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The startup market is taking on more and more risk - techcrunch

The startup market is taking on more and more risk

Welcome back to The TechCrunch Exchange, a weekly startups-and-markets newsletter for your weekend enjoyment.
techcrunch - 3 hours ago
Paris asks scooter sharing services to restrict speed to 10km/h - techcrunch

Paris asks scooter sharing services to restrict speed to 10km/h

Riding a scooter in Paris will soon feel incredibly… slow. The City of Paris has announced that scooter sharing services should restrict the maximum top speed to 10km/h (that’s 6.2mph). That decision comes following a number of pedestrian injuries that involved a scooter. Paris has been an important market for scooter sharing companies. It’s a […]
techcrunch - 1 day ago
Apple’s mixed reality headset may be a standalone device - techcrunch

Apple’s mixed reality headset may be a standalone device

Apple's long-rumored mixed reality headset will be powered by two processors, according to renowned analyst Ming-Chi Kuo. In Kuo's latest research report, and won't need to be tethered to an iPhone.
techcrunch - 1 day ago
Italy fines Apple and Google for ‘aggressive’ data practices - techcrunch

Italy fines Apple and Google for ‘aggressive’ data practices

Apple and Google have been fined €10 million apiece by Italy’s competition and market authority (AGCM) which has found they did not provide their users with clear enough information on commercial uses of their data — in violation of the country’s consumer code. The regulator also accuses the pair of deploying “aggressive” practices to push […]
techcrunch - 1 day ago
Our Black Friday discounts end soon — grab your $20 pass to TC Sessions: Space - techcrunch

Our Black Friday discounts end soon — grab your $20 pass to TC Sessions: Space

If you celebrated the American Thanksgiving yesterday, you’re probably stuffed to the gills and barely able to move. Good news, though. It takes only a few clicks — no cardio required — to score a $20 pass to TC Sessions: Space 2021 before our Black Friday sale ends Sunday, November 28 at 11:59 pm (PT). […]
techcrunch - 1 day ago
IoT data collector Samsara’s IPO will be fun to watch - techcrunch

IoT data collector Samsara’s IPO will be fun to watch

Samsara would have to command a revenue multiple of just under 12x to meet its final private price. Will it manage that? Er, yes. Yes, it will.
techcrunch - 1 day ago
Jefa raises $2 million for its challenger bank for women in LATAM - techcrunch

Jefa raises $2 million for its challenger bank for women in LATAM

Fintech startup Jefa has raised a $2 million seed round to build a challenger bank with a product specifically designed for women living in Latin America and the Caribbean. The company has managed to attract 115,000 women on its waitlist and participated in TechCrunch’s Startup Battlefield last year. Investors in Jefa include The Venture Collective, […]
techcrunch - 1 day ago
Germany’s incoming government wants to end coal use by 2030 - techcrunch

Germany’s incoming government wants to end coal use by 2030

Germany plans to phase out coal by 2030, eight years earlier than previously planned, as part of its latest climate pledge. That same year, it wants 80% of its electricity sourced from renewables.
techcrunch - 1 day ago
PPC Affects After BERT Update; Impact on Promoters - readwrite

PPC Affects After BERT Update; Impact on Promoters

Google makes constant updates to the algorithms every year for increasing relevance in the SERP. As an online marketer, you are already aware of this fact. So far, BERT has been one of the most significant algorithm updates rolled out by Google and is considered the most significant change since the search engine giant released […] The post PPC Affects After BERT Update; Impact on Promoters appeared first on ReadWrite.
readwrite - 2 days ago
Vauban, an AngelList-like platform for VCs and angels to run and raise funds, closes $6.3m - techcrunch

Vauban, an AngelList-like platform for VCs and angels to run and raise funds, closes $6.3m

It’s always been a slight puzzle why AngelList never really properly took off in Europe, especially when, a few years ago, there was such a dearth of funding options for poorly served European startups. But the reasons are fairly simple when you look at them. For starters, the US tech industry boomed in the last […]
techcrunch - 2 days ago
Astroscale raises $109M for its on-orbit services technology - techcrunch

Astroscale raises $109M for its on-orbit services technology

Japanese space startup Astroscale has raised $109 million in a new Series F round of financing, brining the company’s total funding raised to date to $300 million. The company specializes in on-orbit servicing technology, designed to help reduce the amount of debris that exists in operating orbital altitudes, and also to extend the life of […]
techcrunch - 2 days ago
Perfeggt brings in first capital to shell out plant-based egg alternative - techcrunch

Perfeggt brings in first capital to shell out plant-based egg alternative

Worldwide, over 1.3 trillion eggs are produced annually, and Perfeggt co-founders believe this market is largely untapped and has room to grow with plant-based alternatives.
techcrunch - 2 days ago
Pyxo wants to build the biggest network of reusable food containers - techcrunch

Pyxo wants to build the biggest network of reusable food containers

Meet Pyxo, a French startup that has been thinking a lot about single-use plastic food packaging for the past three years. The company wants to offer a service that makes it as easy and as cost-efficient to use reusable food storage containers at scale. The idea behind Pyxo comes from a fair at the Tuileries […]
techcrunch - 2 days ago
Pet video marketplace Camlist eyes UK growth after raising $1.3 million pre-seed funding - techcrunch

Pet video marketplace Camlist eyes UK growth after raising $1.3 million pre-seed funding

Camlist, a video marketplace for pets, has raised $1.3 million in a pre-seed round, funding that the startup plans to use to develop its platform and grow its workforce — as it looks to expand its reach in the UK, its second market (after the U.A.E.), which it entered earlier this year. Unlike other marketplaces, […]
techcrunch - 2 days ago
Ant is changing how consumers borrow money from its app - techcrunch

