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How 2 startups scaled to $50M ARR and beyond - techcrunch

How 2 startups scaled to $50M ARR and beyond

Today, we're discussing OwnBackup and Assembly, two middle-late startups that are entering unicorn territory.
techcrunch - 1 hour ago
Finesse raises $4.5M to use AI to predict fashion trends - techcrunch

Finesse raises $4.5M to use AI to predict fashion trends

Finesse, a startup promising to take the guesswork and waste out of fashion, is announcing that it has raised $4.5 million in seed and pre-seed funding. Founder and CEO Ramin Ahmari said the tremendous waste in the fashion industry has become badly-kept secret, with Burberry recently facing a backlash over its practice of burning unwanted […]
techcrunch - 2 hours ago
Ring’s new video doorbell is $60 - techcrunch

Ring’s new video doorbell is $60

The top-line feature for Ring’s latest is no doubt its price. No way around that. At $60, it’s $40 cheaper than the standard Video Doorbell – and prices from there go up significantly, with the “Elite” running $350. Perhaps the company is feeling some pressure from the race the bottom for smart home hardware pricing. […]
techcrunch - 2 hours ago
Pinecone lands $10M seed for purpose-built machine learning database - techcrunch

Pinecone lands $10M seed for purpose-built machine learning database

Pinecone, a new startup from the folks who helped launch Amazon SageMaker, has built a vector database that generates data in a specialized format to help build machine learning applications faster, something that was previously only accessible to the largest organizations. Today the company came out of stealth with a new product and announced a […]
techcrunch - 2 hours ago
SAP launches ‘RISE with SAP,’ a concierge service for digital transformation - techcrunch

SAP launches ‘RISE with SAP,’ a concierge service for digital transformation

SAP today announced a new offering it calls ‘RISE with SAP,’ a solution that is meant to help the company’s customers go through their respective digital transformations and become what SAP calls ‘intelligent enterprises.’ RISE is a subscription service that combines a set of services and product offerings. SAP’s head of product success Sven Denecken […]
techcrunch - 2 hours ago
Following acquisition, Episerver rebrands as Optimizely - techcrunch

Following acquisition, Episerver rebrands as Optimizely

After acquiring Optimizely last fall, content management company Episerver is adopting the Optimizely name for the entire organization. CEO Alex Atzberger told me that the company will be rolling out new branding in the next coming months, as well as renaming its entire product suite to reflect the Optimizely brand. “We believe it’s no longer […]
techcrunch - 3 hours ago
Renewable investment wave continues as solar lending company Loanpal raises $800 million - techcrunch

Renewable investment wave continues as solar lending company Loanpal raises $800 million

Days after the billionaire investor Chamath Palihapitiya announced his involvement in the $1.3 billion acquisition of the solar and home improvement lending business Sunlight Financial, a collection of investors announced a nearly $1 billion cash infusion into Loanpal, another renewable energy and home improvement lender. The $800 million commitment to Loanpal arrives alongside a flurry […]
techcrunch - 3 hours ago
Literati raises $40M for its book club platform - techcrunch

Literati raises $40M for its book club platform

Literati has raised a $40 million Series B to pursue an unusual startup opportunity — namely, book clubs. Founder and CEO Jessica Ewing (a former product manager at Google) explained that the Austin-based company started out with book clubs for kids, before launching its Luminary brand for adult book clubs last year. And the Luminary […]
techcrunch - 3 hours ago
LottieFiles, a platform for the animation format, lands $9 million Series A led by M12, Microsoft’s venture fund - techcrunch

LottieFiles, a platform for the animation format, lands $9 million Series A led by M12, Microsoft’s venture fund

LottieFiles, a platform for JSON-based Lottie animations, has raised a Series A of $9 million. The round was led by M12, Microsoft’s venture capital arm, with participation from returning investor 500 Startups. Based in San Francisco and Kuala Lumpur, LottieFiles was founded in 2018. The platform includes Lottie creation, editing and testing tools, and a […]
techcrunch - 3 hours ago
Starship Technologies raises $17M to roll out more delivery bots - techcrunch

Starship Technologies raises $17M to roll out more delivery bots

A year ago, Starship Technologies had a couple hundred autonomous bots delivering burritos and pizzas to  students on college campuses and residents in a few neighborhoods. The company — with $17 million of new capital in its coffers — has expanded its fleet five-fold since COVID-19 swept through the European and North American markets that […]
techcrunch - 3 hours ago
Classiq raises $10.5M Series A round for its quantum software development platform - techcrunch

Classiq raises $10.5M Series A round for its quantum software development platform

Classiq, a Tel Aviv-based startup that aims to make it easier for computer scientists and developers to create quantum algorithms and applications, today announced that it has raised a $10.5 million Series A round led by Team8 Capital and Wing Capital. Entrée Capital, crowdfunding platform OurCrowd and Sumitomo Corporation (through IN Venture) also participated in […]
techcrunch - 4 hours ago
TCV closes record $4B fund to invest in e-commerce, fintech, edtech, travel and more - techcrunch

TCV closes record $4B fund to invest in e-commerce, fintech, edtech, travel and more

The pandemic has spelled economic setbacks for many people and industries, but the capital swirling about the technology world continues to roar along. In the latest development, TCV — the storied venture capital firm behind the likes of Airbnb, Spotify, Peloton and Facebook — has closed a record $4 billion for its latest fund. This […]
techcrunch - 4 hours ago
Playvox scores $25M Series A and acquires Australian startup Agyle Time - techcrunch

