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Archivo del Autor: Belen De Leon

TravelPerk grabs $21M to make booking business trips suck less

TravelPerk, a Barcelona-based SaaS startup that’s built an end-to-end business travel platform, has closed a $21 million Series B round, led by Berlin-based Target Global and London’s Felix Capital. Earlier investors Spark Capital and Sunstone also participated in the round, alongside new investor Amplo.

When we last spoke to the startup back in June 2016 — as it was announcing a $7M Series A — it had just 20 customers. It’s now boasting more than 1,000, name-checking “high growth” companies such as Typeform, TransferWise, Outfittery, GetYourGuide, GoCardless, Hotjar, and CityJet among its clients, and touting revenue growth of 1,200% year-on-year.

Co-founder and CEO Avi Meir tells us the startup is “on pace” to generate $100M in GMV this year.

Meir’s founding idea, back in 2015, was to create a rewards program based around dynamic budgeting for business trips. But after conversations with potential customers about their pain-points, the team quickly pivoted to target a broader bundle of business travel booking problems.

The mission now can be summarized as trying to make the entire business travel journey suck less — from booking flights and hotels; to admin tools for managing policies; analytics; customer support; all conducted within what’s billed as a “consumer-like experience” to keep end-users happy. Essentially it’s offering end-to-end travel management for its target business users.

“Travel and finance managers were frustrated by how they currently manage travel and looked for an all in one tool that JUST WORKS without having to compare rates with Skyscanner, be redirected to different websites, write 20 emails back and forth with a travel agent to coordinate a simple trip for someone, and suffer bad user experience,” says Meir.

“We understood that in order to fix business travel there is no way around but diving into it head on and create the world’s best OTA (online travel agency), combined with the best in class admin tools  needed in order to manage the travel program and a consumer grade, smart user experience that travelers will love. So we became a full blown platform competing head on with the big TMCs (travel management companies) and the legacy corporate tools (Amex GBT, Concur, Egencia…) .”

He claims TravelPerk’s one-stop business trip shop now has the world’s largest bookable inventory (“all the travel agent inventory but also booking.com, Expedia, Skyscanner, Airbnb… practically any flight/hotel on the internet — only we have that”).

Target users at this stage are SMEs (up to 1,500 employees), with tech and consulting currently its strongest verticals, though Meir says it “really runs the gamut”. While the current focus is Europe, with its leading markets being the UK, Germany and Spain.

TravelPerk’s business model is freemium — and its pitch is it can save customers more than a fifth in annual business travel costs vs legacy corporate tools/travel agents thanks to the lack of commissions, free customer support etc.

But it also offers a premium tier with additional flexibility and perks — such as corporate hotel rates and a travel agent service for group bookings — for those customers who do want to pay to upgrade the experience.

On the competition front the main rivals are “old corporate travel agencies and TMC”, according to Meir, along with larger players such as Egencia (by Expedia) and Concur (SAP company).

“There are a few startups doing what we are doing in the U.S. like TripActions, NexTravel, as well as some smaller ones that are popping up but are in an earlier stage,” he notes.

“Since our first round… TravelPerk has been experiencing some incredible growth compared to any tech benchmark I know,” he adds. “We’ve found a stronger product market fit than we imagined and grew much faster than planned. It seems like everyone is unhappy with the way they are currently booking and managing business travel. Which makes this a $1.25 trillion market, ready for disruption.”

The Series B will be put towards scaling “fast”, with Meir arguing that TravelPerk has landed upon a “rare opportunity” to drive the market.

“Organic growth has been extremely fast and we have an immediate opportunity to scale the business fast, doing what we are doing right now at a bigger scale,” he says.

Commenting in a statement, Antoine Nussenbaum, partner at Felix Capital, also spies a major opportunity. “The corporate travel industry is one of the largest global markets yet to be disrupted online. At Felix Capital we have a high conviction about a new era of consumerization of enterprise software,” he says.

While Target Global general partner Shmuel Chafets describes TravelPerk as “very well positioned to be a market leader in the business travel space with a product that makes business travel as seamless and easy as personal travel”.

