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Daily Crunch: December 14th Edition

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Welcome to Daily Crunch

Greetings and a warm welcome to the Daily Crunch for Tuesday, December 14th. Our TechCrunch Space event is currently in progress and has been exceptionally successful so far, according to initial reports.

Blog Anniversary

In related TechCrunch news, it has been two years since my return to the blog. The time has passed remarkably quickly!

Gratitude is extended to all readers for their continued engagement with my writing, which allows me to remain a part of the TechCrunch team.

Today's News

Now, let's move on to the latest headlines and developments in the tech world.

—Alex

The TechCrunch Top 3

Recent developments include updates from Apple, the SPAC market, and Big Cartel. These stories highlight diverse trends within the technology landscape.

Apple’s Siri-Only Music Plan

Apple has officially launched its more affordable, albeit restricted, music subscription tier, initially unveiled earlier in the year. This plan is specifically geared towards users heavily invested in Apple’s speaker ecosystem.

The primary draw is a reduced price point. However, this pricing strategy raises concerns about the long-term sustainability of music streaming services, given current economic pressures.

Peak SPAC Activity?

A metaverse-focused company, generating approximately $1 million in revenue, is preparing to enter the public market through a Special Purpose Acquisition Company (SPAC). This event potentially marks a high point in SPAC-related activity.

The company anticipates substantial revenue increases, relying on investor enthusiasm for metaverse technologies to drive up its stock value. The success of this venture remains to be seen.

Big Cartel Unionizes

Following tragic events at an Amazon facility, interest in tech worker unionization has increased. While progress is gradual, startups are demonstrating leadership in this area.

Big Cartel has voluntarily recognized its employee union, a noteworthy step. This contrasts with a perceived lack of proactive support for unionization efforts from larger corporations.

Unionization efforts are gaining momentum, particularly within the startup community.

Startups & Venture Capital

Presented here is a compilation of recent startup activity and venture capital investments, curated from reporting by Sarah Perez and others. This overview provides insights into emerging trends and funding rounds across various sectors.

• Doctor Ratings and Reviews: Garner Health is capitalizing on the demand for comprehensive doctor reviews. The company recently secured $45 million in Series B funding, as reported by TechCrunch. Considering the expansive nature of the healthcare industry, the potential market for this service is substantial.
• Premium Webcams Gain Traction: Opal is generating buzz with its $300 webcam, particularly within social media circles. The company aims to address common issues like poor internet connectivity and inadequate lighting experienced by many during remote work and virtual interactions. It appears the timing for this product launch is opportune.
• a16z Invests in PleasrDAO: The decentralized autonomous organization (DAO) PleasrDAO has received investment from a16z, marking another instance of the firm backing DAO initiatives. PleasrDAO is known for its high-profile NFT purchases, including a $4 million acquisition of a doge NFT and a significant investment in a Wu-Tang Clan album.
• Pair Secures $60 Million for Eyewear Innovation: Pair, a company disrupting the eyewear market with its customizable and affordable frames, has completed a $60 million funding round. This follows a $12 million raise in April. The service offers a compelling alternative to traditional eyewear retailers, even appealing to those with modest fashion sensibilities. Notably, Warby Parker, a pioneer in the direct-to-consumer eyewear space, continues to trade above its initial public offering price.
• Mixhalo Raises Funds for Live Audio Enhancement: Despite challenges faced by the live events industry, Mixhalo is demonstrating resilience. The company, specializing in live audio mixing for events, has successfully closed a Series B funding round.
• The Resurgence of Data Mapping: The concept of “mashups” – combining disparate data sets – which once fueled early internet innovation, appears to be experiencing a revival. Carto recently raised $61 million in Series C funding to facilitate the visualization of data on interactive maps, enabling improved analysis and decision-making.
• Mesh Payments Attracts Tiger Global Investment: Mesh Payments, a company focused on corporate spend management, has secured $50 million in funding led by Tiger Global. This investment highlights the continued interest in solutions addressing corporate expense tracking and optimization. Numerous competitors, including Ramp, Brex, and Airbase, are also active in this space.
• IBISA Provides Microinsurance to Small Farmers: Luxembourg-based IBISA is addressing a critical need by offering microinsurance to small farmers vulnerable to climate-related risks. The company recently raised $1.7 million, focusing its efforts on developing markets.
• Vertical SaaS Continues to Attract Investment: Following the success of companies like Squire in the barbershop vertical SaaS market, Fresha has secured $52.5 million in funding. The company provides software solutions tailored to the beauty and wellness industry.

