Startups
Auto Added by WPeMatico
Auto Added by WPeMatico
Robotic process automation unicorn UiPath is set to go public this week, concentrating our focus on its value.
The well-known company was last valued on the private markets at $35 billion in February when it closed a $750 million round. Living up to that price as a public company, however, at least when it comes to its formal IPO price, is proving to be challenging.
In a sense, that’s not too surprising given that the red-hot IPO market cooled as Q1 2021 came to a close. UiPath raised its last private round when the markets were most interested in public offerings and is now going public in a slightly altered climate.
In numerical terms, UiPath raised its IPO range from $43 to $50 per share, to $52 to $54 per share. That’s a 21% jump in the value of the lower end of its range, and an 8% gain to the value of the upper end of its per-share IPO price interval.
UiPath is also selling more shares than before, which should make its total valuation slightly larger at the top end than a mere 8% gain. So let’s go through the math one more time. Afterward, we’ll stack its new simple, fully diluted IPO valuations against its final private price, ask ourselves if our musings on the company’s recent profitability bore out, and close by asking where the company might finally price, and if we expect it to do so above its new price range.
Powered by WPeMatico
A stunning first quarter in venture capital funding was not restricted to the United States; Europe also had one hell of a start to the year.
According to data from Dealroom and Crunchbase News, an investor, and an analyst from PitchBook, European startups put together an impressive fundraising haul. The venture capital world kicked off its 2021 European investing cycle with enough activity to set the continent on the path that would crush yearly records.
The Exchange explores startups, markets and money.
Read it every morning on Extra Crunch or get The Exchange newsletter every Saturday.
Inside the data, there’s lots to unpack, including which sectors of European startups stood out in terms of capital raised, rising seed and late-stage deals, and dollar volume. We’ll also need to discuss exits — the Deliveroo IPO and its various woes was not the only transaction from the period worth understanding.
As with our prior looks at AI startup fundraising and the United States’ own blistering start to the year, we’ll lean on multiple sources to ensure that we have a wide lens. And we’ll keep in mind that all venture capital data lags reality somewhat, as many deals from a particular period are not disclosed or discovered until long after they actually occurred.
In this case, it makes the numbers all the more impressive. Let’s get into the data.
Dealroom was first out of the gate, reporting that European startups had a record quarter in Q1 2021 back when April just got started. Its preliminary results for the first quarter indicated that startups on the continent raised €16.6 billion, or $19.9 billion at today’s exchange rates.
That total was not only a record, but what Dealroom described as double the results of Q1 2020. While we’ve become slightly inured in recent months to the venture capital market’s rapid pace and capital-rich environment, it’s worth considering for a moment, as the first quarter of last year ended, how few of us would have guessed that just a year later — as COVID-19 still harms public health and disrupts life and business — we’d see numbers like this.
The Dealroom data, however, was not all records. Round volume by the group’s estimates was down from the year-ago period, if slightly better than the last few quarters. The general move toward the later-stage and larger-round venture capital market is alive and well in Europe.
Powered by WPeMatico
Regret — such an unfortunate and unnecessary emotion, is it not? If you missed out on our April TC Early Stage bootcamp, this is your chance to cast regret aside and secure your spot at TC Early Stage 2021: Marketing and Fundraising on July 8-9.
Jumping on the TC Early Stage bandwagon this well, early, offers a sweet benefit — you’ll save $100 bucks. But that early-bird savings disappears in less than two weeks. Don’t miss out. Buy your Early Stage 2021: Marketing and Fundraising ticket before April 30, at 11:59 p.m. (PDT).
Let’s talk about the other benefits of attending TC Early Stage 2021: Marketing and Fundraising. This bootcamp is all about helping founders in their early innings learn, develop and improve on the essential skills required to build a successful startup.
You’ll hear from top-tier investors, seasoned founders and respected subject-matter experts across the startup ecosystem. Topics range from fundraising and marketplace positioning to growth marketing and content development.
But it’s more than just listening — all the presentations are highly interactive. It’s a rare opportunity to ask questions and get answers from the folks who’ve been there, done that and want to help you move forward.
