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Starboard Value takes 7.5% stake in Box

Published September 3, 2019

Starboard Value, LP revealed in an SEC Form 13D filing last week that it owns a 7.5% stake in Box, the cloud content management company.

It is probably not a coincidence that Starboard Value looks for undervalued stocks. Box stock has been on a price roller coaster ride, since it went public in 2015 at a price of $14.00 per share before surging to $23.23 per share. It had high share price of $28.12 in May 2018, but the price dipped into the teens in March and was at $14.85 as we went to press. It has a 52-week low price of $12.46 per share.

Screenshot 2019 09 03 17.22.05

As for Box, it wasn’t saying much. “While we do not comment on interactions with our investors, Box is committed to maintaining an active and engaged dialogue with stockholders. The Board of Directors and management team are focused on delivering growth and profitability to drive long-term stockholder value as we continue to pioneer the Cloud Content Management market,” a Box spokesperson told TechCrunch.

The company, which began life as a consumer storage company, made the transition to enterprise software several years after it launched in 2005. It raised more than $500 million along the way, and was a Silicon Valley SaaS darling until it filed its S-1 in 2014.

The S-1 revealed massive sales and marketing spending, and critics came down hard on the company. That led to one of the longest IPO delays in memory, taking 9 month from the time the company filed until it finally had its IPO in January 2015.

In its most recent earnings report last week, Box announced $172.5M in revenue for for the quarter, putting it on a run rate close to $700M.

Levie will be appearing at TechCrunch Sessions: Enterprise on Thursday.

We emailed Starboard Value for comment on this article. Should it respond, we will update the article.

How Zhihu has become one of China’s biggest hubs for experts

Published September 3, 2019

Zhihu may not be as well known outside of China as WeChat or ByteDance’s Douyin, but over the past eight years, it has cultivated a reputation for being one of the country’s most trustworthy social media platforms. Originally launched as a question-and-answer site similar to Quora, Zhihu has grown to be a central hub for professional knowledge, allowing users to interact with experts and companies in a wide range of industries.

Headquartered in Beijing, Zhihu recently raised a $434 million Series F, its biggest round since 2011. The funding also brought Zhihu two important new partners: video and live-streaming app Beijing Kuaishou, which led the round, and Baidu, owner of China’s largest search engine (other participants in the round included Tencent and CapitalToday).

Launched in 2011, Zhihu (the name means “do you know”) is most frequently compared to Quora and Yahoo Answers. While it resembled those Q&A platforms at first, it has grown in scope. Now it would be more accurate to say that the platform is like a combination of Quora, LinkedIn and Medium’s subscription program.

For example, Zhihu has an invitation-only blogging platform for verified experts and since launching official accounts, it has become a channel for companies and organizations to communicate with users. A representative for Zhihu told TechCrunch that the platform had 220 million users and 30,000 official accounts as of January 2019 (for context, there are currently about 800 million Internet users in China), who have posted a total of 130 million answers so far.

The company’s growth will be closely watched since Zhihu is reportedly preparing for an initial public offering. Last November, the company hired its first chief financial officer, Sun Wei, heightening speculation. A representative for the company told TechCrunch the position was created because of Zhihu’s business development needs and that there is currently no timeline for a public listing.

At the same time, the company has also dealt with reports that its growth has slowed.

Bunq simplifies group payment tracking and adds analytics

Published September 3, 2019

European challenger bank Bunq is announcing a handful of updates today. You now get a better overview of your account with more insights on how you spend money. If you’re going on vacation with someone else, you can now choose to automatically add transactions to a Slice Group. There are also improvements to VAT management for business users.

Slice Groups are shared accounts for owners of the Bunq Travel Card. You can create a group with multiple Bunq users and then add expenses to the group. You can’t add money to a Slice Group directly. It is essentially a group accounting feature that lets you keep track of who paid for what, who has a positive balance and who has a negative balance.

While you could easily add Bunq transactions to a group, you still had to manually add them every time there are some new transactions. You can now turn on AutoSlice, a feature that lets you temporarily add all card transactions to a Slice Group.

In other news, Bunq wants to give you more information about your spending habits. It starts with a new feature called Bunq Insights. As the name suggests, your payments are now automatically categorized so that you can see a breakdown of what you do with your money.

