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Archivo del Autor: Belen De Leon

Felix Capital closes $300M fund to double down on DTC, break into fintech and make late-stage deals

To kick off 2020, one of Europe’s newer — and more successful — investment firms has closed a fresh, oversubscribed fund, one sign that VC in the region will continue to run strong in the year ahead after startups across Europe raised between $35 billion and $36 billion in 2019.

Felix Capital, the London VC founded by Frederic Court that was one of the earlier firms to identify and invest in the trend of direct-to-consumer businesses, has raised $300 million, money that it plans to use to continue investing in creative and consumer startups and platform plays as well as begin to tap into a newer area, fintech — specifically startups that are focused on consumer finance. 

Felix up to now has focused mostly on earlier-stage investments — it now has $600 million under management and 32 companies in its portfolio in eight countries — based across both Europe and the US. Court said in an interview that a portion of this fund will now also go into later, growth rounds, both for companies that Felix has been backing for some time as well as newer faces.

As with the focus of the investments, the make-up of the fund itself has a strong European current: the majority of the LPs are European, Court noted. Although Asia is something it would like to tackle more in the future both as a market for its current portfolio and as an investment opportunity, he added, the firm has yet to invest into the region or substantially raise money from it.

Felix made its debut in 2015, founded by Court after a strong run at Advent Capital where he was involved in a number of big exits. While Court had been a strong player in enterprise software, Felix was a step-change for him into more of a primary focus on consumer startups focused on fashion, lifestyle and creative pursuits.

That has over the years included investing in companies like the breakout high-fashion marketplace Farfetch (which he started to back when still at Advent and is now public), Gwyneth Paltrow’s GOOP, the jewellery startup Mejuri, trend-watching HighSnobiety, and fitness startup Peloton (which has also IPO’d).

It’s not an altogether easygoing, vanilla list of cool stuff. Peloton and GOOP have had been mightily doused in snarky and sharky sentiments; and sometimes it even seems as if the brands themselves own and cultivate that image. As the saying goes, there’s no such thing as bad press, I guess.

Although it wasn’t something especially articulated in startup land at the time of Felix’s launch, what the firm was honing in on was a rising category of direct-to-consumer startups, essentially all in the area of e-commerce and building brands and businesses that were bypassing traditional retailers and retail channels to develop primary relationships with consumers through newer digital channels such as social media, messaging and email (alongside their own DTC websites). 

This is not Felix’s sole focus, with investments into a range of platform businesses like corporate travel site TravelPerk, Amazon -backed food delivery juggernaut Deliveroo and Moonbug (a platform for children’s entertainment content); and increasingly later stage rounds (for example it was part of a $104 million round at TravelPerk; a $70 million round for marketplace-building service Mirakl; and $23 million for Mejuri.

Court’s track record prior to Felix, and the success of the current firm to date, are two likely reasons why this latest fund was oversubscribed, and why Court says it wants to further spread its wings into a wider range of areas and investment stages.

The interest in consumer finance is not such a large step away from these areas, when you consider that they are just the other side of the coin from e-commerce: saving money versus spending money.

“We see this as our prism of opportunity,” said Court. “Just as we had the intuition that there was a space for investors looking at [DTC]… we now think there is enough evidence that there is demand from consumers for new ways of dealing with money and personal finance.”

The firm has from the start operated with a board of advisors who also invest money through Felix while also holding down day jobs.

They include the likes of executives from eBay, Facebook, and more. David Marcus –who Court backed when he built payments company Zong and eventually sold it to eBay before he went on to become a major mover and shaker at Facebook and is now has the possibly Sisyphean task of building Calibra — is on the list, but that has not translated into Felix dabbling in cryptocurrency.

“We are watching cryptocurrency, but if you take a Felix stance on the area, it’s only had one amazing brand so far, bitcoin,” said Court. “The rest, for a consumer, is very difficult to understand and access. It’s still really early, but I’ve got no doubt that there will be some things emerging, particularly around the idea of ‘invisible money.’”


Source: TechCrunch

Insurify raises $23M Series A to add new coverage varietals, boost its marketing efforts

The venture-backed insurance world is more than the Lemonades and MetroMiles of the world. There’s more room in the industry for startups to shake things up. One such company, Cambridge-based Insurify, is out today with a new venture round that greatly expands its capital base.

The startup, which had accepted just $6.6 million over two rounds before its latest investment, has raised $23 million in a Series A led by MTECH Capital and VIOLA FinTech. Prior investors MassMutual Ventures and Nationwide took part in the new investment.

