Trump SPAC Market Cap: DWAC Approaches $4.7 Billion

TechCrunch Daily Roundup & Upcoming Events

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A Week Concluded & What's Ahead

Friday has arrived! We’ve successfully navigated another busy week. Acknowledge your accomplishments with a well-deserved pat on the back.

The coming week promises to be equally dynamic. Earnings reports are scheduled to be released by major tech companies, including Facebook, Alphabet, Microsoft, and Robinhood.

SaaS Event Announcement

Furthermore, our premier SaaS event is scheduled for Wednesday. I will be hosting and participating in several panel discussions.

Join us for an engaging and informative experience! It’s an event you won’t want to miss. – Alex

TechCrunch's Top 3 Stories

Here's a rundown of the most significant tech news as of today, according to TechCrunch.

Trump SPAC Gains Traction in Public Markets

Donald Trump’s media venture has revealed plans to enter the public market through a Special Purpose Acquisition Company (SPAC) merger. Following this announcement, considerable investment was observed, driving up the shares of the SPAC involved in bringing Trump Media and Technology Group public.

However, it's worth noting that the SPAC's appeal largely stems from its association with a prominent figure, rather than underlying financial performance or a fully developed product.

Snap Inc. Faces Challenges

Snap Inc., the U.S.-based social media company, experienced a substantial decline in its market value today. This followed the release of its earnings report after market close yesterday.

Despite a relatively strong quarter, Snap’s projected growth for the fourth quarter fell short of analyst expectations. The primary factors contributing to this downturn are modifications to Apple’s iOS platform and disruptions within the global supply chain, both of which have impacted advertising demand.

TechCrunch highlighted that Snap’s current difficulties reinforce the rationale behind Facebook’s investment in the metaverse.

Brex Secures Further Funding

The market for corporate spending and expense management continues to attract significant investment. This was demonstrated once more with the recent news, first reported by TechCrunch, that Brex has successfully raised another round of funding at an increased valuation.

This latest funding round for Brex could potentially stimulate similar fundraising efforts among its competitors in the corporate spend space.

The corporate spend and expense reporting sector appears capable of continually absorbing new capital infusions.

Startups and Venture Capital Updates

Below you'll find a summary of recent startup news. However, prior to diving into these updates, TechCrunch recently analyzed Rent the Runway’s anticipated IPO price and compared it to similar businesses, raising several points for consideration.

Startup Funding Highlights

Intelligent Implants Secures Funding for Back Health Technology: Despite the potential for misinterpretation, Intelligent Implants has successfully raised $8.7 million. This funding will support the development of their health-focused hardware designed to improve back health.
Lightspeed's Preemptive Term Sheet for Lunchclub: TechCrunch’s Neesha Tambe detailed how Lunchclub secured a preemptive investment from a prominent investor. This insight is particularly valuable for founders seeking early-stage funding.
Foodology Receives Investment for Cloud Kitchen Expansion: The trend of investing in shared kitchen spaces optimized for meal delivery continues. Foodology, based in Bogotá, has received $15 million in funding from a16z and Base Partners.
Pledge Aims to Offset Carbon Footprints for Transport: Pledge is focused on assisting companies in the freight, ride-hailing, travel, and delivery sectors in mitigating their carbon emissions. The company recently secured $4.5 million in funding.
OfBusiness Continues Fundraising Rounds: OfBusiness is actively raising capital, following previous rounds in April and last month. The company is currently seeking funding at a valuation exceeding $4.5 billion, representing a 50% increase from its prior valuation.

The rapid pace of OfBusiness’s fundraising efforts demonstrates continued investor confidence in the company’s growth trajectory. Investors are clearly optimistic about its future prospects.

Building an Early-Stage Communications Team: Beyond the Initial Hire

While startups often seek areas for cost reduction, the initial communications hire represents a critical investment. Neglecting to prioritize this role can lead to significant challenges down the line.

Founders should prioritize securing a highly capable individual for this position. Yousuf Khan, a partner at Ridge Ventures, suggests seeking a strategic partner, not merely an executor.

This individual needs a comprehensive understanding of the company’s offerings and the broader market landscape. They should be able to articulate the product and industry with the same depth as the sales team.

Such expertise requires a substantial investment in finding the right candidate. It’s a demanding role, but one that warrants careful consideration.

(Access to TechCrunch+ provides founders and startup teams with valuable resources and support. Registration is available here.)

Big Tech Inc.

A technology oversight group is challenging the public relations strategies employed by major technology companies. Facebook and similar large firms frequently highlight individual small businesses that benefit from their platforms.

This practice serves a dual purpose: to present a more approachable image for these massive corporations and to deflect more critical examination of their practices.

Main Street Against Big Tech is actively investing in efforts to counter this narrative and bring greater attention to the issue.

SpaceX Starship Update

The Starship rocket, developed by SpaceX, may be ready for flight within the next month, according to reports from TechCrunch.

However, the launch is contingent upon receiving the necessary regulatory approvals. This development is positive for those interested in space exploration.

Advancing the commercial space sector through SpaceX’s innovations will encourage competition and ultimately benefit the public.

Twitter and Revue Integration

Twitter has introduced a new feature allowing users to subscribe to Revue newsletters directly from their timelines.

Given its comparatively smaller size relative to companies like Facebook, Twitter is likely to be granted leeway in promoting its own products.

The ongoing development of Revue – a newsletter platform previously acquired by Twitter – is garnering significant attention. Twitter is directly competing with two prominent ventures backed by a16z: Substack and Clubhouse, through Revue and Spaces respectively.

This strategic move positions Twitter as a key player in the newsletter and live audio spaces.

TechCrunch Seeks Expert Insights

daily crunch: trump spac’s market cap approaches $4.7 billion

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

Contributions regarding firms you have collaborated with can be submitted through this link.

Survey Impact and Arbisoft Interview

The purpose of these surveys is to inform and enhance TechCrunch’s reporting. Interested parties can gain insight into how this data influences coverage.

Anna Heim recently conducted an interview with Yasser Bashir, the co-founder of Arbisoft. The interview, titled “Arbisoft co-founder Yasser Bashir on building trust with early-stage startups,” explores strategies for establishing reliable partnerships.