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Archivo del Autor: Belen De Leon

Personalized wine? This Milwaukee company just raised $8.5 million to prove it’s the future

Wine buying is daunting for most people, whether it’s online or off a menu or in an aisle filled with so many brands that it’s hard not to buy the same products time after time, just to stay sane.

Therein lies the opportunity for Bright Cellars, a nearly four-year-old, 40-person Milwaukee, Wisconsin-based startup that sells wines directly to consumers on a subscription basis. Other monthly wine clubs have been at things longer, sending out award-winning wines, or hand-selected wines, or small-batch wines paired with craft meats and artisanal cheeses. But Bright Cellars is trying to educate members about what wine they might like so can figure out these decisions for themselves.

More interesting, to us: Bright Cellars is also quietly building a portfolio of its own wines based on member feedback, even while Bright Cellars doesn’t use its own label. In short, it’s going the way of wine giants like Gallo and Constellation and creating a number of different brands with the help of different suppliers. (Gallo, for example, owns Alamos and Barefoot Cellars, among roughly two dozen other brands. Constellation owns Cooper & Thief and Clos du Bois, among others.)

Taking a step back, the company starts to appear more ambitious than might seem based on its website, which immediately invites users to take a quiz aimed at discerning their particular taste profile. Think questions like: Do you like milk chocolate or dark or are you Reese’s type of person? Do you like you like your tea with lemonade and ice, or hot served with a lemon slice?

Despite the whimsical approach, Bright Cellars founders Richard Yau and Joe Laurendi insist the data they’re collecting is valuable, and not just potentially for winemakers. (Yau says Bright Cellars doesn’t sell its findings, but suggests the company might consider offering its aggregated insights at a later date.) It’s helping them figure out how tastes are changing, and, ostensibly, putting them in a better position to cater to those changes than companies that are dictating to their customers, instead of listening to them.

It’s a good enough story that Revolution Ventures just led an $8.5 million Series A round for the company. Bright Cellars’s seed investor, the Milwaukee-based venture firm, CSA Partners, which has a range of consumer-facing companies in its portfolio, also joined the round.

It also helps that the company is based in the Midwest, where Revolution is largely focused on helping startups compete with their East and West Coast peers. Yau, a native of San Francisco, says he never expected to live in Milwaukee, but after Bright Cellars was admitted in its earliest days to a local, three-month accelerator program called gener8tor, he and Laurendi decided to stay put.

“I really like it, I really like the people,” says Yau. “It’s definitely a smaller entrepreneurial community, but the founders here are very passionate and very supportive and in a larger ecosystem, we might not be connected to all the pieces here that make it work.”

That Yau and Laurendi were roommates at MIT is a nice twist, too. Though most MIT grads might be expected to work on AI-driven companies in cybersecurity, mental health, urbanization, or improving ed-tech, Yau isn’t shy about the fact that both he and Laurendi were aways more interested in starting a consumer company. Indeed, though they once worked on a parking app at a school hackathon, it was during a two-semester-long course in wine studies at neighboring Boston University to satisfy Yau’s burgeoning interest in wine that Bright Cellars was born. Says Yau, “We just realized that not a lot of people have time to take two semesters to learn enough about wine to feel like they understand it. We wanted to find an easier and more accessible way for people to get comfortable” with what they’re ordering.

Certainly, the market they’re looking to disrupt is a sizable one. According to data compiled by ShipCompliant/Sovos, which gathers data for the wine community each year, consumers spent roughly $3 billion on wine delivered to their doorsteps last year. Meanwhile, direct-to-consumer wine shipments jumped 9 percent between 2017 and 2018 to 6.3 million cases.

The outfit says that one minor challenge to that growth are new, urban tasting rooms. It says a bigger change to which the industry is still adjusting is the growing number of customers who demand a more personalized experience.

Right now, it seems unlikely that the broader industry has actual personalized wine in mind. If Bright Cellars takes off, that might change.


