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News: Lyft reaches adjusted profitability milestone despite continuing net losses

• August 3, 2021
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Today after the bell, U.S. ride-hailing company Lyft reported its second quarter financial performance. In aggregate the company’s performance was a rebound from the year-ago second quarter, which was heavily impacted by the onset of the COVID-19 pandemic and resulting lockdowns in the United States. Lyft also managed to produce positive adjusted EBITDA in the

Today after the bell, U.S. ride-hailing company Lyft reported its second quarter financial performance. In aggregate the company’s performance was a rebound from the year-ago second quarter, which was heavily impacted by the onset of the COVID-19 pandemic and resulting lockdowns in the United States.

Lyft also managed to produce positive adjusted EBITDA in the quarter, a profit metric favored by technology upstarts that have yet to generate net income, a stricter method of calculating profitability. Adjusted EBITDA for the second quarter was $23.8 million.

Company executives relished in hitting the milestone during the earnings call Tuesday. “This quarter we crossed a milestone that we’ve had our sights on for quite some time,” said co-founder and CEO Logan Green, who noted that last year at this time the company was facing a “once-in-a-century global pandemic hit that literally halted travel, and at the same time Proposition 22 was playing out in California.”

The company’s adjusted EBITDA reached a nadir in Q2 2020, when it totaled -$280 million. Since then Lyft has posted successive gains to adjusted EBITDA in every quarter. The company’s adjusted EBITDA margin came to 3% in its most recent quarter. After promising investors that adjusted profits would come, Lyft delivered.

Shares of Lyft are up nearly 7% in after-hours trading following the company’s financial report.

Lyft reported revenue of $765 million in the second quarter, more than double the $339.3 million million it brought in during the same period last year. While that is remarkable, remember last year at this time the economy and ride-hailing were getting pummeled by the COVID-19 pandemic. In other words, we expected this.

Importantly, Lyft’s Q2 revenue grew 25.6% over last quarter’s of $609 million. That means that despite rising case counts in the United States thanks to the Delta COVID-19 variant, Lyft still managed to grow.

The company said it had 17.1 million active riders in the second quarter, up 97% from the 8.68 million million riders it had on its network in the same period last year. In the first quarter Lyft said it had 13.49 million active riders in the first quarter. The company also saw more revenue per active user in the second quarter ($44.63) than it did in the year-ago Q2 ($39.06). The company’s revenue per active rider metric slipped slightly from its Q1 2021 result of $45.13.

Lyft’s growth bested street expectations, which anticipated revenues of $696.2 million, per Yahoo Finance data. Despite this growth, Lyft is still losing money when all costs are counted. Lyft reported a net loss of $251.9 million in the second quarter, a 42% improvement from the $437.1 million it lost in the same period last year, but still a steeply negative figure.

The company said that net loss for the second quarter includes $207.8 million of stock-based compensation and related payroll tax expenses, and the $20.4 million expense related to the previously disclosed agreement to reinsure certain legacy auto insurance liabilities.

In the second quarter, Lyft’s aggregate spend on cost of revenue related expenses rose, though that was to be expected given how sharply its revenues themselves expanded compared to the year-ago period. The company also managed to curtail G&A costs, and its “operations and support” line item. However, R&D costs and S&M expenses both expanded compared to the year-ago quarter.

Finally on numbers, what about cash? Despite managing to generate positive adjusted EBITDA in the last three months, Lyft operations consumed $37.5 million in cash during the quarter. Lyft’s operations have not generated positive cash flow since Q3 2019. But don’t worry that Lyft is about to run out of funds — it has more than $2 billion in cash to support its growth.

There are signs that Lyft’s business is maturing into something more profitable than it once was. The company’s contribution margin, a non-GAAP figure that is used to indicate profitability of its ride-hailing model sans corporate costs, rose to 59.1% in the second quarter, an all-time record result. In the year-ago period the metric fell to 34.6%, its worst result since Q1 2017.

Lest we all forget, Lyft is now free of its costly autonomous vehicle technology program called Level 5. Lyft sold Level 5 to Toyota’s Woven Planet Holdings. That deal closed July 13. The company during the call its expects to remove roughly $20 million of related costs in the third quarter, relative to the second quarter.

That doesn’t mean the company isn’t interested in getting into the robotaxi game.

Last month, Lyft announced a partnership with Argo AI and Ford to launch at least 1,000 self-driving vehicles on Lyft’s ride-hailing network in a number of cities over the next five years, starting with Miami and Austin. The first Ford self-driving vehicles, which are equipped with Argo’s autonomous vehicle technology, will become available on Lyft’s app in Miami later this year.

TechCrunch has tuned into the Lyft call and will update this story as needed.