When you travel, Bunq now gives you information about your travel destination, such as the exchange rate as well as tips and tricks for that country. Bunq users can add recommendations for other Bunq users.

And if you’re always wondering if you’re spending too much money after getting paid, Bunq now tries to predict how much money you’ll have left at the end of the month. The company analyzes your past transactions to predict how much you’re going to spend over the coming weeks.

Finally, Bunq is updating AutoVAT for business users who have to deal with VAT in Europe. In addition to setting aside VAT you’ll have to pay back, the app now counts how much VAT you’ve paid so far so that you know how much you can reclaim. By combining these two figures, you get the exact VAT amount for your taxes.

Employee survey startup Culture Amp closes $82M round led by Sequoia China

Published September 3, 2019

Each unhappy startup may be unhappy in its own way, but there’s still wisdom in understanding what drives employee satisfaction and dissatisfaction across companies.

Culture Amp is just one of the companies aiming to help employees anonymously express how they feel about their place of work, but the Melbourne company is using the anonymized employee survey data from thousands of customers to help them learn from each other and chart which initiatives made a dent.

The eight-year-old startup has picked up a new bout of funding to help it extend its base of customers further.

Culture Amp just closed a sizable $82 million funding round led by Sequoia Capital China with participation from Sapphire Ventures, Felicis Ventures, Index Ventures, Blackbird Ventures, Hostplus, Skip Capital, Grok Ventures, Global Founders Capital and TDM Growth Partners.

The company’s Series E doubles the company’s total funding raised to date, which now sits at $158 million. Culture Amp closed its last major round of funding — a $40 million Series D — in July of last year.

The company’s subscription survey software gives customers all of the templates, questions and analytics that they need to track employee sentiment and visualize the data that they get back. The software can be used for things like quarterly engagement surveys, but it can also power performance reviews, goal-setting and self-reflections.

Employee surveys are certainly nothing revolutionary, but Culture Amp is trying to improve the process by helping its customers start to bring anonymous feedback to the team level so that employees can give more direct feedback to their managers.

CEO Didier Elzinga tells me the company now has 2,500 customers with a collective 3 million Culture Amp employee surveys under their belts. Elzinga tells TechCrunch that harnessing the collective intelligence of its network to predict things like employee turnover is perhaps one of its strongest value propositions.

“Once you understand the experience that people are having, once you know where you should focus, how do we actually help you act on it?” he tells TechCrunch. “A large part is bringing to bear the collective intelligence of the thousands of companies we already have so that you can learn from people that have suffered from the same sorts of problems.”

The 400-person company’s customers include McDonald’s, Salesforce, Slack and Airbnb.

Starship Technologies CEO Lex Bayer on focus and opportunity in autonomous delivery

Published September 3, 2019

Starship Technologies is fresh off a recent $40 million funding round, and the robotics startup finds itself in a much-changed market compared to when it got its start in 2014. Founded by software industry veterans, including Skype and Rdio co-founder Janus Friis, Starship’s focus is entirely on building and commercializing fleets of autonomous sidewalk delivery robots.

Starship invented this category when it debuted, but five years later it’s one of a number of companies looking to deploy what essentially amounts to wheeled, self-driven coolers that can carry small packages and everyday freight, including fresh food, to waiting customers. CEO Lex Bayer, a former sales leader from Airbnb, took over the top spot at Starship last year and is eager to focus the company’s efforts in a drive to take full advantage of its technology and experience lead.

The result is transforming what looked, to all external observers, like a long-tail technology play into a thriving commercial enterprise.

“We want to do 100 universities in the next 24 months, and we’ll do about 25 to 50 robots on each campus,” Bayer said in an interview about his company’s plans for the future.

Google releases Android 10

Published September 3, 2019

Android 10 is now available, assuming you have a phone that already supports Google’s latest version of its mobile operating system. For now, that’s mostly Google’s own Pixel phones, though chances are that most of the phones that were supported during the beta phase will get updated to the release version pretty soon, too.

Since the development of Android pretty much happens in the open these days, the release itself doesn’t feature any surprises. Just like with the last few releases, chances are you’ll have to look twice after the update to see whether your phone actually runs the latest version. There are plenty of tweaks in Android 10, but some of the most interesting new features are a bit hidden and (at least in the betas) off by default.