Source: TechCrunch

Omidyar Network spins out its fintech investment arm as Flourish, with up to $300 million

After 12 years spent investing in impact-oriented financial services startups around the globe, the Omidyar Network, which serves as the family investment office for eBay founder Pierre Omidyar, is spinning off its financial inclusion investment arm as Flourish Ventures.

Equipped with up to $300 million in capital for operations and investments, the new Flourish will continue to invest around the Network’s core mission of backing companies with a dual focus of making a social impact and achieving quality financial returns.

Already, the new firm is one of the most active financial services investors globally, according to a report from FT Partners.

This double-bottom line approach has already yielded results for the company.

“After 10 or 12 years with people becoming more broadly interested in the impact investment space, we had an opportunity to reinvent ourselves,” says Tilman Ehrbeck, a managing partner at the newly independent Flourish.

Flourish is actually the third spin-out from Omidyar Network’s investment and philanthropic arms. Two years ago, Omidyar spun out its U.S. emerging technology initiative as Spero, and last year launched a governance and citizen engagement-focused group called Luminate.

Now the organization, financed by Pam and Pierre Omidyar, will launch Flourish as the latest independent entity.

“We feel that we are the right team at the right place at the right time,” says Ehrbeck.

Flourish, he says, is launching into a financial services environment that looks far different than it did when the Omidyar Network first identified financial services and inclusion as a focus area for its operations.

In the wake of the global financial crisis, financial services organizations indicated that they could not, or would not, deliver necessary access to consumers and small businesses. There was an erosion of trust, says Ehrbeck, and against a backdrop of stagnating wages and the changing nature of work, low and middle-income consumers and would-be entrepreneurs in emerging and established financial markets need all the help they can get.

Indeed, an entire generation of entrepreneur is leveraging a slew of technologies, from blockchain to the platforms that Omidyar Network has helped create through its earliest investments in the market.

That includes companies like Lenddo, an online lender using alternative sources of social media data to determine the creditworthiness of applicants raised its first institutional capital in 2012 with capital from investors, including the Omidyar Network. That investment and the company’s subsequent merger with another Omidyar Network company, EFL, is indicative of the formative role that Omidyar — and now Flourish — can play in the growth of a business.

We knew each other for three years. As we were looking to identify and scale we started to look at where there synergistic opportunities between smaller companies and could we put something together that would allow us to grow,” says Lenddo chief executive Richard Eldridge. 

That scaling has paid off in Lenddo’s expansion into more markets and a more robust product offering.

Stories like those repeat across the Flourish portfolio of companies, and speak to the kind of value the company provides to portfolio companies, said Eldridge.

Indeed, Flourish’s global portfolio holds at least 40 fintech companies helping low and middle-income households and small businesses. From challenger banks like Chime, Aspiration, Neon, Albo and Tez; to insurance technology companies like MicroEnsure and Kin; and asset optimization tools, including United Income and Scripbox.

Given the explosion of interest in financial services offerings across challenger banks and through insurance technology offerings, Ehrbeck said it was a no-brainer for the company to spin out, focus and potentially expand.

With the spin-off, Flourish is taking the existent $200 million portfolio the team had built at Omidyar and expanding that with the additional capital commitment from the Omidyar Group.

The firm is also starting to realize its first exits. The firm realized a 3x return on its investment in Asian Networks and has had another exit in the sale of Ruma to Go-Jek.

“It’s a carve out of a successful team that has momentum and that Pierre wants to double down on,” Ehrbeck says. “What’s carved out is the existing portfolio and a commitment to fund the next wave. The reason the number has a flexibility. Pierre gives us the capital we think we can deploy against opportunity.”

Flourish will do more than commit capital to financial services startups. It also has the opportunity to provide grants and encourage research around financial inclusion.

Some recent work from the firm included the financing of a study of 240 households called the U.S. Financial Diaries, which provided hard data around the illness that pervades a large swath of the U.S. population.

Investments from Flourish will fall into similar buckets as the firm’s previous operations under the umbrella of the Omidyar Network. Including alternative credit, challenger banks, insurance technologies and low-cost digital infrastructures that can level the playing field for financial services providers. 