Ant is changing how consumers borrow money from its app

In December 2020, Beijing laid out a guideline for Ant Group to “rectify” its business after calling off its IPO, which could have been the largest initial public offering in history. In the plan, regulators asked Ant to revamp its credit business, among other changes that would make it subject to the same set of […]
techcrunch - 2 days ago
How Pilot convinced Index Ventures to think long-term about margins - techcrunch

How Pilot convinced Index Ventures to think long-term about margins

Whether you agree or not, it's hard to ignore the fact that the multipliers in Silicon Valley and the growth of software businesses have changed the way we think about a startup's timeline.
techcrunch - 2 days ago
Coinbase acquihires team behind BRD crypto wallet - techcrunch

Coinbase acquihires team behind BRD crypto wallet

As crypto proponents look to onboard a new generation of users, one of the major consumer onramps has been a host of consumer wallet apps with slick interfaces. Today, Coinbase announced that it is bringing on the team from BRD — a crypto wallet startup that first launched its mobile wallet back in 2014. While […]
techcrunch - 3 days ago
Robots and AI assist in designing and building Swiss university’s ‘hanging gardens’ - techcrunch

Robots and AI assist in designing and building Swiss university’s ‘hanging gardens’

Architecture and construction have always been, rather quietly, at the bleeding edge of tech and materials trends. It’s no surprise, then, especially at a renowned technical university like ETH Zurich, to find a project utilizing AI and robotics in a new approach to these arts. The automated design and construction they are experimenting with show […]
techcrunch - 3 days ago
TabTrader raises $5.8M for a mobile app that aggregates crypto exchange data - techcrunch

TabTrader raises $5.8M for a mobile app that aggregates crypto exchange data

As many of the top cryptocurrencies seem to temporarily stabilize near all-time-highs, users looking to speculate on tokens that are a bit more volatile are searching across exchanges to find deals. Amsterdam-based startup TabTrader has been capitalizing on this search with a platform that aggregates prices and token availability across dozens of exchanges. While other […]
techcrunch - 3 days ago
Head of Instagram Adam Mosseri will testify before the Senate on teen mental heath - techcrunch

Head of Instagram Adam Mosseri will testify before the Senate on teen mental heath

Head of Instagram Adam Mosseri will testify before the Senate for the first time as part of a series of hearings about online safety for children and teens. Per the New York Times, Mosseri’s hearing will take place on December 6. Mosseri’s upcoming testimony comes after Sen. Richard Blumenthal (D-CT) wrote a letter to Facebook […]
techcrunch - 3 days ago
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techcrunch
VC Lab introduces free fund formation documents to make startup investing cheaper and easier

VC Lab introduces free fund formation documents to make startup investing cheaper and easier

techcrunch - 1 month ago

There may be plenty of funding for some startups these days. But plenty of companies will tell you otherwise. VC Lab, an accelerator for venture capital firms, wants to create investors who will back the rest of the world.

A basic hurdle to this goal is the standard paperwork you need to set up a new fund. It currently requires specialized lawyers whose time can cost over one hundred thousand dollars per fund formation.

Today, VC Lab is providing a set of freely available boilerplate documents intended to streamline the process, save everyone time and money and make fund governance structures more accessible.

We have general partners launching funds from all around the world, cofounder Adeo Ressi explains. The last cohort enrolled venture investors from 62 different countries, including Central Asia, Africa, and every other place you can imagine.

Legal costs are the last thing they need.

The new managers who are getting into venture are coming in with a passion for change the funds often have a very focused thesis, and they tend to be smaller in size. They really want to help the companies they work with to succeed at any cost. They dont need 200 to 400 pages of legal agreements governing every small decision that they make. They need lean and light, easy-to-use agreements.

The package, which VC Lab is calling Cornerstone, is a short 33 pages that include a term sheet, a subscription agreement and an LPA (and this user guide). Similar fund formation documents regularly run into the hundreds of pages.

Theres been widespread recognition that fund formation docs are ridiculously complex and in need of an overhaul, says Hans Kim, a longtime startup lawyer in Silicon Valley who co-authored the new package. Ive had numerous founder clients who made money and want to put their capital to good use through investing. But if they get more serious than personal angel investing, you refer them to a fund formation lawyer. Then they see the price and have to think twice.

Improvements include a streamlined list of definitions, simplified sections on management fees and triggers for limited operator mode (sample here), according to co-author Rich Gora of Gora LLC. The current document includes details for domiciling the firm in the United States with plans for other popular locations like Canada, The Netherlands and Singapore coming soon.

As a fund formation lawyer who works with a wide variety of investors, he says the goal is to help businesspeople work out business issues in plain terms. Once the parties have talked through what they want to agree to, they can take the product to an expert like himself to finalize.

Over the last ten months, he says about the writing process, we looked at every single industry LP agreement we could find. We took concepts that would be 20 lines and distilled them into three. The concepts are there but the lawyer verbiage is gone.

Ressi estimates that the new documents can cut legal costs in half or more, depending on factors like how many LPs you bring in. Theres also a shortage of lawyers with fund formation expertise, he notes. Providing standard documents will speed this process up and help the global venture capital ecosystem develop faster.

VC Lab was formed within the Founder Institute, a global startup accelerator that has already made similar contributions to the startup ecosystem. Nearly nine years ago it helped develop the concept of convertible equity, a precursor to the SAFE note, which removes the debt elements from convertible notes.

We believe that all the bottlenecks need to be done away with, Ressi says about startup investing. Then, there will be an explosion of new VCs and new LPs all around the world who are entering the asset class. That will create a real positive change for humanity because, no matter where you are in the world, you can pursue an idea to make the world a better place and find the resources you need to make it a reality. Unfortunately, this is not true today.

sauce: techcrunch
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