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It’s Thursday, everyone, and the tech and startup worlds were mixed today. We learned of the final death of Internet Explorer (RIP), Snap’s new AR glasses, new cryptocurrency rules for the US, and even took the time to review all of the pizza-robot startups. . Damn, Ford even made the cut with their new electric truck that I secretly covet (it can power your house if the grid goes down!).
As always, we’ve rounded up the three key stories of the day below, and then we’ve got a quick breakdown of startup and Big Tech news to follow. Let’s go! – Alex
TechCrunch’s top 3
- Consumer financial technology is therefore hot: With Berlin-based investment app Trade Republic raising $ 900 million, and Robinhood’s partial first quarter results looking solid, your Twitter feed can seem entirely fintech, all the time. And for good reason, because the startups of the niche see a huge demand from customers, which, in turn, makes public and private investors salivate.
- E-commerce roll-ups are raising billions: The world is rapidly moving towards e-commerce, leading a multitude of startups to raise tons of money to buy and consolidate brands that sell on popular digital platforms. It’s an arms race to own your wallet, and Factory14 just raised $ 200 million for its own efforts. (More here and here.)
- Governments are not happy with cryptocurrencies: In the wake of news of further crackdowns on Bitcoin and its friends in China, the United States seeks to “put in place new requirements that would make it easier for the government to see how money flows, including digital currencies.” , Taylor reports. .
Startups and VC
The startup world is inundated with capital these days, so we can’t access all the latest rounds of venture capital in one lump. However, here are a few favorites of the day:
Eano raises $ 6 million for its home improvement software: Home renovations are difficult because most of us are not trained project managers. Eano wants to simplify the process for both owners and people hired to do the renovations. Thank God.
Workrise raises $ 300 million for its workforce management platform: With Procore’s IPO going well today and Workrise raising $ 300 million around the same time, it seems like the time is right to create products for less sexy markets. Workrise, for example, âconnects skilled workers with infrastructure and energy companies looking to staff and manage projects efficiently.â With Franklin Templeton now an investor, it looks like he’s headed for an IPO in no time.
Pitch raises $ 85 million to help people create shareable presentations: The drive to build and fund software that fits seamlessly into a remote or hybrid working world continues today, with Pitch announcing a huge turn at a $ 600 million valuation for what Ingrid describes as the âAbility for people to create, collaborate and share presentations with each other through an online interface. Frankly, that sounds cool.
Maven raises $ 20 million for its cohort-based professional courses: The rush for VC education technology continues, with Andreessen Horowitz leading a $ 20 million round in Maven, which Natasha says “helps professionals teach cohort-based classes.” Maven notably raised funds through equity crowdfunding earlier in his life.
Kredito Raises $ 4 Million for LatAm Small Business Loans: The fintech lending boom that has impacted consumers (BNPL and others) and businesses does not stop at the borders of the United States. Kredito is proof of this, by organizing a new cycle to help Latin American SMEs access credit.
Driving the hype is human nature: the tyranny of startup trends
Fear of Missing Out (FOMO) spreads faster than forest fires and often overwhelms rational decision-making.
In the VC community, investors seek lessons from disruptive startups that they can use to identify other potential winners. But the hype leads to bad decisions, rushed due diligence and wishful thinking.
When and if these startups actually succeed, âirrational FOMO takes overâ because the initial assessment was based on bad information, says Victor Echevarria, an associate at Jackson Square Ventures. âTrends create dependency; staying disciplined and avoiding the hype is to deny our innate instincts.
It’s natural for investors to follow the crowd, but in the race to the bottom, FOMO can be a high octane fuel.
(Extra Crunch is our membership program, which helps founders and startup teams move forward. You can register here.)
Big Tech Inc.
Today’s Big Tech news comes from Microsoft, Google, Twitter, and Snap. And TikTok. Enjoy:
Twitter’s epic product line continues: Twitter’s product news parade continued today, with the social media company announcing an overhaul of user profiles and the resumption of its verification process. Between a rapid deployment of its product Spaces, competitor of the Clubhouse, or its media push with Revue and subscriptions, Twitter has been on a roll.
Google hasn’t learned from Microsoft’s retail experience: Big Search follows Redmond in the IRL retail game that the latter company has already given up on. Which is disappointing because I digged into Microsoft stores a bit. Either way, read all about the upcoming Google Meatspace showcase here.
Microsoft puts Internet Explorer to rest: Internet Explorer’s death date has been set for June 2022, so you have just as much time to play around with the venerable Internet browser, albeit comically dated. Few will miss Internet Explorer, but it was quite a key product in the rise of the Web. Kind of like Yahoo. Even though Yahoo will roll again (again). Again.
TikTok is developing very late anti-bullying tools: As the founder of his parent company steps down amid the Chinese government’s crackdown on the country’s tech industry, TikTok is rolling out long-awaited features that should make its service a little better to use. Finally.
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We are delighted to announce that Mate Rimac will join us at TC Sessions: Mobility 2021, a one-day virtual event scheduled for June 9th. We have a long way to go, from how he started a business outside of a traditional incubator or venture capital network to his next 1,914 hp electric hypercar and plans for the future of the company.