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Chartable, a startup known for its authoritative podcast download charts, is announcing that it has raised $2.25 million in seed funding.
Founders Dave Zohrob and Harish Agarwal previously worked together at AngelList, and they also created Hacker Daily, a podcast recapping the headlines from Hacker News. Zohrob (Chartable’s CEO) told me their experience hosting a podcast convinced the pair to create an analytics product.
“Podcasting is a weird market,” he said. “One day, our downloads went from 4,000 a day to 5,000 a day. Why did that happen? We had no idea.”
So they built Chartable to give publishers and advertisers the insights they need to understand their audience and their business.
That means creating industry-wide charts, but also helping publishers aggregate their listening data across different podcast apps and launching products like SmartAds (to measure the effectiveness of podcast advertising), SmartLinks (to track the effectiveness of digital marketing campaigns at driving podcast downloads) and SmartPromos (an attribution product for cross-podcast promotional campaigns).
Founded in 2018, Chartable says it’s now tracking 1 billion podcast downloads and ad impressions every month, compared to 100 million downloads a year ago. While the startup offers a free version for independent podcasters, Zohrob noted it’s currently working with eight of the 10 biggest podcast publishers globally.
Chartable founders Harish Agarwal and Dave Zohrob (Image Credits: Chartable)
He argued that in some ways, history is repeating itself, and that Chartable serves a similar function for podcasts as analytics companies like App Annie do for the App Store. At the same time, he suggested that podcasting is a very different market.
“It’s more fragmented, it’s not just Apple and Android, and there’s a billion different business models,” Zohrob said. “There’s a lot more complexity.”
As for whether upcoming privacy changes in iOS could affect Chartable’s attribution tools, Zohrob said it shouldn’t make “a huge difference,” because the data for podcast attribution is so limited already.
“Ultimately what’s happening with the rest of digital advertising is that it’s going to start to look like podcast advertising, which is kind of funny,” he said. “Maybe they’ll end up meeting somewhere in the middle.”
The funding was led by Initialized Capital, which also contributed to Chartable’s $1.5 million round last year. Other investors include Naval Ravikant, Greycroft Partners, The Fund, Weekend Fund, Jim Young and Lukas Biewald.
“Chartable is the authority on podcast analytics and attribution,” said Initialized co-founder Alexis Ohanian in a statement. (He led the Chartable investment before leaving Initialized.) “We couldn’t be happier to support them as they build the tools that brands and publishers need to advance the podcast industry.”
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Even as more than 150 million people are using digital payment apps each month in India, only about 20 million of them invest in mutual funds and stocks. A startup that is attempting to change that by courting millennials has just received a big backing.
Bangalore-headquartered Groww said on Thursday it had raised $30 million in its Series C financing round. YC Continuity, the growth-stage investment fund of Y Combinator, led the round, while existing investors Sequoia India, Ribbit Capital and Propel Ventures participated in it. The new round brings three-year-old startup Groww’s total raise-to-date to $59 million.
Groww allows users to invest in mutual funds, including systematic investment planning (SIP) and equity-linked savings. The app maintains a very simplified user interface to make it easier for its largely millennial customer base to comprehend the investment world. It offers every fund that is currently available in India.
In recent months, the startup has expanded its offerings to allow users to buy stocks of Indian firms and digital gold, said Lalit Keshre, co-founder and chief executive of Groww, in an interview with TechCrunch. Keshre and other three co-founders of Groww worked at Flipkart before launching their own startup.
Groww has amassed over 8 million registered users for its mutual fund offering, and over 200,000 users have bought stocks from the platform, said Keshre. The new fund will allow Groww to further expand its reach in the country and also introduce new products, he said.
One of those products is the ability to allow users to buy stocks of U.S.-listed firms and derivatives, he said. The startup is already testing this with select users, he said.
“We believe Groww is building the largest retail brokerage in India. At YC, we have known the founders since the company was just an idea and they are some of the best product people you will meet anywhere in the world. We are grateful to be partners with Groww as they build one of the largest retail financial platforms in the world,” said Anu Hariharan, partner at YC Continuity, in a statement.
