After 20 months of trying to raise funds, insurance startup Loop cuts staff
Loop, the car insurance company co-founded by Harlem Capital co-founder John Henry, has laid off staff as the company struggles with fundraising.
Henry took to Instagram to post the email his co-founder Carey Nadeau sent to impacted staff on June 16th. Nadeu also posted the letter to LinkedIn. It stated that this was the “absolute last resort” for the company after it had been unsuccessful in raising additional capital after 20 months of trying. “Our last opportunity,” Nadeau wrote, “had an investor pull out at the very final hour, and we just fell short.”
The email continued, saying the company decided to reduce its headcount as it seeks to operate through its financial difficulties. It’s unclear how many people were impacted. However, according to a LinkedIn post by a former employee, the cuts impacted people who were insurance agents, as well as people in customer care, data analytics, marketing, software engineering and product.
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Loop, the car insurance company co-founded by Harlem Capital co-founder John Henry, has laid off staff as the company struggles with fundraising.
Henry took to Instagram to post the email his co-founder Carey Nadeau sent to impacted staff on June 16th. Nadeu also posted the letter to LinkedIn. It stated that this was the “absolute last resort” for the company after it had been unsuccessful in raising additional capital after 20 months of trying. “Our last opportunity,” Nadeau wrote, “had an investor pull out at the very final hour, and we just fell short.”
The email continued, saying the company decided to reduce its headcount as it seeks to operate through its financial difficulties. It’s unclear how many people were impacted. However, according to a LinkedIn post by a former employee, the cuts impacted people who were insurance agents, as well as people in customer care, data analytics, marketing, software engineering and product.
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Ex-HubSpot exec builds an AI-powered CRM that learns for you, with $4M seed led by Sequoia
Christopher O’Donnell has hobbies. He likes music and playing guitar, but above all, he loves building software. Which is why three years after leaving HubSpot, he built Day.ai, a CRM for the age of AI.
Unlike modern CRMs, which are essentially giant spreadsheets that somebody needs to populate and keep updated, Day learns everything about a person from conversations they had with the company, emails and public records such as LinkedIn.
O’Donnell knows CRMs. He was responsible for creating one of the most popular ones out there, HubSpot’s.
O’Donnell spent more than 10 years at HubSpot, initially turbocharging the company’s marketing automation solution, and was later tapped by the founder and former CEO Brian Halligan to build HubSpot’s customer relationship management tool.
That CRM later became the product HubSpot is best known for, which eventually helped earn O’Donnell the title of chief product officer.
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Christopher O’Donnell has hobbies. He likes music and playing guitar, but above all, he loves building software. Which is why three years after leaving HubSpot, he built Day.ai, a CRM for the age of AI.
Unlike modern CRMs, which are essentially giant spreadsheets that somebody needs to populate and keep updated, Day learns everything about a person from conversations they had with the company, emails and public records such as LinkedIn.
O’Donnell knows CRMs. He was responsible for creating one of the most popular ones out there, HubSpot’s.
O’Donnell spent more than 10 years at HubSpot, initially turbocharging the company’s marketing automation solution, and was later tapped by the founder and former CEO Brian Halligan to build HubSpot’s customer relationship management tool.
That CRM later became the product HubSpot is best known for, which eventually helped earn O’Donnell the title of chief product officer.
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‘Lawyer-in-the-loop’ startup Wordsmith wants to bring AI paralegals to all employees
Wordsmith, a fledgling Scottish legal tech startup, has somehow managed to attract the backing of two well-known venture capital firms. The startup targets in-house legal teams and law firms with an AI platform that they can configure to help other workers in the company. This way, anyone in the company can solicit help with legal tasks such as reviewing contracts and answering specific questions about a document.
Incorporated in October last year, the Edinburgh-based company is the handiwork of former senior TravelPerk executives Ross McNairn(CEO) and Robbie Falkenthal (COO), alongside CTO Volodymyr Giginiak, who served in various engineering roles at Microsoft, Facebook and Instagram. Six months after leaving their previous positions, Wordsmith already claims notable customers, such as Trustpilot, while it’s partnering with at least one major law firm — DLA Piper.
This early traction has garnered the attention of global VC firm index Ventures, which has led a $5 million seed investment into Wordsmith alongside General Catalyst and Gareth Williams, founder and former CEO of Scottish tech unicorn Skyscanner.