We debuted TC Early Stage last year, and it was so well received that we doubled down in 2021. Here’s what Ashley Barrington, the founder of MarketPearl, told us about her experience.
Early Stage 2020 was a great opportunity to hear seasoned startup founders talking about their experiences and how they dealt with many of the same challenges I faced then and am going through now. It’s like a mini-MBA session on early-stage companies.
Here are just two of the high-profile speakers lined up to share their knowledge in July at TC Early Stage 2021. We’re adding new speakers every week, so keep checking back.
That’s just the tip of the TC Early Stage experience. Day one will be packed with presentations and break-out sessions and day two … well that’s a whole new realm of opportunity. That’s the day-long TC Early Stage Pitch-Off. TechCrunch will select 10 standout startups to pitch to a panel of VC judges for invaluable feedback and prizes, too.
Curious? You can read about the April TC Early Stage Pitch-Off right here — spoiler alert: Nalagenetics took first place.
We’ll open the application process (you have to apply to be considered) in the coming weeks, so if you want in on the pitch-off action, be sure to check back.
TC Early Stage 2021: Marketing and Fundraising takes place on July 8-9. Kick regret to the curb, save $100 and learn the best ways to build a strong foundation for your startup. Remember: buy your pass before prices go up on April 30, at 11:59 p.m. (PDT).
Is your company interested in sponsoring or exhibiting at Early Stage 2021 — Marketing and Fundraising? Contact our sponsorship sales team by filling out this form.
Powered by WPeMatico
French startup Alan has raised a $220 million funding round at a $1.67 billion valuation (€185 million and €1.4 billion respectively). Coatue is leading the round with Dragoneer, Exor, and existing investors Index Ventures, Ribbit Capital and Temasek also participating.
Alan has been building health insurance products from scratch. When I first covered the company back in 2016, the startup had just managed to get approval from regulators to become an official health insurance company.
Since then, it’s been a not-so-slow-and-steady growth story as the company now covers 160,000 people. Overall, Alan generates over €100 million in annualized revenue. While most of that revenue is spent back on claims, it’s an impressive revenue trajectory.
Like other insurance companies, Alan has some capital requirements to comply with health insurance regulation. Alan has to raise more if it wants to insure more people. But that’s just part of the story as the startup still had enough cash on its bank account for the next 12 to 18 months.
“The context is that we managed to end the year 2020 very strong, finally — and I say finally because it’s been stressful until the last minute,” co-founder and CEO Jean-Charles Samuelian-Werve told me.
Alan managed to meet its goals and international expansion finally started to take off. Many startups try to raise when they’re in a strong position. You shouldn’t wait until you have your back against the wall and that’s exactly what’s happening here.
“We thought it was the right time and we had multiple term sheets. Even though valuation is really good we first looked at a partner that has a really long-term vision,” Samuelian-Werve said.
With today’s funding round, the company can iterate on its core product — health insurance — and everything that makes Alan a superapp — a single app that lets you access several services. In France, employees are covered by both the national healthcare system and private insurance companies. Alan sells its products to other companies so that their employees are automatically covered by Alan contracts. It’s a sort of B2B2C play.
9,400 companies have opted for Alan in France, Belgium and Spain — the company’s home market remains its main market. Clients include WeWork, Deliveroo, JustEat, Vitaliance and Big Mamma. By 2023, Alan wants to reach 1 million members.
In order to gain more customers, Alan is betting on three pillars — product innovation, customer satisfaction through additional services, and expansions to new verticals and markets.
When it comes to product innovation, Alan has designed a modular insurance builder. Small companies can subscribe to Alan in a few clicks. Big companies can tweak every single parameter to build the right insurance package for them.
After that, the company tries to make it easy to manage your health insurance. You’ll soon be able to automatically manage sick leaves, change the employee affiliation status, etc. As for employees, the company has always promoted a transparent offering. For instance, you should know how much you’re going to pay out of pocket when you see a doctor. You can see a map of doctors around you and how much they charge on average. This way, there’s no surprise.