More than 60% of Groww users come from smaller cities and towns of India and 60% of these have never made such investments before, said Keshre. The startup is conducting workshops in several small cities to educate people about the investment world. And that’s where the growth opportunities lie.
“India is seeing increased participation of retail investors in financial markets — with 2 million new stock market investors added in the last quarter alone,” said Ashish Agrawal, principal at Sequoia Capital India, in a statement.
Scores of startups such as Zerodha, INDWealth and Cube Wealth have emerged and expanded in India in recent years to offer wealth management platforms to the country’s growing internet population. Many established financial firms such as Paytm have also expanded their offerings to include investments in mutual funds. Amazon, which has aggressively expanded its financial services catalog in India in recent months, also sells digital gold in the country.
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Metadata.io announced today that it has raised $6.5 million in Series A funding.
It’s been more than four years since I wrote about the startup’s $2 million seed funding. At the time, co-founder and CEO Gil Allouche described the product as helping business-to-business marketers target their ads as people who resemble their existing sales leads.
Since then, the company has launched its product in general availability, and Allouche told me yesterday that it’s become “really the middleware for the sales and marketing stack.”
“It doesn’t just … give you insights, it skips the human as the bottleneck of execution for marketing [operations],” Allouche said, adding that this makes marketing teams more efficient while also eliminating much of the drudgery. “If you’re a Don Draper who’s really good at creative or content, you should spend your time on that and not in an Excel spreadsheet.”
At the same time, ad targeting remains a key part of the company’s capabilities. For example, its new product MetaMatch allows advertisers to build and target custom audiences on Facebook, LinkedIn and programmatic display.
Allouche also said that demand has increased “quite significantly” since the beginning of the pandemic. That’s counter to larger digital ad trends, but he noted that B2B companies still need to reach customers, and many of the old tools — like in-person events — are now off the table.
Gil Allouche and the Metadata leadership team
In addition, he said that Metadata’s proprietary database of 1.4 billion customer profiles have given it an additional advantage in the face of privacy regulation and ad-tracking restrictions.
The platform has been used by companies including Zoom, Drift, Pendo, Udacity, and Vonage.
The new funding was led by Resolute Ventures, with participation from Greycroft, York IE, Stormbreakers, Eloqua founder Mark Organ, Segment founder Ilya Volodarsky and others.
“Metadata isn’t another marketing technology,” Organ said in a statement. “From the origin of the company transforming marketing operations by eliminating tedious manual work, to today, creating a category that transcends demand gen, it is enabling the autonomous marketer to be a reality. It is the marketer that’s needed for the future.”
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When companies need to find manufacturers to build custom parts, it’s not always an easy process, especially during a pandemic. Xometry, a seven-year-old startup based in Maryland, has built an online marketplace where companies can find manufacturers across the world with excess capacity to build whatever they need. Today, the company announced a $75 million Series E investment to keep expanding the platform.
T. Rowe Price Associates led the investment, with participation from new firms Durable Capital Partners LP and ArrowMark Partners. Previous investors also joined the round, including BMW i Ventures, Greenspring Associates, Dell Technologies Capital, Robert Bosch Venture Capital, Foundry Group, Highland Capital Partners and Almaz Capital . Today’s investment brings the total raised to $193 million, according to the company.
Company CEO and co-founder Randy Altschuler says Xometry fills a need by providing a digital way of putting buyers and manufacturers together with a dash of artificial intelligence to put the right combination together. “We’ve created a marketplace using artificial intelligence to power it, and provide an e-commerce experience for buyers of custom manufacturing and for suppliers to deliver that manufacturing,” Altschuler told TechCrunch.
The kind of custom pieces that are facilitated by this platform include mechanical parts for aerospace, defense, automotive, robotics and medical devices — what Altschuler calls mission-critical parts. Being able to put companies together in this fashion is particularly useful during COVID-19 when certain regions might have been shut down.
“COVID has reinforced the need for distributed manufacturing and our platform enables that by empowering these local manufacturers, and because we’re using technology to do it, as COVID has unfolded […] and as continents have shut down, and even specific states in the United States have shut down, our platform has allowed customers to autocorrect and shift work to other locations,” he explained
What’s more, companies could take advantage of the platform to manufacture critical personal protective equipment. “One of the beauties of our platform was when COVID hit customers could come to our platform and suddenly access this tremendous amount of manufacturing capacity to produce this much-needed PPE,” he said.