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Wordsmith, a fledgling Scottish legal tech startup, has somehow managed to attract the backing of two well-known venture capital firms. The startup targets in-house legal teams and law firms with an AI platform that they can configure to help other workers in the company. This way, anyone in the company can solicit help with legal tasks such as reviewing contracts and answering specific questions about a document.
Incorporated in October last year, the Edinburgh-based company is the handiwork of former senior TravelPerk executives Ross McNairn(CEO) and Robbie Falkenthal (COO), alongside CTO Volodymyr Giginiak, who served in various engineering roles at Microsoft, Facebook and Instagram. Six months after leaving their previous positions, Wordsmith already claims notable customers, such as Trustpilot, while it’s partnering with at least one major law firm — DLA Piper.
This early traction has garnered the attention of global VC firm index Ventures, which has led a $5 million seed investment into Wordsmith alongside General Catalyst and Gareth Williams, founder and former CEO of Scottish tech unicorn Skyscanner.
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Quick commerce Zepto raises $665 Mn at $3.6 Bn valuation
Quick commerce company Zepto has raised $665 million in its Series F round from new investors Avenir, Lightspeed, and Avra (Anu Hariharan’s new fund), among others. Existing investors Glade Brook, Nexus, and StepStone co-led the round with Goodwater and Lachy Groom doubling down their stakes as well.
The Mumbai-based company turned unicorn in August last year after raising $200 million in a Series E round led by venture capital firm StepStone. It also raised $35 million more in the same round.
As per the company, it has been valued at $3.6 billion (post-money) in the fresh round, up from $1.4 billion during the last round. The firm has raised more than $1.2 billion to date.
The mammoth funding will help Zepto compete with other two deep-pocketed players, BlinkIt and Swiggy Instamart. Unlike the West, quick commerce operators in India claim to have found a sustainable model.
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Quick commerce company Zepto has raised $665 million in its Series F round from new investors Avenir, Lightspeed, and Avra (Anu Hariharan’s new fund), among others. Existing investors Glade Brook, Nexus, and StepStone co-led the round with Goodwater and Lachy Groom doubling down their stakes as well.
The Mumbai-based company turned unicorn in August last year after raising $200 million in a Series E round led by venture capital firm StepStone. It also raised $35 million more in the same round.
As per the company, it has been valued at $3.6 billion (post-money) in the fresh round, up from $1.4 billion during the last round. The firm has raised more than $1.2 billion to date.
The mammoth funding will help Zepto compete with other two deep-pocketed players, BlinkIt and Swiggy Instamart. Unlike the West, quick commerce operators in India claim to have found a sustainable model.
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How 2 high school teens raised a $500K seed round for their API startup
Just a few weeks ago, 18-year-old best friends Christopher Fitzgerald and Nicholas Van Landschoot graduated from high school.
While most teens their age would be living it up in their last summer before college or the adult jobs that await them, Fitzgerald and Van Landschoot are hunkered down in a VC office in Boulder, Colorado.
They’re spending the summer working on their startup APIGen after they raised a $500,000 pre-seed investment from Varana Capital. Fitzgerald will head off to Penn State in the fall and Van Landschoot will move near the university but is putting his college plans on hold to be a full-time startup founder.
The money was raised while they were still in high school after a prototype for their idea garnered a lot of interest among the large Boulder community of AI enthusiasts.
APIGen is working on a platform that will build custom APIs from natural language prompts. It will be able to, for instance, allow an e-commerce business to simply ask for an API that connects its web front end to its database, and the platform will deliver it.
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Just a few weeks ago, 18-year-old best friends Christopher Fitzgerald and Nicholas Van Landschoot graduated from high school.
While most teens their age would be living it up in their last summer before college or the adult jobs that await them, Fitzgerald and Van Landschoot are hunkered down in a VC office in Boulder, Colorado.
They’re spending the summer working on their startup APIGen after they raised a $500,000 pre-seed investment from Varana Capital. Fitzgerald will head off to Penn State in the fall and Van Landschoot will move near the university but is putting his college plans on hold to be a full-time startup founder.
The money was raised while they were still in high school after a prototype for their idea garnered a lot of interest among the large Boulder community of AI enthusiasts.
APIGen is working on a platform that will build custom APIs from natural language prompts. It will be able to, for instance, allow an e-commerce business to simply ask for an API that connects its web front end to its database, and the platform will deliver it.
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Prosus zeroes out its 9.6% stake in Byju’s
Prosus, one of Byju’s largest investors, on Monday said its once-$2.1 billion worth stake in the Indian edtech startup is now worth nothing, but it is still hopeful that the formerly most-valuable Indian startup can be salvaged.
