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Hello and welcome to Daily Crunch for July 28, 2021. What a day. Duolingo went public. Algolia raised an epic round. Cryptocurrency prices rose. And we’re getting a ton of earnings reports from the biggest names in tech. If you like tech news, we have a post for you. Go! – Alex
PS Super Cheap Disrupt Tickets finish in two days, so snag yours now. All the cool guys, etc.
TechCrunch’s Top 3
- Google will require vaccinations for office work: It won’t solve the problem of tech workers who don’t want to go back to offices after working from home for the past year, but Google is helping to set the future of work once again, this time by requiring vaccinations for returning workers. to their offices. What makes total and absolute sense. Vaccines are safe and keep the people around you safe. Expect to see more of this.
- Algolia raises $ 150 million: The search-as-a-service company is now $ 150 million richer and worth a whopping $ 2.25 billion. The company did not share concrete revenue figures (boo), but did reveal that its annual recurring revenue (ARR) grew 180% in the last year. The company last raised in 2019, when it added $ 110 million to its accounts with a valuation north of $ 500 million.
- Duolingo goes public: The popular consumer education technology service valued its initial public offering at $ 102 last night, a price we felt was pretty good. Now the company is worth a little over $ 132 a share, which is a great first day. Of course, educational technology companies in China have taken a hitBut the US market looks pretty lucrative right now. That’s good news for education startups in general.
Startups / VC
- Squire demonstrates that vertical SaaS can scale: Today’s Tiger round is Squire, a startup offering industry-tailored software for hair salons. There are many such businesses and therefore there may be many businesses available for Squire to run. That seems to be the thesis behind his new round of $ 60 million. The company’s service is “used by more than 2,000 stores on three continents,” according to reports from TecCrunch.
- This startup wants to reduce the consumption of single-use plastic: Honestly, both you and I are trash to the planet. We use too much plastics and, too often, only once. Algramo wants to change that by working with brands and providing charging stations for different products. And now he has $ 8.5 million in capital to continue pursuing his vision.
- Gong.io isn’t the only sales tech startup doing the numbers: QuotaPath is another, and you just saved a $ 21.3 million round. The startup “has developed a commission tracking solution for sales and revenue teams,” according to TechCrunch. This honestly makes sense. Sales teams have tool budgets, and salespeople like to get paid. Bread, know the butter.
- Seven hundred million dollars for battery recycling: That’s the news from Redwood Materials, a $ 3.7 billion company that wants to recycle scrap from battery production. Y used consumer batteries. It then extracts the useful bits and returns them to production. If the economy works, this is great.
- Not just a billionaires club: Sure, the Bezos and Branson rocket trips have garnered a lot of media attention, but building rocket launch technology is not a sparsely populated problem space. Many companies are working on it, including Isar Aerospace, which just closed a $ 75 million round. The capital comes after the company raised $ 91 million last December. Your new capital is an extension of that round. Isar’s rockets will be able to deliver up to 1,000 kilograms to low Earth orbit.
- Remember that $ 100 million mmhmm round? We have the founder of the startup. on the Equity podcast to chat. I listened!
Why do I make everyone in my company the CEO for a day
On the reality series “Undercover Boss,” high-powered executives dress up in disguise so they can work alongside everyday employees, ostensibly to learn from them.
Changing that script, the software company Vincit USA has a “CEO of the day” program in which employees move into a metaphorical corner office for 24 hours and receive a very real unlimited budget. There is only one requirement.
“The CEO must make a lasting decision that will help improve the work experience of Vincit employees,” said Ville Houttu, founder and CEO of Vincit.
Since instituting the program, Vincit USA has received multiple awards for its workplace culture and sees a reduction in staff turnover.
“As crazy as it may sound, the initiative has increased tenfold,” Houttu said.
(Extra Crunch is our membership program, helping founders and startup teams get ahead. You can sign up here.)
Big Tech Inc.
Our great tech news roundup for today has two parts. The first is our usual collection of individual items. Then we have everything you need from recent earnings reports.
- Walmart is making its e-commerce tools more widely available: A competitor to Amazon’s e-commerce, Walmart, is working with Adobe to “integrate Walmart’s market access, as well as its various in-store and online collection and fulfillment technologies, into the Adobe commerce platform.” Walmart, along with Shopify and BigCommerce, are among the companies that oppose a world exclusive to Amazon.
- Snapchat adds personal spaces to its map functionality: Snap’s Snapchat product has been on a roll lately, generating strong revenue for its parent company. Today he announced that he will bring something called “My Spaces” to his mapping tool. What will that do for users? TechCrunch reports that the feature will allow users to save their favorite locations, share them with friends, and get recommendations on other places to go.
- Twitter delves into e-commerce: That’s our conclusion from today’s news that Twitter is launching a pilot of a “Store Module” that will allow people to sell stuff from their profile. Sure, Twitter is also moving towards subscriptions and live audio and is maintaining its streak of not building DM searches, and now it will be a mix of Etsy and Amazon to boot!
Now to the earnings.
Shopify crushed earnings expectations this morning, like Microsoft did Y Apple yesterday afternoon. All companies were rewarded by seeing their share price fall today. Why? It appears that the public market investors had largely valued the earnings compared to the price of their shares. The good news is that, for the most part, they retain previously accumulated value. The bad news is that the two companies could be showing that we are near the top of the technology multiples.
Or maybe not. Alphabet too estimates exceeded and managed to earn, as I write this to you, a fraction of a point in value. In other news, Spotify’s ad business had a great quarter, Remarkable if you like the economics of the world of music and podcasting.
TechCrunch Experts: Growth Marketing
TechCrunch wants you to refer growth marketers with experience in SEO, social media, content writing, and more! If you are a growth marketer, skip this poll together with your clients; we’d like to know why they loved working with you.
If you’re curious about how these polls are shaping our coverage, check out this summary of our recent Twitter Spaces event with MKT1, “The MKT1 Interview: Growth Marketing in 2021, Hiring Versus Outsourcing, and More. “
Price alert! TechCrunch Disrupt 2021 Advance Pass Sale Ends This Friday
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