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Today's Tech and Startup Landscape

Thursday brought a diverse range of developments across the technology and startup sectors. Notable events included the official retirement of Internet Explorer, the unveiling of new augmented reality glasses by Snap, and the introduction of updated cryptocurrency regulations within the United States.

Furthermore, attention was given to the burgeoning field of pizza-delivery robotics. Even established automotive manufacturer Ford garnered attention with its latest electric truck, a vehicle boasting the capability to provide backup power to homes during grid outages.

Featured Stories

Below are the three most important stories of the day, followed by a concise overview of recent activity within the startup and Big Tech ecosystems.

• Internet Explorer's Farewell: The browser has officially been retired after decades of service.
• Snap's AR Vision: New augmented reality glasses were announced, signaling Snap’s continued investment in the technology.
• US Crypto Regulations: Updated rules governing cryptocurrencies have been established in the United States.

These developments represent a snapshot of the dynamic changes occurring within the tech industry. The convergence of software, hardware, and regulatory shifts continues to shape the future.

— Alex

Current Trends in the Tech Landscape

The realm of consumer financial technology is experiencing significant growth. Trade Republic, an investing application headquartered in Berlin, recently secured $900 million in funding.

Furthermore, initial first-quarter data from Robinhood indicates robust performance. This surge in activity is driving substantial investor interest, both from public markets and private equity firms.

The Rise of E-commerce Roll-Ups

A rapid shift towards e-commerce is fueling a wave of investment in companies focused on acquiring and consolidating brands operating on major digital marketplaces.

This trend represents a competitive effort to establish dominance in consumer spending. Factory14 has successfully raised $200 million to further its own consolidation strategy.

Government Scrutiny of Cryptocurrencies

Following increased regulatory actions against cryptocurrencies in China, the United States is considering implementing new regulations.

These proposed requirements aim to enhance governmental oversight of financial transactions, including those involving digital currencies. The goal is to improve traceability of funds.

Startups and Venture Capital Funding

Currently, the startup ecosystem is experiencing a surge in available capital. Consequently, covering every recent venture capital investment in a single report is impractical. Below are a few noteworthy funding events from today:

Eano Secures $6 Million for Home Renovation Software

Undertaking home renovations can be challenging, as many individuals lack formal project management training. Eano aims to streamline this process for both homeowners and the professionals they employ. This is a welcome development.

Workrise Obtains $300 Million for its Workforce Management Platform

Given the successful IPO of Procore and Workrise’s concurrent $300 million raise, it’s evident that now is an opportune moment to develop solutions for industries often considered less glamorous. Workrise, specifically, “facilitates connections between skilled workers and companies in the infrastructure and energy sectors, enabling efficient project staffing and management.” With Franklin Templeton’s recent investment, a potential IPO appears to be on the horizon.

Pitch Raises $85 Million to Enhance Presentation Creation

Investment in and development of software designed for the evolving landscape of remote and hybrid work environments persists. Pitch has announced a substantial funding round, achieving a $600 million valuation. The platform offers “the capability for individuals to create, collaborate on, and distribute presentations through an online interface,” as described by Ingrid. This functionality appears quite promising.

Maven Attracts $20 Million for Cohort-Based Learning

The ongoing influx of venture capital into the education technology sector continues, with Andreessen Horowitz spearheading a $20 million investment in Maven. Natasha reports that Maven “empowers professionals to deliver cohort-based courses.” Interestingly, Maven previously secured funding through equity crowdfunding.

Kredito Gains $4 Million to Expand Lending to Latin American SMBs

The fintech lending expansion, which has already impacted both consumers and businesses through options like BNPL, is extending beyond the United States. Kredito exemplifies this trend, having secured new funding to provide small and medium-sized businesses (SMBs) in Latin America with access to credit.

The Allure and Peril of Startup Trends

A fundamental aspect of human behavior is the tendency to pursue popular ideas, a phenomenon often described as the fear of missing out, or FOMO. This feeling can rapidly escalate and frequently overrides logical thought processes.

Within the venture capital landscape, investors actively seek insights from groundbreaking startups, hoping to apply these lessons to the identification of future successful ventures. However, excessive hype can result in flawed judgments, accelerated due diligence processes, and unrealistic expectations.

According to Victor Echevarria, a partner at Jackson Square Ventures, when startups demonstrate initial success, “irrational FOMO takes hold.” This occurs because the original evaluation was predicated on inaccurate or incomplete data. He notes that trends possess an addictive quality, and resisting them requires a conscious effort to overcome inherent impulses.

While it is understandable for investors to align with prevailing market sentiment, the competitive pressure fueled by FOMO can lead to imprudent investment strategies.

Understanding Extra Crunch

• Extra Crunch is a membership program designed to empower founders and startup teams.
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• Interested parties can register for membership here.

Big Tech Inc.

Current developments in the Big Tech sector involve updates from Microsoft, Google, Twitter, and Snap, alongside news concerning TikTok. Here's a summary of the latest:

Twitter’s ongoing product innovation: Twitter has consistently released new features, recently unveiling updates to user profiles and a renewed verification system. This follows the quick launch of Spaces, their audio-based platform, and initiatives like Revue and subscription services, demonstrating a period of significant activity.

Google’s venture into retail: Despite Microsoft’s previous withdrawal from physical retail, Google is now pursuing a similar strategy. This is somewhat surprising, especially considering the positive reception Microsoft stores once received. Further details regarding Google’s physical stores can be found here.

Internet Explorer’s official retirement: Microsoft has announced that Internet Explorer will be officially discontinued in June 2022. Users still have time to revisit the browser, despite its age. It played a crucial role in the early development of the internet, much like Yahoo did.

TikTok implements delayed anti-bullying measures: Concurrent with leadership changes at its parent company due to regulatory actions in China, TikTok is introducing long-anticipated tools designed to enhance user safety. These features are being implemented at last.

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Rimac's Participation in TC Sessions: Mobility 2021

Mate Rimac is confirmed to be a participant at TC Sessions: Mobility 2021. This one-day virtual event will take place on June 9th.

The discussion will encompass a wide range of topics related to Rimac’s journey and vision.

From Startup to Hypercar Manufacturer

We intend to explore the origins of Rimac’s company. Specifically, how it was established without relying on conventional incubator programs or venture capital funding.

The conversation will also delve into the development of his highly anticipated electric hypercar. This vehicle boasts an impressive output of 1,914 horsepower.

Future Plans and Company Strategy

A significant portion of the session will be dedicated to outlining the company’s future strategies. This includes a comprehensive look at the plans Rimac has for the organization’s continued growth and innovation.

Attendees will gain insights into the direction Rimac intends to take the company in the coming years.