Spotify and Ford Acquisitions - Daily Crunch

Daily TechCrunch Update – June 18th

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Weekly Wrap-Up

Greetings and welcome back to the Daily Crunch for Friday, June 18th. A special acknowledgment is extended to you for reaching the week’s conclusion without Alexander, who is scheduled to resume his duties on Monday.

Observance of Juneteenth

TechCrunch is observing Juneteenth today, resulting in a slightly reduced news offering. This reduction is substantial, meaning a significantly smaller volume of content will be available.

Featured Podcast: Equity

We invite you to listen to the newest installment of our critically acclaimed podcast, Equity. Natasha and Danny successfully produced a full half-hour episode despite Alexander’s absence, making it well worth your time.

The episode is now available for streaming and download.

TechCrunch Top 3

Regarding the world of podcasts, Spotify has recently announced the acquisition of Podz, a platform designed for podcast discovery. As the number of podcasts continues to grow across numerous genres, identifying and selecting preferred shows is becoming increasingly challenging.

Spotify anticipates that this acquisition will strengthen its platform by offering concise audio previews. These clips are intended to provide sufficient information for users to decide whether to subscribe and continue utilizing Spotify for their podcast consumption.

Ford is currently capitalizing on the increasing demand for electric vehicles. The company has unveiled both its E-Transit cargo van and the F-150 Lightning Pro models.

Further expanding its EV initiatives, the automaker has completed the acquisition of Electriphi, a company specializing in battery management and fleet monitoring software.

Turning to the realm of delivery services! Gopuff, a provider of on-demand delivery for goods, food, and beverages, has acquired rideOS, a platform focused on fleet management.

This $115 million acquisition is expected to facilitate the company’s expansion plans, specifically into the New York market.

Startups and Venture Capital Funding

BharatPe, an Indian fintech company, is nearing the completion of a new funding round expected to total $250 million. This financing, a Series E round, is being spearheaded by Tiger Global. The company is currently valued at $2.5 billion prior to this investment, though details are subject to change as the round isn’t finalized.

Further developments are occurring within the fleet management sector. KeepTruckin, a developer of both hardware and software solutions for trucking fleets, has secured $190 million in a Series E funding round. The company’s valuation now exceeds $2 billion, and the capital will be allocated to enhancing its AI-driven offerings.

These offerings include GPS tracking, ELD compliance systems, and dispatch/workflow management tools. Improvements are also planned for their smart dashcam, which is designed to identify and immediately alert drivers to unsafe behaviors like distracted driving and tailgating.

A new French startup, Mediflash, is focused on optimizing temporary staffing solutions within the healthcare sector. The company aims to improve staffing at facilities like nursing homes, clinics, and mental health centers.

Mediflash functions as a marketplace, connecting healthcare facilities with caregivers. It asserts that caregivers utilizing the platform can anticipate increased earnings – potentially up to 20% – while simultaneously enabling facilities to reduce their staffing costs.

Big Tech Inc.

A series of panel discussions were convened by the Centre for Economic Policy Research, based in London, to explore the necessity for competition authorities and privacy regulators – with a focus on markets and consumers respectively – to transcend traditional legal boundaries.

The goal is to discover innovative collaborative strategies for addressing the substantial market power wielded by Big Tech companies. Analysis by Natasha Lomas detailing these conversations is available, featuring insights from prominent regulatory figures from both Europe and the United States.

These discussions offered a preview of how digital market supervision may evolve, particularly with recent appointments, including the injection of new leadership at the FTC.

Concerns Regarding Facial Recognition Technology

The U.K.’s leading data protection regulator has issued a caution regarding the careless and improper deployment of live facial recognition systems in public environments.

Elizabeth Denham, the Information Commissioner, highlighted that investigations conducted by her office into proposed implementations of this technology have consistently revealed issues.

Specifically, all cases examined to date have presented problems related to the application of the technology.

This underscores the need for careful consideration and robust oversight when utilizing such potentially intrusive technologies.

A Review of Recent EC-1 Reports

As today presents a respite in our regular schedule, it represents an ideal opportunity to review the EC-1 reports published thus far this year. Prepare your preferred refreshments and enjoy some focused weekend reading.

Tonal: Revolutionizing Home Fitness

Tonal distinguishes itself within the premium fitness sector by integrating unique hardware, software, and content. This combination delivers a comprehensive strength training experience directly to the home, all within a compact and efficient design. (Reported by JP Mangalindan)

The system aims to maximize effectiveness while minimizing the space required for a full-body workout.

StockX: A Cultural Marketplace

StockX operates at the intersection of significant cultural and market shifts, fundamentally reshaping how goods are bought and sold. The platform’s online marketplace facilitates transactions for sneakers, streetwear, electronics, collectibles, handbags, and watches, largely centered around sneaker and streetwear culture. (Reported by Rae Witte)

Currently valued at $2.8 billion, StockX has processed over 10 million transactions to date.

Klaviyo: The Standard in Email Marketing

Klaviyo empowers marketers to personalize and automate their email communications with customers. While not yet a widely recognized consumer brand, this startup has become a benchmark for email marketing professionals. It competes with established players like Mailchimp and Constant Contact, capitalizing on the growth of e-commerce. (Reported by Chris Morrison)

Klaviyo’s success is driven by its ability to deliver targeted and effective email campaigns.

Duolingo: Global Language Learning

Duolingo’s language-learning application is utilized by 500 million individuals worldwide to acquire skills in languages such as Spanish, English, and French. In 2020, the platform generated $190 million in revenue. (Reported by Natasha Mascarenhas)

This success is the result of extensive product development and revenue model experimentation within the edtech landscape.

Expensify: Modern Expense Management

Effective expense management is crucial for preventing financial irregularities. Expensify adopts an unconventional approach, entrusting security to those who might traditionally be considered risks. The company is now streamlining corporate spending, processing travel expenses and business meals as the global economy recovers from the impact of COVID-19. (Reported by Anna Heim)

Nubank: Transforming Brazilian Banking

Brazil’s banking sector presents a substantial market, historically underserved by existing institutions. Successfully navigating the complexities of product development, strategic planning, and political negotiations to establish a bank in Brazil – a country with restrictions on foreign ownership – would represent a significant achievement. Nubank is progressing towards this goal. (Reported by Marcella McCarthy)