Xometry makes money by facilitating the sale between the buyer and producer. They help set the price and then make money on the difference between the cost to produce and how much the buyer was willing to pay to have it done.
They have relationships with 5,000 manufacturers located throughout the world and 30,000 customers using the platform to build the parts they need. The company currently has around 350 employees, with plans to use the money to add more to keep enhancing the platform.
Altschuler says from a human perspective, he wants his company to have a diverse workforce because he never wants to see people being discriminated against for whatever reason, but he also says as a company with an international market, having a diverse workforce is also critical to his business. “The more diversity that we have within Xometry, the more we’re able to effectively market to those folks, sell to those folks and understand how they utilize technology. We’re just going to better understand our customer set as we [build a more diverse workforce],” he said.
As a Series E-stage company, Altschuler does not shy away from the IPO question. In fact, he recently brought in new CFO Jim Rallo, who has experience taking a company public. “The market that we operate in is so large, and there’s so many opportunities for us to serve both our customers and our suppliers, and we have to be great for both of them. We need capital to do that, and the public markets can be an efficient way to access that capital and to grow our business, and in the end that’s what we want to do,” he said.
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When we last reported on Snyk in January, eons ago in COVID time, the company announced $150 million investment on a valuation of over $1 billion. Today, barely nine months later, it announced another $200 million and its valuation has expanded to $2.6 billion.
The company is obviously drawing some serious investor attention, and even a pandemic is not diminishing that interest. Addition led today’s round, bringing the total raised to $450 million with $350 million coming this year alone.
Snyk has a unique approach to security, building it into the development process instead of offloading it to a separate security team. If you want to build a secure product, you need to think about it as you’re developing the product, and that’s what Snyk’s product set is designed to do — check for security as you’re committing your build to your git repository.
With an open-source product at the top of funnel to drive interest in the platform, CEO Peter McKay says the pandemic has only accelerated the appeal of the company. In fact, the startup’s annual recurring revenue (ARR) is growing at a remarkable 275% year over year.
McKay says even with the pandemic his company has been accelerating, adding 100 employees in the last 12 months to take advantage of the increasing revenue. “When others were kind of scaling back we invested and it worked out well because our business never slowed down. In fact, in a lot of the industries it really picked up,” he said.
That’s because as many other founders have pointed out, COVID is speeding up the rate at which many companies are moving to the cloud, and that’s working to Snyk’s favor. “We’ve just capitalized on this accelerated shift to the cloud and modern cloud-native applications,” he said.
The company currently has 375 employees, with plans to add 100 more in the next year. As it grows, McKay says that he is looking to build a diverse and inclusive culture, something he learned about as he moved through his career at VMware and Veeam.
He says one of the keys at Snyk is putting every employee through unconscious bias training to help limit bias in the hiring process, and the executive team has taken a pledge to make the company’s hiring practices more diverse. Still, he recognizes it takes work to achieve these goals, and it’s always easy for an experienced team to go back to the network instead of digging deeper for a more diverse candidate pool.
“I think we’ve put all the pieces in place to get there, but I think like a lot of companies, there’s still a long way to go,” he said. But he recognizes the sooner you embed diversity into the company culture, the better because it’s hard to go back after the fact and do it.
Addition founder Lee Fixel says he sees a company that’s accelerating rapidly and that’s why he was willing to pour in so big an investment. “Snyk’s impressive growth is a signal that the market is ready to embrace a change from traditional security and empower developers to tackle the new security risk that comes with a software-driven digital world,” he said in a statement.
Snyk was founded in 2015. The founders brought McKay on board for some experienced leadership in 2018 to help lead the company through its rapid growth. Prior to the $350 million in new money this year, the company raised $70 million in 2019.
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Sprinklr has been busy the last few years acquiring a dozen companies, then rewriting their code base and incorporating them into the company’s customer experience platform. Today, the late-stage startup went back to the fundraising well for the first time in four years, and it was a doozy, raising $200 million on a $2.7 billion valuation.