The one feature everybody has been waiting for is a dark mode and here, Android 10 doesn’t disappoint. The new dark theme is now ready for your night-time viewing, with the promise of improved battery life for your OLED phone and support from a number of apps like Photos and Calendar. Over time, more apps will automatically switch to a dark theme as well, but right now, the number seems rather limited and a bit random, with Fit offering a dark mode while Gmail doesn’t.

The other major tweak is the updated gesture navigation. This remains optional — you can still use the same old three-button navigation Android has long offered. It’s essentially a tweak of the navigation system that launched with Android Pie. For the most part, the new navigation gestures work just fine and feel more efficient than those in Pie, especially when you try to switch between apps. Swiping left and right from the screen replaces the back button, which isn’t immediately obvious, and a slightly longer press on the side of the screen occasionally opens a navigation drawer. I say “occasionally,” because I think this is the most frustrating part of the experience. Sometimes it works, sometimes it doesn’t. The trick to opening the drawer, it seems, is to swipe at an angle that’s well above 45 degrees.

Also new is an updated Smart Reply feature that now suggests actions from your notifications. If a notification includes a link, for example, Smart Reply will suggest opening it in Chrome. Same for addresses, where the notification can take you right to Google Maps, or YouTube videos that you can play in — you guessed it — YouTube. This should work across all popular messaging apps.

There are also a couple of privacy and security features here, including the ability to only share location data with apps while you use them and a new Privacy section in Settings that gives you access to controls for managing your web and app history, as well as your ad settings in a slightly more prominent place.

With the new Google Play system updates, the company can now also push important security and privacy fixes right to the phone from the Google Play store, which allows it to patch issues without having to go through the system update process. Given the slow Android OS upgrade cycles, that’s an important new feature, though it, too, is an evolution of Google’s overall strategy to decouple these updates and core features from the OS updates.

Two other interesting new features are still in beta or won’t be available until later this year, but Google prominently highlights Focus Mode, which allows you to silence specific apps for a while and which is now in beta, and Live Caption, which will launch in the fall on Pixel phones and which can automatically caption videos and audio across all apps. I’ve been beta testing Focus Mode for a bit and I’m not sure it has really made a difference in my digital well-being, but the ability to mute notifications from YouTube during the workday, for example, has probably made me a tiny bit more productive.

Oh, and there’s also native support for foldable phones, but for the time being, there are no foldable phones on the market.

Like with most recent releases, those are just some of the highlights. There are plenty of small tweaks, too, and chances are you’ll notice a few new fonts and visual tweaks here and there. For the most part, though, you can continue to use Android like you always have. Even major changes like the updated gesture controls are optional. It’s very much an evolutionary update, but that’s pretty much the case for any mobile OS these days.

Deadline alert: Only 4 days to save on passes to Disrupt SF 2019

Published September 3, 2019

October is right around the corner, and if you want to get the lowest possible price on your passes to Disrupt San Francisco 2019 you have just four days left to make it so. Depending on which pass you buy, you can save up to $1,300, but only if you buy your Disrupt SF pass before the deadline expires at 11:59 p.m. (PST) on September 6.

Some of the tech and investment industry’s greatest leaders, minds and makers will be on hand to share their work, insight and advice. It’s a great opportunity to learn from the people who’ve paved the way. Three full days of programming across four different stages will keep you engaged and inspired. Here’s just one example to pique your interest, and you can check out the full Disrupt agenda here.

Curious about the future of flight? You won’t want to miss our Main Stage interview with Sebastian Thrun, CEO of Kitty Hawk. Thrun’s bona fides are nothing short of impressive. Through X, the Alphabet’s moonshot factory he founded, he helped take self-driving cars from theory to reality. He’s also co-founder and executive chairman of Udacity, the $1 billion online education startup. His current endeavor involves bringing two aircraft — the one-person Flyer and a two-person autonomous taxi called Cora — to market. We can’t wait to hear his take on the future of flight.

Curious about capital? Then head on over to the Extra Crunch Stage to hear John Geiger (John Geiger Company) and Kathryn Petralia (Kabbage) talk about alternative ways founders can raise cash without talking to investors. Say what?!

Curious about Startup Alley? Get a head start on your networking strategy by perusing our directory of startups exhibiting in Startup Alley. Be sure to stop by and meet our TC Top Picks — these 45 outstanding startups represent the best in their respective tech categories.