“We find a gap in the system and try to fill it and improve it,” says Arjuna Costa, another partner on the new Flourish team coming over from Omidyar’s financial services group. 

“We have the impact of companies scaling and reaching and serving people and led to replicators and competitors and widespread adoption,” Costa says.

Lenddo and its credit-scoring business is a perfect example of the trend, according to Costa.

We started investing behind a number of companies that were coming up with using nontraditional data sets to try and score people,” he said. “We picked different data sets… we invested in the pioneering company using mobile payment data, the pioneering company using social media data, and the pioneering company using psychometric data.”

As those companies gained traction and new customers, proving the market demand, Omidyar’s investments could scale to higher value offerings around financial services.

“Initially talking about those deals other people in the industry looked at us and said that you’re nuts. And now it’s become the table stakes if you’re getting into lending,” Costa says. “After building this digital infrastructure to enable credit… now there’s version two and version three of the infrastructure that’s coming up.”

Those higher value services are things like the agricultural lending business Rose Goslinga has launched for farmers in Africa.

“We bootstrapped our business for the first two years. They were the largest investor in our seed round,” Goslinga says of the Flourish commitment to her company, Pula Advisors

“Omidyar is extremely well-known in the financial inclusion space. They had the first investment in micro-insurance 10 or 15 years ago. They are really seen as the blue chip of financial or insurtech investors,” Goslinga said. 

With their investment, it validated Goslinga’s attempt to provide credit and working capital loans to small farmers.

“We had quite a number of clients at that point but we didn’t have any kind of institutional or financial investors at that point,” Goslinga says. “It was a stamp of approval for a lot of people later in.”

In mature markets like the U.S., Flourish’s approach is bit more nuanced, to serve a market with significant inefficiencies and baseline inequality, but one where the disparities manifest in different ways.

That’s why Flourish has gravitated toward businesses like Aspiration, which helps people bank more ethically — promoting sustainable investment portfolios and offering pay-your-own-fee for services; and Propel, which helps American consumers manage their public assistance benefits.

“At the highest level we look at the same criteria, we care about financial health and technology to promote financial health,” says Emmalyn Shaw, a partner managing the firm’s U.S. portfolio. “The U.S. as a more mature market tends to be a lot more competitive.”


Source: TechCrunch

Jeopardy's Alex Trebek reveals pancreatic cancer battle on Twitter – CNET

“I’m gonna fight this,” Trebek says.
Source: CNET

Facebook, Twitter: We spot trolls based on how they act, not their posts – CNET

Representatives from the companies join security experts in a discussion at the RSA Conference.
Source: CNET

President Trump refers to Tim Cook as 'Tim Apple' – CNET

President apparently thinks the CEO is the company.
Source: CNET

Galaxy S10E is off to a strong start. Here's what's good and…less good – CNET

Samsung want to make the $750 Galaxy S10E its value phone.
Source: CNET

Galaxy S10, S10 Plus teardowns show they're built to take the heat – CNET

And hope that ultrasonic fingerprint sensor doesn’t fail.
Source: CNET

Trump called Apple’s CEO ‘Tim Apple’ by mistake

The president has to remember a lot of names! Some he remembers, some he forgets. But we will never forget today in the Year of Our Lord 2019 when President Trump called Apple CEO Tim Cook “Tim Apple.”

Maybe we’re just losing our minds waiting for a good meme, but there’s something relentlessly good and pure about calling the executive formerly known as Tim Cook “Tim Apple.” Tim Cook: Great guy, great phones. Tim Apple though? Man, where do we start!

In the video from Cook’s appearance with the American Workforce Policy Advisory Board, Trump invents Tim Apple at 1:03 before launching into a tirade on unspecified murders in Mexico.

“You’ve really put a great investment in our country. We really appreciate it very much, Tim Apple,” Trump said.

As the Verge pointed out, Trump once called Lockheed Martin’s CEO “Marillyn Lockheed” which is fine but not good and pure like Tim Apple.

