Tag Archives: Blog

News: Dear Sophie: When can I finally come to Silicon Valley?

• March 24, 2021
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I was originally looking at opening an office in Silicon Valley to be close to software engineers and investors, but then… COVID-19 🙂 A lot has changed over the last year – can I still come?

Here’s another edition of “Dear Sophie,” the advice column that answers immigration-related questions about working at technology companies.

“Your questions are vital to the spread of knowledge that allows people all over the world to rise above borders and pursue their dreams,” says Sophie Alcorn, a Silicon Valley immigration attorney. “Whether you’re in people ops, a founder or seeking a job in Silicon Valley, I would love to answer your questions in my next column.”

Extra Crunch members receive access to weekly “Dear Sophie” columns; use promo code ALCORN to purchase a one- or two-year subscription for 50% off.

Dear Sophie:

I’m a startup founder looking to expand in the U.S. I was originally looking at opening an office in Silicon Valley to be close to software engineers and investors, but then… COVID-19 🙂

A lot has changed over the last year – can I still come?

— Hopeful in Hungary

Dear Hopeful:

How and where work is getting done in Silicon Valley (as well as in much of the world)  shifted during the COVID-19 pandemic. That said, yes, it can still make business sense for many to join the Silicon Valley ecosystem.

According to a recent report from PitchBook, Silicon Valley will continue to be the center for VC investment and high-tech talent, even though several large tech companies relocated out of Silicon Valley and implemented full-time work-from-home policies — and many predicted that “the Bay Area tech scene as we know it would be lost, and VC would find a new home.”

Clearly, while the pandemic’s impact on the venture industry will be felt in years to come, VC will continue to be centered in Silicon Valley. In a recent episode of my podcast, I discussed work trends and how to use immigration to support company priorities as well as attract and retain talent in the United States.

The PitchBook report points out that Silicon Valley “has kept a tight hold on fundraising in the U.S., closing on commitments exceeding $151 billion over the past five years, more than the rest of the U.S. ecosystems combined. LPs have continued to funnel capital to area VCs because of the region’s track record of success, which includes 17 of the 22 U.S. companies to ever receive a private valuation of $10 billion or more.”

Image Credits: Joanna Buniak / Sophie Alcorn (opens in a new window)

So while VCs will likely return to the old ways of networking and funding post-pandemic, we’ll see a hybrid of online and in-person meetings because there are so many benefits to in-person networking and exchanging ideas.

News: Slack’s new DM feature Connect is, thankfully, opt-in

• March 24, 2021
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I’m sure I’m not the only one who had a minor meltdown on seeing that Slack had finally added the Connect feature it announced in October. I’m a firm believer that there are already entirely too many ways to get ahold of me. On top of the countless inbox pitches I field on a daily

I’m sure I’m not the only one who had a minor meltdown on seeing that Slack had finally added the Connect feature it announced in October. I’m a firm believer that there are already entirely too many ways to get ahold of me. On top of the countless inbox pitches I field on a daily basis, Twitter, LinkedIn and Facebook have contributed to the barrage — and Clubhouse seems to be elbowing its way in.

Surely not Slack, too? That bastion of workplace productivity and Simpsons gifs has (mostly) been a safe haven. Today, the company added Connect, promising, “Employees at more than 74,000 organizations and counting can now securely direct message anyone – inside or outside their company.”

A convenient new resource for open communications? Or a Pacific Rim-style breach waiting to send a never-ending barrage of horrors into your workplace chat? Obviously that depends on a lot of things — including who you are and what you do. We have, however, reached out to Slack to get clarification on a few things, including just how open workplaces across the world will be to the aforementioned 74,000 organizations.

A spokesperson for the company told TechCrunch:

[A]n organization’s IT admins can control who has access to this feature, disable this feature for their teams, and monitor all external connections, including Slack Connect DMs. Once this feature is enabled, DMs can be initiated without the need for additional admin approval. If an organization has disabled Slack Connect DMs, their users cannot send or accept Slack Connect DM invitations. If an organization has limited the ability to accept Slack Connect DMs to those coming from verified organizations, their users will not be able to accept Slack Connect DMs from non-verified organizations. This will also help in preventing spam and phishing attempts.