News: Demand Curve: Tested tactics for growing newsletters

• August 3, 2021
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There are very few marketing channels as well rounded as email newsletters. They provide a direct line of communication; nearly 40x ROI, are infinitely scalable and virtually free.

There are very few marketing channels as well rounded as email newsletters. They provide a direct, owned line of communication with your audience; nearly 40x return on investment (~$40 generated per every dollar spent), are infinitely scalable and virtually free.

But to unlock these benefits, you’re going to need to be strategic. In this article, I’m going to share tactics we’ve used at Demand Curve to grow our newsletter list to over 50,000 highly-qualified subscribers and maintain an open rate of over 50%.

Increase popup conversion using the 60% rule

While they’re often thought of as intrusive, pop-ups work. On average, they convert 3% of site visitors, and strategic, high-performing pop-ups can reach conversion of about 10%.

To make higher-converting, less intrusive pop-ups, try the 60% rule.

1. Choose a page you’d like to put a pop-up on. We recommend pages that aren’t conversion-focused (like product pages, checkout and sign-ups). We’ve found content pages work the best and they can act as a signal for visitors who are looking for something specific.
2. Open your website’s analytics and see what the average time spent on that page is.
3. Set your pop-up to appear after 60% of the average time of that page has elapsed.

So if the average time spent on a page is 50 seconds, set your pop-up to appear 30 seconds (60% of total time) after visitors land on that page.

Why 60%? Readers have shown interest in your content, but are nearing the end of their session. Prompting them to join your newsletter to see more relevant content in exchange for their email will feel fair.

Give samples of your newsletter to prove quality

If a visitor is new to your content, asking them to sign up for your newsletter can be a big step, and most new visitors won’t convert. To narrow the gap between a new reader and subscriber, provide a sample on the sign-up page. Use your most engaging newsletter as a sample to prove that your content is high quality.

To source your most engaging content, filter by open rate and replies. In your email service provider, sort your previous editions by open rate. This will help you identify which subject lines are most popular with existing readers. Modify your most popular subject line to turn it into a header on your newsletter sign-up page.

Next, go into your inbox and sort by replies to your newsletter. Identify which newsletter got the most replies from your readers. This is a positive signal that the content from that edition resonated the most and would be a solid choice for your free sample.

Image Credits: Demand Curve

Emails from real people are opened more often

People reflexively ignore welcome emails after they sign up. But, those who do open your welcome email are more likely to consistently open your newsletters.

To encourage new subscribers to open your welcome email, try breaking the welcome email pattern using delayed gratification and a recognizable sender.

Delay your welcome email by 45 minutes. This will bypass the reflex that new subscribers have to ignore an email that pings them seconds after signing up. We’ve found 45 minutes to be ideal, because the delay is long enough that it breaks the pattern, but not so long that your email gets buried in their inbox.

Send your welcome from a person, not from a business account. We’ve found this tactic to be especially effective when the sender is the founder of the business or someone with an established audience. Use a photo of that person and not your company logo to help the email stand out.

To avoid overflowing the sender’s real inbox, create a subdomain for your website that will be used exclusively for sending emails. Create an account for your sender and begin using it for your newsletter. This avoids overwhelming their inbox and maintains the health of your sending domain.

Image Credits: Demand Curve

Send a superissue to new subscribers

A new subscriber will be keen to receive their first issue. To ensure they’re satisfied, piece together your best content from past issues into a superissue. But be careful not to use the same content you included as samples on your sign-up page.

Send this first superissue with the welcome email so that your new subscribers are immediately receiving value from your newsletter. Starting with your best content first will get your subscribers excited to open future emails.

We’ve found that shorter welcome emails perform better than long-winded ones. Keep your welcome message short and your opening issue tight. Once they’ve received the welcome email and the first superissue, add them to the regular email cadence.

Image Credits: Demand Curve

Consider sending fewer emails

We polled over 24,000 marketers on Twitter asking whether people suffer from “newsletter fatigue,” causing them to unsubscribe.

The results: 80% of respondents unsubscribe when they get too many emails.

To avoid overwhelming your subscribers:

Give your subscribers control over how often they are emailed: Some subscribers want them weekly, while others want monthly. In the footer of your email, create opt-out links that allow subscribers to customize the cadence they’ll receive emails. Giving them the opportunity to opt out of frequent emails while still remaining subscribed keeps them as valid contacts on your email list. You want to avoid losing them completely as a subscriber.

Send fewer emails: Putting a constraint on how many emails you’re allowed to send every quarter will force you to be more thoughtful about the contents of those emails. A high volume of emails just for the sake of being in your subscribers’ inbox can burn you and your readers out. We’ve seen very little correlation between volume of emails and the resulting conversion rate.

Make your emails fun — not just educational

Most emails in your inbox are serious. To stand out, consider injecting some lighthearted memes, jokes or interesting links from around the web.

