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Archivo del Autor: Belen De Leon

Caterina Fake is known for her trend-spotting; here’s some of what she’s chasing now

Roughly a year ago, entrepreneurs Caterina Fake and Jyri Engeström decided to form a traditional venture outfit called Yes VC. Fast forward, and the duo has nearly closed on $50 million for their debut fund, including backing from Supercell founder Ilkka Paananen, former Etsy CEO Chad Dickerson and the family office of Nokia Chairman Risto Siilasmaa.

That investors would want to invest alongside them isn’t surprising. Fake famously co-founded the photo-sharing site Flickr, which sold to Yahoo, before co-founding Hunch, which sold to eBay. Engeström co-founded Jaiku, a mobile social network that sold to Google, before co-founding Ditto, a mobile local recommendations app that was acquired by Groupon. They’ve also written early checks as angel investors to a wide number of companies. Fake backed Kickstarter and Etsy, among tens of others; Engeström’s various bets include the popular clothing label Betabrand, and startups like Applifier (acquired by Unity Technologies) and Moves (acquired by Facebook).

Now, investing on behalf of San Francisco-based Yes VC, Fake and Engeström have invested in a dozen more startups, including a clothing retailer that we reported on earlier this week called Kids on 45th that’s not in Silicon Valley and doesn’t photograph what it sells to customers online — which is a big departure from nearly every other e-commerce concept we’ve covered. In fact, because we thought it was so interesting, we asked Fake to hop on the phone with us and share what else she’s seeing — and funding. Unfortunately, one of the most intriguing investments that we wound up discussing we can’t include (the founders would not be pleased), but we can share it soon. Our conversation has otherwise been lightly edited for length.

TC: Kids on 45th seems very unique in that it caters to those willing to buy kids clothing sight unseen in exchange for affordability and time savings. It’s rare to see an e-commerce company that’s not catering to status-conscious consumers.

CF: They are rare, my goodness. It’s a severely under-addressed market. Its [customers] tend to be middle-class and lower-income moms who are super busy working and don’t care about brands or or have a lot of time to select kids’ clothing. So many Silicon Valley startups cater to college dudes who are trying to get out of doing their chores, I find it kind of offensive. This is a company that supports moms who really need the support, who can’t afford to have their groceries delivered or their packages dropped off and picked up — who are really pulling their weight, and everyone else’s.

TC: It’s in Seattle. How did you meet the company?

CF: We met [founder] Elise [Worthy] through [the consumer VC firm] Maveron. It was a little early for them so they introduced us. We often get referrals from Series A firms and from founders who know what we look for and what we like, and Maveron knew Elise was perfect for us.

Only three [of our new portfolio companies] are in the Bay Area, by the way. We have one in Portland, Maine; in Boise; in Vancouver. Silicon Valley is still Rome, but other places are becoming much stronger.

We’re also seeing a lot of stuff from women, partly because it’s a 50-percent female partnership here. There are so many awesome companies led by women and female entrepreneur networks. Our secret sauce is that we see a lot of these opportunities. Etsy I took all around the Valley for a seed round and everyone pooh-poohed it because they had this blind spot of not understanding businesses that cater to women. But there are huge opportunities all over the place.

TC: We talked when you were launching Yes VC and you were really enthusiastic about decentralization. Are you investing in blockchain startups?

CF: There isn’t a lot of compelling blockchain stuff that we’ve seen, though I do believe that the massive consolidation of power in the top five companies is not good for tech industry, startups or the broader ‘innovation ecosystem.’ What I find interesting lately is all the stuff going on in social platforms and online communities that are fine grained, meaning networks for specific or narrower communities, of developers, of women, of people dealing with a certain problem.

When Flickr started a year or two after Facebook, the Internet was so huge [and open] that it could serve these faceted networks. I think we’ve since seen the results of trying to be all things too all people —  nuns, white supremacists, truck drivers — [and] you shouldn’t serving all those people.

TC: You clearly think about these things a lot. You started a podcast this year, “Should This Exist,” about technologies that affect humanity. 

CF: It’s stuff I’ve been talking about all along and conversations I’ve been having online for a long time. In recent years, we’ve seen the effect of blitzscaling, and ‘move fast and break things,’ and development principles that the Valley has been flaming the flames of, so we ask [on the podcast]: Can this exist? Can it get funding? And should this exist? We’re putting out an episode every couple of weeks, and we’re halfway through this first season, with a plan to put out 10 episodes altogether.

We did one episode on ‘neuropriming,’ or zapping your brain to make it learn faster; another on AI therapy, with AI replacing people in the form of therapists and teachers and surgeons in diagnosing brain tumors. We’ve also talked about facial recognition and drones and supersonic flight, and stuff coming up in genetics — scary things with both huge potential to serve humanity and also to go really, terribly wrong. It’s important to [ask more questions] at the beginning of these industries rather than later, when we’re making a last-ditch effort to [solve the problems they’ve created].

