Bolt Raises $355M Series E, Reaches Decacorn Status - Daily Crunch

Daily Crunch: January 14, 2022

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Greetings, and welcome to the Daily Crunch for January 14, 2022! It appears that Wordle has dominated the week, with widespread sharing of scores and outcomes across social media platforms.

A little encouragement for those who find the game challenging: the author also struggles with it. Despite this, professional writing duties continue, leading to the assertion that proficiency in Wordle does not necessarily equate to overall linguistic skill.

Equity Team Insights

The Equity team enjoyed a particularly engaging week, offering a detailed and conversational overview of recent events within the startup ecosystem. Those interested in a more in-depth discussion of startup happenings can find their coverage here.

This week saw a notable surge in Wordle’s popularity, becoming a common topic of conversation and friendly competition. Many individuals are sharing their daily results online.

Maintaining perspective is key; success in a word game doesn't automatically translate to broader writing abilities. The author humorously acknowledges their own difficulties with the game.

Furthermore, the Equity team provided valuable analysis and commentary on the latest developments in the startup world. Their insights offer a comprehensive look at the current landscape.

TechCrunch's Top 3 Updates

Here's a quick rundown of the most significant tech news as of late.

Bolt Secures $355M in Funding Amidst Checkout Competition

Bolt has successfully raised $355 million in a new funding round, elevating the company’s valuation to $11 billion. The company specializes in providing streamlined online checkout experiences for businesses.

Bolt’s services place it in direct competition with companies like Fast and Checkout.com. Checkout.com recently secured $1 billion, resulting in a $40 billion valuation.

While distinctions exist regarding each company’s position within the online payments landscape, the competitive overlap is becoming increasingly pronounced. The online checkout market remains highly contested, resembling a full-scale battle as previously noted a year ago.

Congressional Subpoenas Issued to Major Tech Firms

The ongoing investigation into the January 6th insurrection in the United States has led to subpoenas being issued to several prominent technology companies.

YouTube (owned by Alphabet), Facebook and Instagram (both under Meta), Reddit, and Twitter are currently facing scrutiny as part of this inquiry.

These companies are being compelled to provide information related to the events surrounding the insurrection.

Concerns Arise Regarding NFT Trading Volume Authenticity

The market for non-fungible tokens (NFTs) – unique digital signatures on the blockchain often linked to assets hosted on conventional web servers, such as images – is experiencing rapid growth.

Recent observations indicate that reported trading volumes on NFT exchanges may not always be entirely accurate or legitimate.

Careful examination of trading data is necessary to ensure transparency and reliability within the burgeoning NFT marketplace.

Startups and Venture Capital Funding

Recent investment activity highlights growth across diverse sectors. Several companies are securing funding to expand their operations and innovate within their respective markets.

Daasity Secures Series A Funding

Daasity has successfully raised $15 million in a Series A funding round. This investment, spearheaded by VMG Catalyst, will be utilized to further develop the company’s platform.

Daasity specializes in assisting businesses in consolidating data from multiple e-commerce sources, including platforms like Amazon and Shopify. The platform then facilitates analysis and distribution of this data to marketing channels.

This process enables companies to refine customer experiences by leveraging insights derived from past performance metrics, as reported by TechCrunch.

EVage Develops Commercial Electric Vehicles

EVage, an Indian company, has secured $28 million in funding. The company is focused on the development of electric vehicles designed for commercial applications.

EVage is collaborating with Amazon to create electric trucks, vans, and box vehicles for Amazon’s global delivery network. The vehicle designs have been described as having a “brutalist” aesthetic.

Vangst Addresses Cannabis Industry Hiring Needs

The cannabis industry is experiencing growth in its labor market, and Vangst is responding with a specialized hiring platform. The company recently completed a $19 million Series B funding round.

Vangst provides a platform designed to connect employers within the cannabis industry with qualified candidates. This addresses a specific need for talent acquisition in a rapidly expanding sector.

TechCrunch points out the emergence of industry-specific labor platforms, noting similar developments within the healthcare market alongside the cannabis sector.

Brazilian Fintech and Insurtech Poised for Growth Fueled by New Regulations

Often, regulatory frameworks are viewed as obstacles to innovation, particularly within emerging markets.

However, in Brazil, the Central Bank is receiving considerable praise from both investors and fintech entrepreneurs for fostering greater financial inclusion.

According to Amy Cheetham of Costanoa Ventures, the open banking policies implemented by Brazil’s Central Bank are significantly accelerating fintech innovation.

A detailed market assessment by Anna Heim investigates the expansion of Brazilian fintech in response to these open banking initiatives, and also examines the potential for growth within the insurtech sector.

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

The Impact of Open Banking

Brazil’s Central Bank has been proactive in establishing an open banking ecosystem.

This framework allows consumers to securely share their financial data with authorized third-party providers.

Consequently, this data sharing is enabling the development of innovative financial products and services.

Fintech companies are leveraging open banking to offer personalized financial solutions.

These solutions include streamlined loan applications and more effective financial management tools.

Insurtech Opportunities

The benefits of Brazil’s regulatory changes extend beyond the fintech realm.

Insurtech companies are also well-positioned to capitalize on the new environment.

Access to broader financial data allows for more accurate risk assessment.

This, in turn, facilitates the creation of customized insurance products.

The open banking initiatives are expected to drive increased competition and efficiency within the insurance market.

Investor Confidence

The positive regulatory climate in Brazil is attracting significant investor interest.

Venture capital funding for Brazilian fintech and insurtech companies is on the rise.

Investors recognize the immense potential of the Brazilian market.

They are particularly drawn to the country’s large, digitally-savvy population.

The combination of favorable regulations and strong investor support suggests a bright future for fintech and insurtech in Brazil.

Big Tech Inc.

Current developments within the technology sector are heavily focused on transportation, alongside ongoing legal challenges for prominent U.S. tech firms in Europe.

• Autonomous Vehicle Expansion in China: Rita Liao has provided an in-depth analysis of the burgeoning self-driving taxi industry within China. Her report highlights a consistent pattern of approvals for pilot programs and limited service launches by major companies on a weekly basis. A comprehensive understanding of these developments can be found in her article.
• Waymo and J.B. Hunt Collaboration: The partnership between Waymo and trucking firm J.B. Hunt is evolving from a pilot program into a sustained, long-term operation. This move addresses the existing shortage of truck drivers in the United States, potentially offering a solution through autonomous trucking capabilities.
• Bentley Continental GT Speed Review: Kirsten Korosec, TechCrunch’s transportation editor, recently evaluated the Bentley Continental GT Speed. This vehicle, priced above $250,000, boasts a 12-cylinder engine and represents a luxury option for those with substantial financial resources.
• U.K. Class-Action Lawsuit Against Meta: A class-action lawsuit has been initiated against Meta in the U.K.’s Competition Appeal Tribunal. The claim seeks approximately $3.1 billion in damages, alleging abuse of market dominance within the United Kingdom. The outcome of this legal action remains to be seen.

The progression of this case will be closely monitored.

TechCrunch Seeks Growth Marketing Professionals

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If you are a growth marketer yourself, please forward this survey to your clientele. TechCrunch is interested in understanding the reasons behind client satisfaction with your services.

• Areas of Expertise: SEO, social media, content writing, and related growth strategies.
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The goal is to identify and highlight exceptional professionals in the field of growth marketing. Client testimonials will be instrumental in this process.

Participation in the survey will help TechCrunch build a valuable resource for businesses seeking effective growth solutions. Your feedback is greatly appreciated.