We’ve found this tactic works extremely well, because it gives your readers a dopamine hit in every email. Not every piece of newsletter content you write will resonate with every subscriber. Humor, on the other hand, can have broad appeal. Including interesting and fun content will ensure that every reader is left feeling satisfied.

It also helps build a habit. If every edition is slightly different, your reader will never be sure what they’re opening when a new edition hits their inbox. We’ve found that including something fun at the bottom of the newsletter gives readers a reward: Read the serious stuff, then get rewarded with the fun stuff.

We add a meme to each issue. People reply to tell us how much they appreciate it.

Image Credits: Demand Curve

Make referrals seamless

Referrals are a free way to grow your newsletter. To increase the chances of subscribers referring you to others, make sure the process takes no longer than 25 seconds.

Remind readers at the end of each issue that they can refer others. A simple way is to ask them to forward the email to a friend who would find it interesting. Include a short sentence in the intro to your newsletter telling people being referred where they can subscribe. Include a link.

An advanced tactic is to include a subscriber’s unique link to a referral program so they can track how many people they’ve invited. Give them the option to share through email or social media.

You should also have a web version of every issue so that your content can be easily shared outside of email. Most email service providers will automatically generate a web link that you can promote through social media or elsewhere. You can also copy the content and post it to your website as a blog post to generate traffic from search engines.

Consider providing rewards to those who refer your newsletter. Merchandise will likely only work as an incentive if your brand is well known or very unique. We suggest incentivizing referrals using exclusive content. Send a monthly bonus issue to subscribers who have referred five or more friends. This will keep your costs down and give your subscribers more of what they already want.

Note that you will need a critical mass of subscribers before referrals will prove to be effective. We’ve found the threshold is about 10,000 subscribers. But if your audience is extremely engaged or the community you serve is active, implementing a free referral program has virtually no downside.

How to turn followers into subscribers

Your subscribers will likely become aware of your content through a social media channel, but social media audiences are rented from the platform — you do not own a direct channel to communicate with them. Converting followers into newsletter subscribers is one way to control a direct line of communication and deepen your relationship with your audience.

When pitching your followers to subscribe to your newsletter, include a link in your bio. This may sound obvious, but many people don’t do it. When someone comes across your social media profile, make signing up for your newsletter the call to action. Otherwise, they’ll have no idea that you even have a newsletter.

You could also cut a Twitter thread or LinkedIn post short and tell people to subscribe for the rest of the insights. You probably don’t want to overuse this tactic.

Create an offer or unique piece of content that can only be accessed through the newsletter. This will motivate your followers to join your email list to get access to exclusive content or unique offers.

Recap

Getting new subscribers: Use pop-ups that are relevant and only to high-intent readers on your site. Provide proof of why they should subscribe to your newsletter with sample content. Make your welcome email stand out and front-load the first issue with your best content.

Keeping subscribers: To keep your subscribers wanting more, send fewer emails. Sprinkle in humor and interesting links to turn your newsletter into a habit.

Promoting your newsletter: Use exclusivity and offers to hook your social media followers into subscribing to your newsletter. Ask your subscribers to refer your newsletter to others to grow your subscriber base.

News: Embodied AI, superintelligence and the master algorithm

• August 3, 2021
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In the next year and a half, we’re going to see increasing adoption of technologies which will trigger a broader industry shift, much as Tesla triggered the transition to EVs.

Superintelligence, roughly defined as an AI algorithm that can solve all problems better than people, will be a watershed for humanity and tech.

Even the best human experts have trouble making predictions about highly probabilistic, wicked problems. And yet those wicked problems surround us. We are all living through immense change in complex systems that impact the climate, public health, geopolitics and basic needs served by the supply chain.

Just determining the best way to distribute COVID-19 vaccines without the help of an algorithm is practically impossible. We need to get smarter in how we solve these problems — fast.

Superintelligence, if achieved, would help us make better predictions about challenges like natural disasters, building resilient supply chains or geopolitical conflict, and come up with better strategies to solve them. The last decade has shown how much AI can improve the accuracy of our predictions. That’s why there is an international race among corporations and governments around superintelligence.

Highly credible think tanks like Deepmind and OpenAI say that the path to superintelligence is visible. Last month, Deepmind said reinforcement learning (RL) could get us there, and RL is at the heart of embodied AI.

What is embodied AI?

Embodied AI is AI that controls a physical “thing,” like a robot arm or an autonomous vehicle. It is able to move through the world and affect a physical environment with its actions, similar to the way a person does. In contrast, most predictive models live in the cloud doing things such as classifying text or images, steering flows of bits without ever moving a body through three-dimensional space.