Alan also tries to reimburse you as quickly as possible. If it’s a straightforward claim, the startup tries to analyze and categorize your claim as quickly as possible and then issue an instant SEPA transfer. Seventy-five percent of claims are reimbursed and available on your bank account in less than an hour.
These core product features definitely contributes to customer satisfaction. But Alan is expanding beyond insurance products with several additional services that should increase retention. For instance, you can chat with a doctor, get medical advice for your baby’s health, get a free meditation app subscription, start a telehealth appointment via a partner, talk with someone about your mental health, etc.
Those services contribute to turning Alan into a superapp for your health. Essentially, as soon as you’re insured by Alan, you become a member and can access all those services without additional charges.
Eventually, Alan plans to launch a personal care guidance service to help you contact the right healthcare professional based on your health issue. In Spain, Alan can already book appointments for you.
Finally, Alan plans to reach new customers through aggressive expansion goals. The company plans to hire 400 people within the next three years and expand to other industries with tailor-made insurance products, such as retail, wholesale and manufacturing.
While the company is still going to focus on France, Belgium and Spain in the near future, it is looking at opportunities across Europe. So let’s see where Alan is going to expand next.
Powered by WPeMatico
We’ve all heard the phrase “passive income” to describe how people can make money by owning rental properties. Many Americans would love to passively earn money, but the process of becoming a landlord can be intimidating and complicated.
I mean, how many people have looked back and wished they hadn’t sold a property after seeing its value rise years after selling it?
And those who are already landlords can get overwhelmed by the complexities of managing properties.
One startup out of Boston, Knox Financial, aims to help people identify and manage residential rentals with its algorithm-based platform, and it’s raised a $10 million Series A to help it further that goal. Boston-based G20 Ventures led the round, which included participation from Greycroft, Pillar VC, 2LVC, and Gaingels.
The investment brings Knox’s total raised since its inception in 2018 to $14.7 million. The company closed on a $3 million seed round in January 2020, led by Greycroft.
Knox co-founder and CEO David Friedman is no stranger to startups. He founded Boston Logic — an integrated marketing platform and online marketing services for real estate offices and agents — in 2004. He sold that company (now under the name Propertybase) to Providence Equity for an undisclosed amount in 2016.
Knox launched its platform in March of 2019, with the goal of offering homeowners who are ready to move “a completely hands-off way” of converting a home they’re moving out of into an investment property. It also claims to help landlords more easily and efficiently manage their rentals.
At the time of its seed round early last year, the company was only operating in the Boston market and had 50 units on its platform. It’s now operating in seven states, has “hundreds” of investment properties on its platform and is overseeing a portfolio of more than $100 million.
So how does it work? Once a property is enrolled on Knox’s “Frictionless Ownership Platform,” the company automates and oversees the property’s finances and taxes, insurance, leasing and legal, tenant and property care, banking and bill pay.
Knox also has developed a rental pricing and projection model for calculating the investment rate of return a property will produce over time.
Image Credits: Knox Financial
“We save investors a lot and almost always make their portfolios more profitable,” Friedman said. “If someone is moving or upsizing, we can turn properties into incredible ROI generators or cash flow.”
The company’s revenue model is simple.
“When a dollar of rent moves through our system, we keep a dime,” Friedman told TechCrunch. “We align our interests with our customers. If there’s no rent coming in, we’re not making money. Or if a tenant doesn’t pay rent, we don’t make money.”
Knox plans to use its new capital to continue expanding geographically and getting the word out to more people.
“We want to become the de facto platform for real estate investment acquisition and ownership,” Friedman said. “And we have to be coast to coast to really do that for everybody. So, we’re still very early in our growth trajectory.”
Bob Hower, co-founder and partner of G20 Ventures, shared that weeks after his college graduation, he had bought a fixer upper with his mother’s help. A week after finishing renovations, he put the house on the market. Over the subsequent five months, he gradually reduced the price as the market softened, and eventually the property sold at a small profit.
“That house now is worth a multiple of what I paid for it,” Hower recalls. “In hindsight, the mistake I made was deciding to sell the house at all.”
