WhatsApp Privacy Policy: India Demands Revocation - Daily Crunch

TechCrunch Daily Roundup: Squarespace IPO and Crypto Market Fluctuations

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Greetings! The technology sector experienced another exceptionally active day. Attention was focused on Squarespace’s initial public offering, alongside the performance of Coinbase stock.

Squarespace Goes Public

Squarespace officially launched its public trading journey today. This event marks a significant milestone for the website building platform.

Coinbase and Bitcoin Correlation

The value of Coinbase shares appears to be closely mirroring the price movements of Bitcoin. This correlation is more direct than some analysts initially anticipated.

Crypto Market Insights

For those invested in cryptocurrency for the long term, the recent market dip may present a favorable opportunity to acquire more assets. Conversely, short-term holders might find solace in a beverage, irrespective of the hour.

— Alex

TechCrunch's Top 3 Updates

Here's a rundown of the most significant stories covered by TechCrunch today, presented in a concise format.

Whatsapp and India's Ongoing Dispute

The conflict between Whatsapp, a service owned by Facebook, and the Indian government persists. The nation has reiterated its demand for the company to retract its proposed update.

This directive marks another escalation in the ongoing tension between the messaging platform and Indian authorities.

Ro Acquires Modern Fertility

Ro, initially recognized for its men’s health offerings (formerly known as Roman), has announced the acquisition of Modern Fertility.

Founded in 2017, Modern Fertility specializes in fertility-focused services. The integration raises questions about how Ro will incorporate telehealth into the realm of reproductive healthcare.

Squarespace's Disappointing Public Debut

Squarespace experienced a challenging direct listing on the stock market. The initial reference price was set at $50, representing a substantial decrease in valuation compared to its previous private valuation of $10 billion.

Following the initial listing, the stock price continued to decline, signaling investor concerns.

Further details on upcoming events: Tess Hatch, a VP and partner at Bessemer Venture Partners, will be a featured speaker at the upcoming Disrupt conference.

Startups and Venture Capital Funding

Today’s focus shifts to prioritizing product development before seeking venture capital. Does that sound like a productive approach?

Let's begin with Otter.ai’s latest offering: Otter Assistant. This tool facilitates the transcription of Zoom meetings. For journalists, it represents a significant advancement in note-taking capabilities. However, its applications are likely to extend far beyond the media industry into broader business operations. It’s worth noting that Otter recently secured $50 million in funding. (For further insights into the voice transcription landscape, consider Deepgram’s funding activities from 2020.)

Next, Liquid Instruments has successfully raised $13.7 million to distribute its Moku:Go product to educational institutions and research laboratories. The Moku:Go device consolidates multiple commonly used instruments into a single, compact unit, optimizing workspace and offering a modern, software-driven interface,” as reported by TechCrunch.

Now, turning our attention to recent financial activity within the startup ecosystem, here are four noteworthy funding rounds:

$20M for Assignar: The construction technology sector is experiencing substantial growth, driven not only by the activity within the construction industry itself, but also by the ongoing digital transformation impacting businesses across all sectors. The company’s software enables contractors and subcontractors to effectively manage field operations and communication, as stated by CEO Sean McCreanor.

• Why is this significant? The activity surrounding construction tech player Procore, currently preparing for a public offering, indicates a robust market for both early-stage and late-stage investments in this area.

$150M for Formlabs: The maturity of 3D printing technology is becoming increasingly apparent, as evidenced by Massachusetts-based Formlabs securing a nine-figure investment for its printing solutions. The round was led by SoftBank’s Vision Fund 2, resulting in a company valuation of approximately $2 billion.

• Why is this important? Formlabs aims to enhance 3D printing technology while simultaneously reducing its cost. Successful implementation of this strategy could revolutionize numerous industries.

$50M for Super: Homeowners are well aware of the inevitable accumulation of repair expenses. Super proposes a solution by converting these costs into a predictable monthly subscription model. The company has secured funding to advance this concept, having experienced a 7x growth rate since last April.