The largest external investor in Byju’s with a 9.6% stake, Prosus said in its quarterly report that its stake in the startup is now worth zero “due to the significant decrease in value for equity investors.” Prosus Group CIO, Ervin Tu, said on an earnings call that the firm is still hopeful about Byju’s outlook, but improving governance at the Indian firm will be key.
The Indian edtech giant has had a difficult couple of years as it grappled with a series of financial and governance setbacks that have tarnished its reputation and imperiled its future. The startup’s woes were amplified last year when it failed to meet financial reporting deadlines and ultimately reported revenues well below its own projections.
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Prosus, one of Byju’s largest investors, on Monday said its once-$2.1 billion worth stake in the Indian edtech startup is now worth nothing, but it is still hopeful that the formerly most-valuable Indian startup can be salvaged.
The largest external investor in Byju’s with a 9.6% stake, Prosus said in its quarterly report that its stake in the startup is now worth zero “due to the significant decrease in value for equity investors.” Prosus Group CIO, Ervin Tu, said on an earnings call that the firm is still hopeful about Byju’s outlook, but improving governance at the Indian firm will be key.
The Indian edtech giant has had a difficult couple of years as it grappled with a series of financial and governance setbacks that have tarnished its reputation and imperiled its future. The startup’s woes were amplified last year when it failed to meet financial reporting deadlines and ultimately reported revenues well below its own projections.
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Fearless Fund’s founder has resigned, and it’s a sad reflection on the VC world for Black women
On Monday, Fearless Fund’s co-founder Ayana Parsons announced that she was stepping down from her leadership role from the firm. She will no longer be its general partner and COO but will be off “enjoying island life” with her family, she said in a LinkedIn post. She co-founded the fund in 2019 with partner Arian Simone, who remains its CEO.
Fearless Fund was founded with a mission to provide venture capital financing, grants and financial education to startups founded by Black women. That’s a demographic that is both particularly underserved and promising. Less than 1% of all VC dollars in 2023 went to Black-founded startups, which amounts to around $661 million out of $136 billion.
So Fearless Fund is doing exactly what venture capitalists are supposed to do: find an overlooked area (in Silicon Valley (they might call it taking a “contrarian view”) and invest. The fund has so far invested $26 million into over 40 companies that include Slutty Vegan, The Lip Bar, Partake Foods, and Live Tinted, Atlanta Daily World reports.
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On Monday, Fearless Fund’s co-founder Ayana Parsons announced that she was stepping down from her leadership role from the firm. She will no longer be its general partner and COO but will be off “enjoying island life” with her family, she said in a LinkedIn post. She co-founded the fund in 2019 with partner Arian Simone, who remains its CEO.
Fearless Fund was founded with a mission to provide venture capital financing, grants and financial education to startups founded by Black women. That’s a demographic that is both particularly underserved and promising. Less than 1% of all VC dollars in 2023 went to Black-founded startups, which amounts to around $661 million out of $136 billion.
So Fearless Fund is doing exactly what venture capitalists are supposed to do: find an overlooked area (in Silicon Valley (they might call it taking a “contrarian view”) and invest. The fund has so far invested $26 million into over 40 companies that include Slutty Vegan, The Lip Bar, Partake Foods, and Live Tinted, Atlanta Daily World reports.
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Dappier is building a marketplace for publishers to sell their content to LLM builders
When Napster emerged in the late 1990s, it made it easy for people to grab music files without compensating the content owners. The iPod and the iTunes music store changed that by allowing artists or publishers to get paid for reusing their content in a digital context. Fast-forward to today, and there are companies scraping content to train large language models without permission.
Dappier, an early-stage startup, wants to ensure that publishers get paid when their content gets used, and today announced a $2 million seed round and the launch of a marketplace where publishers can set a price for using their content in model training.
Dappier co-founder and CEO Dan Goikhman, calls his company a monetization stack for the emerging AI internet, providing a new way for publishers and data owners to get compensated for reusing their content.
“Our goal is to help media companies and information providers monetize their content as it’s being leveraged by emerging AI agents and platforms all around the world.” “The idea basically is, how do you create a payment infrastructure for content as it’s distributed?”
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When Napster emerged in the late 1990s, it made it easy for people to grab music files without compensating the content owners. The iPod and the iTunes music store changed that by allowing artists or publishers to get paid for reusing their content in a digital context. Fast-forward to today, and there are companies scraping content to train large language models without permission.