That experience helped Hower appreciate what he describes as a “clarity of thinking” in Knox’s business model.
“Had Knox existed decades ago, I’d likely still have that fixer-upper I bought after college,” he said. “Investing platforms such as Betterment have collapsed multiple advising and optimization activities into a simple single-sign-on service, and Knox is the first company to apply this type model to residential real estate investing.”
Powered by WPeMatico
Tyltgo wants to make it easier for restaurants and small businesses to compete with same-day delivery services offered by the likes of Amazon and HelloFresh. The Canadian company, which recently raised CAD $2.3 million (USD $1.8 million) in a seed round, is akin to a white label Uber Eats, providing businesses an on-demand delivery platform under their own branding that connects them to gig economy couriers.
“I think about us as a post-purchase experience company,” co-founder and CEO Jaden Pereira told TechCrunch. “The recipient goes directly onto the merchant’s platform and places orders through them, so it feels like they’re interacting with the brand they purchased from throughout the entire experience. Our messages, notifications, tracking pages and delivery are all customized under the merchant’s brand name, but it’s powered by Tyltgo.”
The necessity of having products delivered during the pandemic’s shelter-in-place orders combined with the massive reach of e-commerce giants like Amazon has created a society that expects same-day deliveries. Tyltgo recognized the exclusionary nature of that reality on smaller businesses with less time and fewer resources, and contrived to remedy the situation with some innovative tech and gig economy couriers.
In July 2018, Pereira, 22, co-founded the company with fellow student and developer Aaron Paul while studying at the University of Waterloo. Pereira originally did deliveries himself as a side hustle, while building up a consumer-facing service on Shopify. In October 2019, Pereira and Paul shifted focus to B2B, identifying the real problem as merchants struggling to offer quality same-day delivery at an affordable price.
From December 2019 to December 2020, Tyltgo’s revenue grew 2,000%, says Pereira. The company started 2020 with two staff members and ended with nine, including former head of Uber Eats Canada’s marketplace operations, Joe Rhew, and former director of engineering at Goldman Sachs-acquired fintech company Financeit, Adnan Ali.
Aided by funding from VC firm TI Platform Management, Y Combinator and angel investor Charles Songhurst, Tyltgo projects another 1,500% revenue growth for 2021. The company’s goal is to expand its team, develop an API and app-based platform and add 100 more merchants across Ontario.
Pereira said Tyltgo originally focused on florists, and occasionally pharmacies, but demand from the restaurant industry led to the company’s new target — meal kit deliveries.
Meal kit services that provide the culinarily challenged with perfectly portioned ingredients and cooking instructions were already gaining popularity in the before times. When the pandemic hit, services like HelloFresh and Blue Apron saw even more growth. As restaurants struggled to keep their businesses open, many started to get in on the action, delivering restaurant-quality meals with instructions for heating and serving.
The global meal kit delivery services market is expected to reach almost $20 billion by 2027, with heat-and-eat options taking a large share of that market. Tyltgo is counting on the success of this industry. It has already secured partnerships with restaurants like General Assembly Pizza and Crafty Ramen, as well as with more traditional meal kit delivery services from grocery stores and organic farms.
Pereira said working in the “quasi-perishable space” of flowers and meal kits is both a challenge and a differentiator for the company. Depending on the contents of the delivery, Tyltgo will determine its perishability window and make sure to match that window with a driver. It’s also got an advanced fleet management platform that assigns a number of deliveries to suit the size of a courier’s vehicle.
“In the earlier days, the hardest part was being able to match those perishability windows without causing damage to the products,” said Pereira. “We all know that in logistics, you have to account for traffic, weather conditions, all these other things, but you have an eight-hour delivery window to get out 35 deliveries.”
Another challenge is ensuring the top-quality service Tyltgo advertises while working in the gig economy. Selecting for reliable couriers has slowed the company down at points, but Tyltgo aims to grow capacity only if it can simultaneously maintain a low error threshold.
“We won’t bring on a merchant if we don’t think we have the capacity to handle their deliveries and meet those expectations,” said Pereira.