For those who work in software, including AI researchers, it is too easy to forget the body. But any superintelligent algorithm needs to control a body because so many of the problems we confront as humans are physical. Firestorms, coronaviruses and supply chain breakdowns need solutions that aren’t just digital.

All the crazy Boston Dynamics videos of robots jumping, dancing, balancing and running are examples of embodied AI. They show how far we’ve come from early breakthroughs in dynamic robot balancing made by Trevor Blackwell and Anybots more than a decade ago. The field is moving fast and, in this revolution, you can dance.

What’s blocked embodied AI up until now?

Challenge 1: One of the challenges when controlling machines with AI is the high dimensionality of the world — the sheer range of things that can come at you.

News: India’s BharatPe valued at $2.85 billion in Tiger Global-led $370 million funding

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Indian fintech startup BharatPe has raised $370 million in a new round of financing as it looks to aggressively scale its business in the next two years. It’s the nineteenth Indian startup to become a unicorn this year (up from 11 last year) as several high-profile global investors double down in the South Asian market.

Indian fintech startup BharatPe has raised $370 million in a new round of financing as it looks to aggressively scale its business in the next two years. It’s the nineteenth Indian startup to become a unicorn this year (up from 11 last year) as several high-profile global investors double down in the South Asian market.

The new round — a Series E — was led by Tiger Global and valued the New Delhi-based startup at $2.85 billion (post-money), it said in a statement Tuesday evening. Dragoneer Investor Group and Steadfast Capital also participated in the new round, which brings the startup’s to-date raise to over $580 million against equity.

Tuesday’s news confirms a TechCrunch scoop from June in which we reported that the four-year-old startup was looking to raise about $250 million at a pre-money valuation of $2.5 billion. BharatPe was valued at about $900 million in its Series D round in February this year, and $425 million last year.

BharatPe co-founder Ashneer Grover confirmed that the startup was indeed looking to raise $250 million until inbound requests from investors prompted an oversubscription. The new investment also includes some secondary transactions.

BharatPe, which counts Coatue, Ribbit Capital and Sequoia Capital India among its existing investors, operates an eponymous service to help offline merchants accept digital payments and secure working capital.

Even as India has already emerged as the second-largest internet market, with more than 650 million users, much of the country remains offline.

Among those outside of the reach of the internet are merchants running small businesses, such as roadside tea stalls and neighborhood stores. To make these merchants comfortable with accepting digital payments, BharatPe relies on QR codes and point of sale machines that support government-backed UPI payments infrastructure.

Scores of giants and startups are attempting to serve neighborhood stores in India. Image Credits: Bank of America Research

The startup, which serves more than 7 million merchants in over 130 Indian cities, said it has disbursed close to $300 million to merchant partners. It does not charge merchants for universal QR code access, but is looking to make money by lending.

The startup plans to expand its product offerings as well as work with Centrum Financial Services, with which it was recently granted the license by India’s central bank (Reserve Bank of India) to set up a small finance bank. (Centrum Financial Services has collaborated with BharatPe for the license, and the Indian startup says the two are “equal” partners.)

Tuesday’s development further illustrates the growing interest of Tiger Global in India. The New York-headquartered firm has backed dozens of Indian startups, including social commerce startup DealShare, edtech Classplus, Apna (an app that helps blue-collar workers connect with recruiters) and home services platform Urban Company in recent months.

On Tuesday, Infra.Market, an Indian startup that helps construction and real estate companies procure materials and handle logistics for their projects, said it had raised $125 million in a round led also by Tiger Global.

News: Security flaws found in popular EV chargers

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U.K. cybersecurity company Pen Test Partners has identified several vulnerabilities in the APIs of six home electric vehicle charging brands and a large public EV charging network. While the charger manufacturers resolved most of the issues, the findings are the latest example of the poorly regulated world of Internet of Things devices, which are poised

U.K. cybersecurity company Pen Test Partners has identified several vulnerabilities in the APIs of six home electric vehicle charging brands and a large public EV charging network. While the charger manufacturers resolved most of the issues, the findings are the latest example of the poorly regulated world of Internet of Things devices, which are poised to become all but ubiquitous in our homes and vehicles.

Vulnerabilities were identified in the API of six different EV charging brands — Project EV, Wallbox, EVBox, EO Charging’s EO Hub and EO mini pro 2, Rolec, and Hypervolt — and public charging network Chargepoint. Security researcher Vangelis Stykas identified several security flaws among the various brands that could have allowed a malicious hacker to hijack user accounts, impede charging, and even turn one of the chargers into a “backdoor” into the owner’s home network.

The consequences of a hack to a public charging station network could include theft of electricity at the expense of driver accounts and turning chargers on or off.

