Squarespace IPO: Daily Crunch Report

Tech News Highlights: April 16, 2021

Squarespace has submitted paperwork for a direct listing on the New York Stock Exchange, utilizing the stock ticker SQSP. This marks a significant step for the website building platform.

Squarespace's Public Offering

The company has demonstrated substantial growth, with revenue increasing by 28% year-over-year. Revenue climbed from $484.8 million in 2019 to $621.1 million in 2020.

Furthermore, Squarespace reported a net income of $30.6 million for the previous year.

It is noteworthy that founder and CEO Anthony Casalena retains the majority of voting control.

Updates from Tech Giants

Apple Music’s revenue distribution to artists has been clarified in a recent letter. Payments begin at approximately one cent per stream, representing roughly double the payout rate offered by Spotify.

An Australian court determined that Google misled consumers regarding its location data settings. The case centers on personal location data gathered via Android devices between January 2017 and December 2018.

Twitter has suspended James O’Keefe, the founder of Project Veritas, due to violations of its policy concerning fake accounts. O’Keefe has indicated his intention to pursue legal action against the platform, alleging defamation.

Startup Funding and Venture Capital Activity

Level secured $27 million in funding led by Khosla and Lightspeed, with the aim of fundamentally reshaping the insurance industry. The company intends to provide businesses with more adaptable benefits options for their employees.

Oxbotica received $13.8 million from Ocado to advance the development of autonomous vehicle technology. This technology is intended for integration into Ocado’s logistics network.

Soona has raised $10.2 million to streamline remote photo and video production. Their service allows clients to ship products to Soona for remote shoots, providing real-time feedback during the process.

Insights from Extra Crunch

Current trends in the IPO market are presenting conflicting signals. Analysis covers recent IPOs from companies including UiPath, Coinbase, Grab, AppLovin, and Zenvia.

The importance of narrative in data science is being emphasized. Storytelling is crucial for deriving meaningful value from data analysis.

Exabeam’s Ralph Pisani argues that cybersecurity measures have not evolved at the same pace as emerging threats, leaving enterprises vulnerable. A single compromised password could lead to significant security breaches.

(Extra Crunch is a membership program designed to support founders and startup teams. Sign-ups are available here.)

Additional News

Proposed reforms to the US Lifeline program aim to improve access to affordable broadband for low-income households. The program provides a monthly subsidy for essential communication services.

GM’s second battery plant, a $2.3 billion joint venture with LG Chem, is scheduled to open in late 2023. This facility will supply the cells required for the 30 electric vehicle models GM plans to release by the middle of the decade.

The Pakistani government temporarily blocked access to several social media platforms, including Twitter, Facebook, WhatsApp, YouTube, and Telegram, for several hours.

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