Whether or not Tyltgo’s meal kit focus will end up driving scalability in the long run, the platform itself has legs. Pereira’s goal is to see Tyltgo become a part of every post-purchase customer experience for all retail trade categories, and that includes expanding into customer service, branding and transactions on top of delivery.
“The main reason why we’re doing this is because a lot of these smaller, brick-and-mortar retailers don’t have the time and resources to be able to compete with the Amazons of the world,” said Pereira. “We want to be able to put that power in their hands.”
Powered by WPeMatico
Many emerging and mature organizations survive or die based on their ability to scale. Scale quicker. Scale cheaper. Scale right.
Typically the IT team bears that burden — on top of countless other demands. IT teams move mountains for their organizations while scaling the tech platform as fast as possible, putting out the latest infrastructure fire and responding to countless day-to-day requests.
The most helpful gift any chief information officer or chief technology officer can give their IT teams is more time. Many people think that means adding another team member. Maybe it does in some cases (if you can find a developer in this tough job market), but giving my team Boomi’s low-code integration platform was one of the best strategic moves for HealthBridge.
The best time to use low-code is when you need to add something to your organization that isn’t unique or doesn’t drive significant business value.
As the least skilled coder on the team, low-code let me develop and deliver four customer-centric self-service portals a year ahead of schedule while my team focused on building and scaling our revenue-driving, custom platform by hand-writing code.
Low-code is quickly becoming commonplace and a popular topic among IT decision-makers. Over the last few years, the market has exploded. Gartner expects it to total $13.8 billion in 2021. That means low-code technology, which we’ve been hearing about for years, is ready for widespread adoption. Today, low-code enables you to streamline (and scale) everything from integration to artificial intelligence.
It’s a secret only some organizations are clued in on, but it’s a great way to scale fast, save on resources and give your team more time. Here’s how.
The best time to use low-code is when you need to add something to your organization that isn’t unique or doesn’t drive significant business value.
For instance, a customer portal is not unique; don’t waste time hand-coding it.
While it’s certainly an extremely helpful feature for our customers, it’s unlikely to drive significant shareholder or investor value. However, it’s key for scaling. Using low-code for a must-have but undifferentiated feature will allow your team to work on more important projects while scaling.
When we started working on the timeline for a customer portal project at HealthBridge, we estimated it would take several sprints per portal to develop, but more pressing development work kept pushing it down the list in our backlog. Waiting a year for a basic feature didn’t seem reasonable to me, so we looked for a workaround.
Powered by WPeMatico
Cannabis financing company Bespoke Financial today announced it raised $8 million in a Series A financing round. Through this round, the company brought new, key investors into its corner as it fights to bring financing solutions to companies in the cannabis space.
Bespoke is a direct lender and provides several financing solutions to companies operating in cannabis. These short-term loans allow the companies to build credit with Bespoke, which then offers better terms on subsequent loans and products. The company says its loan origination volume has grown exponentially, outgrowing forecasts by 25% over the proceeding year. The company has deployed $120 million in gross merchandise volume over 2,000 cannabis license holders, with zero defaults to date.
With this new round of capital, Bespoke intends to launch new financing structures and expand its financing options across various distribution channels.
CEO and co-founder George Mancheil calls this round a pivotal moment for his company and stamp of validation on the direction and products offered by Bespoke Financial. As he tells TechCrunch, this round provides several key partners to the growing startup.
The financing round was co-led by Snoop Dogg’s Casa Verde Capital and Sweat Equity Ventures, along with Ceres Group Holdings, Greenhouse Capital Partners, DoubleLine Capital’s co-founder and former president Philip Barach, and Robert Stavis, an investor based in New York.
This is Sweat Equity Ventures’ (SEV) first investment into a cannabis company. SEV, backed and funded by LinkedIn founder Reid Hoffman, is led by Dan Portillo and works differently from traditional venture funds. SEV works with founders to provide top engineering and business talent to its portfolio companies. In exchange for these services, SEV takes equity from the companies instead of just writing checks.