A Raspberry Pi in a Wallbox charger. (Image: Pen Test Partners (opens in a new window))

Some EV chargers used a Raspberry Pi compute module, a low-cost computer that’s often used by hobbyists and programmers.

“The Pi is a great hobbyist and educational computing platform, but in our opinion it’s not suitable for commercial applications as it doesn’t have what’s known as a ‘secure bootloader’,” Pen Test Partners founder Ken Munro told TechCrunch. “This means anyone with physical access to the outside of your home (hence to your charger) could open it up and steal your Wi-Fi credentials. Yes, the risk is low, but I don’t think charger vendors should be exposing us to additional risk.”

The hacks are “really fairly simple,” Munro said. “I can teach you to do this in five minutes,” he added.

The company’s report, published this past weekend, touched on vulnerabilities associated with emerging protocols like the Open Charge Point Interface, maintained and managed by the EVRoaming Foundation. The protocol was designed to make charging seamless between different charging networks and operators.

Munro likened it to roaming on a cell phone, allowing drivers to use networks outside of their usual charging network. OCPI isn’t widely used at the moment, so these vulnerabilities could be designed out of the protocol. But if left unaddressed, it could mean “that a vulnerability in one platform potentially creates a vulnerability in another,” Stykas explained.

Hacks to charging stations have become a particularly nefarious threat as a greater share of transportation becomes electrified and more power flows through the electric grid. Electric grids are not designed for large swings in power consumption — but that’s exactly what could happen, should there be a large hack that turned on or off a sufficient number of DC fast chargers.

“It doesn’t take that much to trip the power grid to overload,” Munro said. “We’ve inadvertently made a cyberweapon that others could use against us.”

The “Wild West” of cybersecurity

While the effects on the electric grid are unique to EV chargers, cybersecurity issues aren’t. The routine hacks reveal more endemic issues in IoT devices, where being first to market often takes precedence over sound security — and where regulators are barely able to catch up to the pace of innovation.

“There’s really not a lot of enforcement,” Justin Brookman, the director of consumer privacy and technology policy for Consumer Reports, told TechCrunch in a recent interview. Data security enforcement in the United States falls within the purview of the Federal Trade Commission. But while there is a general-purpose consumer protection statute on the books, “it may well be illegal to build a system that has poor security, it’s just whether you’re going to get enforced against or not,” said Brookman.

A separate federal bill, the Internet of Things Cybersecurity Improvement Act, passed last September but only broadly applies to the federal government.

There’s only slightly more movement on the state level. In 2018, California passed a bill banning default passwords in new consumer electronics starting in 2020 — useful progress to be sure, but which largely puts the burden of data security in the hands of consumers. California, as well as states like Colorado and Virginia, also have passed laws requiring reasonable security measures for IoT devices.

Such laws are a good start. But (for better or worse) the FTC isn’t like the U.S. Food and Drug Administration, which audits consumer products before they hit the market. As of now, there’s no security check on technology devices prior to them reaching consumers. Over in the United Kingdom, “it’s the Wild West over here as well, right now,” Munro said.

Some startups have emerged that are trying to tackle this issue. One is Thistle Technologies, which is trying to help IoT device manufacturers integrate mechanisms into their software to receive security updates. But it’s unlikely this problem will be fully solved on the back of private industry alone.

Because EV chargers could pose a unique threat to the electric grid, there’s a possibility that EV chargers could fall under the scope of a critical infrastructure bill. Last week, President Joe Biden released a memorandum calling for greater cybersecurity for systems related to critical infrastructure. “The degradation, destruction, or malfunction of systems that control this infrastructure could cause significant harm to the national and economic security of the United States,” Biden said. Whether this will trickle down to consumer products is another question.

News: Fleet your last Fleet — the Twitter feature vanishes today

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You don’t know what you’ve got ’til it’s gone. After a fittingly fleeting time in the wild, Twitter is banishing its ephemeral stories feature known as Fleets, which debuted in November 2020. Twitter began testing Fleets back in March of last year. The company thought that it might be able to lure people who were

You don’t know what you’ve got ’til it’s gone.

After a fittingly fleeting time in the wild, Twitter is banishing its ephemeral stories feature known as Fleets, which debuted in November 2020.

Twitter began testing Fleets back in March of last year. The company thought that it might be able to lure people who were hesitant about collecting their stray thoughts into the platform’s semi-permanent format with a “lower-pressure” kind of a tweet. Many major social platforms have some form of disappearing content, so it made sense that Twitter would give things a try too — but after eight months live, Twitter is killing the feature.

Like Instagram Stories, Fleets lived on top of the timeline, highlighted in their own dedicated space. As fleets phase out, Spaces, Twitter’s Clubhouse-like audio rooms, will occupy the same slot in the app.