For evidence that Trump in fact knows the “true” identity of Tim Apple, you can rewind to 40:43 when he calls the Apple chief executive “Tim Cook” (his old name). Usually it’s cheap to give someone a hard time for forgetting a name or making a minor mistake in extemporaneous speech. But Tim Apple is so much more than a mistake.

If you’d prefer, watch the clip over and over again. We can’t recommend it enough.


Source: TechCrunch

Pioneer Square Labs is invigorating Seattle’s startup ecosystem

Three miles from Seattle’s South Lake Union neighborhood — better known as Amazonia to locals — sits Pioneer Square. The original heart of the city, the area has managed to hold on to its decades-old charm as other parts of town are besieged by Amazon-contracted architects.

On a mission to champion Seattle’s unique entrepreneurial DNA, startup studio Pioneer Square Labs has not only adopted the neighborhood’s moniker but established its fast-growing HQ at its center.

Pioneer Square Labs, or PSL, cropped up in 2015 to create, launch and fund technology companies headquartered in the Pacific Northwest. Operating under the startup studio model, PSL’s team of former founders and venture capitalists, including Rover and Mighty AI founder Greg Gottesman, collaborate to craft and incubate startup ideas, then recruit a founding CEO from their network of entrepreneurs to lead the business. The team uses an innovative method of rapidly ideating, testing and, if necessary, scrapping ideas, dubbed its “validation engine.”

The model differs from an accelerator or incubator. Y Combinator, for example, admits existing business into its months-long program, deploying its expertise and capital to bolster early-stage startups. PSL, on the other hand, creates startups and provides would-be founders with a derisked platform for company building.

“It’s a dream job,” PSL co-founder Greg Gottesman told TechCrunch. “If someone would say to you ‘hey, you can come into work every day, think about all the problems that are interesting to solve, all the tech that’s available and you have the resources to build companies,’ that’s just a dream come true … It’s just been a very fun ride.”

Xiao Wang, the CEO of Pioneer Square Labs spin-out Boundless, pitching at TechCrunch Disrupt SF 2017

The startup studio model is working for PSL. To date, it has raised $27.5 million in equity funding to build out its platform, in addition to an $80 million fundraise for its debut venture fund, which invests in PSL companies and other Pacific Northwest businesses. Of the 13 companies to emerge from PSL in the last three years, all have raised follow-on rounds from venture capital firms at an aggregate valuation of $200 million. According to PitchBook, PSL companies comprised 14.3 percent of all early-stage VC deals in Washington state in 2018.

Among PSL’s portfolio companies are cloud security compliance platform Shujinko, which closed a $2.8 million seed round from Unusual Ventures, Defy Ventures, Vulcan Capital and more last year. Plus, Boundless, a platform that facilitates the process of applying for immigrant status in the U.S., and Tally, a sports-prediction app spearheaded by football star Russell Wilson. Other recent spin-outs include Remarkably, a marketing and analytics software provider, and Attunely, a debt-collection-tech platform.

Meet the team

Pioneer Square Labs’ growing team of former operators, VCs, data scientists, engineers and more

Greg Gottesman, a former managing director at Seattle VC fund Madrona Venture Group, and the founder of its startup studio Madrona Venture Labs, leads PSL alongside a team of seasoned Pacific Northwest investors and entrepreneurs.

Rounding out PSL’s team of managing directors is Julie Sandler, a former investor at Madrona; Geoff Entress, a former venture partner with Voyager Capital and Madrona; Mike Galgon, the founder of the Microsoft-acquired digital agency aQuantive; and T.A. McCann, a serial entrepreneur behind Google-acquired Senosis and BlackBerry-acquired Gist. Ben Gilbert, who runs product at PSL, is another Madrona alum.

After nearly two decades investing in early-stage startups at Madrona, Gottesman made a peaceful exit with ambitions to launch a scalable startup studio independent of any existing VC firm. Madrona, alongside an additional 13 venture firms and Seattle angel investors, like Jeff Bezos and Zillow -founder Rich Barton, bolstered PSL with seed capital right off the bat.

