Tech News Roundup: March 1, 2021

Significant funding was secured by a disruptive financial institution, Instagram introduced Live Rooms, and Google enhanced its Workspace suite. This summarizes the key developments in today’s tech landscape.

Financial Sector Highlights: Klarna's Valuation Soars

Klarna, a Swedish challenger bank specializing in buy-now-pay-later (BNPL) services, has successfully raised $1 billion, resulting in a post-money valuation of $31 billion. The company intends to allocate 1% of this capital towards addressing critical sustainability issues globally, with a formal launch planned for Earth Day, April 22nd.

Klarna’s BNPL offerings encompass both integrations with numerous retailers and a dedicated shopping application. Through this app, users can access and utilize Klarna payment options across a network of over 250,000 retail partners in more than 17 countries.

Updates from Tech Industry Leaders

Instagram has launched ‘Live Rooms,’ enabling live broadcasts with participation from up to four creators. Previously, Instagram Live limited broadcasts to only two participants, mirroring the functionality of Facebook Live.

Twitter is implementing vaccine misinformation warning labels and a progressive strike system to address violations of its policies. Content deemed potentially misleading will be flagged with notices and links to verified public health resources.

Google Workspace has received updates, notably the integration of Assistant functionality to enhance user experience within the suite of applications.

Startup Funding and Venture Capital Activity

Skydio, an autonomous drone manufacturer, has secured $170 million in funding led by Andreessen Horowitz. This investment follows the company’s recent expansion into the enterprise sector.

Clue has obtained FDA clearance to introduce a digital contraceptive solution. This innovative tool will provide users with statistically-based ovulation predictions for birth control purposes.

Rocket Lab CEO Peter Beck detailed the necessity for a larger rocket and the company’s decision to go public to facilitate its development. Rocket Lab announced a SPAC merger and plans to construct a new, larger launch vehicle named Neutron.

Insights from Extra Crunch

The importance of establishing product principles within an organization is highlighted. Ethan Eismann, VP of Design at Slack, emphasizes that every aspect of Slack’s design and functionality is centered on creating a human-centered workplace tool.

A remarkably straightforward Series B pitch deck from Justworks was analyzed. Bain Capital Ventures’ Matt Harris and Justworks CEO Isaac Oates discussed their collaborative approach to resolving disagreements.

The cryptocurrency market’s impact on companies like Robinhood is examined, alongside Coinbase’s anticipated public listing. Coinbase is experiencing growth alongside other companies benefiting from the crypto surge.

(Extra Crunch is a membership program designed to support founders and startup teams. Subscription details can be found here.)

Additional News

The European Union is proposing a ‘digital pass’ to verify COVID-19 vaccination or test status, aiming to facilitate safer travel. President Ursula von der Leyen announced the tool will serve as proof of vaccination.

Walmart has eliminated the $35 order minimum for its 2-hour ‘Express’ delivery service. This move is widely seen as a direct response to competition from Amazon.

TC Sessions: Justice will feature discussions with representatives from Uber, Facebook, and Netflix regarding diversity, equity, and inclusion initiatives. The event will address topics such as the pipeline problem and imposter syndrome.

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