And of course, you won’t want to miss the Startup Battlefield. It’s a fast-paced pitch-a-thon featuring the very best early-stage startups. Watch them pitch and demo under pressure to a tough panel of expert tech and VC judges. Who will win the day — and the $100,000 prize?

Disrupt San Francisco 2019 takes place on October 2-4 — just one month away. But the early-bird pricing disappears promptly at 11:59 p.m. (PST) on September 6. Buy your discounted tickets now, save a bundle and we’ll see you in San Francisco.

Is your company interested in sponsoring or exhibiting at Disrupt San Francisco 2019? Contact our sponsorship sales team by filling out this form.

Joseph Gordon-Levitt is coming to Disrupt SF 2019

Published September 3, 2019

Joseph Gordon-Levitt is perhaps best known for his acting across films like “10 Things I Hate About You,” “500 Days of Summer” and “Snowden.” But times weren’t always peachy for Gordon-Levitt as a creative. After leaving the movie business to go to college, he realized the limits of the industry on his potential as a creative. He decided he wanted to take his creativity into his own hands and launched a message board where he’d post films, songs, etc.

But what started as a side hobby has turned into a production company in its own right, using technology to allow dozens of people to collaborate on a creative project. And, more importantly, it gives each contributor fair credit for their work, paying out individual creatives based on how much of their work was featured in the final product.

Obviously, it goes without saying that we’re thrilled to have Joseph Gordon-Levitt join us at TechCrunch Disrupt SF in October.

Far too rarely do we see creatives supported by the platforms where they post their work. With the current media landscape, and the ever-growing dominance of social media, the relationship between platform and creative is strained at best. And more importantly, it incentivizes all the wrong things.

From an interview in VentureBeat:

If what you’re going for is posting on YouTube, or Instagram, or platforms that monetize through the ad model, where they’re really just going for sheer volume and have the ability to manipulate people through ads, virality is the measure of success. And I think this is exactly at the heart of what’s interesting to me about doing [HitRecord]. I think if that is your measure of success, you’re going to undermine a lot of what’s actually meaningful and joyful about creativity. And I’m actually concerned for the human race’s creative spirit, because so much of our collective creativity is now destined for these platforms that are monetized by this sort of attention economy model. And it twists one’s understanding of one’s own creativity, and what the value of being creative is.

At Disrupt SF, we’ll discuss the growth of the HitRecord platform, plans for that fresh $6.4 million in Series A funding and how founders can seize this moment to provide collaborative tools that align creatives with the platforms they’re using.

Disrupt SF runs October 2 to October 4 at the Moscone Center in the heart of San Francisco. Tickets are available here.

Only 4 days left on super early-bird pricing for Disrupt Berlin 2019

Published September 3, 2019

Our countdown to the super early-bird deadline and serious savings continues unabated, people! The best pricing for passes to Disrupt Berlin 2019 ends in four days. When the clock strikes 11:59 p.m. (CEST) on 6 September, your chance to save up to €600 evaporates. Save your euros for another day and buy your pass right now.

We expect more than 3,000 attendees from more than 50 countries, including European Union members, Israel, Turkey, Russia, Egypt, India, China and South Korea, to name just a few. If you’re a founder, there’s no better place to introduce your early-stage startup to the European and international startup scene.

If you’re an investor, you’ll find hundreds of dynamic early-stage startups exhibiting a wide range of tech products, services and platforms — not to mention a ton of talent — in Startup Alley. Talk about networking on steroids — and a prime opportunity to add to your portfolio.

Don’t just take our word for it. Vlad Larin, co-founder of Zeroqode found tremendous value in his Disrupt Berlin experience.

“TechCrunch Disrupt was a massively positive experience,” said Larin. “It gave us the chance to show our technology to the world and have meaningful conversations with investors, accelerators, incubators, solo founders and developers.”

And Jana Rosenfelder, co-founder of Actijoy, has attended three — count ’em, three — Disrupt conferences. She’s a true believer in the networking opportunities that await founders and investors alike.

“Every startup should attend TechCrunch Disrupt,” said Rosenfelder. “It’s absolutely worth the money, because you can network and make important connections.”

Rosenfelder exhibited as one of our TC Top Picks at Disrupt SF ’18 and called it a door-opening experience. We’re accepting applications to TC Top Picks at Disrupt Berlin right now. Apply right here for your chance to win a free Startup Alley Exhibitor Package, VIP treatment and tons of investor and media love.