“This is our firm’s first investment in the cannabis industry, and we are excited to partner with Bespoke as more and more states legalize cannabis use, and the Federal government contemplates nationwide legalization. This partnership combines Bespoke’s finance and cannabis acumen with our team’s expertise scaling innovative tech companies, and will provide cannabis companies greater access to streamlined financing while benefiting investors with increased transparency and enhanced risk surveillance,” says Dan Portillo, managing partner of Sweat Equity Ventures, in a released statement.
Karan Wadhera, managing partner at Casa Verde Capital, says Bespoke Financial addresses real needs in a growing industry. Casa Verde Capital previously invested in Bespoke Capital, including in a $7 million round in 2019.
Bespoke CEO Mancheil tells TechCrunch his company is focused on being more than just a lender; it wants to be a modern financing company that allows it to act as a true partner with the cannabis industry.
With this $8 million in financing, Bespoke Financial has raised $28 million to date. The company was founded in 2019 and, as of this announcement, has 12 employees.
Powered by WPeMatico
If you’ve spent any time on TikTok lately, then you’ve probably seen a number of Popl’s ads. The startup has been successfully leveraging social media to get its modern-day business card alternative in front of a wider audience. Packaged as either a phone sticker, keychain or wristband, Popl uses NFC technology to make sharing contact information as easy as using Apple Pay. To date, Popl has sold somewhere over 700,000 units and has generated $2.7 million in sales for its digital business card technology.
Popl co-founder and CEO Jason Alvarez-Cohen, a UCLA grad with a background in computer science, first realized the potential for NFC business cards through a different use case — a device he encountered in someone’s home while attending a party. But it sparked the idea to use NFC technology for sharing information person-to-person, which would be faster than alternatives, like AirDrop or manual entry. And so, Popl was born.
Image Credits: Popl
Though startup history is littered with would-be “business card killers” that eventually died, what makes Popl different from early contenders is that it combines both an app with a physical product — the Popl accessory. This accessory can be purchased in a variety of form factors, including the popular Popl phone sticker that you can apply right to the back of your phone case (or even the top of your PopSocket), and customized with a photo of your choosing.
“I knew that, in the past, people would tap phones and share information like that. But I learned quickly that you can’t do this just phone-to-phone with pure software,” says Alvarez-Cohen. “So I [wondered to myself], what’s the closest way we can get the phone tapping? And that’s how I came up with this back-of-the-phone product.”
Each Popl accessory is actually an NFC tag which enables the handoff of the user’s contact information. When the phones are close, the recipient will get a notification that alerts them to your shared Popl data.
There are, of course, other ways to quickly exchange contact information. You can easily enter in someone’s digits into your phone’s contacts app directly, for example, which may work better for more casual encounters — like meeting someone at a bar. But Popl lets you share a full business cards’ worth of contact data with just a tap, which makes it better for professional encounters, or any other time you want to share more than just your phone number.
While the Popl tags make for a nice gimmick, the Popl mobile app is what makes the overall service useful. And to be clear, the app is only necessary for the Popl’s owner — the recipient doesn’t need the app installed for Popl to work. They will, however, need to have a phone that can read NFC tags, which can leave out some older devices. Or, as a backup, they’ll need the ability to scan the QR code the app provides as a workaround.
Image Credits: Popl
In the Popl app, you can customize which data you want to share with others — including your contact info, social profiles, website links, etc. — all via an easy-to-use interface. Like some business card apps in the past, you can flip between a personal profile and a business profile in Popl in order to share the appropriate information when out networking. To actually make the exchange of contact information with another person, you simply hold up your phone to theirs and they’ll get a notification directing them to your Popl profile webpage. (The phones don’t have to physically touch or bump together, however. It’s more like Apple Pay, where they have to be near each other.)
From the Popl website, that’s shared via the notification that pops up, the recipient can tap on the various options to connect with the sender — for example, adding them on a social network like LinkedIn or Instagram, grabbing their phone number to send a quick text, or even downloading a full contact card to their phone’s address book, among other things.
Image Credits: Popl
The app’s more clever feature, however, is something Popl calls “Direct.”