The company hoped that Fleets would bring new users under its wing, but the only people who really adopted the new feature were apparently already Twitter diehards. Twitter said it would go back to the drawing board to figure out how to get more people participating on Twitter and Fleets were an unfortunate casualty of that realization. Some members of the product team that built Fleets shared their thoughts on Twitter in the feature’s waning hours.

“If we’re not evolving our approach and winding down features every once in a while – we’re not taking big enough chances,” Twitter Consumer Product VP Ilya Brown said in a blog post.

We can only hope that Twitter’s future products continue the gay sex naming scheme that the company accidentally introduced when it named Fleets “fleets.” (Congrats, gay former intern!)

To the company’s chagrin, the feature’s swift demise apparently inspired more enthusiasm for the product than Fleets had enjoyed previously. Twitter’s tweet announcing the death of Fleets also somehow turned into an iconic enough moment that the company made it into a collectible hoodie that reads “We’re sorry or you’re welcome,” ensuring that Fleets will live on in our hearts until we inevitably forget they ever existed — perhaps the most fitting tribute of all.

News: A Silicon Valley VC firm with $1.8B in assets was hit by ransomware

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Advanced Technology Ventures, a Silicon Valley venture capital firm with more than $1.8 billion in assets under its management, was hit by a ransomware attack in July that saw cybercriminals steal personal information on the company’s private investors, or limited partners (LPs). In a letter to the Maine attorney general’s office, ATV said it became

Advanced Technology Ventures, a Silicon Valley venture capital firm with more than $1.8 billion in assets under its management, was hit by a ransomware attack in July that saw cybercriminals steal personal information on the company’s private investors, or limited partners (LPs).

In a letter to the Maine attorney general’s office, ATV said it became aware of the attack on July 9 after its servers storing financial information had been encrypted by ransomware. By July 26, the ATV learned that data had been stolen from the servers before the files were encrypted, a common “double extortion” tactic used by ransomware groups, which then threaten to publish the files online if the ransom to decrypt the files is not paid.

The letter said ATV believes the names, email addresses, phone numbers and Social Security numbers of the individual investors in ATV’s funds were stolen in the attack. Some 300 individuals were affected by the incident, including one person in Maine, according to a listing on the Maine attorney general’s data breach notification portal.

Venture capital firms often do not disclose all of their LPs — the investors who have thrown millions into an investment vehicle — to the public. A number of pre-approved names may be included in an announcement, but overall, a company’s private investors try to stay that way: private. The reasons vary, but it comes down to secrecy and a degree of competitive advantage: The firm may not want competitors to know who is backing them, and an investor may not want others to know where their money is going. This particular attack likely stole key information on a hush-hush part of how venture money works.

ATV said it notified the FBI about the attack. A spokesperson for the FBI did not immediately comment when reached by TechCrunch. ATV’s managing director Mike Carusi did not respond to questions sent by TechCrunch on Monday.

The venture capital firm, based in Menlo Park, California with offices in Boston, was founded in 1979 and invests largely in technology, communications, software and services, and healthcare technology. The company was an early investor in many of the startups from the last decade, like software library Fandango, Host Analytics (now Planfun) and Apptegic (now Evergage). Its more recent investments include Tripwire, which was later sold to cybersecurity company Belden for $710 million; Cedexis, a network traffic monitoring startup acquired by Cisco in 2018; and Actifo, which was sold to Google in 2020.

Natasha Mascarenhas contributed reporting. Send tips securely over Signal and WhatsApp to +1 646-755-8849. You can also send TechCrunch files or documents using our SecureDrop.

News: Anonymous Snapchat app Sendit surges with 3.5M installs after Snap bans Yolo and LMK

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In May of this year, Snap banned two Snapchat platform apps that allowed users to send anonymous messages, Yolo and LMK, following a lawsuit filed on behalf of a mother whose son died by suicide after being bullied through messages on the apps for many months. In the wake of Snap’s ban, another anonymous messaging

In May of this year, Snap banned two Snapchat platform apps that allowed users to send anonymous messages, Yolo and LMK, following a lawsuit filed on behalf of a mother whose son died by suicide after being bullied through messages on the apps for many months. In the wake of Snap’s ban, another anonymous messaging app called Sendit has been rising in the app stores’ charts, as Snapchat’s younger users sought a replacement for the apps the company blocked.

Since the news of the ban was first reported over 80 days ago, Sendit’s app has seen more than 3.5 million installs across iOS and Android, according to app intelligence firm Apptopia.

This is a rapid pace of installs compared with how quickly it grew while Yolo and LMK were active on the market. In the same period before the news was announced, Sendit had only seen seen 180,000 installs across iOS and Android, Apptopia says.