In other words, the feature is opt-in, not opt-out. If the IT admins don’t turn the feature on, their users won’t be able to either send or receive DMs through the new system. One of the upshots of the feature is third-party app integration through services like Calendly (for scheduling) and DocuSign (for, erm, document signing).

News: Dual-event ticket prices to TC Early Stage 2021 increase this Friday

• March 24, 2021
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We’ve all heard the adage, less is more. But when it comes to learning all the complex ins and outs of building and launching a successful startup, more is definitely the way to go. Enter not one, but two bootcamp experiences for the early-stage crowd: TC Early Stage: Operations and Fundraising on April 1-2 and TC

We’ve all heard the adage, less is more. But when it comes to learning all the complex ins and outs of building and launching a successful startup, more is definitely the way to go. Enter not one, but two bootcamp experiences for the early-stage crowd: TC Early Stage: Operations and Fundraising on April 1-2 and TC Early Stage: Marketing and Fundraising on July 8-9.

Here’s another relevant adage: A penny saved is a penny earned. Kill two adages with one click, buy a dual-event pass at the early-bird price and you’ll save $100 or more. More knowledge for less money — what’s not to love?

Big, fat caveat: Procrastinate at your own peril. Prices on dual-event passes go up this Friday, March 26 at precisely 11:59 pm (PST).

Both TC Early Stage events focus on the essential skills every founder needs to succeed, and you’ll learn from leading industry experts. Each bootcamp features a discrete set of speakers, range of topics and presentations, but they’re all dedicated to helping founders in the early stages of the startup journey build a solid foundation.

We have a tremendously talented group of people ready to share their expertise and experience with you. Check out the TC Early Stage agenda for April.

Here’s another cool commonality: Day two of each bootcamp features a TC Early Stage Pitch-Off. You’ll tune in live to watch 10 global early-stage companies pitch to a panel of top VCs. The ultimate winner will be featured on TechCrunch.com, receive an annual Extra Crunch subscription and attend TC Disrupt this September — gratis.

Contenders for the April pitch-off are ready to go, but we’ll be opening the application process for July soon, so keep checking back for your chance to bring the heat.

We’re busy building out the agenda for July’s TC Early Stage: Marketing and Fundraising, but we’re thrilled to share that Lisa Wu, a partner at Norwest —with investments like Calm, Plaid, Opendoor and Grove Collaborative — will join us to discuss how to ace a 1-hour pitch. Spoiler alert: think like a VC.

Get more and spend less is the best possible adage (okay, we made that up). But hey, saving up to $100 on a dual-event pass to TC Early Stage in April and July is just a smart way to go. Buy your pass before the deadline hits this Friday, March 26 at 11:59 pm (PST).

News: Salesforce updates includes sales info overlay for Zoom meetings

• March 24, 2021
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The pandemic has clearly had an impact on the way we work, and this is especially true for salespeople. Salesforce introduced a number updates to Sales Cloud this morning including Salesforce Meetings, a smart overlay for Zoom meetings that gives information and advice to the sales team as they interact with potential customers in online

The pandemic has clearly had an impact on the way we work, and this is especially true for salespeople. Salesforce introduced a number updates to Sales Cloud this morning including Salesforce Meetings, a smart overlay for Zoom meetings that gives information and advice to the sales team as they interact with potential customers in online meetings.

Bill Patterson, EVP and General Manager of CRM applications at Salesforce says that the company wanted to help sales teams manage these types of interactions better and take advantage of the fact they are digital.

“There’s a broad recognition, not just from Salesforce, but really from every sales organization that selling is forever changed, and I think that there’s been a broad understanding, and maybe a surprise in learning how effective we can be in the from anywhere kind of times, whether that’s in office or not in office or whatever,” Patterson explained.

Salesforce Meetings gives that overlay of information, whether it’s advice to slow down the pace of your speech or information about the person speaking. It can also compile action items and present a To Do list to participants at the end of each meeting to make sure that tasks don’t fall through the cracks.

This is made possible in part through the Einstein intelligence layer that is built across the entire Salesforce platform. In this case, it takes advantage of a new tool called Einstein Intelligent Insights, which the company is also exposing as a feature for developers to build their own solutions using this tool.