Dappier, an early-stage startup, wants to ensure that publishers get paid when their content gets used, and today announced a $2 million seed round and the launch of a marketplace where publishers can set a price for using their content in model training.
Dappier co-founder and CEO Dan Goikhman, calls his company a monetization stack for the emerging AI internet, providing a new way for publishers and data owners to get compensated for reusing their content.
“Our goal is to help media companies and information providers monetize their content as it’s being leveraged by emerging AI agents and platforms all around the world.” “The idea basically is, how do you create a payment infrastructure for content as it’s distributed?”
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Directo turns a TikTok travel hack into a deal-finding Chrome extension
A travel hack that went viral on TikTok teaches users how to save money on hotels and Airbnbs by booking directly with the properties themselves. Now, a new startup, Directo, will help travelers find those same deals with the help of a Chrome extension that points you to the property’s website, where you’ll often find discounted rates as the property doesn’t have to pay commission on those sales.
Across social media, creators and influencers post variations of a money-saving hack that teaches users how to find a cheaper way to book a room or a home stay. This often involves using reverse image search on photos of the listing to find the property’s website — something that can be particularly useful when booking longer stays where the savings can really add up.
Of course, booking directly may have its risks. You may not have the same travel assurances and protections compared with bigger websites, like Booking.com, Expedia or Airbnb. But when travelers are looking at savings in the hundreds of dollars or more, they often opt to take their chances.
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A travel hack that went viral on TikTok teaches users how to save money on hotels and Airbnbs by booking directly with the properties themselves. Now, a new startup, Directo, will help travelers find those same deals with the help of a Chrome extension that points you to the property’s website, where you’ll often find discounted rates as the property doesn’t have to pay commission on those sales.
Across social media, creators and influencers post variations of a money-saving hack that teaches users how to find a cheaper way to book a room or a home stay. This often involves using reverse image search on photos of the listing to find the property’s website — something that can be particularly useful when booking longer stays where the savings can really add up.
Of course, booking directly may have its risks. You may not have the same travel assurances and protections compared with bigger websites, like Booking.com, Expedia or Airbnb. But when travelers are looking at savings in the hundreds of dollars or more, they often opt to take their chances.
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Hebbia raises nearly $100M Series B for AI-powered document search led by Andreessen Horowitz
Hebbia, a startup using generative AI to search large documents and return answers, has raised a nearly $100 million Series B led by Andreessen Horowitz, according to three people with knowledge of the matter.
The round valued the company between $700 million and $800 million, although TechCrunch couldn’t verify whether that valuation is pre- or post-money. (One possible scenario is $700 million pre/$800 million post.) Hebbia disclosed in an SEC filing in May that it had by then raised $93 million out of a hoped-for $100 million, but we understand from two of the people that the round hit a near $100 million mark and has closed.
Hebbia and Andreessen Horowitz didn’t respond to a request for comment.
Hebbia was founded in 2020 by George Sivulka, who launched the company while working on his PhD in electrical engineering at Stanford. Sivulka was inspired by his friends working in the financial industry who told him that part of their long work weeks was spent searching for information in SEC filings and other dense documents. Sivulka thought that AI could help them save hours at the office and give them more time for rest and sleep.
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Hebbia, a startup using generative AI to search large documents and return answers, has raised a nearly $100 million Series B led by Andreessen Horowitz, according to three people with knowledge of the matter.
The round valued the company between $700 million and $800 million, although TechCrunch couldn’t verify whether that valuation is pre- or post-money. (One possible scenario is $700 million pre/$800 million post.) Hebbia disclosed in an SEC filing in May that it had by then raised $93 million out of a hoped-for $100 million, but we understand from two of the people that the round hit a near $100 million mark and has closed.
Hebbia and Andreessen Horowitz didn’t respond to a request for comment.
Hebbia was founded in 2020 by George Sivulka, who launched the company while working on his PhD in electrical engineering at Stanford. Sivulka was inspired by his friends working in the financial industry who told him that part of their long work weeks was spent searching for information in SEC filings and other dense documents. Sivulka thought that AI could help them save hours at the office and give them more time for rest and sleep.
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Illumex is using GenAI to ease pain of getting good data into LLMs
By now we know how crucial it is to have quality data for use by large language models (LLMs), but getting data ready for the models has been an early challenge for companies, an opening that represents an opportunity for an enterprising entrepreneur.
