Daily Crunch: Raise Now, Pay Later: $800M Funding Round Cuts Klarna Valuation by 85%

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TechCrunch Top 3

  • Klarna, Klarna, Klarna, Klarna, Klarna Chameleon: Sorry, we had to bring that title back – it’s too good and makes us happy. This time, we confirm that the rumors were true: European Klarna got a solid chunk of venture capital – $800 million – but did so at a lower valuation, so 85% less to get $6.7 billion. Paul writes.
  • Everyone wants you: And by “you” we mean Gen Z. They’re not really old enough to remember the absolute horror of watching stocks and investments fall during the 2007-2010 economic downturn, but Wednesday 2022 makes them feel it. Not to worry, Christine writes about Uprise, a new app in closed beta that creates an investment vehicle with Gen Z in mind so they can know when to take that 401(k) match or how much is too much in a checking account.
  • Somehow we manage: However, managing a fleet of migrant workers can be an administrative headache. In another story Paulhe writes that Kadmos is going to provide some sort of cure for this headache in the form of a payroll platform specifically for migrant workers so that, among other things, they can avoid paying some of the exorbitant fees for transferring money to their homes.

Startups and VK

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Unacademy, one of India’s high-profile startups, is going through a series of cost-cutting measures including lowering founders’ wages and closing “certain businesses” as it tightens its belt and promises IPO in the next 2 years, Manish reports.

About the layoffs Natasha M carefully reviewed the data Who has been hit hardest by the big wave of tech layoffs?. Beware spoilers: Fintech leads the way in issuance. There’s also a bunch of other really interesting news from the past week in Natasha’s Startups Weekly newsletter. You can subscribe to this and many of our other great newsletters at this handy universal subscription page.

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It’s been a busy weekend at TechCrunch. Here is the cream of the crop!

  • One, two, three times thinning: In the midst of events returning to face-to-face meetings and interest in virtual events waning, Hopin – once the fastest growing startup in the world – just laid off a third of his workforcejust a few months after the last series of layoffs, Natasha M reports.
  • Hey Google send some money to my best friend: voice payment solutions are surprisingly few, but Kyle did a deep dive into PayTalk and its promise to process all types of payments with your voice. This is a great read for a promising company with a shaky start.
  • We raised, maybe? Byju announced $800 million in funding back in March, but Manish tells you to start 250 million dollars short hit this target. “The delays are due to macroeconomic reasons,” a spokesperson for TechCrunch said.
  • Like SmileDirect but in Spanish: Impress raises $125 million in Series B round aiming to bring digital orthodontics to European markets, Mike reports.
  • The tiger is briefly in a cage: Tiger Global was on a hell of a run, but Manish announces that he is going to slow down for a couple of blocks and plans to raise new fund at the end of this year.
  • Penny for your thoughts: It’s hard not to be stingy these days with an economy like this, so Google Gradient Venture Gives Penny $4.8 Million so that workers in the UK do not have to spend a fortune to merge or manage their pensions, Paul reports.
  • It’s like a soap opera: Elon Musk has been a week and a half since Greg sums it up so elegantly in his Week in review Newsletter.

A “fun” fact we stumbled upon while googling the material for this newsletter: Wikipedia tells me that “destroy” actually means “reduce by 10%” and goes back to the Roman army, where every tenth person in a group was executed by members of their cohort as a punishment. This means two things: being fired from a startup sucks, but at least you won’t get killed. In addition, Hoping, from which this rabbit hole began, was not only destroyed, but destroyed three times. Youzers.

Turn your startup’s pricing strategy into a powerful growth lever

Five high voltage switches on the wall.  price growth strategy

Image credits: lucky photon (Opens in a new window) / Getty Images

Early-stage startups need to regularly review their pricing models: the competitive landscape is constantly changing and every time they release a new product or service, their revenue streams need to be reviewed.

In his latest post on TC+, Michael Perez, director of growth and data at venture capital firm M13, shares the five questions he uses to develop the foundations of a pricing strategy, as well as three metrics of value and a detailed measurement plan for a GTM strategy.

“Pricing models that scale with cost tend to reflect more value in terms of revenue and margin,” he writes. “The contribution margin can then be reinvested in sales and marketing or operations to create more value.”

(TechCrunch+ is our membership program that helps founders and startup teams get ahead. You can register here.)

Big Tech Inc.

First, we have to pay tribute to the team that took Friday’s latest news that Elon Musk decides not to buy Twitter. Taylor received the news quickly while Darrell coated Twitter’s initial reaction as well as Kirsten “delivered” (pun intended) one of the best headlines in her article about Tesla shares.

The meta is haunted by “fake news” in a new way with Sphere, an artificial intelligence tool based on content from the open web, and Wikipedia is its first user, ingrid writes.

Meanwhile, London lost control of the Australian company Atlassianwhich said it would move its headquarters to Delaware, Mike reports. Please, please announce yourself to the neighbor with this gif.

Sometimes robotics doesn’t always work, and unfortunately this is the case with lettuce robot startup Chowboticswhich was bought by DoorDash 17 months ago and is now closed, Brian writes.

Here’s what else we have for you today:

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