For sales people who might find the tool a bit too invasive, you can dial the confidence level of the information up or down on an individual basis, so that you can get a lot of information or a little depending on your needs.

For now, it works with Zoom and the company has been working closely with the Zoom development team to provide the API and SDK tooling it needs to pull something like this off, according to Patterson. He notes that plans are in the works to make it compatible with WebEx and Microsoft Teams in the future.

While the idea was in the works prior to the pandemic, COVID created a sense of urgency for this kind of feature, as well as other features announced today like Pipeline Inspection, which uses AI to analyze the sales pipeline. It searches for changes to deals over time with the goal of finding the ones that could benefit most from coaching or managerial support to get them over the finish line.

Brent Leary, founder and principal analyst at CRM Essentials says that this ability to capture information in online meetings is changing the way we think about CRM.

“The thing the caught my attention is how tightly integrated video meetings/collaboration is now into sales process. This is really compelling because meeting interactions that may not find their way into the CRM system are now automatically captured,” Leary told me.

Salesforce Meetings is available today, while Pipeline Inspection is expected to be available this summer.

News: A look at 4 IPO updates and 2 late-stage funding rounds

• March 24, 2021
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Covering YC Demo Day yesterday was good fun, but I missed a few items while watching several hundred startup pitches. A few years ago, these stories might have been the biggest news of the week. But with the venture capital market red-lining its engines while public markets remain sympathetic to growing, unprofitable companies, there’s lots

Covering YC Demo Day yesterday was good fun, but I missed a few items while watching several hundred startup pitches. A few years ago, these stories might have been the biggest news of the week.

But with the venture capital market red-lining its engines while public markets remain sympathetic to growing, unprofitable companies, there’s lots going on. So, as a follow-up to our first late-stage roundup that we published yesterday morning, here’s another.

The Exchange explores startups, markets and money. Read it every morning on Extra Crunch, or get The Exchange newsletter every Saturday.

This time we’re discussing IPO news from DigitalOcean (context), Kaltura (context), Robinhood (context), and Zymergen, and big rounds for Lattice and goPuff. That’s a lot to chew on, but I’ll be brief and to the point.

We’ll commence with the IPO news and then pivot into the late-stage rounds, just in case more drops this morning while we’re typing our way through yesterday’s news. Let’s go!

IPO updates

Today’s most pressing news is that DigitalOcean, a provider of cloud services to small businesses, priced its IPO at $47 per share last night. That was right at the top of its public-offering price range of $44 to $47. Before counting shares reserved for its underwriters, DigitalOcean is worth just under $5 billion.

And the company raised a gross $775.5 million in the offering, giving DigitalOcean a massive war chest to pursue its vision. As the company has proved increasingly unprofitable on a GAAP basis in recent years, the extra cash isn’t a problem: DigitalOcean plans to reduce its aggregate debt load with some of the proceeds, which will improve its profitability.

The company won’t trade for hours, so we’re done with DigitalOcean for now. File it in your mind as a win, as the company raised $50 million last year at a $1.1 billion valuation (PitchBook data). That’s a quick 5x.

Next up from the IPO treadmill is Kaltura, which released a first guess of its market value as a public company. Targeting $14 to $16 per share in its impending debut, the video software company is worth around $2 billion at the top end of its range, not counting shares reserved for its underwriting banks or other shares tied up in vested options and recruited stock units (RSUs).

News: Plaid accelerator announces inaugural cohort of fintech startups

• March 24, 2021
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Plaid, the fintech giant, has announced the inaugural cohort of startups in its new accelerator program, FinRise. The equity-free and capital-free program has chosen five early-stage fintech startups out of 100 applications to join its cohort, working on issues central to the financial services industry such as simplifying payments and access to credit. The accelerator,

Plaid, the fintech giant, has announced the inaugural cohort of startups in its new accelerator program, FinRise.

The equity-free and capital-free program has chosen five early-stage fintech startups out of 100 applications to join its cohort, working on issues central to the financial services industry such as simplifying payments and access to credit. The accelerator, announced two months ago, is explicitly focused on backing underrepresented founders in tech.

