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After 80% ARR growth in 2020, Saltmine snags $20M to help employees return to a ‘new normal’ office

Published February 23, 2021

What is working in the office going to look like in a post-COVID-19 world?

That’s something one startup hopes to help companies figure out.

Saltmine, which has developed a web-based workplace design platform, has raised $20 million in a Series A funding round.

Existing backers Jungle Ventures and Xplorer Capital led the financing, which also included participation from JLL Spark, the strategic investment arm of commercial real estate brokerage JLL. 

Notably, JLL is not only investing in Saltmine, but is also partnering with the San Francisco-based startup to sell its service directly to its clients — opening up a whole new revenue stream for the four-year-old company.

Saltmine claims its cloud-based technology does for corporate real estate heads what Salesforce did for CROs in digitizing and streamlining the office design process. It saw an 80% spike in ARR (annual recurring revenue) last year while doubling the number of companies it works with, according to CEO and founder Shagufta Anurag. Its more than 35 customers include PG&E, Snowflake, Fidelity and Workday, among others. Its mission, put simply, is to help companies “create the best possible workplaces for their employees.”

Saltmine claims to have a 95% customer retention rate and in 2020 saw 350% year over year growth in monthly active users of its SaaS platform. So far, the square footage of all the office real estate properties designed and analyzed by customers on Saltmine totals 50 million square feet across 1,500 projects.

Amid pandemic, returning to offices remains an open question for tech leaders

Saltmine says it offers companies tools to do things like establish social distancing measures in the office. Its platform, the company says, houses all workplace data — including strategy, design, pricing and portfolio analytics — in one place. It combines and analyzes floor plans with project requirements with real-time behavioral data (aggregated through a combination of utilization sensors and employee feedback) to identify companies’ design needs. Besides aiming to improve the workplace design process, Saltmine claims to be able to help companies “optimize their real estate portfolios.”

The pandemic has dramatically increased the need for a digital transformation of how workplaces are designed and reimagined, according to Anurag. 

“Given the need for social distancing capabilities and a greater emphasis on work-life balance in many office settings, few workers expect a complete ‘return to normal,’ ” she said. “There is now enormous pressure on corporate heads of real estate to adapt and modify their workplaces.”

Once companies identify their new needs, Saltmine uses “immersive” digital 3D renderings to help them visualize the necessary changes to their real estate properties.

Singapore-based Anurag has previous experience in the design world, having founded Space Matrix, a large interior design firm in Asia, as well as Livspace, a digital home interior design company.

“I saw the same pain points and unmet needs in office real estate that I did in the residential market,” she said. “Real estate is the second-largest cost for companies and has a direct impact on their largest cost — their people.”

Looking ahead, Saltmine plans to use its new capital to (naturally) do some hiring and continue to acquire customers — in particular, seeking to expand its portfolio of Global 2000 companies.

Saltmine has about 125 employees in five offices across Asia, Europe and North America. It expects to have 170 employees by year’s end and to be profitable by the end of fiscal year 2021.

The company’s initial focus has been in North America, but it is now beginning to expand into APAC and Australia. 

9 top real estate and proptech investors: Cities and offices still have a future

JLL Technologies’ co-CEO Yishai Lerner said JLL Spark was drawn to Saltmine’s approach of making data and analytics accessible in one place.

“Having a single source of truth for data also facilitates collaboration across teams, which is important, for example, in workspace planning,” he told TechCrunch. “This reduces inefficiencies and improves workflows in today’s fragmented design, build and fit-out market.”

JLL Spark invests in companies that it believes can benefit from its distribution and network — hence the firm’s agreement to sell Saltmine’s software directly to its customers.

“As JLL tenants and clients continue to embrace the future of work, they are seeking technology solutions that keep their buildings running efficiently and effectively,” Lerner said. “Saltmine’s platform checks all of the boxes by streamlining stakeholder collaboration, increasing transparency and simplifying data management.”

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Contra wants to be the community that independent workers are missing

Published February 23, 2021

Whether you’re working on something new according to your Twitter bio, or self-employed, according to your LinkedIn bio, founder Ben Huffman thinks his platform, Contra, will be the best way for independent workers to explain and monetize what they are working on.

Contra is a platform that wants professionals to create profiles that show project-based identities, versus a role-based identity that one would show on LinkedIn. It’s been built for what Huffman thinks is the future: digital knowledge workers, a term he uses to describe independent tech workers who freelance for different companies or gigs.

The early adopters are independent workers who want to work or advise for a product team.

