Rising Day 2 Trading Throws Robinhood Stock Into Meme Territory

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Hello and welcome to Daily Crunch for August 4, 2021. It has been frenzied – Robinhood stocks lost their minds. Facebook drove another part of the internet crazy. And a new unicorn wants to go public? It’s been a great day for tech news.

But before we go any further, we are pleased to announce that TechCrunch is launching another newsletter! This week in Sarah Perez applications launches this Saturday morning, August 7, and is the place you should go to find out all the news about your application. Make sure to sign up here. – Alex

TechCrunch’s Top 3

  • Robinhood actions do crazy things: Robinhood users were involved in the GameStop and AMC commercial frenzy earlier this year. So perhaps it was inevitable that Robinhood’s own actions would get caught up in a similar updraft. That’s what happened today, with the fintech startup’s stock skyrocketing far, far above its IPO price. Too much for Robinhood’s public offering being disappointing!
  • Human Interest is now a unicorn, wants to go public: With a new $ 100 million round built with blocks of cash from both TPG and SoftBank, Human Interest’s SMB 401 (k) service is now worth $ 1 billion. According to our own Mary Ann, it’s “targeting a traditional initial public offering sometime in 2023, and executives say the goal is to have ‘$ 200 million + in execution fee revenue before going public.’ More of this kind of clear planning, please.
  • The improvement in the Neobanks economy could hint at future IPOs: By checking the recent financial performance of some neobanks, TechCrunch discovers a lot of interesting things in the numbers. There are some laggards, but the huge global venture capital bet on the fintech banking model looks set to pay off.

Startups / VC

  • Denver Reserve Trust recharges for business payments: A bit of explanation is needed, but moving money around the world is difficult without a partner bank. Reserve Trust wants to help companies move their funds directly, without banking partners. And he just raised $ 30.5 million to do it. The problems of accepting and moving money online are huge problem spaces, evidence of which can be seen in this section of the Daily Crunch most days.
  • ispace goes to the moon: Japanese space technology company ispace has raised a new $ 46 million Series C to help it undertake a series of lunar missions in the coming years. Turns out three missions in three years. The new capital is to support its second and third launches that should come – take off? – in 2023 and 2024.
  • FullStory raises $ 103 million to make digital user interfaces less distressing: By tracking where users click in confusion, anger or frustration, FullStory wants to help companies improve their various digital interfaces. If you hate how some apps are built (and who doesn’t), FullStory might be good news. The Atlanta-based company is now worth $ 1.8 billion.
  • More money to buy ecommerce brands: The global drive to raise capital, buy ecommerce brands, and unify them under one umbrella is a huge area of ​​venture capital investment. Today’s round is Suma Brands, which now has $ 150 million to execute acquisitions. It turns out that the new equity is mostly debt.
  • tabby raises $ 50M Series B for BNPL Middle East work: We have a new purchase now, pay later for you today. This time it’s Brindle, which is based in Dubai and focuses on its local region. Global Founders Capital and STV led the funding round, which also included a number of other venture capital firms such as Mubadala Investment Capital and Raed Ventures.
  • Work-Bench closes a new $ 100 million fund: New York-based Work-Bench has raised a new fund to invest in enterprise SaaS companies. In a world of mega-funds and multi-billion dollar deals, the company is still smaller than it probably could have grown. (It also fell some research on the New York tech scene I’m chewing.)
  • To round out our startup coverage, if you’re a startup and want to learn more about the world of public relations, we had some communications professionals on the Equity podcast this week. Tune in here.

What does Square’s acquisition of Afterpay mean for startups?

In his first column since returning to TechCrunch, reporter Ryan Lawler considered the possible repercussions that Square’s purchase of Afterpay could send through the buy-now pond, pay startups.

For comments and perspective, he interviewed:

  • Dan Rosen, Founder and General Partner of Commerce Ventures
  • Jake Gibson, Founding Partner, Better Tomorrow Ventures
  • TX Zhuo, Partner, Fika Ventures
  • Matthew Harris, Partner at Bain Capital Ventures

Investors he spoke with agreed that deferring payments helps boost e-commerce, “but scale matters and long-term margins seem slim for BNPL startups,” Ryan reports.

(Extra Crunch is our membership program, helping founders and startup teams get ahead. You can sign up here.)

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