Last week, The Information reported that Plaid is nearing a new financing deal that would value the company at between $10 billion to $15 billion. Beyond a high valuation, Plaid sports a key characteristic that positions it well to help early-stage startups: it has gone through regulatory hurdles. Months ago, Plaid announced it would not merge with Visa in what would have been a $5.3 billion dollar acquisition. This event, as well as advice on how privat fintech startups can deal with policy issues, will be part of FinRise programming.

While participants don’t get funding, FinRise has collated a number of “capital access partners” which basically means investors who are committed to meeting with these companies and potentially writing a check. This network includes Accion, Acrew, Amex Ventures, Flourish, Harlem Capital, Kapor, Matrix, Village Capital, Visible Hands, and First Round.

Here’s a look at the five startups:

• Global Data Consortium is building a process for global digital identity verification for businesses. Co-founded by Bill Spruill and Charles Gaddy, the startup is building a data supplier network of more than 200 sources to help build a standard of processes around digital identity verification. “As we continue to scale our platform it’s important to make sure our technical infrastructure continues to be enterprise-ready. Plaid’s engineering expertise and knowledge will prove useful to our team to help us plan and execute around our next level of service support architecture,” Spruill told TechCrunch.
• Guidefi is a marketplace focused on connecting communities of color to culturally-savvy financial advisors. Led by Charlene Fadirepo, the financial wellness startup doesn’t charge for matches to advisors, but only begins pricing once services begini.
• OfColor wants to be the go-to enterprise wellness platform for employees of color. Founder Yemi Rose tells TechCrunch that “a lot of companies we encounter generally pride themselves on being colorblind in their HR benefit practices, in spite of outcomes that show a different approach is needed…our biggest hurdle is education.” The startup focuses on features like a personalized financial manager as well as loans that allow employees to maximize their 401(k) contribution.
• Walnut is a point-of-sale lending platform that wants to make healthcare more affordable for patients. Roshan Patel, founder and CEO of the startup, says that its biggest competitor is PrimaHealth Credit, which focuses on elective care. “Walnut is care-agnostic: no matter where you are in the healthcare system, you can use Walnut to break up your bill into an installment plan that works for you. That can be at the dentist or cosmetic surgery practice, but it can also be in the emergency room or at your primary care physician,” he said.
• Zeta wants to build a better joint-bank experience for the modern couple. First covered by TechCrunch in February, Zeta has already raised $1.5 million in venture funding to create a platform that makes it easier to join accounts and split purchases. “In some ways, we see ourselves as part of a replacement for Venmo,” CEO and co-founder Aditi Shekar said. “We saw couples Venmoing back and forth to each other sometimes six times a day…we want to take over your money chores.” While Zeta is entering the market as a tool for couples, Shekar sees the startup’s moonshot as being the go-to operational account for any modern household.

News: Arbolus raises $6M from Fuel Ventures and Plug&Play to apply ML to expert knowledge

• March 24, 2021
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Leveraging networks of “experts” online started out as a very manual online business. But it’s rapidly becoming more efficient as machine learning is applied to the whole business model. Indeed, in the UK alone $60bn is spent a year on using outside expertise. Large players in this space include GLG, Third Bridge, Guidepoint, and AlphaSights.

Leveraging networks of “experts” online started out as a very manual online business. But it’s rapidly becoming more efficient as machine learning is applied to the whole business model. Indeed, in the UK alone $60bn is spent a year on using outside expertise. Large players in this space include GLG, Third Bridge, Guidepoint, and AlphaSights. And we saw recently that ProSapient has raised $18m for its SaaS platform for managing expert networks.

Now Barcelona-based Arbolus has raised a $6m funding round led by early-stage UK VC Fuel Ventures, in addition to Plug and Play, better known in Silicon Valley.

The 3-year old startup claims it has seen a 7x growth YoY and now has offices in Barcelona and New York. It’s also appointed Pau Beltran at CTO, who was formerly of Disney, eDreams, OneMind and others.

Arbolus’ approach to ‘enterprise knowledge,’ as it’s known, is employing natural language processing and an AI backbone to its platform.

Whereas ProSapient uses technology to make expert sourcing more efficient, Arbolus captures recordings of expert interviews, transcribes them on its platform, and then shares that knowledge within companies’ networks that subscribe to the platform.

Companies using the platform pay fees to actually use the software, and use all of the toolsets that are on there. It also makes transaction fees when companies pay independent experts on its platform.