“We’re excited to support such an experienced and dedicated team that has a strong track record in the travel space,” he adds in a supporting statement. “TravelPerk is our first investment in Barcelona. We believe in a pan-European startup ecosystem and we look forward to seeing more opportunities in this emerging startup hub.”

Flush with fresh funding, the team’s next task is even more recruitment. “We’ll grow our teams all around with emphasis on engineering, operations and customer support. We’re also planning to expand, opening local offices in 4-5 new countries within the upcoming year and a half,” says Meir.

He notes the company has grown from 20 to 100 employees over the past 12 months already but adds that it will continue “hiring aggressively”.


Source: TechCrunch

Tandem adds fixed savings accounts

Tandem, the U.K. challenger bank founded by fintech veteran Ricky Knox, has rolled out its second banking product today with the addition of fixed term savings accounts. The new offering enables customers to get a guaranteed interest rate if they deposit their money with Tandem over one, two or three years, and follows the launch of the Tandem credit card in February.

The fixed savings product itself looks pretty competitive and pits Tandem against a whole host of incumbent and challenger banks. The interest rate starts at 1.8 percent for a one year deposit, all the way up to 2.3 percent if you commit to three years. A minimum of £1,000 must be deposited.

As a comparison, Atom bank currently offers 2.15 percent for a three-year fixed saver and only matches Tandem if you deposit for five years. It will also be interesting to see how much competition surfaces once Raisin, the savings deposit marketplace, launches in the U.K.

Like many other consumer-facing fintechs, Tandem wants to become your financial control centre from which it can connect to and offer various financial services. These are either products of its own, such as the new savings account or credit card, or through partnerships with other fintech startups and more established providers.

At the heart of this is the Tandem mobile app, which acts as a Personal Finance Manager (PFM), including letting you aggregate your non-Tandem bank account data from other bank accounts or credit cards you might have, in addition to managing any Tandem products you’ve taken out. The company recently acquired fintech startup Pariti to beef up its account aggregation features.

Meanwhile, the addition of a fixed savings product shouldn’t come as surprise to anyone who has been following the Tandem story. Last year the self-described “Good Bank” acquired the banking arm of the famous Harrods department store partly in order to get its banking license back on track, and Harrods Bank was already in the deposits businesses. Having a banking license and a large amount of deposits on its balance sheet also sets Tandem up to begin balance sheet lending, which would begin to form the basis of a proven banking business model.

The challenger bank says it is also working on a second Tandem card, which I understand will be a debit not credit card, and therefore act more like a current account. It is also working on an instant access savings product to complement the newly launched fixed term savings account.


Source: TechCrunch

Raytheon's New Radar Could Help Bring Flying Cars to Our Cities

As drones and flying cars move into reality, we need radar systems better equipped for keeping an eye on everyone.
Source: Wired

The Best Nintendo Switch Deals and Console Bundles (2018)

The best Nintendo Switch console deals and bundle prices. Also the games and essentials you’ll want on day one.
Source: Wired

Lyft is considering entering Japan’s challenging ride-hailing market for some reason

Lyft, Uber’s chief nemesis in the U.S., is thinking of entering the fiercely competitive Japanese ride-hailing space, according to comments from one of its founders.

“We would love to be in Japan, and we also will be looking at that possibility,” John Zimmer, Lyft co-founder and president, said at the New Economy Summit 2018 in Tokyo.

“I think the regulatory framework here will play an even larger role than it likely had in other regions,” he added, according to a report from Japan Times.

Lyft made its first global expansion when it entered Canada last December so it is natural that the firm is eyeing overseas opportunities. Japan is one that springs to mind since it has counted Rakuten, the country’s dominant e-commerce service, as an investor since 2015, while the taxi market is one of the most lucrative in the world. Business in Tokyo alone is estimated to be worth over $15 billion in annual sales.

Hopping over the border to Canada is an obvious first move for many companies, but Japan would, by contrast, be a far more complicated market for Lyft to navigate.

Just ask Uber .

The U.S. giant has struggled to gain a foothold in a market that remains dominated by licensed taxi operators. Uber CEO Dara Khosrowshahi recently paid a visit to Japan where he said he conducted “promising” meetings with taxi companies aimed at boosting Uber’s licensed taxi product in the market.