The money came from private equity firm Hellman & Friedman, which also invested $300 million in buying back secondary shares. Meanwhile the company also announced $150 million in convertible securities from Sixth Street Growth. That’s a lot of action for a company that’s been quiet on the fundraising front for years.
Company founder and CEO Ragy Thomas says he sought the investment now because after building a customer experience platform, he was ready to accelerate and he needed the money to do it. He expects the company to hit $400 million in annual recurring revenue by year’s end and he says that he sees a much bigger opportunity on the horizon.
“We think it’s a $100 billion opportunity and our large public competitors have validated that and continue to do so in the customer experience management space,” he said. Those large competitors include Salesforce and Adobe.
He sees customer experience management as having the kind of growth that CRM has had in the past, and this money gives him more options to grow faster, while working with a big private equity firm.
“So what was appealing in this market for us was not just putting some more money in the bank and being a little more aggressive in growth, innovation, go to market and potential M&A, but what was also appealing is the opportunity to bring someone like a Hellman & Friedman to the table,” Thomas said.
The company has 1,000 clients, some spending millions of dollars a year. They currently have 1,900 employees in 25 offices around the world, and Thomas wants to add another 500 over the next 12 months — and he believes that $1 billion in ARR is a realistic goal for the company.
As he builds the company, Thomas, who is a person of color, has codified diversity and inclusion into the company’s charter, what he calls the “Sprinklr Way.” “For us, diversity and inclusion is not impossible. It is not something that you do to check a box and market yourself. It’s deep in our DNA,” he said.
Tarim Wasim a partner at investor Hellman & Friedman, sees a company with tremendous potential to lead a growing market. “Sprinklr has a unique opportunity to lead a Customer Experience Management market that’s already massive — and growing — as enterprises continue to realize the urgent need to put CXM at the heart of their digital transformation strategy,” Wasim said in a statement.
Sprinklr was founded in 2009. Before today, it last raised $105 million in 2016 led by Temasek Holdings. Past investors include Battery Ventures, ICONIQ Capital and Intel Capital.
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Nreal, one of the most-watched mixed reality startups in China, just secured $40 million from a group of high-profile investors in a Series B round that could potentially bring more adoption to its portable augmented headsets.
Kuaishou, the archrival to TikTok’s Chinese version Douyin, led the round, marking yet another video platform to establish links with Nreal, following existing investor iQiyi, China’s own Netflix. Like other major video streaming sites around the world, Kuaishou and iQiyi have dabbled in making augmented reality content, and securing a hardware partner will no doubt be instrumental to their early experiments.
Other backers in the round with plentiful industry resources include GP Capital, which counts state-owned financial holding group Shanghai International Group and major Chinese movie studio Hengdian Group as investors; CCEIF Fund, set up by state-owned telecom equipment maker China Electronics Corporation and state-backed investment bank China International Capital Corporation; GL Ventures, the early-stage fund set up by prominent private equity firm Hillhouse Capital; and Sequoia Capital China.
In early 2019, Nreal brought onboard Xiaomi founder’s venture fund Shunwei Capital for its $15 million Series A funding. As I wrote at the time, AR, VR, MR, XR — whichever marketing coinage you prefer — will certainly be a key piece in Xiaomi’s Internet of Things empire. It’s not hard to see the phone titan sourcing smart glasses from Nreal down the road.
The other key partner of Nreal, a three-year-old company, is Qualcomm . The chipmaker has played an active part in China’s 5G rollout, powering major Chinese phone makers’ next-gen handsets. It supplies Nreal with its Snapdragon processors, allowing the startup’s lightweight mixed reality glasses to easily plug into an Android phone.
“Its closer partnership with Qualcomm will allow it to access Qualcomm’s network of customers, including telecoms companies,” Seewan Toong, an industry consultant on AR and VR, told TechCrunch.
Indeed, the mixed reality developer has already signed a deal with Japanese telco KDDI and in Korea, it’s working with LG’s cellular carrier LG Uplus Corp.
The latest round brings Nreal’s total raise to more than $70 million and will accelerate mass adoption of its mixed reality technology in the 5G era, the company said.