Sam Glasswell, CEO and co-founder of Arbolus, said in a statement: “Having the right information gives you a competitive edge but the typical means of engaging with experts through one-hour calls alone is failing to deliver value. These interviews are usually held by a single department and their findings end up lost in PowerPoint presentations or reports. Therefore, companies are only building up a short-term view. We are bringing innovation to the ways companies are working with external experts by using groundbreaking technology to, not just build expertise within organizations, but deliver it in ways that are digestible, searchable and, most importantly, usable for the months and years ahead across different departments.”

Mark Pearson, Managing Partner from Fuel Ventures added: “Arbolus have done amazing things in its first 24 months and it’s a testament to the entrepreneurial ambition of Sam and Will backed up by their experience of helping to scale a $1bn company in their former lives.”

Arbolus says it is working with more than 80 customers, including Big Four firms such as KPMG, and startups like UiPath.

Founders Sam Glasswell and Will Leeming scaled an expert agency before this startup and realized a lot of knowledge was being lost in these expert networks because it simply wasn’t being captured in the right way. And they decided to base the company in Barcelona because it was able to attract talent and had all the advantages of being in the EU.

Glasswell told me: “In Barcelona we have an awesome office, our own space, a great team it’s certainly a beautiful city, and we’re able to attract really really top talent. I mean, people will move from anywhere in the world to go to Barcelona. It’s probably been one of the biggest success factors for us so far. Does the EU factor, help? Yes, I mean the fact that is in the EU in the trading bloc of the union does help… and we thought we’d just be able to build a much more culturally diverse team in the long run.”

Certainly, the future of work looks like it is shifting towards one where outside experts are used more and more by companies. If the gig economy has affected your pizza delivery, it’s also affecting the knowledge economy.

News: French VC firm Breega raises $130 million fund

• March 24, 2021
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Breega, a VC firm based in Paris, has announced the final closing of its third fund. The firm has managed to raise $130 million (€110 million). This is Breega’s third fund and is officially called Breega Capital Venture 3. The firm’s previous fund launched in 2015 with €45 million ($53 million at today’s exchange rate).

Breega, a VC firm based in Paris, has announced the final closing of its third fund. The firm has managed to raise $130 million (€110 million).

This is Breega’s third fund and is officially called Breega Capital Venture 3. The firm’s previous fund launched in 2015 with €45 million ($53 million at today’s exchange rate).

Breega doesn’t focus on a vertical in particular. It says it can invest across many different categories, such as marketplaces, SaaS, agtech, HR tech, robotics, etc.

The investment team has already deployed some of the capital of Breega’s new fund. Portfolio startups include Stations-e, Trustpair, IoTerop, BeOp, Otodo, Humanity, Alice&Bob, Neobrain, Didomi, Ubble, Ponicode and reciTAL. They all have received some funding at the seed or Series A stage.

Breega believes it can support its portfolio companies with some operational help. The firm has its own team of experts when it comes to HR, business development, communications, legal and finance.

Some of the fund’s limited partners include entrepreneurs-turned-business-angles. For instance, Patrick Asdaghi, the co-founder of FoodChéri, has invested in the new fund. FoodChéri received some funding from Breega before getting acquired by Sodexo.

Other limited partners include Bpifrance, the European Investment Fund, Isomer Capital, several banks and insurance companies.

News: Ketch raises $23M to automate privacy and data compliance

• March 24, 2021
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Ketch, a startup aiming to help businesses navigate the increasingly complex world of online privacy regulation and data compliance, is announcing that it has raised $23 million in Series A funding. The company is also officially coming out of stealth. I actually wrote about Ketch’s free PrivacyGrader tool last year, but now it’s revealing the

Ketch, a startup aiming to help businesses navigate the increasingly complex world of online privacy regulation and data compliance, is announcing that it has raised $23 million in Series A funding.

The company is also officially coming out of stealth. I actually wrote about Ketch’s free PrivacyGrader tool last year, but now it’s revealing the broader vision, as well as the products that businesses will actually be paying for.

The startup was founded by CEO Tom Chavez and CTO Vivek Vaidya. The pair previously founded Krux, a data management platform acquired by Salesforce in 2016, and Vaidya told me that Ketch is the answer to a question that they’d begun to ask themselves: “What kind of infrastructure can we build that will make our former selves better?”