Enter Illumex, a two-year-old Israeli startup from the former VP of AI at Sisense. The startup is using GenAI to put the data into a ready state for LLMs. Today the company announced a $13 million investment.
Inna Tokarev-Sela, founder and CEO of Illumex, says she recognized this data readiness problem years ago, and she started Illumex with the goal of making it easier for organizations to organize data in an automated way.
“We automatically associate the business logic of an organization, automatically mapping it to data, and we bring the relevant data to the questions which business users have,” Tokarev-Sela told.
The company is combining a number of technologies to achieve this, including generative AI, graph databases and relational databases, pulling all this information together into what Tokarev-Sela calls a data fabric, which companies can access to train LLMs and for other purposes.
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By now we know how crucial it is to have quality data for use by large language models (LLMs), but getting data ready for the models has been an early challenge for companies, an opening that represents an opportunity for an enterprising entrepreneur.
Enter Illumex, a two-year-old Israeli startup from the former VP of AI at Sisense. The startup is using GenAI to put the data into a ready state for LLMs. Today the company announced a $13 million investment.
Inna Tokarev-Sela, founder and CEO of Illumex, says she recognized this data readiness problem years ago, and she started Illumex with the goal of making it easier for organizations to organize data in an automated way.
“We automatically associate the business logic of an organization, automatically mapping it to data, and we bring the relevant data to the questions which business users have,” Tokarev-Sela told.
The company is combining a number of technologies to achieve this, including generative AI, graph databases and relational databases, pulling all this information together into what Tokarev-Sela calls a data fabric, which companies can access to train LLMs and for other purposes.
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Synthflow picks up $7.4M for no-code voice assistance for SMEs
What is AI good for? Automating repetitive tasks for the very busy people running small businesses, reckons Berlin-based startup Synthflow, which is announcing a $7.4 million seed round for its SME-focused no-code platform for AI voice assistance.
Since being founded around spring last year, the startup has now banked a total of $9.1 million, underscoring ongoing investor enthusiasm for accelerating applications of generative AI.
The startup also claims to be approaching 1,000 customers — touting “double-digit” monthly growth rates since it stepped out of stealthy development to launch its browser-based “no code” tool in December 2023. That suggests there’s a healthy appetite among SMEs to adopt — or at least experiment with — generative AI tools that promise easy-to-reach productivity gains.
The new funding will be plowed into R&D, according to Synthflow CEO and co-founder Hakob Astabatsyan, who says the team is keen to keep stoking its early momentum by increasing product utility and broadening the scope of SMEs to which it’s appealing.
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What is AI good for? Automating repetitive tasks for the very busy people running small businesses, reckons Berlin-based startup Synthflow, which is announcing a $7.4 million seed round for its SME-focused no-code platform for AI voice assistance.
Since being founded around spring last year, the startup has now banked a total of $9.1 million, underscoring ongoing investor enthusiasm for accelerating applications of generative AI.
The startup also claims to be approaching 1,000 customers — touting “double-digit” monthly growth rates since it stepped out of stealthy development to launch its browser-based “no code” tool in December 2023. That suggests there’s a healthy appetite among SMEs to adopt — or at least experiment with — generative AI tools that promise easy-to-reach productivity gains.
The new funding will be plowed into R&D, according to Synthflow CEO and co-founder Hakob Astabatsyan, who says the team is keen to keep stoking its early momentum by increasing product utility and broadening the scope of SMEs to which it’s appealing.
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Gifting on-demand startup Afloat goes nationwide
Afloat, a gift delivery app that lets you shop from local stores and have gifts delivered to a loved one on the same day, is now available across the U.S. The startup announced on Monday that it is rolling out its service nationwide after previously only being available in select cities, including Atlanta, Dallas, Charleston, Fort Worth, Kansas City, Nashville, and Wichita, among others.
The startup was founded by Sarah-Allen Preston after she experienced the stress of her newborn undergoing open heart surgery. After receiving thoughtful gifts from loved ones, Preston wanted to make immediate gift-giving possible for everyone, including those who live in another state, to support their loved ones in a time of need.
“When I looked back on that experience, though, I weirdly didn’t remember the stress and the heartache. All I remembered was how people showed up for me and how cared and supported I felt… So, I took that feeling and went on to amplify this in the world through technology.”
