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Archivo del Autor: Belen De Leon

Uncapped raises £10M to offer ‘revenue-based’ finance to growing businesses

Uncapped, a London headquartered and Warsaw-based startup that wants to provide “revenue-based” finance to growing European businesses, is officially launching today and disclosing that it has raised £10 million in funding.

The capital is a mixture of equity funding and debt (money it can use for lending), and sees the fintech company backed by Rocket Internet’s Global Founders Capital, White Star Capital, and Seedcamp.

I understand a number of angel investors also participated. They include Robert Dighero (Partner at Passion Capital), Carlos Gonzalez-Cadenas (COO of GoCardless) and David Nolan and Kevin Glynn (founders of Butternut Box).

Founded by “serial entrepreneur” Asher Ismail (who was most recently CEO of Midrive), and former VC Piotr Pisarz, Uncapped has set out to use various marketing, sales and accounting data to be able to offer finance for young businesses based on their current (and projected) revenue.

Specifically, Uncapped says it will enable founders to access working capital between £10,000 and £1 million for a flat fee of 6%. It’s being pitched as a smart alternative for growing companies that don’t want to give away equity in return for capital to help grow.

“The first decision that entrepreneurs need to make when raising finance is whether to give away a portion of equity in their company, or take on debt,” explains Ismail. “Equity is a slow and very expensive way to fund growth, while loans add more risk. We’re creating an alternative that sits between debt and equity financing, while offering the benefits of both. We started Uncapped so that entrepreneurs wouldn’t have to give up a piece of their company or put up their house”.

Ismail says that Uncapped provides entrepreneurs with access to capital without the need for “personal guarantees, credit checks, warrants, or equity,” and promises to move a lot quicker than investors, or for that matter, more traditional forms of debt finance, can.

“We don’t require customers to share any business plans, cap tables, or pitch decks,” he adds. “All we need is to verify their business performance. We connect to the business’ existing sales and marketing platforms, like Stripe, Shopify and Facebook. Revenue-based finance also gives founders the flexibility to repay less when their sales slow or the market hits a downturn”.

The only stipulation is that businesses must be based on online payments and have at least nine months trading history. This makes Uncapped particularly suitable for companies operating e-commerce, SaaS, direct-to-consumer, gaming and app development businesses.

“For example, our first customer was online menswear brand, L’Estrange,” Uncapped Pisarz tells me. “For e-commerce businesses, December is typically the most challenging time to invest in growth, as inventory and marketing costs are at a peak but Christmas sales have not yet come through. We were able to provide the business with an advance within three days”.

Meanwhile, Ismail claims that Uncapped is the first company of its kind to launch in Europe (which is somewhat of a stretch) and that venture capital — although very different — is probably the closest alternative form of financing.

“Despite the $35 billion invested in Europe by VCs this year, many companies do not fit the venture model,” he says. “They might be a family business that doesn’t intend to sell, an entrepreneur focused on more of a niche market, or minority who may be overlooked by traditional funders. Whilst VCs will often meet 1,500 companies and back just five of them a year, we have the ability to provide 100s of businesses with growth capital for a flat fee much faster and without sacrificing equity at an early stage”.


Source: TechCrunch

Best Cyber Monday MacBook deals 2019: Low prices on Apple laptops

Cyber Monday 2019 is less than a week away and if you’re looking to snag a great deal on a MacBook Pro or Air this year, here’s everything you need to know about this year’s Cyber Monday MacBook deals.
Source: Digital trends

The latest MacBook Pro is $200 off for Amazon Cyber Monday today

Apple has finally come out with a new MacBook Pro and it’s already received an early Cyber Monday 2019 discount on Amazon. This discount saves you $200 and gets you a 16-inch MacBook Pro with its new Magic Keyboard design.
Source: Digital trends

Africa Roundup: Nigerian fintech gets $360M, mints unicorn, draws Chinese VC

November 2019 could mark when Nigeria (arguably) became Africa’s unofficial capital for fintech investment and digital finance startups.

The month saw $360 million invested in Nigerian focused payment ventures. That is equivalent to roughly one-third of all the startup VC raised for the entire continent in 2018, according to Partech stats.

A notable trend-within-the-trend is that more than half — or $170 million — of the funding to Nigerian fintech ventures in November came from Chinese investors. This marks a pivot in China’s engagement with Africa to tech. We’ll get to that.