TechCrunch hasn’t caught up with the company since our own Sarah Buhr covered its first $2 million deal back in early 2016. As you’d expect, a lot has changed in the last four years.

What’s Insurify?

To get under the skin of the new round, TechCrunch caught up with Insurify’s CEO and founder, Snejina Zacharia.

Zacharia, formerly of Gartner, came up with the idea for Insurify after she had an accident years ago. Following an unsatisfying experience working with the insurance industry after the fact, she discovered that consumers “have very, very little idea of how much coverage they need,” and that insurance providers (Insurify started out working with car insurance and is expanding to life and home insurance, as well) were “really struggling to [access] digital consumers because they have very poor UIs, [and] their APIs [were] not up to date.”

Enter Insurify, which bridges that gap. Working to build “automation behind insurance,” Insurify wants to help people find the coverage that they need, online, at a fair price; it’s a good business for the startup, which gets paid when consumers buy new insurance through its tooling.

Insurify, according to Zacharia, operates as a licensed agent for the various types of insurance it helps consumers find.

It’s more than a middleperson, however. The startup wants to bring the buying of insurance more firmly into the digital world. Today, Insurify completes 65% of its new policies online, and provides pre-loaded information to carriers when it passes a consumer over to their side of things.

Insurify is also building out its own technology products that exist a little past insurance, including a “wallet” that lets users manage multiple policies in one place.

New capital

TechCrunch asked Zacharia why she decided to raise capital now. According to the CEO, after doing “a lot with almost nothing,” her company is ready to accelerate its go-to-market motion.

In practical terms, the new capital will help Insurify with “horizontal expansion,” like “launching new verticals” that will include home, rental and other types of insurance, she said. Even more interesting, the Series A will also be used to fuel the startup’s marketing arm, which Zacharia says is run like a “hedge fund.” Insurify’s marketing efforts are “automated through [an] artificial intelligence model,” she told TechCrunch, which estimates “the value of every click” through a set of algorithms that it tunes regularly.

(We’ll avoid making a joke about hedge fund returns at this juncture.)

The CEO went on to say that “putting more money and more fuel behind [Insurify’s] marketing engine could really help us tremendously at this point,” helping to explain why Insurify decided to take on more capital when it did.

The startup had options when it came to investor selection, with Zacharia telling TechCrunch that her firm “had multiple, different term sheets” from which to choose. Why MTECH and VIOLA as lead investors? Zacharia emphasized venture partner selection as key, also highlighting the experiences and expertise of each firm (insurance with MTECH, and fintech with VIOLA).

It will be fascinating to see what happens at the meeting point of new capital, an operating marketing engine and an expanding set of products. Presumably Insurify can grow like heck from that confluence of factors. We’ll ask in a few months.


Source: TechCrunch

Logitech Ergo K860 changed how I feel about ergonomic keyboards – CNET

Slim, stylish and comfortable, the K860 sheds the stigma of using a healthier keyboard.
Source: CNET

Grover tops up debt facility to €250M to scale its renting model for consumer electronics

Grover, the Berlin-based startup that offers “pay-as-you-goâ€� subscriptions to the latest consumer tech, including e-scooters, has closed a new “asset-backed” financing deal, topping up an existing debt facility with Varengold Bank to a total of €250 million.

The additional capital will fuel the next phase of growth as the German company has entered scale-up territory. Specifically, it is an increase of an existing €55 million debt facility with Varengold, via an unnamed supporting debt investor, and will be used to expand Grover’s product range and for the purchasing of assets. Buying the latest gadgets to then rent them out is pretty capital intensive, after all.

Operating in Germany and Austria, with other markets to be launched in 2020, Grover pitches itself as part of the so-called “circular economy” whereby people rent things rather than outright own them. The idea is that it offers a more sustainable form of consumption, since items can have several owners during their lifespan, and can be more cost effective, depending on your penchant for the latest consumer electronics.

As well as targeting consumers direct, offering subscriptions via its own website, Grover also partners with major electronics retailers. This sees it essentially become a form of point-of-sale finance by letting consumers rent the item they were considering buying, with the option to purchase it outright later.

The company says it is currently present in the online-channels of eight leading European electronics retailers and in more than 500 brick-and-mortar stores across Germany. It is hoping to build on this go-to-market strategy in 202.