Playvox scores $25M Series A and acquires Australian startup Agyle Time

It’s not every day you see a Latin American startup funded by a U.S. venture capital firm based in the midwest. Playvox, a Colombian startup that wants to bring a positive twist to customer service monitoring announced a $25 million Series A from Five Elms Capital, a Kansas City, MO VC firm. It has now […]
techcrunch - 4 hours ago
Datastax acquires Kesque as it gets into data streaming - techcrunch

Datastax acquires Kesque as it gets into data streaming

Datastax, the company best known for commercializing the open-source Apache Cassandra database, is moving beyond databases. As the company announced today, it has acquired Kesque, a cloud messaging service. The Kesque team built its service on top of the Apache Pulsar messaging and streaming project. Datastax has now taken that team’s knowledge in this area […]
techcrunch - 4 hours ago
DriveNets nabs $208M at a $1B+ valuation for its cloud-based alternative to network routers - techcrunch

DriveNets nabs $208M at a $1B+ valuation for its cloud-based alternative to network routers

People and businesses are relying on the internet to get things done more than ever before, an opportunity but also an infrastructure headache for service providers that need to scale quickly and reliably to meet that demand. Today, a startup that has built a clever, software-based way for them to expand their networks without buying […]
techcrunch - 5 hours ago
Booksy raises $70M war chest to acquire salon appointment apps, expand internationally - techcrunch

Booksy raises $70M war chest to acquire salon appointment apps, expand internationally

Beauty and wellness appointment booking apps have proliferated of the last few years, but it appears the race is still on as today one of the leaders, Booksy, raises $70 million in a Series C round led by Cat Rock Capital, with participation from Sprints Capital.  The round was also joined by OpenOcean, Piton Capital, […]
techcrunch - 5 hours ago
Lime adds shared electric mopeds to the mix - techcrunch

Lime adds shared electric mopeds to the mix

Lime is adding electric mopeds — painted in the company’s signature green — to its micromobility platform as the startup aims to own the spectrum of inner city travel from jaunts to the corner store to longer distance trips up to five miles. Lime said Wednesday it plans to launch as many as 600 electric […]
techcrunch - 6 hours ago
Corporate card startup Mooncard challenges American Express in France with miles - techcrunch

Corporate card startup Mooncard challenges American Express in France with miles

French startup Mooncard is partnering with Flying Blue to offer Air France miles to its customers. This is the first time you can earn miles with a payment card in France that isn’t an American Express card. Mooncard provides corporate payment cards to streamline your expenses. Most companies in France don’t use corporate cards. But […]
techcrunch - 9 hours ago
SaaS startup studio eFounders launches a fintech startup studio - techcrunch

SaaS startup studio eFounders launches a fintech startup studio

eFounders is expanding its focus by creating a second startup studio called Logic Founders. This time, Logic Founders is going to focus on fintech startups exclusively. Camille Tyan (pictured above) is going to lead the new studio. Over the past ten years, eFounders has launched dozens of software-as-a-service companies trying to improve the way we […]
techcrunch - 10 hours ago
Will this time be any different for Twitter? - techcrunch

Will this time be any different for Twitter?

As Twitter seems to buy its way into competing with Clubhouse and Substack, one wonders whether the beleaguered social media company is finally ready to move past its truly awful track record of seizing opportunities. Twitter’s pace of product ambition has certainly seemed to speed in the past several months, conveniently following shareholder action to […]
techcrunch - 17 hours ago
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techcrunch
Monzo, the U.K. challenger bank, picks up additional £60M in funding

Monzo, the U.K. challenger bank, picks up additional £60M in funding

techcrunch - 1 month ago

Monzo, the U.K. challenger bank now with more than 4.8 million customers, has closed another £60 million in funding, priced the same as and effectively an extension of the its previous top-up round in June.

This saw Monzo valued by private investors at around £1.2 billion, marked by industry observers as a down round because it was lower than the upstart bank’s previous — perhaps overheated — valuation before the Coronavirus pandemic skewed leverage in favour of investors or forced a legitimate fintech market correction, depending on your perspective.

The new funding comes from a clutch of new backers including Deliveroo and Stripe investor Novator, Kaiser, and TED Global, as well as existing investor Goodwater. They join the likes of Y Combinator, General Catalyst, Accel, Passion, Thrive and Stripe, who all re-invested earlier this year.

It means Monzo has raised £125 million in funding since COVID-19 struck (an additional £5 million was quietly added during the last top up), and this current extension will be seen as good news for the bank as it looks to continue growing and increasing revenue lines beyond interchange fees.

To that end, Monzo shared some latest numbers with TechCrunch. In addition to approaching 5 million customers overall, it now has more than 60,000 business users — up from 25,000 signups in March — and more than 100,000 customers across its paid-for current accounts, Monzo Plus and Monzo Premium.

Adds Monzo CEO, TS Anil, in a statement given to TechCrunch: Weve raised £125 million this year, achieved strong organic growth and are now nearing five million customers, all while becoming the most switched to bank in the U.K. and the top rated for overall service. This news demonstrates the confidence that both our customers and investors have in Monzo.

Meanwhile, it has been a challenging time for Monzo, as it, along with many other fintech companies, has had to weather the coronavirus crisis and resulting economic downturn. This included utilising the U.K. furlough scheme and subsequently making around 80 employees redundant in the Summer. In addition, there was a round of U.S. layoffs and the shuttering of its Las Vegas-based customer support office.

Like some other banks and fintechs, the coronavirus crisis has resulted in Monzo seeing customer card spend reduce at home and (of course) abroad, meaning it is generating less revenue from interchange fees.

Separately, in May, Monzo co-founder Tom Blomfield announced internally that he was stepping down as CEO of the U.K. challenger bank to take up the newly created role of president. He was replaced as U.K. CEO by then U.S. CEO Anil, who also joined Monzo’s board in replacement of Bloomfield.

sauce: techcrunch
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