Image Credits: Apptopia

Sendit also received few user reviews before May 11, 2021. But in the days that followed the ban, “yolo” has become the second-most-used keyword in Sendit’s user reviews, Apptopia told TechCrunch. Most of these reviews are positive, saying the app is like “Yolo but better,” for instance. In other words, Snap’s ban hasn’t stamped out demand for anonymous Snapchat Q&A apps, it only crowned a new app as the market leader.

Sendit today is currently ranking No. 3 among Lifestyle apps on Apple’s U.S. App Store and has climbed to No. 57 on the App Store’s list of top free apps. It jumped three ranks overnight from Monday to Tuesday, in fact.

Like Yolo and LMK, Sendit also features a popular teen activity on Snapchat, anonymous Q&As. The app also includes other Lens games, like “Never Have I Ever,” “This or That,” “Kiss, Marry, Block” and others.

To be clear, none of these are official Snapchat applications. Instead, they integrate with a toolkit for third-party developers called Snap Kit, which allows them to create new product experiences that work with Snapchat’s best features, like Stories, Bitmoji, the Snapchat Camera and more.

Snap says its Snap Kit developers have to agree to its Terms of Service, which requires apps to prioritize user safety and take action on any reports of abuse. Those guidelines are meant to encompass any reports of bullying, harassment, hate speech or threats taking place on the third-party services. In addition, apps that offer friend finding, user-generated content and anonymous features are supposed to inform Snap of their moderation practices and customer support response times.

Image Credits: Screenshot of public App Store review of sendit; username redacted

In practice, however — as the lawsuit highlighted — there appears to be an issue with how well those terms are enforced on Snap’s end. The company tells us that it’s continuing to review developers to ensure their compliance. It has yet to announce any policy changes as result of that investigation, but some child advocates would argue that anonymous apps should have no place in a teenager’s life at all.

Even before the Snap lawsuit, apps like Yolo and LMK had raised concerns among child advocates and parents alike. For example, nonprofit Common Sense Media, an independent source for media recommendations and advice for families, pointed out that “anonymity on social media can easily lead teens down a slippery slope of poor choices.” The organization said that while teens will be drawn to the excitement of responding anonymously — perhaps learning that someone might have a crush on them — “hiding behind anonymity can also bring out hatefulness and sexually explicit risk taking.”

Sendit’s App Store reviews (see photos) indicate that is, indeed, taking place. (Sendit didn’t respond to a request for more information about its app’s operations.)

Image Credits: Screenshot of public App Store review of sendit; username redacted

The tech industry is littered with anonymous social apps that failed due to issues with cyberbullying. After numerous teen suicides related to Ask.fm’s anonymous platform, its owner IAC sold off the toxic property to an asset management firm. Other high-profile anonymous app failures include Secret, which became a home to cyberbullying; Sarahah, which was banned by the app stores and later pivoted; Yik Yak, whose founders left for Square after the app became plagued by cyberbullying; and After School, which also got kicked out of the App Store. To date, only anonymous platforms like Glassdoor and Blind, which focus on workplace chatter and career advice, have seemed to thrive.

The question for Snap to decide now is not just how it will enforce its terms on anonymous apps, but whether it’s worth allowing anonymous apps to operate given their documented dangers — and their potential tragic, as well as legal, consequences.

If you or someone you know is struggling with depression or has had thoughts of harming themselves or taking their own life, The National Suicide Prevention Lifeline (1-800-273-8255) provides 24/7, free, confidential support for people in distress, as well as best practices for professionals and resources to aid in prevention and crisis situations.

News: Google Maps on iOS adds live location sharing in iMessage, home screen widget, dark mode

• August 3, 2021
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Google Maps announced today three feature updates to its iOS app. With live location sharing in the iMessage app, a traffic widget for the home screen and dark mode, Google Maps is positioning itself as a stronger competitor against iOS’ native Apple Maps. Live location sharing was already possible in Google Maps — by tapping

Google Maps announced today three feature updates to its iOS app. With live location sharing in the iMessage app, a traffic widget for the home screen and dark mode, Google Maps is positioning itself as a stronger competitor against iOS’ native Apple Maps.

Live location sharing was already possible in Google Maps — by tapping on the blue dot that shows where you are, you can share with select friends your ETA to your destination, and even how much battery life your phone has. But the Google Maps iMessage widget makes it easier to share your location without navigating away from your conversation. By default, Google Maps will share your location for one hour, but it’s possible to extend to up to three days — if you want to stop sharing, tap the “stop” button on the thumbnail.

Image Credits: Google Maps

Google Maps’ existing iMessage widget allows users to send GPS coordinates of their location in iMessage — but if you’re trying to meet up with friends, this wouldn’t be as useful as sharing a live location. Apple Maps already has a similar feature built into iMessage, so Google is taking a leaf out of Apple’s book to try to beat them on their own app. For a long time, Google Maps was widely considered to be the superior navigation app, but in 2018, Apple completely rebuilt Maps from the ground up, making it more competitive. Plus, as iOS 15 rolls out, Apple Maps will add AR functionality, better public transit features, more detailed maps and other improvements.

