Daily Crunch: May 21, 2021

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Bitcoin and Cryptocurrency News

The cryptocurrency market experienced a significant downturn today. This decline followed reports originating from China regarding potential limitations on cryptocurrency activities.

Interpretations of this news vary. Some view it as fear, uncertainty, and doubt (FUD), while others see it as evidence against the claim that Bitcoin effectively protects against inflation.

Startup Highlights

Despite the volatility in the crypto markets, a wealth of startup news emerged this week. We'll now turn our attention to covering those developments.

A number of interesting companies and their progress will be detailed below. This includes funding rounds, product launches, and other key announcements.

— Alex

TechCrunch's Leading Three Stories

Here's a rundown of the top three tech stories covered by TechCrunch today, offering insights into augmented reality, agricultural technology, and the mobile gaming landscape.

Snap's Significant Investment in Augmented Reality

Snap has made a substantial investment of $500 million in WaveOptics, a company specializing in the production of waveguides and projectors essential for AR glasses.

This acquisition strongly suggests that Snap is preparing for large-scale production of augmented reality hardware in the future.

Growing Startup Interest in the Agricultural Sector

TaniHub Group, an Indonesian startup, secured $65.5 million in Series B funding, as reported by TechCrunch. A key component of their business model involves providing loans to farmers prior to harvest times.

Similarly, ProducePay recently raised $43 million to facilitate comparable financial services for farmers in Latin America.

This indicates a considerable surge in startup activity focused on the convergence of agtech and fintech.

The Expanding Mobile Gaming Market

The mobile gaming industry experienced significant growth in 2020, contributing to record-breaking Q1 results for Zynga, a company once considered a leading gaming innovator.

Jam City, another prominent mobile gaming company, is also preparing to go public, further demonstrating the sector's robust performance.

The scale of the mobile gaming market may be larger than previously estimated, presenting substantial opportunities for growth and investment.

Startups and Venture Capital Funding

Let's examine a selection of recent, smaller venture capital investments. Several noteworthy deals were finalized today and deserve attention.

Secai Marche secures $1.4 million to facilitate direct farm-to-table food distribution: We acknowledge a need to increase our coverage of Japanese startups, and this is a step in that direction. Secai Marche, headquartered in Tokyo, is developing a B2B platform designed to streamline logistics for farmers selling to restaurants, hotels, and other businesses within the food and beverage sector. The funding was provided by Rakuten and Beyond Next.

Mio obtains $1 million to expand social commerce opportunities in rural Vietnam: Vietnam’s e-commerce sector is experiencing rapid growth, particularly in major urban centers. Mio aims to extend the benefits of e-commerce to smaller towns and rural communities.

The company is reportedly “establishing a network of resellers and a logistical framework capable of providing next-day delivery to Tier 2 and 3 cities.” Innovations that reach broader populations are particularly valuable.

Concluding our funding round updates, we present a larger investment in a service focused on mental wellbeing:

Wysa raises $5.5 million for its AI-driven mental health platform: The concept is promising, and we intend to evaluate the service as it develops. TechCrunch reports that Wysa’s founder and CEO, Jo Aggarwal, believes users may find it easier to open up to an AI. Specifically, she describes the AI as “‘emotionally intelligent.’”

While presented with levity, the potential benefits are significant. Given the global shortage of mental health professionals, any tool that can improve access to care is welcome. If Wysa can effectively support individuals in managing their mental health, it will be a positive development.

Future E-commerce Trends: Five Key Predictions

For a considerable period, the United States, despite its position as a leading global economy, lagged behind nations like South Korea and China in terms of e-commerce adoption rates.

However, American consumers and businesses are rapidly bridging this divide. In 2016, approximately 8% of all retail purchases in the U.S. occurred online. Currently, this proportion has more than doubled, reaching nearly 17%.

Although e-commerce has been a disruptive force for the past twenty years, its full potential is yet to be realized. With an increasing number of businesses, regardless of size, expanding their online presence, we are now at a critical juncture.

Ethan Choi, a partner at Accel, has compiled five insightful predictions regarding the future of e-commerce, specifically focusing on Direct-to-Consumer (D2C) models and the supporting infrastructure, in an exclusive report for Extra Crunch.

Choi states that Accel anticipates entering “the golden age of D2C e-commerce.”

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

Big Tech Inc.

This edition of the newsletter requires broadening the definition of "Big Tech" to encompass entities exceeding the scale of even the largest technology corporations – specifically, governmental bodies.

Currently, the Indian government is expressing dissatisfaction with technology companies once more. This instance centers on Twitter. According to TechCrunch, New Delhi has formally protested Twitter’s designation of tweets originating from Indian politicians as “manipulated media.”

Furthermore, a request has been made to social media platforms to remove posts referencing a “Indian variant” of the coronavirus.

Several points merit consideration: Firstly, Twitter faces the challenge of navigating an increasingly complex international landscape concerning freedom of expression. It must also determine how to respond to governmental reactions regarding its content labeling choices.

Successfully managing this will prove difficult. A demand for a complete prohibition of a specific phrase across a social platform is practically unachievable.

Even in China, where restrictions on social media content are prevalent, users consistently devise methods to circumvent these limitations. Therefore, the Indian government’s objective presents a significant hurdle.

Concerning related matters, developments within the European Union regarding data protection are particularly noteworthy for those interested in privacy.

Shifting focus to corporate updates, Spotify is now offering offline listening capabilities on the Apple Watch. This update is particularly significant for runners, as highlighted by our own Brian Heater.

Finally, the Equity podcast team shares insights into the expansion of corporate “media” operations and its implications for unicorns and other substantial technology companies.

Community Updates

As the weekend approaches, there are a couple of noteworthy items to share. While Ford's recently unveiled electric truck has garnered attention, our readership continues to express strong anticipation for Tesla’s Cyber Truck.

For startup founders at any development phase seeking investment opportunities, Extra Crunch Live provides a valuable platform to present their pitches to discerning investors.

Extra Crunch Live Spotlight

This week featured a pitch from Capri Money, demonstrating a seamless transition from audience member to presenter. The event offers a dynamic environment for both participants and observers.

We look forward to welcoming you to the next Extra Crunch Live session!

TechCrunch Experts: Email Marketing

We have been pleased with the level of engagement following the launch of our survey concerning leading email marketers. Participation is still open; the survey can be completed at this link.

Founders who complete the survey will receive a special discount on a new Extra Crunch subscription as a thank you.

Furthermore, select nominees will be highlighted in Daily Crunch beginning next week.

Share Your Expertise

If you operate as a growth marketer, please share the survey with your clientele. We are eager to gather their insights as well.

Additional information regarding this initiative, including our plans for utilizing the collected data to inform our editorial direction, is available at techcrunch.com/experts.

• The survey aims to identify top performers in the field of email marketing.
• Responses will directly influence TechCrunch’s future coverage.
• A discount is offered to founders who participate.

We believe that understanding the perspectives of those actively involved in email marketing is crucial for delivering relevant and insightful content.

Project Details

The data gathered will be instrumental in shaping our editorial focus. It will allow us to provide more targeted and valuable information to our readership.

TC Eventful: Extra Crunch Live Updates

The Extra Crunch Live series continues throughout June, offering viewers access to discussions with prominent figures in the technology sector.

These episodes are designed to connect audiences with leaders and innovators shaping the future of tech.

Featured Events

A diverse range of topics and guests are scheduled for the upcoming Extra Crunch Live events. The series aims to provide valuable insights and perspectives.

Attendees can expect engaging conversations and opportunities to learn from industry experts.

Extra Crunch Live provides a platform for in-depth discussions and networking opportunities within the tech community.