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TechCrunch Top 3
- Some developers are unhappy: If you did not have the opportunity to meet our new European correspondent, Paul Sawers, you’re in for a treat, because today he kicked him out of the park. He wrote about the Software Freedom Conservancy, which encourages open source developers to move away from GitHub following a commercial launch by Copilot. Their beef, among other things, is that there is now a fee to use Copilot.
- It’s going down: Buy Now, Pay Later Fintech company Klarna is reportedly raising a new round of funding at a valuation well below some of its previous rounds. Mary Ann has more.
- Valuation awaits no market: Alex digs into OpenSea’s $13 billion valuation and why it doesn’t line up with what he sees with NFT trading volumes.
Startups and VK
A bit of a slow day for startup news, but let’s dive in:
- Another wave: Natasha as well as Amanda came back with the saddest list we’ve made – the layoffs of all the technicians.
- There is no head in the clouds: Snowflake has made a name for itself in all things cloud storage and Ron writes today that Hydra is here to take an open source approach. The company, which has raised $3.1 million since the end of the 2022 Y Combinator winter course, is building its cloud data warehouse around the popular open source Postgres database.
- Additional efficiency: I talked about Promated.ai’s new $6 million seed expansion that will aim to fulfill the company’s long-term vision of helping e-commerce markets achieve profitability. Their technology combines all the sticky market goodness, search, feed, ads and promotions in one platform.
- Shot in the hand: Medical testing has never been so important now, and Hadje It was revealed that Visby Medical has raised another $35 million, a continuation of a $100 million Series E round raised earlier this year. The company is working on “the world’s first portable, tool-free PCR platform for accurate and fast testing for a variety of serious infections for anyone who needs it.”
Pitch Deck Teardown: $7M Wilco Starter Deck
Founders with technical backgrounds would do well to heed one of the main takeaways from Wilco’s $7 million presentation: Avoid the trap of focusing too much on product features over product benefits. Hadje writes.
The “how” will be important, but there is a risk of being tempted to go into details other than what is important to the presentation. “What” is too tactful; it doesn’t really matter for this part of the story what users have to do to get those benefits. Focusing on the “why” is why this slide is so powerful; this opens the door for deeper conversations if needed, but the foundation is already there. I want more startups to get this right!”
(TechCrunch+ is our membership program that helps founders and startup teams get ahead. You can register here.)
Big Tech Inc.
Yes, Apple Store not working at 2 o’clock yesterday, but all right now with the world. Hadje reported that he returned with the removal of Enjoy — the company that was responsible for shipping and configuring Apple devices — after Enjoy filed for bankruptcy, and that a $50 gift card would be sent with the purchase of an Apple TV 4K and Apple TV HD.
Annie delves into the story of the Commodity Futures Trading Commission, the regulator of the U.S. commodities, pursuing filing a civil charge against Mirror Trading International Proprietary Limited, a South African bitcoin pool operator, and its CEO, Cornelius Johannes Steinberg, for allegedly managing a fraudulent commodity pool worth over $1.7 billion in bitcoin.
Through the pond Natasha today presented a couple of articles related to the European Union. One of them was that Amazon agreed to make it easier for people cancel your Prime membershipwhile legislators approved some new rules regarding cryptocurrencies.
- Google decides: Ivan writes that the search engine giant has agreed to pay $90 million to settle a lawsuit with US developers who have accused Google of abusing its app distribution power and charging an unfair 30% fee for app purchases and in-app purchases made through Play store.
- Crypto chaos: One firm whose application to create a bitcoin spot exchange-traded fund was rejected by the US Securities and Exchange Commission is now suing a federal institution. Jackie reports why one expert says this approach is unlikely to work.
- FTX back in business: First, there were rumors that FTX wanted to buy Robinhoodwhich has been debunked, but now it looks like another deal for BlockFi is still up. Lucas has more.
- No EPA, no crying: Tim dives into why a recent Supreme Court environmental decision “almost guarantees that the US will not compete with China or Europe.”
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