The validation engine

Pioneer Square Labs’ network of entrepreneurs

To differentiate itself from competing company builders and maintain a high level of efficiency, PSL uses a proprietary strategy of rapidly testing and validating business ideas dubbed its “validation engine.” Its special sauce, PSL leverages digital marketing to validate customer demand before they begin real work on any of their ideas.

Long-time marketer Peter Denton leads the effort. Denton, who joined PSL in early 2017, manages day-to-day market validation, growth strategies and market research for the firm’s portfolio companies.

“We joke in some ways [Denton] is the grim reaper,” PSL’s Ben Gilbert told TechCrunch. “He’s responsible for much more kills than anyone else.”

Among the validation engine’s strategies is to build a website for a “company” to test demand for a potential product. Denton and his team market the website to target customer segments through a variety of digital channels, then measure customer resonance with the messaging. They ask potential customers if they are interested in learning more about a new concept or product when it “becomes available” to help understand how much interest a potential business might have before PSL allocates additional time and resources to a project.

To date, PSL has killed more than 100 ideas.

“A lot of studios ultimately won’t be successful because they don’t kill things fast enough,” Gottesman explained. “We kill nine out of 10 of the companies we start. Most of our ideas don’t make it to the promised land.”

In a sense, they are catfishing potential customers, luring them in with a new idea that more than likely will never come to fruition. But the strategy saves PSL the heartache that comes with investing a lot of time into a business idea that never finds its market.

This way, when an idea does pass the tests posed by the validation engine, PSL and its team of engineers and data scientists are ready to build with knowledge of market demand in tow.

By the numbers

A glimpse of Seattle’s Pioneer Square neighborhood where Pioneer Square Labs is headquartered

In three years, PSL has spun-out 13 companies, ideas for six of which came from the PSL team and seven originated from founders in the PSL network. All of those companies have secured venture funding — $71 million in total for an aggregate valuation of $200 million.

“The most important lesson we learned is it’s all about the people and the talent,” Gottesman said. “If we have an A-plus idea and partner with a B team, the company isn’t going to be successful. On the other hand, if we partner with the best talent, we are likely to be successful even if we fail on other dimensions.”

PSL’s goal is to invigorate the Seattle tech ecosystem and given the aforementioned stats (PSL companies comprised 14.3 percent of all early-stage VC deals in Washington state in 2018) they are well on their way. In 2019, PSL hopes to spin out between six and nine additional businesses.

“We believe we are building the center for early-stage tech innovation in the Pacific Northwest,” PSL’s Julie Sandler told TechCrunch.

Seattle, home to two of the most valuable businesses in the world, has not created as many founders as anticipated. Amazon’s entrepreneurial culture has succeeded in keeping top talent from pursuing their own businesses. PSL’s derisked platform, the firm hopes, will entice those founders, like Boundless CEO Xiao Wang, a former senior product manager at Amazon.

“The studio model lends itself really well to people who are 99 percent there, thinking ‘damn, I want to start a company,’” Gilbert said. “These are people that are incredible entrepreneurs but if not for the studio as a catalyst, they may not have [left].”

Venture capital investment in Washington state is increasing year-over-year, reaching a high of nearly $3 billion in 2018 across roughly 400 deals, per PitchBook. The Seattle tech scene, given its proximity to tech heavyweights and a growing number of satellite engineering offices, only has room to grow.

“We do think Seattle is the most exciting market in the country because of the amount of technical talent you have,” Gottesman said. “You have to believe that if engineering is at the heart of these startups then Seattle will ultimately be a key city in the world in terms of creating great technology startups.”

“We think part of the issue is a lack of capital and a lack of help,” Gottesman added. “If we can provide a little bit of both of those things, we can really put Seattle where it deserves to be, should be and will be.”


Source: TechCrunch

El doble estigma emprendedor: mujer especializada en salud femenina

La emprendedora Ridhi Tariyal lleva años luchando para conseguir fondos para su ‘start-up’ de ‘femtech’ que intenta diagnosticar la endometriosis con un simple tampón. Para muchos inversores, lo único interesante para invertir en el área de los cuidados de la salud femenina es la reproducción
Source: MIT

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