Chavez said that Ketch is designed to help businesses automate the process of remaining compliant with data regulations, wherever their visitors and customers are. He suggested that with geographically specific regulations like Europe’s GDPR in place, there’s a temptation to comply globally with the most stringent rules, but that’s not necessary or desirable.

“It’s possible to use data to grow and to comply with the regulations,” Chavez said. “One of our customers turned off digital marketing completely in order to comply. This has got to stop […] They are a very responsible customer, but they didn’t know there are tools to navigate this complexity.”

Image Credits: Ketch

The pair also suggested that things are even more complex than you might think, because true compliance means going beyond the “Hollywood facade” of a privacy banner — it requires actually implementing a customer’s requests across multiple platforms. For example, Vaidya said that when someone unsubscribes to your email list, there’s “a complex workflow that needs to be executed that to ensure that the email is not going to continue … and make sure the customer’s choices are respected in a timely manner.”

After all, Chavez noted, if a customer tells you, “I want to delete my data,” and yet they keep getting marketing emails or targeted ads, they’re not going to be satisfied if you say, “Well, I’ve handled that in the four walls of my own business, that’s an issue with my marketing and email partners.”

Chavez also said that Ketch isn’t designed to replace any of a business’ existing marketing and customer data tools, but rather to “allow our customers to configure how they want to comply vis-a-vis what jurisdiction they’re operating in.” For example, the funding announcement includes a statement from Patreon’s legal counsel Priya Sanger describing Ketch as “an easily configurable consent management and orchestration system that was able to be deployed internationally” that “required minimal engineering time to integrate into our systems.”

As for the Series A, it comes from CRV, super{set} (the startup studio founded by Chavez and Vaidya), Ridge Ventures, Acrew Capital and Silicon Valley Bank. CRV’s Izhar Armony and Acrew’s Theresia Gouw are joining Ketch’s board of directors.

And if you’d like to learn more about the product, Ketch is hosting a webinar at 11am Pacific today.

News: Crypto wallet and exchange company Blockchain.com raises $300 million at $5.2 billion valuation

• March 24, 2021
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As Coinbase is about to go public in the U.S., another cryptocurrency company is having a blockbuster first quarter of 2021. Blockchain.com, the company behind a popular cryptocurrency wallet, an exchange, a block explorer and more, has raised a $300 million Series C round. If you’ve been paying attention, you may remember that I wrote

As Coinbase is about to go public in the U.S., another cryptocurrency company is having a blockbuster first quarter of 2021. Blockchain.com, the company behind a popular cryptocurrency wallet, an exchange, a block explorer and more, has raised a $300 million Series C round.

If you’ve been paying attention, you may remember that I wrote about Blockchain.com last month. At the time, the company announced a $120 million funding round. In other words, the company is raising once again just a few weeks after its previous funding round.

This time, DST Global, Lightspeed Venture Partners and VY Capital are leading the round. Existing investors also participated. Following today’s funding round, the company has reached a post-money valuation of $5.2 billion.

Originally named Blockchain.info, the company first launched a blockchain explorer. If you’re not familiar with the blockchain industry, an explorer lets you enter the hash of any transaction that occurs on a blockchain to get more information — you can retrieve the transaction amount, the number of confirmations, the wallet addresses of the sender and the reveiver, etc.

But Blockchain.com is better known for its open-source wallet. The company offers a noncustodial wallet, which means that you’re in control of your private keys. Blockchain.com can’t directly access your funds.

31 million users have verified their identities on Blockchain.com. The number of active users have tripled over the past 12 months.

Blockchain.com has diversified its activities over time. It has launched an exchange so that you can buy and sell cryptocurrencies from Blockchain.com directly. The startup also offers services to institutional investors. Blockchain.com can help you when it comes to buying and selling cryptocurrencies, custody, large over-the-counter transactions, etc.

When it comes to revenue, “Blockchain.com is highly profitable across each of our business lines,” co-founder and CEO Peter Smith wrote. The new influx of funding is all about working with late-stage investors and growing rapidly. You can expect some Blockchain.com acquisitions down the road for instance.