Virgin Orbit SPAC Merger: Valuation Reaches $3.2B - Daily Crunch

Daily Crunch: August 23, 2021

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Welcome to Daily Crunch

Greetings and a warm welcome to Daily Crunch for August 23, 2021. A collection of noteworthy news stories is presented below.

Before diving in, please be aware that the Pfizer vaccine has received full approval. This represents a positive development!

Upcoming Event: SaaS

Furthermore, the schedule for our October SaaS event has been released. This event promises to be highly impactful and informative.

We anticipate a dynamic and engaging experience. Details regarding registration and the full agenda are available now.

— Alex

TechCrunch's Top 3 Developments

The possibility of space travel is becoming increasingly accessible. Specifically, smaller satellites destined for low-Earth orbit now have more launch options. Virgin Orbit is securing substantial funding through a SPAC merger, which will simultaneously make the company publicly traded and provide significant capital.

Virgin Orbit's Funding and Launch System

Readers may already be acquainted with Virgin Galactic, a related company focused on human spaceflights. However, Virgin Orbit employs a comparable launch methodology, but concentrates on deploying hardware into space.

Expansion of Cryptocurrency Access

A global competition is unfolding within the cryptocurrency sector. U.S. fintech firms are actively working to integrate cryptocurrency purchasing options for their domestic user base.

PayPal is extending these efforts internationally. Plans are in place to enable users in the United Kingdom to acquire cryptocurrency directly through the platform.

Implications for Crypto Service Providers

This expansion will likely trigger a surge in activity among local cryptocurrency service providers. They will strive to broaden their reach into new markets. This is to both protect their potential global market share and maintain their industry relevance.

Insurtech Valuation Declines

A key question arises: what is driving the recent investor disinterest in insurtech? TechCrunch has closely monitored the insurtech landscape.

We've been investigating the reasons behind the declining valuations of several formerly highly-regarded insurtech startups after they became publicly listed. Recent analysis suggests a potential explanation for this trend.

Startups and Venture Capital Updates

A novel approach to charitable giving is being pioneered by Givz. This startup has developed an API that enables businesses to present coupons which function as donations to charitable organizations.

For instance, Tervis recently utilized Givz to offer customers a $15 donation to a charity of their choice with a $50 purchase. The company has recently secured $3 million in funding.

Significant Funding Rounds

Shelf.io has successfully raised a substantial $52 million in Series B funding. What distinguishes Shelf isn't merely the size of this round, but its impressive 4x Annual Recurring Revenue (ARR) growth between July 2020 and July 2021.

The company’s core offering is software designed to analyze a company’s knowledge base. It then provides relevant suggestions to employees, such as customer support representatives, regarding appropriate responses and timing.

API Usage and Monitoring

Understanding how customers are truly utilizing your API is a critical question for many businesses. Moesif is focused on providing answers, and has recently raised $12 million to further its development efforts.

The shift from traditional SaaS models to API-delivered software services is becoming increasingly common. However, this transition doesn't always provide clear methods for tracking customer usage and identifying patterns.

Moesif aims to simplify the process of monitoring usage and potentially facilitate billing for exceeding allocated resources.

SoftBank's Expansion into Africa

Following successful ventures in Latin America, SoftBank’s Vision Fund is making a significant investment in Africa. They have led a $400 million funding round for fintech company OPay.

According to reports, OPay’s mobile money and payment services represent its most successful initiative to date.

Emerging from Y Combinator

Revery.ai, a recent participant in the Y Combinator program, is applying computer vision and artificial intelligence to enhance the online shopping experience.

Specifically, the startup aims to create a more realistic and effective virtual dressing room for e-commerce platforms. While similar concepts have been explored previously, there remains potential for multiple players in the online retail space.

Further announcements from YC companies are anticipated as demo day approaches.