Before the big Chinese backed rounds, one of Nigeria’s earliest fintech companies, Interswitch, confirmed its $1 billion valuation after Visa took a minority stake in the company. Interswitch would not disclose the amount to TechCrunch, but Sky News reporting pegged it at $200 million for 20%.

Founded in 2002 by Mitchell Elegbe, Interswitch pioneered the infrastructure to digitize Nigeria’s then predominantly paper-ledger and cash-based economy.

The company now provides much of the tech-wiring for Nigeria’s online banking system that serves Africa’s largest economy and population. Interswitch offers a number of personal and business finance products, including its Verve payment cards and Quickteller payment app.

The financial services firm has expanded its physical presence to Uganda, Gambia and Kenya . The Nigerian company also sells its products in 23 African countries and launched a partnership in August for Verve cardholders to make payments on Discover’s global network.

Visa and Interswitch touted the equity investment as a strategic collaboration between the two companies, without a lot of detail on what that will mean.

One point TechCrunch did lock down is Interswitch’s (long-awaited) and imminent IPO. A source close to the matter said the company will list on a major exchange by mid-2020.

For the near to medium-term, Interswitch could stand as Africa’s sole tech-unicorn, as e-commerce venture Jumia’s volatile share-price and declining market-cap — since an April IPO — have dropped the company’s valuation below $1 billion.

Circling back to China, November was the month that signaled Chinese actors are all in on African tech.

In two separate rounds, Chinese investors put $220 million into OPay and PalmPay — two fledgling startups with plans to scale in Nigeria and the broader continent.

PalmPay, a consumer oriented payments product, went live last month with a $40 million seed-round (one of the largest in Africa in 2019) led by Africa’s biggest mobile-phone seller — China’s Transsion.

The startup was upfront about its ambitions, stating its goals to become “Africa’s largest financial services platform,” in a company release.

To that end, PalmPay conveniently entered a strategic partnership with its lead investor. The startup’s payment app will come pre-installed on Transsion’s mobile device brands, such as Tecno, in Africa — for an estimated reach of 20 million phones.

PalmPay also launched in Ghana in November and its UK and Africa based CEO, Greg Reeve, confirmed plans to expand to additional African countries in 2020.

OPay’s $120 million Series B was announced several days after the PalmPay news and came only months after the mobile-based fintech venture raised $50 million.

Founded by Chinese owned consumer internet company Opera — and backed by 9 Chinese investors — OPay is the payment utility for a suite of Opera developed internet based commercial products in Nigeria. These include ride-hail apps ORide and OCar and food delivery service OFood.

With its latest Series A, OPay announced it would expand in Kenya, South Africa, and Ghana.

Though it wasn’t fintech, Chinese investors also backed a (reported) $30 million Series B for East African trucking logistics company Lori Systems in November.

With OPay, PalmPay, and Lori Systems, startups in Africa have raised a combined $240 million from 15 Chinese investors in a span of months.

There are a number of things to note and watch out for here, as TechCrunch reporting has illuminated (and will continue to do in follow-on coverage).

These moves mark a next chapter in China’s engagement in Africa and could raise some new issues. Hereto, the country’s interaction with Africa’s tech ecosystem has been relatively light compared to China’s deal-making on infrastructure and commodities.

There continues to be plenty of debate (and critique) of China’s role in Africa. This new digital-phase will certainly add a fresh component to all that. One thing to track will be data-privacy and national-security concerns that may emerge around Chinese actors investing heavily in African mobile consumer platforms.

We’ve seen lines (allegedly) blur on these matters between Chinese state and private-sector actors with companies such as Huawei.

As OPera and PalmPay expand, they may need to do some reassuring of African regulators as countries (such as Kenya) establish more formal consumer protection protocols for digital platforms.

One more thing to follow on OPay’s funding and planned expansion is the extent to which it puts Opera (and its entire suite of consumer internet products) in competition with multiple actors in Africa’s startup ecosystem. Opera’s Africa ventures could go head to head with Uber, Jumia, and M-Pesa — the mobile money-product that put Kenya out front on digital finance in Africa before Nigeria.

Shifting back to American engagement in African tech, Twitter and Square CEO Jack Dorsey was on the continent in November. No sooner than he’d finished his first trip, Dorsey announced plans to move to Africa in 2020, for 3 to 6 months, saying on Twitter “Africa will define the future (especially the bitcoin one!).”

