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Daily Tech Roundup: August 24, 2021

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Today's Top Stories

Greetings, and welcome to the Daily Crunch for August 24, 2021. The news landscape was exceptionally full today, necessitating a comprehensive overview.

Significant updates from major technology corporations, including Spotify and Waymo, are among the key developments we’ll be examining.

Upcoming Event: Disrupt

Before diving into the details, please note that the Disrupt conference is now less than one month away.

This year’s event will showcase Stewart Butterfield and Bret Taylor, both considered potential successors to leadership roles at Salesforce.

Expect exciting announcements and insightful discussions! — Alex

TechCrunch's Top 3 Updates

Here's a rundown of the most significant news from TechCrunch today, covering corporate responsibility, fintech, and regional startup activity.

Airbnb's Commitment to Afghan Refugees

Airbnb has announced plans to provide housing for 20,000 Afghan refugees. This initiative represents a substantial application of the company’s platform for a humanitarian purpose.

Unlike some corporate social responsibility efforts, this pledge demonstrates tangible support. The move prompts a question for other affluent technology corporations: what contributions will they make?

Ramp Secures $300 Million Funding

Ramp has successfully raised $300 million in a funding round, resulting in a company valuation of $3.9 billion. This investment signifies increased competition within the corporate spend management sector.

The landscape is currently dominated by several key players, including Brex, Ramp, and Airbase. This intense rivalry follows the acquisition of Divvy by Bill.com.

Ramp has also recently completed its inaugural acquisition, signaling further expansion and strategic positioning.

Analyzing the Ramp-Brex Competition

Further insights into the ongoing competition between Ramp and Brex, and the implications of their respective acquisitions, can be found in a detailed analysis available here.

Boston's Thriving Startup Ecosystem

The global startup environment is experiencing accelerated growth, but Boston is particularly noteworthy. The city is achieving unprecedented levels of venture capital funding and deal volume.

Local investors anticipate that this positive momentum will continue throughout the upcoming quarters, indicating a robust and dynamic startup scene in Beantown.

Startups & Venture Capital Updates

Recent developments in the startup and venture capital landscape necessitate a segmented overview. For real-time updates, ensure you are following TechCrunch on Twitter.

Our coverage begins with news originating from India:

• Byju’s IPO Attracts Banker Interest: Financial institutions are actively seeking involvement in the upcoming IPO of the prominent edtech company, Byju’s. According to Manish Singh, proposed valuations range from $40 billion to $45 billion, with Morgan Stanley suggesting a potential $50 billion valuation upon listing next year.
• Khatabook Secures $100M Funding: Valued at approximately $600 million, Khatabook, focused on digitizing small and medium-sized businesses (SMBs) in India, has successfully raised additional capital. This Series C funding will support its 10 million monthly active users and facilitate expansion of its 200-person workforce.

Turning to broader startup funding trends, Natasha Mascarenhas recently analyzed NoRedInk’s substantial $50 million Series B round. The company aims to enhance student writing skills. Her rationale for covering this round was as follows:

Below are additional startup-related announcements:

• Substack Acquires Cocoon Team: Substack continues its expansion, having recently appointed a general counsel and now acquiring the team behind Cocoon, a “subscription social media app built for close friends,” as previously reported by TechCrunch.
• ICON Receives $207M Investment in 3D-Printed Homes: Investors are demonstrating confidence in the potential of 3D-printed homes, evidenced by a $207 million investment in ICON, following a 400% revenue increase in its 3D-printed home business. Given the existing national housing crisis, increased access to affordable housing through this technology is a welcome prospect.
• Sora Raises $14M for HR Automation: Sora has secured a new round of funding, building on a 7x increase in customers and an 8x revenue growth since its 2020 seed round. The Series A investment will be used to expand the team and further integrate HR technology solutions, streamlining operations.
• Tango Gains $5.7M to Enhance Process Documentation: Tango has raised $5.7 million to scale its service that documents employee workflows. The platform observes task execution and generates step-by-step guides for training and consistency, proving particularly valuable for remote teams and new hires.
• Childcare Industry Underfunded, Despite Significant Demand: Sara Mauskopf (CEO and co-founder of Winnie) and Elana Berkowitz (founding partner at Springbank Collective) authored a TechCrunch article highlighting the substantial size and unmet venture capital needs within the childcare sector.