It remains to be seen how Nreal will live up to its promise, secure users at scale and move beyond being a mere poster child for tech giants’ mixed reality ambitions. So far its deals with big telcos are in a way reminiscent of that of Magic Leap, which has been in a legal spat with Nreal, though the Chinese company appears to burn through less cash so far. The troubled American company is currently pivoting to relying on enterprise customers after failing to crack the consumer market.
“Nreal is patient and not in a rush to show they can start selling high volume. It’s trying to prove that there’s a user scenario for its technology,” said Toong.
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Transposit is a company built by engineers to help engineers, and one big way to help them is to get systems up and running faster when things go wrong — as they always will at some point. Transposit has come up with a way to build runbooks for faster disaster recovery, while using data to update them in an automated fashion.
Today, the company announced a $35 million Series B investment led by Altimeter Capital, with participation from existing investors Sutter Hill Ventures, SignalFire and Unusual Ventures. Today’s investment brings the total raised to $50.4 million, according to the company.
Company CEO Divanny Lamas and CTO and founder Tina Huang see technology issues as less an engineering problem and more as a human problem, because it’s humans who have to clean up the messes when things go wrong. Huang says forgetting the human side of things is where she thinks technology has gone astray.
“We know that the real superpower of the product is that we focus on the human and the user side of things. And as a result, we’re building an engineering culture that I think is somewhat differentiated,” Huang told TechCrunch.
Transposit is a platform that at its core helps manage APIs, connections to other programs, so it starts with a basic understanding of how various underlying technologies work together inside a company. This is essential for a tool that is trying to help engineers in a moment of panic figure out how to get back to a working state.
When it comes to disaster recovery, there are essentially two pieces: getting the systems working again, then figuring out what happened. For the first piece, the company is building data-driven runbooks. By being data-driven, they aren’t static documents. Instead, the underlying machine learning algorithms can look at how the engineers recovered and adjust accordingly.
Image Credits: Transposit
“We realized that no one was focusing on what we realize is the root problem here, which is how do I have access to the right set of data to make it easier to reconstruct that timeline, and understand what happened? We took those two pieces together, this notion that runbooks are a critical piece of how you spread knowledge and spread process, and this other piece, which is the data, is critical,” Huang said.
Today the company has 26 employees, including Huang and Lamas, who Huang brought on board from Splunk last year to be CEO. The company is somewhat unique having two women running the organization, and they are trying to build a diverse workforce as they build their company to 50 people in the next 12 months.
The current make-up is 47% female engineers, and the goal is to remain diverse as they build the company, something that Lamas admits is challenging to do. “I wish I had a magic answer, or that Tina had a magic answer. The reality is that we’re just very demanding on recruiters. And we are very insistent that we have a diverse pipeline of candidates, and are constantly looking at our numbers and looking at how we’re doing,” Lamas said.
She says being diverse actually makes it easier to recruit good candidates. “People want to work at diverse companies. And so it gives us a real edge from a kind of culture perspective, and we find that we get really amazing candidates that are just tired of the status quo. They’re tired of the old way of doing things and they want to work in a company that reflects the world that they want to live in,” she said.
The company, which launched in 2016, took a few years to build the first piece, the underlying API platform. This year it added the disaster recovery piece on top of that platform, and has been running its beta since the beginning of the summer. They hope to add additional beta customers before making it generally available later this year.
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Bambuser is a name you may not have heard in a while, but the Stockholm-headquartered company is announcing today that it has raised $45 million in new funding this year, with $34.5 million of that amount raised during the pandemic.
Bambuser’s history goes back more than a decade (the first TechCrunch coverage appeared in 2008). CEO Maryam Ghahremani told me that the founders’ idea — using smartphones to stream live video journalism — made them “very, very much ahead of their time.”
However, being ahead of your time isn’t always a good thing, and Ghahremani that the company has also struggled with having “too little capital” (although it publicly listed on Nasdaq First North in 2017) and also with turning its technology into a great product and a scalable business model.
So Ghahremani was brought on to change all that two years ago. She told me she soon saw an opportunity in the growth of live video shopping, particularly in China, with potential clients starting to ask whether Bambuser had any products for this. It didn’t at the time, but it quickly shifted focus and launched its first live video shopping products last fall.
“We didn’t plan for the pandemic to hit the world,” Ghahremani said. “We started this because we believe that this is going to be the future of retail.”