TC: What are your theses right now when it comes to investing?

CF: All of our confreres in VC are like, ‘You got to have a thesis.’ It all sounds kind of like crap. What we did was retrospected all the stuff that has done really well [that we’ve helped fund], including Etsy and Cloudera, and what they had in common. One is a marketplace for handmade goods, the other an open-source tech platform, but what they have in common is that they were both at the vanguard of movements. Etsy became the vanguard of the DIY movement. Kickstarter [another early angel investment] became the vanguard of crowdfunding. Blue Bottle Coffee was the vanguard of the artisanal coffee movement. Public Goods [a membership club for natural and sustainable bathroom products] is in the vanguard [away from this] glut of marketing where you’re being constantly bombarded with messaging. It’s about simplification. Sometimes, you just want shampoo without being assaulted by branding first.

TC: What size checks are you writing?

CF: Typically, it’s a $500,000 check into a pre-seed deal, or we’ve gone as high as $1.5 million, writing follow-on checks selectively.

TC: Biggest investment out of the new fund?

CF: It may be either Kids on 45th or Public Goods.

TC: Are you seeing less frothy valuations in other markets?

CF: That’s true to some extent, but Valley fever is a contagion that takes hold as much in Indiana as California. It really is the case that the price is whatever the market will bear.


Source: TechCrunch

Forget the Galaxy S10, buy a new Galaxy S8 instead for only $370 – CNET

We found a Galaxy S8, LG V35 and V30 that each cost under $400.
Source: CNET

Tesla’s board is about to get a lot smaller

Tesla is cutting its board down by more than one-third, to seven directors, by 2020, a move that includes the loss of some of CEO Elon Musk’s early advisers and allies, according to regulator filings posted Friday.

The filing comes days before a busy week for Tesla that will include an April 22 event meant to highlight its progress with autonomous vehicle technology, its April 24 quarterly earnings call and a hearing with a judge to determine whether Musk and the SEC were able to reach a resolution contempt of court request over his Twitter use.

Longtime board member Brad Buss and Linda Johnson Rice, who joined two years ago as an independent director, will not seek re-election this year. Their terms will expire at the upcoming annual meeting. The board said in the proxy filing that it doesn’t plan to fill their seats.

Antonio Gracias, whose term ends in 2020, and venture capitalist Steve Jurvetson will leave the board in 2020.

The changes are the latest moves by the board to gain more independence and follow the company and Musk’s settlement with the U.S. Securities and Exchange Commission last year. Under the settlement, Tesla agreed to add two independent directors and Musk would step down as chairman for three years.

In December, Tesla added two independent directors to its board — Oracle founder, chairman and CTO Larry Ellison and Walgreens executive Wilson-Thompson.

Jurvetson, an early adviser of Musk, just returned this month from a leave of absence from the board. Jurvetson had been on leave from the Tesla and SpaceX boards since 2017 following his resignation as partner at Draper Fisher Jurvetson.

Jurvetson has since launched an early-stage venture firm, Future Ventures, and recently announced he has raised $200 million for its debut fund.

Ira Ehrenpreis and Kathleen Wilson-Thompson were nominated for re-election at the 2019 annual meeting.

The settlement between Musk, Tesla and the SEC grew out of a tweet in August that he had “funding secured” for a private takeover of the company at $420 per share. The SEC filed a complaint in federal district court in September alleging that Musk lied.

Musk and Tesla settled with the SEC without admitting wrongdoing, and Tesla agreed to pay a $20 million fine; Musk had to agree to step down as Tesla chairman for a period of at least three years; the company had to appoint two independent directors to the board; and Tesla was also told to put in place a way to monitor Musk’s statements to the public about the company, including via Twitter.

The relationship between Musk and the SEC has remained strained. Musk has openly criticized the SEC via Twitter on various occasions, openly mocking the agency at times, even days after the settlement was reached. The SEC requested Musk be held in contempt for a tweet sent in February that the agency argued contained material information.


Source: TechCrunch

Fastly, the content delivery network, files for an IPO

Fastly, the content delivery network that’s raised $219 million in financing from investors (according to Crunchbase), is ready for its close up in the public markets.

The eight-year-old company is one of several businesses that improve the download time and delivery of different websites to internet browsers and it has just filed for an IPO.

Media companies like The New York Times use Fastly to cache their homepages, media and articles on Fastly’s servers so that when somebody wants to browse the Times online, Fastly’s servers can send it directly to the browser. In some cases, Fastly serves up to 90 percent of browser requests.