The Resurgence of Home-Based Healthcare: A Look Ahead

Historically, physicians routinely provided medical care within the patient’s residence. As recently as 1930, house calls accounted for 40% of all medical consultations.

However, by 1980, this practice had dramatically declined, representing less than 1% of all patient interactions.

Currently, urgent care facilities are prevalent in commercial areas, and a substantial 33% of all healthcare spending is allocated to hospital-based services. Sumi Das and Nina Gerson of Capital G suggest this concentration doesn't automatically translate to superior patient outcomes, while simultaneously driving up costs.

They propose a shift, stating, “A return to delivering care in the home – where healthcare originally took place – offers the potential to enhance both the quality of care and cost-effectiveness.”

Their analysis, detailed in a recent post, highlights five key innovations facilitating at-home care and pinpoints areas ripe for investment, including acute care solutions and supporting infrastructure.

(Extra Crunch is a membership program designed to empower founders and startup teams. Registration is available here.)

Big Tech Inc.

We begin today’s overview of Big Tech with an insightful article by Ron Miller, examining Cisco’s strategy for acquisitions. As a company that flourished during the dotcom boom, Cisco is notably one of the most active acquirers globally.

Understanding their methodology for integrating startup innovations and talent is therefore quite valuable.

Now, let's move on to the latest developments within the Big Tech landscape:

• iPhone Security Breach: A recent report by Zack Whittaker highlights a critical vulnerability. Spyware has been utilized in a zero-click attack, compromising the security of an iPhone belonging to a Bahraini human rights activist.
• Peloton Tread’s Return: Peloton has reintroduced its Tread treadmill following a period of controversy. Initial claims regarding its safety were disputed, leading to a recall, and now the product is available once more.
• TikTok’s E-commerce Expansion:The popular social media platform is intensifying its focus on e-commerce. An expanded collaboration with Shopify has been announced, alongside the upcoming launch of TikTok Shopping in the U.S., U.K., and Canada.
• Spotify’s Subscription Model for Podcasters: Spotify is extending its subscription option to all U.S. podcasters. While successful in China, paid podcasting has seen limited adoption in other regions, and Spotify is aiming to change that.
• Waymo’s San Francisco Launch: Waymo is initiating its self-driving car service in San Francisco. Considering the city’s ongoing infrastructure challenges, this represents a significant milestone.

For those who prefer not to drive, this development is particularly welcome.

TechCrunch Experts: Growth Marketing

Startup founders are being contacted to share insights into their preferred sources for current growth marketing strategies.

A survey has been distributed to gather this information; participation is encouraged through this link.

Below is a sample of the feedback already collected.

Marketing Professional: Avi Grondin of Variance Marketing.

Referral Source: Adam Czach, Explorator Labs.

Feedback Received: “Variance Marketing adopts a practical, collaborative methodology.

Their team not only achieved positive outcomes, but also imparted knowledge to empower our continued company expansion.”

This approach fostered both immediate gains and long-term internal capabilities.

Key Benefits Highlighted

• A proactive and engaged working style was observed.
• Results were demonstrably achieved through their efforts.
• Knowledge transfer enabled sustained growth within the client’s organization.

Growth marketing is a crucial aspect of success for many startups.

Identifying reliable experts in this field is therefore a priority for founders.

The survey aims to pinpoint those individuals and firms consistently delivering value.

Further Information

The testimonials gathered will be used to create a resource for founders seeking growth marketing assistance.

This resource will provide valuable peer recommendations and insights.