We still don’t know much about what this last trip — or his future foray — mean in terms of concrete partnerships, investment, or market moves in Africa from Dorsey and his companies.

He visited Nigeria, Ghana, South Africa and Ethiopia and met with leaders at Nigeria’s CcHub (Bosun Tijani), Ethiopia’s Ice Addis (Markos Lemming), and did some meetings with fintech founders in Lagos (Paga’s Tayo Oviosu).

I know most of the organizations and people Dorsey talked to pretty well and nothing has shaken out yet in terms of partnership or investment news from his recent trip.

On what could come out of Dorsey’s 2020 move to Africa, per his tweet and news highlighted in this roundup, a good bet would be it will have something to with fintech and Square.

More Africa-related stories @TechCrunch

African tech around the ‘net


Source: TechCrunch

Get personalized expert help for your startup at Disrupt Berlin

Want to get professional feedback about your pitch deck, marketing assets, or immigration issues? Attending Disrupt Berlin?

We’ve brought in experts from around Europe (and Silicon Valley) to help you directly.

These events were hugely popular when we first did them at Disrupt in San Francisco the other month, so get your submissions in ASAP.

  • The final deadline is Sunday, Dec. 8.
  • It’s free for all attendees.
  • If we use your assets, we’ll also provide you a free ticket to any TechCrunch event of your choosing next year.

The Top 3 Immigration Mistakes Startups Make
11:25 – 11:35, Wednesday, Dec. 11
Sophie Alcorn (Alcorn Immigration Law)

Sophie Alcorn has helped hundreds of startups worldwide navigate the complexities of United States immigration law. She’ll be leading a talk on top mistakes, participating in a panel on global scaling, and providing 1:1 immigration advice sessions for any attendee who is interested.

You can now sign up for a time slot with her using our CrunchMatch offering. Attendees can request appointments through CrunchMatch in the TechCrunch events app, available upon registration.

Pitch Deck Teardown
16:45 -17:25, Wednesday, Dec. 11 
Russ Heddleston (DocSend)
Karen Stafford (Intel)
Sitar Teli (Connect Ventures)

How can you make your deck bring in the funding? Two top European investors and a startup founder with a special data set about will be reviewing submitted decks live on the Extra Crunch stage.

Want to see what they think about yours? Just fill out this form.

Growth Marketing 2020
14:05 – 14:45, Thursday, Dec. 12
Asher King Abramson (Demand Curve)

Even the biggest tech companies do marketing wrong — and startups you haven’t heard of (yet) are doing it right. Demand Curve works with dozens of top companies coming out of Y Combinator, and a long list of others around the world. Asher King Abramson has seen it all, including the best practices going into the new year.

He’ll be critiquing a selection of efforts on stage, and you can have yours included if you submit your ad and landing page assets here.

 

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Source: TechCrunch

23 Best Cyber Monday 2019 TV and Soundbar Deals: Samsung, Vizio, and More

(Updated Frequently) Our favorite deals on affordable televisions, OLED TVs, Roku, and more for Cyber Monday.
Source: Wired

25 Best Cyber Monday 2019 Laptop and Tablet Deals: iPad, Surface, and More

(Updated Frequently) MacBooks, Windows laptops, Chromebooks, iPads, Surface tablets, hard drives, you name it. We scoured the sales to find you all the best Black Friday and Cyber Monday deals on laptops and tablets.
Source: Wired

"Las mejores armas de hoy en día no disparan balas"

En una nueva era donde las guerras se libran en las sombras, el exparacaidista y profesor Sean McFate opina que EE. UU. tiene un gran poder militar, pero no estratégico. A su juicio, el país no se está adaptando a las nuevas reglas bélicas: debería invertir menos en tecnología militar y reforzar las batallas políticas
Source: MIT

El calentamiento global conduce al planeta a un punto de no retorno

Numerosos investigadores afirman en ‘Nature’ que se está llegando a un punto de inflexión que provocará la destrucción de los ecosistemas naturales. Ese momento provocará a su vez una cascada de acontecimientos que harán el planeta menos habitable, por lo que reclaman medidas drásticas y urgentes
Source: MIT

32 Best Cyber Monday 2019 Camera Deals: GoPro, Sony, Nikon, DJI, and More

(Updated Frequently) We dove deep into Black Friday and Cyber Monday discounts to find the best sales on cameras, lenses, drones, and related gear.
Source: Wired

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