This patented feature won’t send over the Popl website where the recipient then has to choose how they want to connect. Instead, it opens the destination app directly. For example, if you have LinkedIn Direct on, the recipient will be taken directly to your profile on LinkedIn when they tap the notification. Or if you put your Contact Card on Direct, it will just pop your address book entry onto the screen so the user can choose to save it to their phone.
For paid users, the app also lets you track your history of Popl connections on a map, so you can recall who you met, where and when, along with other analytics.
Image Credits: Popl
Work on Popl, which is co-founded by Alvarez-Cohen’s UCLA roommate, Nick Eischens, now Popl COO, began in late 2019. The startup then launched in February 2020 — just before the coronavirus lockdowns in the U.S. That could have been a disastrous time for a business designed to help people exchange information during in-person meetings when the world was now shifting to Zoom and remote work. But Alvarez-Cohen says they marketed Popl as a “contactless solution.”
“If I have this, and I have to meet someone for my business, I don’t even have to tap it — you can just hover, and it will still send that information,” Alvarez-Cohen says. “So I’m able to share my business card with you without handing you a business card, which is safe.”
But what really helped to sell Popl were its video demos. One TikTok ad, which I’m sure you’ve seen if you use TikTok at all, features the co-founders’ friend Arev sharing her TikTok profile with a new friend just as she’s leaving the gym.
In the video, the recipient — clearly dumbfounded by the technology after she taps his phone — responds “what? what? Whoa! What? How’d you do that?!”
It’s now been viewed over 80 million times.
Today, Popl’s TikTok videos get high tens of thousands, hundreds of thousands and sometimes still millions of views per video. The company also has an active presence on other social media. For instance, Popl posts regularly to Instagram, where it has over 100,000 followers. Today, the startup’s growth is about 60% driven by Facebook and Instagram marketing and 40% organic, Alvarez-Cohen says.
Now, the company is preparing new products for the post-pandemic era when in-person events return. Though it had before sold Popl’s in bulk for this purpose, it’s now readying an “event bracelet” that just slips on your wrist (and is reusable). The bracelet could be used at any big event — like music festivals or business conferences, where you’re meeting a lot of new people. And because Popl uses NFC, phones have to be close to make the contact info exchange — it won’t just randomly share your info with everyone as you pass by them.
Popl is also fleshing out the business networking side of its app with integrations for Salesforce, Oracle, HubSpot and CSV export, that come with its Popl Pro subscription ($4.99 per month). The in-app subscription is already at $450,000-plus in annual recurring revenue and growing 10% every week, as of early April.
A Y Combinator Winter 2021 participant, Popl is backed by Twitch co-founder Justin Kan (via Goat Capital), YC, Urban Innovation Fund, Cathexis Ventures and others angels, including Wish.com CEO Peter Szulczewski and PlanGrid co-founder Ralph Gootee.
The app is available on iOS and Android, and the Popl accessories are sold on its website and on Target.com.
Update, 4/19/21, 6:45 PM ET: Post updated with a more current revenue figure after publication.
Powered by WPeMatico
TechCrunch just hosted its first pitch-off in Detroit and we’re pleased to announce Diet ID won the event. The company, based in Detroit and founded in 2016 by Dr. David Katz, gives users a clinically tested approach to dietary assessment and management.
Diet ID competed against other Detroit-area startups, including Rivet Work, Plain Sight and FixMyCar. Local investors acted as judges: Jim Tenzillo, VP at Invest Michigan; Dawn Batts, Capital Strategist at TechTown and co-founder of Commune Angels; and Ben Bernstein, principal at Invest Detroit Ventures.
The entire pitch-off is embedded above.
The event also featured talks from local VCs on fundraising in Detroit, where Jonathon Triest from Ludlow Ventures and Patti Glaza from Invest Detroit Ventures spoke extensively on the growing startup scene. Ryan Landau, founder of Purpose Jobs, also spoke on startup hiring practices and trends in the Midwest. That video is found below.
This event is part of TechCrunch’s City Spotlight series, where we dive into the culture of growing startup ecosystems found throughout the United States. We’re going to Pittsburgh next and hope you can join us.
Powered by WPeMatico