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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 - 52 minutes ago
Sila Nanotechnologies raises $590M to fund battery materials factory - techcrunch

Sila Nanotechnologies raises $590M to fund battery materials factory

Sila Nanotechnologies, a Silicon Valley battery materials company, has spent years developing technology designed to pack more energy into a cell at a lower cost — an end game that has helped it lock in partnerships with Amperex Technology Limited as well as automakers BMW and Daimler. Now, Sila Nano, flush with a fresh injection […]
techcrunch - 1 hour ago
Daily Crunch: Calendly valued at $3B - techcrunch

Daily Crunch: Calendly valued at $3B

A popular scheduling startup raises a big funding round, Twitter makes a newsletter acquisition and Beyond Meat teams up with PepsiCo. This is your Daily Crunch for January 26, 2021. The big story: Calendly valued at $3B Calendly, which helps users schedule and confirm meeting times, has raised $350 million from OpenView Venture Partners and […]
techcrunch - 2 hours ago
Apple just had its best quarter in India - techcrunch

Apple just had its best quarter in India

When Apple reports its earnings on Wednesday, you can expect mentions of India on the call. Apple shipped more than 1.5 million iPhone units in India in the quarter that ended in December, up 100% year-on-year, making this its best quarter in the world’s largest smartphone market to date, according to research firms Counterpoint and […]
techcrunch - 2 hours ago
Diversity isn’t just about inclusion in gaming — it’s smart business, too - venture beat

Diversity isn’t just about inclusion in gaming — it’s smart business, too

Diversity and inclusion isn’t just about an initiative or program that serves a specific function for a specific underrepresented group of people in a given industry. D&I is meant to be a holistic model that desperately needs full saturation in every facet of every industry. In this particular panel during GamesBeat’s Driving Game Growth & […]
venture beat - 2 hours ago
The 5 biggest mistakes I made as a first-time startup founder - techcrunch

The 5 biggest mistakes I made as a first-time startup founder

First-time entrepreneurs are bound to make some major mistakes. The true measure of a serial entrepreneur, I’d submit, is the ability to recognize those mistakes and adapt.
techcrunch - 3 hours ago
‘Anti-superficial’ dating app S’More raises $2.1M - techcrunch

‘Anti-superficial’ dating app S’More raises $2.1M

S’More, a dating app that’s focused on helping users find more meaningful relationships, announced today that it has raised $2.1 million in seed funding. S’More (short for “something more”) ensures that users can’t focus on physical appearance, because photos are  initally blurred — they gradually un-blur as you interact with someone. The startup has introduced new […]
techcrunch - 3 hours ago
Plex Arcade streaming service launches with classic Atari games - venture beat

Plex Arcade streaming service launches with classic Atari games

The home-video streaming platform Plex is getting into games with Plex Arcade. This is a new service that Plex members can use to stream games from the cloud. This enables media lovers to build a digital library of movies, TV, photos, music, and now games all in one place. Plex Arcade starts at $3 per […]
venture beat - 4 hours ago
Apple says iOS 14.4 fixes three security bugs ‘actively exploited’ by hackers - techcrunch

Apple says iOS 14.4 fixes three security bugs ‘actively exploited’ by hackers

Apple has released iOS 14.4 with security fixes for three vulnerabilities, said to be under active attack by hackers. The technology giant said in its security update pages for iOS and iPadOS 14.4 that the three bugs affecting iPhones and iPads “may have been actively exploited.” Details of the vulnerabilities are scarce, and an Apple […]
techcrunch - 4 hours ago
Tweetbot 6 released with new subscription pricing - techcrunch

Tweetbot 6 released with new subscription pricing

Tapbots, the company behind Tweetbot, has released a major update for the iPhone and iPad. Tweetbot 6 is now available in the App store. While there aren’t a lot of visual changes, there are a couple of important things happening under the hood. First, Tweetbot 6 is using Twitter’s API v2. An API is an […]
techcrunch - 5 hours ago
Sony’s tempts professionals with the top-shelf, top-tier Alpha 1 - techcrunch

Sony’s tempts professionals with the top-shelf, top-tier Alpha 1

Sony is making a play for the top end of the professional digital camera world, where videographers and sports photographers demand immaculate image quality at high resolutions in short order. The new Alpha 1 beats pretty much everything on the market on paper, but it’ll set you back a cool $6,500. This is, of course, […]
techcrunch - 5 hours ago
Get feedback on your pitch deck from tech leaders on Extra Crunch Live - techcrunch

Get feedback on your pitch deck from tech leaders on Extra Crunch Live

Extra Crunch Live 2.0 launches next week! Among several improvements, we’re thrilled to ramp up the Pitch Deck Teardown. In short, folks can submit their pitch decks to get feedback from investors and founders alike. The importance of the pitch deck can’t be underestimated. It is often the first point of contact between a company […]
techcrunch - 5 hours ago
Mealco raises $7M to launch new delivery-centric restaurants - techcrunch

Mealco raises $7M to launch new delivery-centric restaurants

Mealco, a startup promising to help chefs launch new restaurants designed around delivery, is announcing that it has raised $7 million in seed funding. It’s probably not news to anyone reading this that opening a restaurant can be an expensive, risky proposition — and of course, many restaurants have gone out of business during the […]
techcrunch - 6 hours ago
These investors want to back ‘ridiculously early’ female-led African startups - techcrunch

These investors want to back ‘ridiculously early’ female-led African startups

In 2019, female-led companies received less than 5 percent of the global venture capital. Bringing it to Africa, only 10 percent of the West African startups that cumulatively raised $1 million had at least one female co-founder in the past decade. There are many stats to back up the underrepresentation of women in starting a […]
techcrunch - 6 hours ago
Google open sources Tilt Brush VR software as it shuts down internal development - techcrunch