• Why should we pay attention? The shift towards subscription-based services extends beyond enterprise software and consumer entertainment. The “as-a-service” model is becoming increasingly prevalent in 2021.

$250M for Pipe: Pipe provides a platform that enables businesses to monetize their future, predictable revenue streams by selling them to investors. Initially focused on SaaS companies, Pipe is now expanding its services to encompass other business models.

• Why is this noteworthy? Pipe’s rapid growth and consistent fundraising suggest a potentially groundbreaking innovation, or alternatively, a market for financial products that is currently experiencing exceptional demand. Regardless, it presents an intriguing option for software startups seeking capital.

Novel Fundraising Approaches for New Venture Capital and Private Equity Firms

David Teten, the founder of Versatile VC, has identified five emerging strategies that are increasingly being adopted by fund managers seeking to secure capital from family offices and high-net-worth individuals.

• The utilization of online communities and the hosting of virtual events.
• Employing platforms designed to facilitate investor access to your fund.
• Actively seeking investment under the 506(c) exemption.
• The establishment of a rolling fund structure.
• Facilitating crowdfunding from retail investors directly into a general partnership.

Teten’s insights, derived from a course delivered to the Oper8r VC fund accelerator, provide practical guidance for establishing connections with pre-vetted investors.

These methods represent a shift in how emerging funds approach capital acquisition.

Online communities and virtual events are proving effective in building relationships and showcasing fund performance.

Investor access platforms streamline the process of connecting with potential limited partners.

Leveraging the 506(c) designation allows for broader solicitation of accredited investors.

A rolling fund offers investors continuous exposure to deal flow.

Finally, crowdfunding into a general partnership opens up new avenues for capital raising from a wider investor base.

(Extra Crunch is a membership program dedicated to assisting founders and startup teams in achieving their goals. Registration can be completed here.)

TechCrunch Seeks Email Marketing Professionals

TechCrunch’s Extra Crunch is requesting input from founders regarding email marketing specialists.

The goal is to compile a curated list of leading growth marketers within the technology sector.

Seeking Recommendations

Founders who have had positive experiences with an email marketer are encouraged to submit their recommendations.

Growth marketers themselves are asked to share this request with their respective clients.

• The survey can be accessed through this link.

Valuable recommendations will be published publicly, assisting other startups in locating necessary support.

Further information regarding the TechCrunch Experts program is available at techcrunch.com/experts.

This initiative aims to connect startups with highly skilled growth marketers specializing in email marketing strategies.

Big Tech Inc.

Recent news from the realm of Big Tech features insights from our Editor in Chief, Matthew Panzarino, regarding the latest iPad Pro. He highlights the impressive capabilities of its hardware components.

Key Hardware Features

• Screen: Panzarino describes the Liquid Retina XDR display, powered by mini-LED technology, as “probably the best display ever featured on a portable computing device,” praising its exceptional quality.
• Performance: The inclusion of the M1 chip is noted for delivering “absolutely blistering” speed and responsiveness.
• Camera System: Significant improvements have been made to the iPad Pro’s cameras. Both the front and rear cameras are now highly functional, with the front camera benefiting from increased resolution and wider optics.
• Keyboard Experience: The keyboard continues to provide a satisfying user experience, offering a comfortable and efficient typing environment.

However, Panzarino expresses reservations concerning the iPad Pro’s software.

He suggests the software is becoming outdated. Apple is now facing a challenge similar to the one Microsoft encountered with Windows 8: determining how to develop an operating system that effectively supports multiple form factors – touch and mobile, alongside desktop – or creating two distinct operating systems that can share a substantial amount of third-party software.

Further clarity on Apple’s approach is anticipated at the upcoming WWDC event. The question of software optimization remains a crucial point for the iPad Pro’s future.

Community Interaction

Recent announcements haven't presented a compelling reason for iOS users to switch to the Android operating system. This is a commonly observed sentiment within the tech community.

We now open the floor for discussion regarding the current state of cryptocurrency. What are your perspectives on its trajectory?

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