“So you can think about any type of modern-day product team consisting of like a designer, an engineer, a PM, maybe a writer, or maybe someone else distributing content. There’s a high degree of referability amongst these user types,” he said.

Users would showcase the tools they use, projects they’ve led and initiatives they’ve pushed instead of simply writing “Former Stripe Engineer” and calling it a day.

“What you don’t know is what problems they solved at Stripe,” Huffman explained, and Contra wants to give users space to explain that.

A Contra profile looks like a storefront for an independent creators’ business. The first thing you will see is project experience, with the option to toggle between services currently available for sale, recommendations from the referral network and, finally, the About page.

A goal of Contra’s, per Huffman, is to help independent workers create high-signal referral networks so they can land new opportunities and gigs. Whenever a user posts a new project experience to their resume, they can add who they worked with as a collaborator.

It’s different from LinkedIn, where you can add anyone you meet and they become a “connection.” Contra requires you to have work experience with your network, making the referral network high-signal. Contra positions referrals high-up on profiles, reminiscent of the MySpace Top 10.

5 creator economy VCs see startup opportunities in monetization, discovery and much more

Referrals as a core mechanism to get jobs could disproportionately hurt Black and brown founders, who have been left out of networks. But Huffman says that Contra doesn’t only rely on referrals, it also helps position someone as more than their resume.

“Most resumes are filtered out by AI today and have historically disadvantaged BPOC candidates,” he said. “With a project focus instead of roles and education credential-focus on the identity, we help undiscovered talent get ahead.”

Huffman, who experienced resume bias first-hand as a college dropout with no-credentials from a rural area, thinks that his tool can combat bias in an effective way. The best-case scenario would be if Contra could help a talented designer based in Minneapolis get an opportunity in a city like San Francisco or New York by showcasing their work.

But Contra has ambition to be more than just the latest startup to aim at LinkedIn, Huffman tells TechCrunch. Beyond being a professional network, it wants to also be a place where independent workers can make money for their services and get inbound customers. He describes Contra as a LinkedIn meets Shopify for independent workers.

In other words, Contra is a profile that independent workers can build and then monetize off of, as well as track engagement on how certain services of theirs might be in more demand than others.

“We’re trying to enable people to monetize the value they create, versus the time they spend in places,” says Huffman. The goal here is to “enable people to build these identities, and give them infrastructure to be successful as an independent worker. Contra integrates with Stripe to bring on payments infrastructure, letting workers actually sell their services on the platform.

From an independent worker’s perspective, the internal view offers analytics to understand what the public is looking at on their profile, from what services are most in demand to what projects get the most attention. The analytics, which are private to everyone except the user, also helps workers understand what the conversion rate is once people come to their platform.

It is free to make money and a profile on Contra, which differentiates it from freelance marketplaces like UpWork and Fiverr, which take a percent cut of earnings. Since Contra doesn’t charge a commission on earnings, it monetizes through a SaaS subscription, $29 a month, that includes benefits such as same-day payouts and higher visibility in the platform to eventually get better opportunities.

A potentially large new competitor might be from LinkedIn itself, which is developing a new service called Marketplaces to help freelancers find and book work. Facebook is also working on a tool related to freelancers. Huffman sees Contra’s focus on professional identity as a competitive advantage, and the fact that the tool might be taking commissions.

“It makes what we are doing that much more relevant,” he said.

Luckily, the startup has raised a $14.5 million Series A round to meet its competition head on. The financing event was led by Unusual Ventures, with participation from Cowboy Ventures and Li Jin’s recently announced Atelier Ventures.

Contra wouldn’t disclose the number of users it currently has but did confirm that the total is “in the six-figure range.”

The cash will be used to increase the speed in which it can ship features, as well as build out an ambassador program, in which it will pay users $1,000 a month to test out the product and support the shift to independent work.

Chief community officer is the new CMO

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The current narrative explaining why tech stocks are getting hammered

Published February 23, 2021

This morning the tech-heavy Nasdaq Composite index is off 2.34% after falling yesterday. Shares of Tesla are off more than 6% today, now mired in a bear-market correction after reaching new all-time highs earlier this year. Apple stock is worth $122.02 per share, down from its recent highs of more than $145.

After a long period of time when it felt like tech stocks only went up, the recent correction is starting to feel material.

There are other ways to measure the selloff. Bessemer’s cloud index is off 4.5% today, after falling over 5% yesterday. And the now-infamous $ARKK, or ARK Innovation ETF that many investors have used as a proxy for growthy tech stocks, is off 6.6% today after falling 5.9% yesterday.