However, there are plenty of rivals.

Japanese taxi companies have an Uber of their own, JapanTaxi, which recently raised $69 million from Toyota. (Toyota is also an Uber backer, but those conflicts are becoming normal.) Beyond top backers, JapanTaxi is notable for being owned by Ichiro Kawanabe, who runs Japan’s largest taxi operator Nihon Kotsu and heads up the country’s taxi federation.

Other rivals include Line, Japan’s top messaging app which has offered taxi services for a few years, while Sony plans to introduce AI-based taxi hailing and Didi, Uber’s Chinese frenemy, is planning a Japan expansion in partnership with SoftBank, the notorious Uber investor.

In short, Lyft may harbor an interest in Japan but it would do better to prioritize less complicated markets for its next expansion.


Source: TechCrunch

Don’t break big tech, fix it

The internet turned the world on its head. It’s time to apply the same audacious ambition to rethinking regulation

The political weather has been slowly turning against big tech for a while, but the last few weeks have thrown the storm clouds into sharp relief. Much of the responsibility for the growing backlash falls on the tech industry; inclusion has failed to keep pace with innovation and neutrality has been used as an excuse to side-step difficult conversations.

But politicians and policymakers are complicit too: all businesses operate within a legal and political framework, and successive governments have looked the other way or sought quick fixes rather than doing the hard work of starting over for the internet age.

This policy failure matters because conventional wisdom is a poor match for the complexity of the modern world. Contrary to the dominant narrative, most tech companies aren’t selling your data. The common refrain that “if you’re not paying, then you’re the product” is particularly unhelpful, simultaneously implying that companies don’t care about users, and that apps are primarily a veneer for exploitation. While it makes for a good sound bite, this doesn’t hold water: internet businesses live or die depending on whether they can retain users, and the apps we take for granted would have been unimaginable a generation ago.

Nevertheless, the situation we now find ourselves in is undeniably overshadowed by a huge imbalance of power. Worse still, we’re facing it at a perilous time for political nuance.

Across the Western world, the swell of populism, which offers outrage but no real answers, threatens to drown all before it. Globalisation has borne the brunt thus far, but populist movements are searching for a new scapegoat: the left seeks one that puts profit before morality, the right one that puts liberalism before tradition. Big tech, with its reverence for disruption and its West Coast elites, is a perfect foil for both.

This makes getting perspective hard, and yet for any solution to last we will need to resolve some knotty tradeoffs. Three in particular have no obvious answers:

First, competing demands for stronger data controls and for increased competition. In Europe, the GDPR goes a long way to upgrading outmoded data protection rules. But it explicitly prevents individuals from exporting their social graph — the map of who they are connected to — from one platform to another. This sort of bootstrapping was essential for many of today’s big apps to get started, and the competition this fueled kept everyone on their toes. The irony now is that locking data down too far may make the current incumbents unassailable.

Second, distaste both for targeted advertising and for the homogenisation of culture. The black box of digital advertising can feel invasive, particularly when ads follow you around the web. But it’s also enabled countless new businesses to get in front of customers they would never otherwise have found. This is about more than cheap razors and avocado toast; for example, after decades of stasis, innovative new menstrual products are finally viable because their creators have been able to go direct to consumers.

Third, an aversion to platform operators either exercising editorial control or trying to remain impartial. For those concerned about the power of newspaper editors and TV networks, the idea of platform operators as editors is far more horrifying. Yet in the face of outcomes we may disagree with (Exhibit A: Brexit; Exhibit B: Trump), we can be quick to pin the blame on tech executives for failing to use their power to make a stand. Regulation designed for print and broadcast media can’t help us square this because the internet isn’t just the same but bigger; a world in which everyone produces content as well as consuming it is fundamentally different.

The truth is the internet has changed everything, and not in the way people usually mean. Yes, it manifests in the astonishing devices in our pockets and the apps we use, but it’s the economics that really matter. Technology has driven marginal costs, distribution costs and transaction costs close to zero and made massive multi-sided markets possible, which means the incentives and business models for internet companies are utterly unlike their old-world predecessors.