In addition, Grover plans to expand its B2B offering to meet continued demand from business customers. It also says it will continue to develop its e-mobility category, with the aim of making future micro-mobility vehicles accessible to consumers on a flexible monthly basis.


Source: TechCrunch

Dear Spotify, add rabbits to your pet playlists

I there’s one thing I know, it’s that music is the best thing our species has every created. If there are two things I know, it’s the music thing and also that that rabbits aren’t hamsters.

Listen, Spotify, I get the whole pet playlists thing. A curated playlist based on your listening preferences and a few sliders to determine an animal’s mood. It’s cute. But as one of millions of rabbit owners in the U.S. alone, someone needs to speak out for this grave oversight.

This is Lucy:

She enjoys classical piano and jazz greats like Thelonious Monk and Bill Evans. She contains multitudes. I’m sorry to speak for her, but she’s napping right now. She’s crepuscular, which means she’s primarily awake during the morning and evening, at which point she like a little Lucinda Williams and the guitar work of John Fahey. Most days, however, it’s John Cage’s 4’33 on repeat. 

Cats and dogs. Sure, totally. Birds and hamsters, check. Iguanas as a catchall for reptiles and amphibians — not great, but points for trying, I guess. No fish on here, but I don’t know, maybe that’s difficult without some sort of underwater speaker.

But no rabbits? Perhaps we’ll see what the fine folks at Apple Music have to say about this oversight.

We’ve reached out to Spotify to inquire whether the service intends to add lagomorphs to the list.


Source: TechCrunch

Purge these old foods from your fridge now – CNET

These six signs prove it’s finally time to toss out that old, gross fridge food, from slime to the float test.
Source: CNET

2021 brings the first-ever GMC Yukon AT4 video – Roadshow

While the Denali may be the fancy-dancy trim, families who adventure will appreciate the AT4.
Source: CNET

Anyline, the Austrian startup that provides OCR tech, picks up $12M Series A and heads to the US

Anyline, the Vienna-based provider of optical character recognition (OCR) technology that developers use to build OCR functions into their websites and apps, has raised $12 million in Series A funding. The company has also unveiled plans for a U.S. expansion.

Leading the round is Berlin-based VC firm Project A, with participation from Anyline’s existing investors, including Johann “Hansi” Hansmann, Senovo, and the Gernot Langes-Swarovski Foundation.

Founded in 2013, Anyline offers specialised OCR solutions that it says the big tech vendors are not set up to supply. This has seen the Austrian startup pick up a portfolio of international clients such as Canon, Porsche and E.On, as well as national governments and the United Nations.

Its OCR functionality can be built into any modern website or app and is being used by businesses to scan and collect various “analogue” information, such as identity documents, serial numbers and utility meters, using any standard mobile device.

The upside of such an approach is obvious: by using proven OCR tech that actually works, businesses can make considerable savings in terms of time and resources by eliminating manual data entry, which is prone to costly mistakes.

From a customer point of view, anybody who has used OCR to add a debit card to an app or submit a meter reading knows it provides an infinitely less painful experience than having to manually type long numbers on a phone.

Anyline says the new capital will primarily be used to double its headcount, and to open a first U.S. headquarters in Boston in early 2020. This will enable Anyline to bring its mobile OCR solutions to new international markets and industries, including smart manufacturing, KYC services and fintech, says the company.

“As businesses move to an increasingly virtual world, it is vital they have access to advanced technologies that enable them to digitise previously analog mediums,” says Lukas Kinigadner, CEO and co-founder of Anyline, in a statement.

“We are proud to say European-born technology is helping businesses across the world to reduce the errors, inefficiencies and frustrations that come with manual input. By becoming the market leader in mobile OCR, Anyline plans to be the technology partner businesses need to meet these challenges on the horizon”.

Meanwhile, Anyline’s planned U.S. launch as seen the company found Anyline Inc., and hire Bryan Boatner, the former Global Sales Director of Cognex Corporation, as its new VP of Sales and Business Development.


Source: TechCrunch

2021 GMC Terrain AT4 rounds out the lineup – Roadshow

Now every one of GMC’s vehicles has a rugged-looking AT4 variant.
Source: CNET

"En UX casi no hay mujeres formadas para asumir cargos estratégicos"

La experta en UX Paula Macedo cuenta su experiencia diseñando coches voladores y soluciones centradas en el usuario al tiempo que lamenta que haya tan pocas mujeres en su campo. Por eso las anima a formarse en esta disciplina para poder aspirar a cargos de alto nivel
Source: MIT

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