At the same time, she suggested that the pandemic — and the resulting shutdowns and struggles of brick-and-mortar retail — have accelerated the transition, giving Bambuser’s business a big boost. The company’s offering has been used by brands including H&M, Motivi, Moda Operandi, Frame, LUISAVIAROMA and Showfields, and it says that in Q2, net sales were up 669% year-over-year.
Bambuser CEO Maryam Ghahremani (Image Credits: Bambuser)
While e-commerce and social media platforms are expanding their support in this area, Ghahremani said brands are turning to Bambuser because they want to offer a live shopping experience while still owning the brand experience, the customer data and the transaction itself.
She also emphasized that Bambuser is focused on being a business-to-business product, rather than a consumer shopping platform.
“We are trying to create not another Instagram or Facebook or marketplace, because we believe other [companies] are already doing that,” she said. “We’re not even interested in going into that battle. What we’re trying to do, what we need to do is help the larger brands.”
Participants in the new funding include Consensus Asset Management, Handelsbanken, Harmony Partners, Lancelot Asset Management, Tenth Avenue Holdings and TIN Fonder .
Among other things, Ghahremani said she’d hoped to create a physical presence in the United States earlier this year, but those plans were delayed by the pandemic. Still, she’s now planning to open a New York office this quarter. And in the meantime, the U.S. has already become the company’s largest market.
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With Dorian, co-founder and CEO Julia Palatovska said she’s hoping to empower fiction writers and other storytellers to create their own games.
The startup is announcing that it has raised $3.25 million in seed funding led by March Capital Partners, with participation from VGames, Konvoy Ventures, London Venture Partners, Michael Chow (co-creator of the Twitch series “Artificial”), Andover Ventures and talent management company Night Media.
In addition, John Howell, the former vice president of partnerships at Twitch, has joined the board as an independent director.
Palatskova previously worked in gaming as the head of business development at G5 Entertainment, and she said she’d also become entranced by narrative games and interactive fiction. And while there are existing interactive fiction platforms, she saw “an opportunity that I felt was missing,” particularly in the fact that those platforms are “entirely single player, with no opportunity to play and collaborate with other people.”
So she gave me a quick tour of the Dorian platform, showing me how, without coding, a writer can essentially design characters and backgrounds by choosing from a variety of visual assets (and they’ll eventually be able to upload assets of their own), while using a flowchart-style interface to allow the writer to connect different scenes in the story and create player choices. And as Palatskova noted, you can also collaborate on a story in real-time with other writers.
“In terms of writer productivity, I would say there is almost no difference between creating interactive fiction on our engine and just writing fiction,” she said.
Image Credits: Dorian
From what I could see, the resulting games look similar to what you’d find on platforms like Pocket Gems’ Episode, where there aren’t a lot of technical bells and whistles, so the story, dialogue and character choices move to the forefront.
When I brought up the open-source game creation software Twine, Palatskova said Twine is “just a tool.”
“We want to be more like Roblox, both the tools and the distribution,” she said.
In other words, writers use Dorian to create interactive stories, but they also publish those stories using the Dorian app. (The writer still owns the resulting intellectual property.) Palatskova noted that Dorian also provides detailed analytics on how readers are responding, which is helpful not just for creating stories, but also for monetizing via premium story choices.
In fact, Dorian says that in early tests involving around 50,000 players, writers were able to improve monetization by 70% after only one or two iterations. And Palatskova noted that with Dorian’s games — unlike an interactive film such as “Black Mirror: Bandersnatch” —”It’s fast and easy to test multiple branches.”
Dorian is currently invite-only, but the plan is to launch more broadly later this year. Palatskova is recruiting writers with and without gaming experience, but she also expects plenty of successful contributions to come from complete novices. She wants Dorian to be “a completely open platform, like Roblox or Twitch for writers.”
“Dorian’s success in creating an interactive platform that values storytelling while prioritizing monetization for its writers is a game-changer,” said March Capital’s Gregory Milken in a statement. “Julia and her team are creating a community that is primed to capture the attention of today’s influential but underrepresented audiences of diverse content creators.”
Update: An earlier version of this post incorrectly stated that Dorian had raised $3.15 million.
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