The resulting quest for scale is at the root of the challenges outlined above. It’s not a priori a bad thing – but it does result in different behaviours and powerful dynamics that yesterday’s regulation is not even remotely equipped to deal with. Failing to grasp this has left policy in disarray and all of us at risk from hot takes that do more harm than good.

So just as the internet has turned things on their head, we need to start over with a new set of rules. Two core principles can help us get this right.

First, radical transparency. This means global standards and easy-to-understand information on what data is being held and how it is being used, and what actions were taken when things went wrong (by all parties, including governments), as well as stronger rights to export data and audit public content. This is the best way to foster competition and create a robust incentive for companies to be good custodians of our data, for the destruction of trust is the surest way for platforms to flip from growth to decline.

Second, reasserting the public interest. The go-to framework for regulation is usually antitrust, but if the internet has an inherent tendency for winner-takes-all consolidation then regulation by breaking up may be both a Sisyphean task and a counterproductive destruction of value. Far better to broaden the class of things we care about – from consumer welfare and competition to things like mental health, democratic participation and the public finances – and explicitly require systemically important firms to take them into account.

Crucially, translating these principles into policy prescriptions must be more than an exercise in finding the acceptable minimum. Scrutiny and sanctions will be essential, but the bigger prize is opening up a progressive dialogue through which partnerships and education can realise the transformational potential of technology to deliver positive change.

This is a big ask, and will require both technology leaders and policymakers to think very differently and sell difficult compromises to their constituents. But neither side can find a solution on their own – policymakers need to understand the future that new technologies are unfolding, and technology leaders need a clear articulation of what society expects of them as pioneers and corporate citizens.

We let policy fall a long way behind as the internet revolution got underway. Let’s not make the same mistake as a new wave of innovation breaks.


Source: TechCrunch

This coal power plant is being reopened for blockchain mining – CNET

The now shuttered coal-fired power station on Australia’s east coast will offer cheap power prices to blockchain operators.
Source: CNET

Insurance giant Allianz confirms $35M investment in Asian ride-sharing unicorn Go-Jek

German insurance giant Allianz is following Google and Tencent by backing Go-Jek, the Indonesia-based ride-hailing and local services company valued at over $4.5 billion, after it announced an investment.

The money comes from Allianz X, the firm’s digital investment arm, which confirmed it put in $35 million in what is its first deal in Southeast Asia. The group has previously backed startups like European challenger bank N26 (alongside Tencent), and emerging market micro-insurance service provider Bima.

Allianz participated in an estimated $1.5 billion Go-Jek funding round that includes participation from the likes of Google, Tencent, Chinese e-commerce giant JD.com, China-based delivery service Meituan and others. The round opened last year when Tencent, the $500 billion Chinese firm, made an investment, but we understand that it is now closed at a valuation that exceeds $4.5 billion. Go-Jek has yet to officially announce or confirm the funding, however.

Go-Jek and Allianz have had a relationship for the past two years, with Allianz Indonesia supporting the company by offering health insurance for Go-Jek drivers and their families. The insurance company said it has plans to “increase access to insurance products and services” for Go-Jek partners and customers. That makes sense given that Go-Jek is moving into financial services products in Indonesia.

“Go-Jek has demonstrated a track record of success within the transportation, logistics and payment sectors and we look forward to supporting their continued growth,” Nazim Cetin, CEO of Allianz X, said in a statement.

Hot on the heels of Grab’s acquisition of Uber Southeast Asia, Go-Jek is working to move into four new marks during April. TechCrunch understands that it has hired country management and operational teams in the Philippines, Thailand and Vietnam, while it is also looking into options in Singapore.

Go-Jek started out operating a bike taxi on-demand service, but it has since added taxi and private car options, a mobile payment business and local services on-demand, such as groceries, massages and more. The company is widely-heralded as the market leader in Indonesia, which is Southeast Asia’s largest economy and the world’s fourth biggest country with a population of over 260 million.

Indonesia is expected to be the main growth driver for Southeast Asia’s ride-hailing industry, which is forecast to see revenue jump from $5 billion in 2017 to over $20 billion in 2025, according to a recent report from Google and Singapore-based fund Temasek.