Google Maps added Waze-like traffic and incident report features to its app in 2019, which made it more appealing for driving commuters — the app says that one of its “most powerful features is the ability to see live traffic conditions in an area.” Now, users with the latest Google Maps app will be able to add a traffic widget to their home screen, which can quickly share what traffic is like in their area. The widget also allows users to set frequent destinations, like home, work or the gas station, and navigate to those places with just a tap. Though the app already has dark mode on Android, this feature will also roll out to iOS users in the coming weeks.

As Google Maps and Apple Maps compete to become the best navigation app, an unlikely competitor comes in Snapchat, which has created a more social experience on its Snap Map. Last week, Snapchat added the My Places feature to the Snap Map, which helps users find new spots to visit based on the activity of other users in their area. The ephemeral messaging app also announced at the end of July that during Q2 of 2021, the platform grew both revenue and daily active users at the highest rates it has achieved in the last four years. Still, as of last year, Google Maps had over 1 billion worldwide users.

News: FandangoNOW and Vudu merge into a new streaming service with titles to rent, buy or stream free

• August 3, 2021
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Last year, movie ticketing and discovery business Fandango, a division of NBCUniversal, bought the on-demand video streaming service Vudu from Walmart, after the retailer had failed to capitalize on the service it had first acquired in 2010 for $100 million. Today, Fandango is taking the next steps with Vudu by merging the service with its

Last year, movie ticketing and discovery business Fandango, a division of NBCUniversal, bought the on-demand video streaming service Vudu from Walmart, after the retailer had failed to capitalize on the service it had first acquired in 2010 for $100 million. Today, Fandango is taking the next steps with Vudu by merging the service with its existing streaming platform, FandangoNOW. The newly combined service will continue to use the name Vudu and will feature over 200,000 new release and catalog movies and TV shows to rent or buy without a subscription, as well as “thousands” of free-to-stream titles.

The company tells us it chose to stick with “Vudu” as its name because it’s already a popular brand with a loyal following and is significantly larger than the FandangoNOW service.

Despite the changes coming to the service, existing FandangoNOW customers won’t lose access to any of the content they already purchased. Both their movies and TV series will be automatically transferred over to the new Vudu service starting today.

Currently, Vudu’s on-demand library competes with Apple iTunes, Amazon Prime Video, and Google Play/YouTube, as well as similar services from various telecos. In particular, these types of services appeal to those who want to watch new releases and have the option to own favorite movies and shows — rather than subscribe to services where such content comes and goes as licensing deals expire.

At launch, the newly merged Vudu will include new releases like “F9: The Fast Saga,” Pixar’s “Luca,” “The Conjuring: The Devil Made Me Do It,” “Peter Rabbit 2,” “The Hitman’s Wife’s Bodyguard,” “A Quiet Place Part II,” Disney’s “Cruella,” “Godzilla vs. Kong,” “In the Heights” and others. Next Tuesday, it will also gain access to Marvel Studios’ “Black Widow” — the title that’s now the subject of a breach of contract lawsuit filed on behalf of actress Scarlett Johansson, who’s suing Disney for sending what was supposed to be a theatrical release directly to its streaming service Disney+ on opening day.

Image Credits: Fandango

Many titles are available in 4K Ultra HD, and support formats such as Dolby Atmos and Dolby Vision, the company notes.

Vudu already has a large, built-in audience for its movie and TV marketplace. Fandango claims the service has over 60 million registered users and reaches “millions” on a daily basis.

By way of its expansive platform support, it’s capable of reaching over 75 million U.S. TV-connected device households, per NPD Group data. This includes Vudu’s support for Samsung, LG and Vizio Smart TVs; the Roku platform, Amazon Fire TV, Apple TV, Xfinity X1 and Xfinity Flex, PlayStation, Xbox, Tivo, and others.

Following the merger and rebranding, the new Vudu service will also take FandangoNOW’s place as the official movie store on the Roku platform, where consumers can rent or purchase using Roku Pay.

Vudu joins Fandango’s existing digital network, which will continue to include Fandango’s movie ticketing business, MovieTickets.com, Flixster, Movieclips, and Rotten Tomatoes. While the merger of the two services at least clears up some overlap within the Fandango division, NBCU parent company Comcast continues to have its own overlap issues when it comes to streaming. Comcast acquired ad-supported streaming service Xumo in February 2020 and, via NBCU, runs the year-old streaming service Peacock. As of yet, it hasn’t made any moves to centralize those efforts.