Afloat aims to provide the convenience of online shopping and instant delivery while also supporting local businesses without leaving your home. Afloat takes care of the entire gift-giving process, including gift wrapping and adding a handwritten note for an extra personal touch. (Preston mentioned that this is more thoughtful than receiving a typed Amazon receipt.) As for the delivery part, DoorDash drivers take care of that.
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Afloat, a gift delivery app that lets you shop from local stores and have gifts delivered to a loved one on the same day, is now available across the U.S. The startup announced on Monday that it is rolling out its service nationwide after previously only being available in select cities, including Atlanta, Dallas, Charleston, Fort Worth, Kansas City, Nashville, and Wichita, among others.
The startup was founded by Sarah-Allen Preston after she experienced the stress of her newborn undergoing open heart surgery. After receiving thoughtful gifts from loved ones, Preston wanted to make immediate gift-giving possible for everyone, including those who live in another state, to support their loved ones in a time of need.
“When I looked back on that experience, though, I weirdly didn’t remember the stress and the heartache. All I remembered was how people showed up for me and how cared and supported I felt… So, I took that feeling and went on to amplify this in the world through technology.”
Afloat aims to provide the convenience of online shopping and instant delivery while also supporting local businesses without leaving your home. Afloat takes care of the entire gift-giving process, including gift wrapping and adding a handwritten note for an extra personal touch. (Preston mentioned that this is more thoughtful than receiving a typed Amazon receipt.) As for the delivery part, DoorDash drivers take care of that.
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Beauty tech startup BoldHue raises capital to ship its ‘Keurig for makeup’
Have you ever wanted a personalized makeup dispenser? Well, BoldHue‘s co-founder and CTO Karin Layton has built just that: A device that aims to be the “Keurig for makeup.”
BoldHue’s device essentially scans your face and dispenses a customized foundation formula that matches your skin tone. The beauty tech startup on Tuesday said it had raised a $3.37 million round led by Lucas Venture Group, with participation from Mark Cuban and others.
Layton, a former aerospace engineer for Raytheon, thought of the idea when she was getting ready for work one day and realized her new expensive foundation bottle didn’t match her skin tone. As a painter in her free time, Layton decided to combine engineering and her knowledge of color theory to create the first of many prototypes.
The countertop-sized device, to be priced at $295 upon release, operates using a “wand” that you place on different parts of your face to capture your skin tone. The device uses a proprietary skin typing algorithm to analyze your skin type and create the correct foundation shade using five pigments: blue, black, red, yellow and white. It will then dispense a week’s worth of foundation.
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Have you ever wanted a personalized makeup dispenser? Well, BoldHue‘s co-founder and CTO Karin Layton has built just that: A device that aims to be the “Keurig for makeup.”
BoldHue’s device essentially scans your face and dispenses a customized foundation formula that matches your skin tone. The beauty tech startup on Tuesday said it had raised a $3.37 million round led by Lucas Venture Group, with participation from Mark Cuban and others.
Layton, a former aerospace engineer for Raytheon, thought of the idea when she was getting ready for work one day and realized her new expensive foundation bottle didn’t match her skin tone. As a painter in her free time, Layton decided to combine engineering and her knowledge of color theory to create the first of many prototypes.
The countertop-sized device, to be priced at $295 upon release, operates using a “wand” that you place on different parts of your face to capture your skin tone. The device uses a proprietary skin typing algorithm to analyze your skin type and create the correct foundation shade using five pigments: blue, black, red, yellow and white. It will then dispense a week’s worth of foundation.
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Indian social network Koo is shutting down as buyout talks collapse
The Indian social media platform Koo, which positioned itself as a competitor to Elon Musk’s X is ceasing operations after its last-resort acquisition talks with Dailyhunt collapsed.
Despite securing over $60 million in funding from prominent investors, including Accel and Tiger Global, Koo faced significant challenges in expanding its user base and generating revenue over the past two years.
Koo was engaging with Dailyhunt an internet media startup valued at $5 billion, for a potential sale. The talks didn’t materialize into a deal, Koo founders said Wednesday.
“We explored partnerships with multiple larger internet companies, conglomerates and media houses but these talks didn’t yield the outcome we wanted,” Koo founders Aprameya Radhakrishna and Mayank Bidawatka wrote in a LinkedIn post. “Most of them didn’t want to deal with user generated content and the wild nature of a social media company.”
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The Indian social media platform Koo, which positioned itself as a competitor to Elon Musk’s X is ceasing operations after its last-resort acquisition talks with Dailyhunt collapsed.