Source: TechCrunch

Laundry service Zipjet picks up backing from Henkel and BSH

Zipjet, the on-demand laundry and dry cleaning service co-founded by Rocket Internet, has picked up further funding. Described as a “Series B extension,” the new round sees the likes of Henkel Ventures, Amsterdam Venture Partners, and BSH Home Appliances Group — the combined venture of Bosch and Siemens — make a “seven-figure” investment in the company, capital it plans to use for business and product development, including beefing up data-science and marketing.

Founded in 2014 by Florian Färber and Lorenzo Franzi on behalf of Germany’s most famous startup factory, Zipjet was an early mover in the European on-demand laundry and dry cleaning space. Operating in London, Paris and Berlin, the company offers an app and website that makes it super convenient to order a range of laundry and dry cleaning services, including pickup and return delivery. Garments can be cleaned, ironed, folded and delivered to customers “in as little as 24 hours”.

In many ways Zipjet can be viewed as a direct clone of Washio in the U.S., which shuttered in 2016 before being acquired for assets by rival Rinse. In the U.K., which has also seen consolidation, competitors include Laundrapp and the lesser-known and modestly funded Laundryheap. Late last year, Zipjet itself acquired French rival Cleanio.

Despite being an extension of a previous Series B and the exact amount remaining undisclosed, Zipjet’s latest funding is noteworthy because it is being spun as a “strategic” investment in relation to Henkel Ventures (investment arm of chemical and FMCG company Henkel), and Bosch and Siemens’ BSH Home Appliances Group. “This investment is about much more than money, it’s a strategic play with some of the world’s largest producers of washing machines and detergents. We will be able to collaborate on several projects, enabling us to service more customers and develop our product offering,” says Zipjet co-founder and CEO Florian Färber.

What those “projects” will look like, Zipjet isn’t saying, although I understand one being explored in the medium to long-term is giving existing Henkel and BSH Home Appliances Group customers the option to use Zipjet for a selection of clothing that requires extra service or convenience. Other potential ideas include turning partner locations into Zipjet “drop-off and pick-up” points or licensing Zipjet’s logistics software to partners.

Adds Uwe Blanarsch-Simon, Vice President Technical Product Management at BSH Home Appliances, in a statement: “The purpose of our business is to improve the quality of life of our consumers across the globe. Our goal is to serve our consumers with innovative appliances and solutions that make their everyday life easier and more enjoyable. The cooperation with Zipjet is a perfect complement for our core business in the laundry care section”.


Source: TechCrunch

Instabridge, the Wi-Fi sharing community, scores $3M more funding for Asia expansion

Sweden’s Instabridge, the Wi-Fi sharing community and mobile app that has proved particularly popular in Brazil and Mexico, has scored $3 million in further funding — money it’s pegged for Asia expansion, starting with India.

The new round is led by Luminar Ventures (headed up by Magnus Bergman and Jacob Key), with participation from previous backers Balderton Capital, Draper Associates, Moor, and Creandum. The company had previously raised around $5 million.

Originally founded in late 2012 as a way to enable you to share your home Wi-Fi with friends on Facebook, the Stockholm-based company has since pivoted to become a broader Wi-Fi sharing community, and has found traction in developing markets where cellular data remains prohibitively expensive.

The Instabridge app lets you share the details of any Wi-Fi hotspot with other Instabridge users, and provides access to Wi-Fi hotspots shared by everyone else in the community. This has enabled it to build a crowdsourced database of Wi-Fi hotspots, in addition to a list of known public venues that have free Wi-Fi, such as McDonald’s or Starbucks.

Instabridge says it plans to build on the traction it has seen in South America by targeting India’s population of over 1 billion people, of which it says only 400 million currently have internet access. This, Instabridge co-founder Niklas Agevik tells me, will include building out a team in India, and plays into the company’s new-found mission of expanding internet access in developing countries where internet services remain relatively expensive and yet access to the internet is a proven means of “reducing income inequality”.

Meanwhile, I’m told that Instabridge is now seeing 2.3 million Monthly Active Users, and is growing at a rate of 50,000 new users per day. The Instabridge database now houses the details of 2 million Wi-Fi spots.


Source: TechCrunch

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