Hell, even bitcoin has taken a pounding in the last few days, after its recent, relentless rise.

What’s driving the rapid turnaround in the value of tech companies, tech-focused indices and tech-adjacents, like cryptocurrencies? Not merely one thing, of course, in an environment as complex as the world’s capital markets. But there is a rising narrative that you should consider.

Namely that the money-is-cheap-and-bond-yield-is-garbage-so-everyone-is-putting-money-into-stocks trade is losing steam. As some yields rise, bonds are become more attractive bets. And as COVID-19 vaccines roll out, some investors are pushing their stock-market bets into categories other than tech.

The result is that the landscape of value is shifting; the winds that were at the back of every tech company are receding, at least for now. If the changed weather persists until the very investment climate that tech stocks exist in reaches a new equilibrium, we could see the appetite for tech IPOs lessen, late-stage private valuations for startup shares dip, and more.

Here’s CNBC from earlier today on what’s changing:

Stocks dropped again on Tuesday as tech shares continued to tumble in the face of higher interest rates and a rotation into stocks more linked to the economic comeback.

Here’s The Wall Street Journal on the same theme, from yesterday:

The lift in yields largely reflects investor expectations of a strong economic recovery. However, the collateral damage could include higher borrowing costs for businesses, more options for investors who had seen few alternatives to stocks and less favorable valuation models for some hot technology shares, investors and analysts said.

And here’s Barrons from this morning, noting that what we’re seeing at home is not merely a U.S. issue:

While members of the NYSE FANG+ index including Tesla, Facebook and Apple have dropped sharply as the yield on the 10-year Treasury has climbed, the sector also is on the retreat overseas.

The market could snap back. Or not. It’s worth watching stocks for the next few days.

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RIBS: The messaging framework for every company and product

Published February 23, 2021
Caryn Marooney
Contributor

Caryn Marooney is general partner at Coatue Management and sits on the boards of Zendesk and Elastic. In prior roles she oversaw communications for Facebook, Instagram, WhatsApp and Oculus and co-founded The OutCast Agency, which served clients like Salesforce.com and Amazon.
More posts by this contributor

Over more than two decades of advising founders, I’ve heard all kinds of stories — good, bad and everything in between. While everyone is different, I’ve noticed that the very best stories have something in common: They pass the RIBS test. I’ve talked a lot about this over the years, and it’s stood the test of time and trends.

The test is designed to tell you if your story is memorable (will it “stick to your ribs?”) so you can turn it into a compelling message. It looks something like this:

  • Relevant
  • Inevitable
  • Believable
  • Simple

Relevant

Before you can come up with a good story, you need to think about the audience. Who are you trying to reach? Are you solving a problem they care about? What matters to them about that problem? Why does your solution deserve attention?

The test is designed to tell you if your story is memorable (will it “stick to your ribs?”) so you can turn it into a compelling message.

Marc Benioff could have launched Salesforce by describing it as an online way for companies to manage relationships with their customers. It’s true and it would have been interesting, at least to some people. But instead, Marc went bigger: He ran a campaign that described Salesforce as the “end of software.”

At the time, software was everywhere and it was creating all kinds of problems: It was massively expensive, time consuming and prone to failure. By taking on those issues, Marc made the company instantly more relevant to a bigger market and audience. The conversation went from a discussion of feature checklists, contacts and leads, to how an entire industry would change. Marc looked like a visionary — and Salesforce seemed revolutionary.

Inevitable

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Shippo raises $45M more at $495M valuation as e-commerce booms

Published February 23, 2021

This morning Shippo, a software company that provides shipping-related services to e-commerce companies, announced a new $45 million investment. The new capital values the startup at $495 million. TechCrunch is calling the new funding a Series D as it is a priced round that followed its Series C; the company did not award the round a moniker.

Shippo’s 2020 Series C, a $30 million transaction that was announced last April, valued the company at around $220 million. D1 Capital led both Shippo’s Series C and D rounds, implying that it was content to pay around twice as much for the company’s equity in 2021 than it was in 2020. (Recall that investors doubling-down on previous bets as lead investor in successive rounds is no longer considered to be a negative signal concerning startup quality, but a positive indicator.)

Why raise more money so soon after its last round? According to Shippo CEO and founder Laura Behrens Wu, her company made material progress on customer acquisition and partnerships last year. That led to a decision around the time of Shippo’s Q4 board meeting with her investors that it was a good time to put more capital into the company.