Google open sources Tilt Brush VR software as it shuts down internal development

As Facebook and Apple begin to fire up more projects in the AR/VR world, Google has spent the last year shutting down most of their existing projects in that space. Today, the folks at Google announced they had ended active development of Tilt Brush, a VR painting app that was one of virtual reality’s early […]
techcrunch - 6 hours ago
The Tula Mic is a powerful portable recorder that doubles as a great USB-C microphone - techcrunch

The Tula Mic is a powerful portable recorder that doubles as a great USB-C microphone

Tula is a new company founded with the specific purpose of developing user-friendly hardware and software for sound capture, and its debut product, the Tula Mic, is now shipping after a successful crowdfunding campaign last year. Tula Mic is both a USB-C microphone input for computers and mobile devices, and also a dedicated recorder that […]
techcrunch - 7 hours ago
Zero, a plastic-free grocery-delivery startup, to launch in LA - techcrunch

Zero, a plastic-free grocery-delivery startup, to launch in LA

Plastic-free grocery-delivery startup Zero is gearing up to launch in Los Angeles on February 10, after solely operating in the San Francisco Bay Area. Zero works directly with suppliers to sell food and other household items in jars, boxes and other types of sustainable packaging, and offers next-day delivery. Zero works with both big-name brands […]
techcrunch - 7 hours ago
Airbyte is an open-source data pipeline platform - techcrunch

Airbyte is an open-source data pipeline platform

If you’re working for a company that handles a ton of data, chances are your company is constantly moving data from applications, APIs and databases and sending it to a data warehouse or a data lake. There are a few well-known platforms to extract, load and transform data, such as Fivetran and Stitchdata. Airbyte is […]
techcrunch - 7 hours ago
Club Feast raises $3.5M to help restaurants deliver meals that only cost $5.99 - techcrunch

Club Feast raises $3.5M to help restaurants deliver meals that only cost $5.99

Club Feast, a startup with a more affordable approach to meal delivery, is announcing that it has raised $3.5 million in seed funding led by General Catalyst. The company was founded by Atallah Atallah, Gazi Atallah and Chris Miao. The basic concept is pretty simple: Restaurant delivery that only costs $5.99 per dish — cheaper […]
techcrunch - 7 hours ago
Google’s BeyondCorp Enterprise security platform is now generally available - techcrunch

Google’s BeyondCorp Enterprise security platform is now generally available

Google today announced that BeyondCorp Enterprise, the zero trust security platform modeled after how Google itself keeps its network safe without relying on a VPN, is now generally available. BeyondCorp Enterprise builds out Google’s existing BeyondCorp Remote Access offering with additional enterprise features. Google describes it as “a zero trust solution that enables secure access with […]
techcrunch - 8 hours ago
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techcrunch
Poshmark is pushing into the public market at a high-end valuation as the resale market sizzles

Poshmark is pushing into the public market at a high-end valuation as the resale market sizzles

techcrunch - 1 week ago

Poshmark, the nine-year-old, Redwood City Ca.-based online marketplace for second-hand clothing, beauty, and home decor products, is set to start trading as a public company on the Nasdaq tomorrow after pricing 6.6 million shares higher than originally planned, according to Bloomberg.

Per its report, the company, which originally planned to sell shares at between $35 and $39 million, saw enough demand to rationalize a $42-per-share price — one that values the company at $3.5 billion on a fully diluted basis.

Given investors’ feverish embrace of all kinds of newly public consumer brands, including Airbnb, DoorDash and, to a more moderate degree, Wish (trading currently where it opened when it hit the market in mid-December), most anticipate smooth sailing for the company as it makes the move from private to publicly traded company.

What it has going for it: More than 70 million Poshmark users having sold more than 130 million items through the platform since its inception, according to the company.

Its numbers are moving in the right direction. Poshmark makes money off commissions on peer-to-peer sales and on products that it sells sold via wholesale and the company turned profitable last year for the first time Specifically, according to its S-1, it produced net income of $21 million off revenue of $193 million during the nine months ended September 30, 2020, compared with a net loss of $34 million on revenue of $150 million during the same period in 2019.

Also, unlike many brick-and-mortar retail businesses to be hard hit by pandemic-related shutdowns  — J. Crew, Neiman Marcus, and Brooks Brothers are just a few in a line of companies that have declared bankruptcy — Poshmark only facilitates transactions between buyers and sellers so it doesn’t have the burden or expense of holding inventory.

More, resale platforms have the wind at their back right now. Shoppers are more interested than ever in sustainability, and buying someone else’s never- or lightly-used items is more environmentally friendly than supporting, say, a fast fashion brand. (Forever 21, the fast-fashion mall staple, filed for bankruptcy in 2019.)

What Poshmark is going up against: making public market investors understand how it differs from already publicly traded rivals like The RealReal, which went public in 2019 and whose current market cap is roughly $2.3 billion, as well as other newer entrants. For example, another company set to go public (unless it gets SPAC’d) is ThredUp, which filed a confidential registration statement with the SEC for an IPO last fall around the same time that Poshmark did this. Unlike The RealReal, which is focused exclusively on high-end luxury goods that it authenticates, Poshmark and ThredUp make accessible a wider range of more affordable items and compete more directly.

Further, while investors are excited about the many companies that are finally beginning to trade publicly, companies like Poshmark are competing for mindshare with other newer entrants.

Among these is the lending company Affirm. Its shares began trading earlier today.

sauce: techcrunch
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