Despite securing over $60 million in funding from prominent investors, including Accel and Tiger Global, Koo faced significant challenges in expanding its user base and generating revenue over the past two years.
Koo was engaging with Dailyhunt an internet media startup valued at $5 billion, for a potential sale. The talks didn’t materialize into a deal, Koo founders said Wednesday.
“We explored partnerships with multiple larger internet companies, conglomerates and media houses but these talks didn’t yield the outcome we wanted,” Koo founders Aprameya Radhakrishna and Mayank Bidawatka wrote in a LinkedIn post. “Most of them didn’t want to deal with user generated content and the wild nature of a social media company.”
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Indian edtech Unacademy cuts another 250 jobs
Indian edtech giant Unacademy is laying off about 250 employees. This is the latest in a series of job cuts at the company after schools reopened across the country following the pandemic lockdowns.
The Bengaluru-headquartered startup, valued at $3,4 billion in its last funding in 2021, is letting go of 100 people in marketing, business and product, and about 150 in sales, according to a source familiar with the situation. The layoffs bring Unacademy’s total job cuts to about 2,000 since the second half of 2022.
An Unacademy spokesperson confirmed the layoffs but didn’t elaborate on how many individuals were impacted.
The spokesperson said the restructuring exercise was “necessary” for staying on the company’s goal of reaching profitability. The startup counts General Atlantic, SoftBank and Peak XV among its backers.
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Indian edtech giant Unacademy is laying off about 250 employees. This is the latest in a series of job cuts at the company after schools reopened across the country following the pandemic lockdowns.
The Bengaluru-headquartered startup, valued at $3,4 billion in its last funding in 2021, is letting go of 100 people in marketing, business and product, and about 150 in sales, according to a source familiar with the situation. The layoffs bring Unacademy’s total job cuts to about 2,000 since the second half of 2022.
An Unacademy spokesperson confirmed the layoffs but didn’t elaborate on how many individuals were impacted.
The spokesperson said the restructuring exercise was “necessary” for staying on the company’s goal of reaching profitability. The startup counts General Atlantic, SoftBank and Peak XV among its backers.
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Awign bags $24.5 Mn in series C, Mynavi now holds 73% stake
Awign has raised Rs 203.5 crore or $24.5 million from Japan-based Mynavi Corporation, which will now control a 73% stake in the Bengaluru-based HR tech startup, according to the company’s filings with RoC.
In May, the board at Awign passed a special resolution to issue 11,485 Series C CCPS at an issue price of Rs 1,77,206 each to raise Rs 203.5 crore or $24.5 million, its regulatory filings show.
This coincided with Awign’s public announcement that MyNavi will control the majority stake in the former. However, the startup had not divulged more details of the transaction at the time.
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Awign has raised Rs 203.5 crore or $24.5 million from Japan-based Mynavi Corporation, which will now control a 73% stake in the Bengaluru-based HR tech startup, according to the company’s filings with RoC.
In May, the board at Awign passed a special resolution to issue 11,485 Series C CCPS at an issue price of Rs 1,77,206 each to raise Rs 203.5 crore or $24.5 million, its regulatory filings show.
This coincided with Awign’s public announcement that MyNavi will control the majority stake in the former. However, the startup had not divulged more details of the transaction at the time.
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Agritech startup Arya.ag raises $29 Mn at valuation of $325 Mn
Agritech startup Arya.ag has raised Rs 242.36 crore approximately ($29.2 million) from existing investors. This is the first round of investment for the Noida-based company since January 2022.
The board Arya.ag has passed a special resolution to issue 53,695 CCPS at an issue price of Rs 45,137 each to raise the aforementioned sum ($29.2 million), its regulatory filing accessed from the RoC shows.
The company has received Rs 134.46 crore from previous backers: Asia Impact and Quona Capital through Quona Blue Earth and Accion Quona.
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Agritech startup Arya.ag has raised Rs 242.36 crore approximately ($29.2 million) from existing investors. This is the first round of investment for the Noida-based company since January 2022.
The board Arya.ag has passed a special resolution to issue 53,695 CCPS at an issue price of Rs 45,137 each to raise the aforementioned sum ($29.2 million), its regulatory filing accessed from the RoC shows.
The company has received Rs 134.46 crore from previous backers: Asia Impact and Quona Capital through Quona Blue Earth and Accion Quona.
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Oyo raises $50 Mn from InCred at $2.38 Bn valuation
Oyo has raised Rs 416.85 crore (approximately $50 million) from InCred Wealth and Investment. The funding is coming after a gap of almost three years for the Gurugram-based hospitality unicorn.
