Startups, Culture & Memes: Riding the Viral Wave

The TechCrunch Exchange: Startups, Markets, and IPO Insights

Welcome to The TechCrunch Exchange, your weekly newsletter covering the worlds of startups and financial markets. This edition builds upon the daily content found on Extra Crunch, offering a free, weekend-focused perspective. Interested in receiving it directly in your inbox each Saturday? Sign up here.

Let’s delve into discussions surrounding finances, emerging companies, and intriguing initial public offering (IPO) speculation.

Greetings! As the United States approaches a long weekend, this newsletter represents a collaborative effort nearing completion. Consequently, we’ll explore a wider range of topics than usual, driven by a willingness to thoroughly examine the subject matter.

Startups and the Evolving Role of Culture

The recent Robinhood IPO filing proved particularly insightful this week. You can find our initial analysis here, and a more detailed examination of the financial data here. Today, however, we’ll focus on the aspect of company culture.

Consider these excerpts from the company’s stated objectives within its S-1 filing:

Were you taken aback by the inclusion of “culturally relevant”? Then consider this passage from the prospectus’s overview section (emphasis added):

The emphasis on culture is what truly resonated.

I’ve consistently observed the accelerating pace of cultural shifts, a trend further amplified by TikTok. Increasingly, the distinction between brands and culture is becoming less defined, as companies strive to integrate themselves more deeply into the cultural landscape. The Robinhood S-1 demonstrates a forward-thinking approach, and recognizing a publicly traded company openly discussing culture in this way feels indicative of future trends.

The Resilience of American Manufacturing

This week, The Exchange gained valuable insights from a conversation with the CEO of Xometry. The company recently completed its IPO. Further details regarding its financial performance can be found here, aligning with our broader coverage of the startup ecosystem.

However, the most significant takeaway from our discussion concerned manufacturing. According to CEO Randy Altschuler, his company’s business – connecting businesses needing manufacturing services with capable producers – is overwhelmingly based within the United States. This confirms that manufacturing continues to exist within America.

Xometry’s business model, which includes offering financial services as a marketplace intermediary, is innovative. But the most exciting aspect is the potential for a digital platform to revitalize connections between those requiring manufacturing and those possessing the necessary capabilities within the U.S. If Xometry’s vision materializes, it could contribute to sustaining, and even expanding, domestic manufacturing. It’s a surprising possibility.

It’s worth noting that Xometry’s IPO was also notably successful, pricing above expectations and subsequently experiencing a surge in value – a desirable outcome for any company.

Odds and Ends

Here are a few additional noteworthy items:

• Increased Tech Investment in Formula 1: Each Formula 1 race weekend reveals further investment from technology companies in this high-profile racing series. Zoom has significant branding presence, for example. This week brought news of a five-year, $100-million deal between Crypto.com and the racing league. Tezos already sponsors several teams, and Amazon and Microsoft branding can be seen throughout the series. Furthermore, the Splunk-McLaren partnership has been extended. A new aspiration: Accumulate substantial wealth, sponsor an F1 team, and gain access to the paddock. What could go wrong?
• Unqork Appoints CRO: Unqork has announced the hiring of a Chief Revenue Officer. While this doesn’t immediately signal IPO intentions for the no-code platform assisting large enterprises in app development, it remains relevant for those following the no-code space.
• Neobank Download Statistics: Apptopia has released download figures for neobanks. Can you predict which one ranked highest?

— Alex