That’s just a small sample of reasons to go to Disrupt Berlin. Don’t forget Startup Battlefield, the TC Hackathon and two full days of incredible speakers — leading founders, tech titans and top investors — boundary-pushers all. We’ll keep you posted on our growing roster in the coming weeks.

Disrupt Berlin 2019 takes place on 11-12 December, and you have just four days left to get super early-bird prices on your passes to this epic conference. The deadline strikes at 11:59 p.m. (CEST) on 6 September. Keep up to €600 in your pocket — buy your pass today.

Is your company interested in sponsoring or exhibiting at Disrupt Berlin 2019? Contact our sponsorship sales team by filling out this form.

Kabbage acquires Radius Intelligence, the marketing tech firm with a database of 20M small businesses

Published September 3, 2019

Data is the new oil, as the saying goes, and today Kabbage — a fintech startup backed by SoftBank that has built a business around lending up to $250,000 to small and medium enterprises, using AI-based algorithms to help determine the terms of the loan — is picking up an asset to expand its own data trove as it looks to expand into further SMB financial services. The company has acquired Radius Intelligence, the marketing technology firm that has built a database of information on some 20 million small and medium businesses in the U.S.

Terms of the deal are not being disclosed, but notably, it comes on the heels of a sightly tumultuous period for Radius . Last year, the company announced a merger with its big competitor Leadspace, only to quietly cancel the deal three months later. Then two months after that, it replaced its longtime CEO.

Radius — which is backed by some $120 million from investors that include Founders Fund, David Sacks, Salesforce Ventures, AME Cloud Ventures and the actor Jared Leto, among others — last had a valuation of around $200 million, according to PitchBook, but that was prior to these events. Kabbage, meanwhile, has raised hundreds of millions in equity and debt and is valued at more than $1 billion. The deal will be financed off Kabbage’s own balance sheet and will not require the company to raise more funds, I understand.

Rob Frohwein, Kabbage’s co-founder and CEO, said in an interview that the plan is to integrate Radius’ tech and IP into the Kabbage platform — the task will be overseen by Radius’ current CEO, Joel Carusone — as well as Radius’ tech team of 20 engineers, who will work for the Atlanta-based startup out of its office in San Francisco.

He also added that Radius’ current products — which include market intelligence and contact information for employees at SMBs in the U.S., along with a host of related solutions, which up to now had been gathered both via public sources and the businesses updating the information themselves; as well as the technology for merging disparate sources of data and ferreting out the “valid” pieces that are worth retaining and throwing out what is out of date — will not be sold any longer via Radius. From now on, there will be only one customer for all that data: Kabbage itself (the company had already been a user of Radius’ data to help its own marketing team connect with new and and existing customers).

“We have known the company for a long time,” said Frohwein. Other customers that Radius lists on its site include Square, American Express, LendingTree, FirstData, MetLife, Sam’s Club, Yahoo and more.

This doesn’t mean that Kabbage might not offer the SMB intelligence in a format to businesses directly via its own platform at some point, but it also means that as Kabbage expands into services that might compete with some of Radius’ now-former customers — payments and merchant acquirer services, as well as tools to help SMBs grow their own customer funnels are some that are on the cards for the coming months — it will have an edge on them because of the data on users that it will now own.

The deal underscores two bigger trends among startups that focus on enterprise customers. First, it points to ongoing consolidation in the world of marketing tech, in part as businesses look for ways to better compete against the likes of Microsoft and Salesforce, which are also continually building out their stacks of services. And we likely will see more activity from stronger fintech companies keen to expand their platforms to provide more touchpoints and revenue streams from existing customers, as well as more services to expand the customer base overall.

“We’re thrilled to join the Kabbage team. As a company dedicated to small business analytics and data management, we’ve always had a deep respect for Kabbage’s data-driven technology and focus,” Radius CEO Carusone said in a statement. “Our companies have complementary technical architectures and domain experience for decision making. With Kabbage, we can build a more sophisticated analytics solution to identify, reach and serve small businesses.”

Kabbage itself is not looking for new funding at the moment, Frohwein said, but he added also that it is on a fast trajectory at the moment but still a ways away from an IPO, so I wouldn’t discount more raises in the future. The company is currently on track to see revenues up 40% versus last year, with customers up 60%.

“We’re always looking to grow,” he said.