The board at Oyo has passed a special resolution to issue 14,37,41,379 Series G CCPS at an issue price of Rs 29 each to raise Rs 416.85 crore or $50 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows.
Oyo will use these proceeds for growth, global expansion (including acquisitions), and enhanced business plans, according to the filings.
As per TheKredible estimates, the company has been valued at around Rs 19,756 crore or $2.38 billion post-allotment. Importantly, the new investor will command a 2.11% stake in the company (post allotment).
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Oyo has raised Rs 416.85 crore (approximately $50 million) from InCred Wealth and Investment. The funding is coming after a gap of almost three years for the Gurugram-based hospitality unicorn.
The board at Oyo has passed a special resolution to issue 14,37,41,379 Series G CCPS at an issue price of Rs 29 each to raise Rs 416.85 crore or $50 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows.
Oyo will use these proceeds for growth, global expansion (including acquisitions), and enhanced business plans, according to the filings.
As per TheKredible estimates, the company has been valued at around Rs 19,756 crore or $2.38 billion post-allotment. Importantly, the new investor will command a 2.11% stake in the company (post allotment).
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Goat Brand Labs raises $21 Mn in debt and equity
E-commerce roll up company Goat Brand Labs has raised $21 million in debt and equity from investors including BlackRock, Mayfield, NB Ventures, and others. The fresh funding has come after a gap of more than two years for the Bengaluru-based company.
Goat Brand also added that the round will be closed at about $30 million. The new funding will be utilised to fuel the growth of its portfolio brands such as Chumbak, trueBrowns, The Label Life, Pepe Jeans Inner Fashion, Voylla, Petcrux, and Nutriglow.
GOAT is a marketplace roll-up platform that acquires direct-to-consumer (D2C) brands and scales them with its expertise. The company has around 19 subsidiaries under its portfolio.
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E-commerce roll up company Goat Brand Labs has raised $21 million in debt and equity from investors including BlackRock, Mayfield, NB Ventures, and others. The fresh funding has come after a gap of more than two years for the Bengaluru-based company.
Goat Brand also added that the round will be closed at about $30 million. The new funding will be utilised to fuel the growth of its portfolio brands such as Chumbak, trueBrowns, The Label Life, Pepe Jeans Inner Fashion, Voylla, Petcrux, and Nutriglow.
GOAT is a marketplace roll-up platform that acquires direct-to-consumer (D2C) brands and scales them with its expertise. The company has around 19 subsidiaries under its portfolio.
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Byway is using AI to help travelers slow down and take the scenic route
Solo founder Cat Jones took the plunge on setting up a travel business right around the time the pandemic was hitting Europe in March 2020. Fast-forward to summer 2024 and her curated package tour business, Byway, is announcing the close of an oversubscribed £5.04 million Series A round (around $6.4 million at current exchange rates).
Jones’ conviction that slow and more sustainable travel — trips whose unique selling point is they’re programmed to be flight-free, going overland (and sea) by train, bus or ferry, allowing holidaymakers to take in the scenery and dodge the crowds as they unwind in more off-the-beaten-track locations — is on a roll. Growth has been 3x year-on-year, with more than 4,200 trips sold to date.
Environmental concerns are one major factor encouraging holidaymakers to find ways to reduce flying. Meanwhile, many popular European city-break destinations — from Amsterdam and Barcelona to Rome and Venice — and even well-known holiday islands are not as hospitable to tourists as local communities struggle with the effects of over-tourism.
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Solo founder Cat Jones took the plunge on setting up a travel business right around the time the pandemic was hitting Europe in March 2020. Fast-forward to summer 2024 and her curated package tour business, Byway, is announcing the close of an oversubscribed £5.04 million Series A round (around $6.4 million at current exchange rates).
Jones’ conviction that slow and more sustainable travel — trips whose unique selling point is they’re programmed to be flight-free, going overland (and sea) by train, bus or ferry, allowing holidaymakers to take in the scenery and dodge the crowds as they unwind in more off-the-beaten-track locations — is on a roll. Growth has been 3x year-on-year, with more than 4,200 trips sold to date.
Environmental concerns are one major factor encouraging holidaymakers to find ways to reduce flying. Meanwhile, many popular European city-break destinations — from Amsterdam and Barcelona to Rome and Venice — and even well-known holiday islands are not as hospitable to tourists as local communities struggle with the effects of over-tourism.
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