In addition to these funding announcements, Ron Miller offers a critical perspective on the current enthusiasm surrounding web3 technology in a recent TechCrunch+ feature.

Web3: Current Status and Future Outlook – Insights from 7 Investors

Image Credits: Poca Wander / Getty Images

Despite valid concerns regarding its complexity and potential regulatory hurdles, widespread adoption of web3 remains several years distant. Consumer apprehension is a significant factor currently limiting its growth.

Our recent investigations, however, reveal a rapidly evolving investment environment. Venture capital firms are demonstrating increased sophistication and diminishing skepticism towards web3 technologies.

To gain a more comprehensive understanding of the current market position and future trajectory, we consulted with a panel of prominent investors. Their perspectives offer valuable insights into the evolving landscape.

Investor Panel

• Lior Messika, the founder and managing partner at Eden Block.
• Atul Ajoy, a partner at Horseshoe Capital.
• David Chreng-Messembourg, founding partner of LeadBlock Partners.
• Randy Glein, founder and partner, alongside Sam Shapiro, principal, both at DFJ Growth.
• Mercedes Bent, partner at Lightspeed Venture Partners.
• Jai Das, co-founder, president, and partner at Sapphire Ventures.

(TechCrunch+ is a membership program designed to empower founders and startup teams. Registration can be completed here.)

Big Tech Inc.

Several notable developments occurred within the technology sector recently, impacting various companies and services.

Coinbase NFT Viewing

Coinbase has introduced a new feature allowing users to view their Non-Fungible Tokens (NFTs) directly within the Coinbase Wallet desktop application.

This update provides a convenient way for users to interact with their digital collectibles, though some observers have noted the seemingly basic functionality of image viewing on computers.

Snapchat Spotlight Creator Funding

Snap continues to invest heavily in its Snapchat platform, particularly its TikTok-like feature, Spotlight.

The company has distributed $250 million this year to creators who produce content for Spotlight, demonstrating a commitment to attracting and retaining talent.

Snap utilized capital raised through debt offerings to support this initiative.

Cash App Gifting Capabilities

Cash App has expanded its functionality to include the ability for users to gift stocks and cryptocurrencies.

While crypto gifting isn't entirely novel, this move by Cash App could broaden access to crypto gifting for a wider audience.

It’s important to remember that Cash App is now a product of Block, formerly known as Square.

UK Antitrust Scrutiny of Google and Apple

The United Kingdom's competition regulator is preparing to intervene in the mobile app store market.

The regulator has indicated that upcoming reforms will likely target Google (Android) and Apple (iOS) due to concerns raised by third-party developers.

Pony.ai's California Test Permit Revoked

Progress in the self-driving car industry experienced a setback today.

Chinese autonomous driving startup Pony.ai had its California test permit revoked following a recent vehicle crash.

This incident highlights the ongoing challenges and safety considerations surrounding autonomous vehicle technology.

Netflix Price Adjustments in India

Netflix is adapting its pricing strategy in India, reducing prices for subscribers.

This move suggests the company is encountering limitations in its growth potential within the streaming market.

The company is diversifying into gaming as a means of expanding its revenue streams, and this price adjustment in India reflects a response to market conditions.

Netflix has previously adjusted its pricing structure in India.

Seeking Software Consultant Recommendations

TechCrunch is currently soliciting recommendations for software consultants. They are interested in hearing about experiences with firms specializing in areas such as UI/UX design and cloud architecture.

Input regarding consultants utilized for various projects is being collected through a dedicated submission form.

Understanding TechCrunch's Research

The purpose of this inquiry is to inform TechCrunch’s editorial coverage. They aim to provide insights based on real-world experiences with different consulting companies.

Further Information on Survey Impact

For those interested in the methodology and impact of these surveys, an interview with Anna Heim is available.

The interview features Andrew Drach of Solwey, and details his journey “From Ph.D. to boutique software developer.”

• The interview provides context on how reader feedback influences TechCrunch’s reporting.
• It offers a perspective on the evolution of specialized software development firms.

TechCrunch encourages readers to share their experiences to contribute to a more comprehensive understanding of the software consulting landscape.