E-commerce companies like Stripe and Ticketmaster are also big users of the service. They appreciate Fastly because its network of servers enable faster load times — sometimes as quickly as 20 or 30 milliseconds, according to the company.

The company raised its last round of financing roughly nine months ago, a $40 million investment that Fastly said would be the last before a public offering.

True to its word, the company is hoping public markets have the appetite to feast on yet another “unicorn” business.

While Fastly lacks the sizzle of companies like Zoom, Pinterest or Lyft, its technology enables a huge portion of the activities in which consumers engage online, and it could be a bellwether for competitors like Cloudflare, which recently raised $150 million and was also exploring a public listing.

The company’s public filing has a placeholder amount of $100 million, but given the amount of funding the company has received, it’s far more likely to seek closer to $1 billion when it finally prices its shares.

Fastly reported revenue of roughly $145 million in 2018, compared to $105 million in 2017, and its losses declined year on year to $29 million, down from $31 million in the year-ago period. So its losses are shrinking, its revenue is growing (albeit slowly) and its cost of revenues are rising from $46 million to around $65 million over the same period.

That’s not a great number for the company, but it’s offset by the amount of money that the company’s getting from its customers. Fastly breaks out that number in its dollar-based net expansion rate figure, which grew 132 percent in 2018.

It’s an encouraging number, but as the company notes in its prospectus, it’s got an increasing number of challenges from new and legacy vendors in the content delivery network space.

The market for cloud computing platforms, particularly enterprise-grade products, “is highly fragmented, competitive and constantly evolving,” the company said in its prospectus. “With the introduction of new technologies and market entrants, we expect that the competitive environment in which we compete will remain intense going forward. Legacy CDNs, such as Akamai, Limelight, EdgeCast (part of Verizon Digital Media), Level3, and Imperva, and small business-focused CDNs, such as Cloudflare, InStart, StackPath, and Section.io, offer products that compete with ours. We also compete with cloud providers who are starting to offer compute functionality at the edge like Amazon’s CloudFront, AWS Lambda, and Google Cloud Platform.”


Source: TechCrunch

Equity Shot: Pinterest zooms into the public markets (and yet another tech company files for an IPO)

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

This is a relaxed, Friday, Equity Shot. That means Kate and Alex were on deck to chew through the latest from the IPO front. We’ll keep doing extra episodes as long as we have to, though we’re slightly sorry if we’re becoming a bit much.

That’s a joke — we’re not sorry at all.

So, three things this week. First, Fastly filed an S-1 (Alex’s notes here); second, Zoom completed its highly anticipated IPO (Kate’s post here, Alex has notes too); and third, Pinterest went public too (more from TechCrunch here). Ultimately, Pinterest’s stock offering valued the company at $12.6 billion (higher than its latest private valuation), but we’ve got some notes on the “undercorn” phenomenon anyway (here and here).

Fastly is going public after raising more than $200 million at a valuation greater than $900 million. Founded in 2011, the content-delivery company surpassed the $100 million revenue mark in 2017, growing a little under 40 percent in 2018. It’s an unprofitable shop, but it has a clear path to profitability. And given how Zoom’s IPO went, it’s probably drafting a bit off of market momentum.

As mentioned, Zoom had a wildly successful first day of trading. The company ended up pricing its shares above range at $36 apiece, only to debut on the Nasdaq at $65 apiece. Yes, that’s an 81 percent pop, and yes, we were a bit floored.

Finally, Pinterest’s debut was solid, leading to a more than 25 percent gain over its above-range IPO price. What’s not to like about that? It’s hard to find fault with the offering. Pinterest got past the negative press and questions about private market valuations, went public, raised a truckload of money and now just has to execute. We’ll be watching.

If you’re looking for more Uber IPO content, don’t worry, there’s plenty more of that to come. See ya next week.

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.


Source: TechCrunch

Ancestry.com’s Racist Ad Tumbles Into a Cultural Minefield

A slavery-themed ad for Ancestry.com exposes the awkward relationship between America’s darkest history and the current boom in family-tree building.
Source: Wired

An Insane 'Jeopardy!' Run, How to Prep for 4/20, and More

Catch up on the most important news today in 2 minutes or less.
Source: Wired

Gadget Lab Podcast: Your Right to Repair Your Gadgets

We talk with right-to-repair advocate Nathan Proctor. Also: Samsung’s Galaxy Fold woes, and a preview of the next Sony PlayStation.
Source: Wired

Avengers: Endgame ad brings out Audi E-Tron to help Captain Marvel – Roadshow

Yes, even Goose makes an appearance.
Source: CNET

Sewer-blocking London concreteberg weighs as much as a whale – CNET

Forget fatbergs. England has to chip an epic amount of concrete out of some sewer tunnels.
Source: CNET

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