Zūm’s Ritu Narayan on the Benefits of Equity and Accessibility in Mobility

In 2016, Ritu Narayan, alongside her two siblings, established Zūm with the goal of revolutionizing student transportation. This sector has historically lacked significant advancements since the earliest days of formalized education.

Currently, Zūm collaborates with numerous school districts nationwide, implementing optimized routing systems and actively working to minimize vehicle emissions.

Narayan anticipates that by 2025, her company will operate a fleet of 10,000 electric school buses. These buses are intended not only for student transport but also to contribute energy back to the power grid.

Further insights into the company’s evolution, its forthcoming initiatives, and the effects of the recent pandemic on its operations are detailed below.

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

Big Tech Inc.

TikTok is making a significant move into the realm of Augmented Reality (AR). The popular social media platform intends to compete with established players like Snap and Facebook in the AR development space.

The company has recently introduced TikTok Effect Studio, a new suite of creative tools. Currently in a private beta phase, this platform will empower TikTok’s developer community to create AR effects specifically designed for the app’s short-form video content.

Expanding Creative Capabilities

This initiative allows developers to build immersive experiences directly within TikTok. The launch of Effect Studio signals TikTok’s commitment to fostering a vibrant AR ecosystem.

Industry analysts predict that brands will be particularly enthusiastic about this new capability. The potential for engaging and interactive AR-powered marketing campaigns is substantial.

Additional Tech News

Due to a lighter volume of news in the Big Tech sector today, an additional item from the startup landscape is included.

Future technology companies face considerable pressure to deliver successful exits. The bar has been set high by previous achievements in the tech industry.

This highlights the challenges and expectations surrounding emerging technologies and their potential for significant returns.

TechCrunch Insights: Growth Marketing Professionals

Did you have a chance to review last week’s articles focusing on growth marketing strategies? The previous coverage can be found here if you missed it.

TechCrunch is currently seeking recommendations for accomplished growth marketers. Expertise in areas such as SEO, social media marketing, and content creation is highly valued!

Seeking Growth Marketing Recommendations

Growth marketers are encouraged to share this survey with their clients. We are interested in gathering feedback regarding positive client experiences and the value provided.

• Client testimonials are crucial for identifying top performers.
• The survey aims to understand the reasons clients appreciate their growth marketing partners.
• Areas of expertise like content writing and social media will be highlighted.

Your input will help TechCrunch build a comprehensive list of leading growth marketing professionals.

We appreciate your participation in helping us recognize excellence in the field of growth marketing.

Community Engagement

An opportunity to participate in a discussion is scheduled with Danny Crichton. The event will take place tomorrow, Tuesday, August 24th.

The interview is set to begin at 3 p.m. Pacific Daylight Time (PDT) or 6 p.m. Eastern Daylight Time (EDT). It will be hosted on the Twitter Spaces platform.

Featured Author

The guest for this session will be Eric Dean Wilson, the author of “After Cooling: On Freon, Global Warming, and the Terrible Cost of Comfort.”

Wilson’s work explores the impact of Freon, its connection to global warming, and the broader implications for societal comfort.

Image Credits: Simon and Schuster

This event provides a chance to learn more about the book and engage directly with the author. Don't miss this insightful conversation.

TechCrunch Disrupt 2021

The annual TechCrunch Disrupt conference is fast approaching, bringing together startup enthusiasts globally. This year's event will once again be hosted in a virtual format.

Mark your calendars for September 21-23 to broaden your knowledge and connections. You'll have the opportunity to network with founders and CEOs from prominent companies like Coinbase, Dapper Labs, GitLab, and Canva.

Registration Details

Attendance is available for under $100. Alternatively, a complimentary Innovator Pass can be secured.

This free pass is offered to the first 10 individuals who register using the promo code DAILYCRUNCHFREE. However, availability is limited and based on a first-come, first-served basis.

Prompt action is encouraged, as these passes will be allocated until they are exhausted.

Don't miss this chance to participate in a leading startup event!