporate venture capital (CVC) isn’t a novel concept, its prevalence has significantly increased in recent periods.

Companies such as Coinbase are redefining investment strategies from a corporate standpoint. Therefore, Twilio’s entry into this arena isn’t entirely unexpected.

Recent Funding Rounds and Developments

New Venture Funds Emerge: TechCrunch recently profiled Black Ops Ventures, a newly established $13 million fund dedicated to investing in startups founded by Black entrepreneurs. Despite some advancements in equitable investment practices, the venture capital landscape continues to exhibit a noticeable imbalance. This fund represents a positive stride toward a more just future.
Gadget Secures $8.5M Investment: Renowned investors Bessemer and Sequoia have jointly invested $8.5 million in Gadget, a Canadian company specializing in developer tools. According to TechCrunch, the startup provides developers with a unified platform encompassing tools, libraries, APIs, and proven methodologies. Given the substantial size of the DevOps sector, this funding round aligns with market expectations.
Securing Software Supply Chains: Protecting software supply chains is becoming increasingly critical. We are now more aware of supply chain vulnerabilities than ever before. However, it’s important to recognize that physical supply chains aren’t the only ones at risk. Chainguard recently raised $5 million to bolster the security of software supply chains, a vital initiative considering the growing number of cyberattacks targeting software dependencies.
Candela Pioneers Electric Boats: While often associated with affluence, boats contribute significantly to environmental pollution. Candela aims to address this issue through the development of electric boats, having recently secured $24 million in funding for its venture.
Afero Raises $50M for IoT Platform: The initial hype surrounding the Internet of Things (IoT) has subsided, but several companies are thriving in its wake. Samsara is preparing for its public offering next week, and security-focused IoT platform Afero has successfully raised eight-figure funding to expand its services.
Bento Expands into African Markets: Bento, a Nigeria-based platform offering digital payroll and human resource management solutions, is poised for expansion. TechCrunch reports that the startup intends to enter six new markets within the next year. Given the global demand for payroll and HR software, Bento’s growth within the African market is logical.
Lydia Integrates Crypto and Secures $100M: TechCrunch highlighted Lydia, an ambitious European financial super app, for its addition of both equity and cryptocurrency trading capabilities. The company has now announced a new $100 million funding round. Lydia serves as a reminder of the vibrant startup ecosystem in France.
Tipalti Achieves $8.3B Valuation: Although midmarket accounts payable automation may not be the most captivating subject, it remains a profitable sector. While Bill.com has established a strong presence in assisting small and medium-sized businesses (SMBs) with their financial operations, Tipalti focuses on serving larger enterprises. The company recently raised $270 million, resulting in a new valuation of $8.3 billion. This represents a significant increase from its $2.2 billion valuation in October of the previous year.

Decline in Bay Area’s U.S. VC Funding: A Decade Low

Image Credits: da-kuk / Getty Images

Startups located in the San Francisco Bay Area secured over 40% of all U.S. seed and early-stage venture capital funding seven years prior.

However, a recent report titled “Beyond Silicon Valley,” published by Revolution and PitchBook, indicates a drop to 27% this year.

This represents the lowest percentage in over a decade, with the last instance of falling below 30% occurring more than 10 years ago, as noted by Mary Ann Azevedo.

Azevedo’s research highlights several contributing factors driving investors in prominent tech centers to explore opportunities beyond their immediate regions.

Many will find it surprising to discover which city is currently attracting the most investment from firms based in New York City and the San Francisco Bay Area.

Case stated that the current trend is only the beginning, predicting further shifts in investment patterns.

(TechCrunch+ is a membership program designed to support founders and startup teams in their growth. Registration is available here.)

Big Tech Inc.

Significant developments are unfolding within the technology sector, impacting major players and the future of innovation.

Volkswagen's Accelerated EV Strategy

A notable shift is occurring in the automotive industry as Volkswagen intensifies its commitment to electric vehicles. The company has forged alliances with three new partners to bolster its EV initiatives.

This collaboration signifies a rapid acceleration in Volkswagen’s plans, reflecting the growing global demand for electric cars. The transition from gradual adoption to widespread popularity is now clearly underway.

Twitter's Exploration of Short-Form Video

Twitter is currently experimenting with a new feature that mirrors the functionality of TikTok. This venture involves the development of a short-form video platform within the Twitter ecosystem.

The rationale behind this move remains unclear, but it represents a significant strategic exploration for the social media giant.

Facebook's New Tools for Content Creators

Meta, formerly known as Facebook, is introducing a “Professional” mode specifically designed for content creators. This new feature, as reported by TechCrunch, aims to empower individuals who utilize the platform for professional purposes.

Despite the company’s rebranding, the name “Facebook” persists in common usage, even in official contexts.

The introduction of “Professional” mode underscores Meta’s commitment to supporting and enhancing the experience for its creator community.

TechCrunch Seeks Growth Marketing Recommendations

TechCrunch is currently soliciting recommendations for skilled growth marketers. Expertise in areas such as SEO, social media marketing, and content creation is highly valued.

Request for Client Feedback

Growth marketers are encouraged to share a survey with their clients. TechCrunch aims to gather insights into positive client experiences and understand the reasons behind successful collaborations.

The survey focuses on identifying marketers who have demonstrably delivered value. Client testimonials will help TechCrunch compile a list of top-tier professionals in the growth marketing space.

SEO proficiency is a key area of interest.
Experience with social media strategies is also crucial.
Strong content writing skills are considered essential.

Participation from both marketers and their clients is greatly appreciated. The collected data will be used to create a valuable resource for businesses seeking effective growth marketing solutions.

By sharing experiences, clients can contribute to recognizing and rewarding exceptional performance within the industry. This initiative supports the growth of the marketing profession as a whole.