In a sense the timing is reasonable. As Shippo scales its customer base, it can negotiate better shipping deals with various providers, which, in turn, help it continue to attract new customers. Behrens Wu noted in an interview with TechCrunch that when her company was helping its early customers ship just a few packages, shipping companies it supports on its platform didn’t want to meet with the startup. Now armed with more volume, Shippo can recycle customer demand into partner leverage, improving its total customer offering.

Behrens Wu said that Shippo had secured such a partnership with UPS before it raised its new round.

Turning to growth, Shippo doubled its platform spend, or “GPV” last year. GPV is the company’s acronym for gross postage volume. It roughly tracks with revenue, TechCrunch confirmed. So Shippo likely doubled its top-line last year. That’s good. Shippo wants to do that again this year, Behrens Wu told TechCrunch. The startup will also double its headcount this year, adding around 150 people.

Now flush with more capital, what’s next for Shippo? Per its CEO, the startup wants to invest more in platforms (where Shippo is baked into a marketplace, for example), international expansion (Shippo only does a “little bit” of international shipping, per Behrens Wu), and double-down on what it considers its core customer base.

Shippo raises a $30M Series C after posting rapid 2019 growth

TechCrunch was curious about how broad Shippo might take its product from its original home in shipping labels. The startup said that there’s lots of room in the journey of a package, from pre-purchase on, where her company might expand into. However, Behrens Wu cautioned that such a broadening of product work is not an immediate focus at her company.

Let’s see how long the current e-commerce boom lasts and how far this new capital can take Shippo. If it doubles in size again this year we’ll have to start its IPO countdown sometime in mid-2022.

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Wisetack raises $19M as its buy-now-pay-later service for IRL services scales

Published February 23, 2021

This morning Wisetack, a startup that provides buy-now-pay-later services to in-person business transactions, announced that is has closed a total of $19 million across two rounds, a seed investment and a Series A.

Greylock led both rounds, with the seed round clocking in at $4 million and the Series A at $15 million. Bain Capital Ventures also took part in the company’s fundraising.

Notably both rounds were closed in 2019, making these amongst the more aged rounds that we’ve heard of in recent quarters. However, as much venture reporting was delayed last year due to the pandemic and political unsettlement, I am still willing to cover the occasional antique deal.

Wisetack caught our eye not only due to its fundraising activity, but also thanks the buy-now-pay-later (BNPL) space becoming all the more interesting in the wake of Affirm’s direct listing. Affirm is perhaps the best-known service of its type, making its liquidity moment — and post-IPO performance — impactful for its broader business category.

Wall Street hugs Affirm as it starts life as a public company

But while Affirm wants to offer point-of-sale BNPL services to online merchants, Wisetack is taking a different approach. It focuses on the in-person business world, helping finance consumer transactions involving things like home improvement and car repair; the sort of big transactions that your average family might not have the cash to cover but also doesn’t want to put on a credit card.

Wisetack partners with vertical SaaS players in different areas. Say, plumbing. This allows users of those vertical SaaS applications — the plumbers, sticking to the same example — to offer Wisetack’s BNPL service to their customers.

It’s well known that vertical SaaS has wide application. A favorite recent example is SingleOps, which provides software for the so-called “green industry,” the world of lawns and landscaping. There’s SaaS for all sorts of IRL work, which could mean that Wisetack has a good number of software providers to sell into.

The model appears to be working, at least thus far. Wisetack shared with TechCrunch that its loan volume rose 20x between January of 2020 and January of 2021. As the company generates revenues from merchants (loan processing costs), and consumer interest, it’s likely that its revenue scales with loan volume. If the relationship is even closer to direct, Wisetack grew quite a lot last year.

The startup also said that the number of businesses using Wisetack grew 25-fold last year to a number in the “thousands.”

Wisetack fits neatly into a number of recent trends. The first is its work with vertical SaaS, a notable slice of the software market. The second is that Wisetack is another example of an API-led business, offering its service as a tech-powered add-on to other bits of code. And, third, that Wisetack had the same lead investor twice in sequential rounds. This sort of doubling-down from the venture community has become common in recent quarters as the signaling risk of having the lead twice in a row has been zeroed out by general investor enthusiasm for more equity in what appear to be winning startups.

Finally, the Wisetack round is interesting as it is nearly a sort of vertical BNPL, or at least a vertically focused BNPL. The company was reticent to share notes on how it comes to credit decisions, but we presume that all BNPL players that do focus on a particular niche or segment.

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FarmWise plans to add autonomous crop dusting to its suite of robotic services

Published February 23, 2021

The robotics revolution in farming is set to continue as the autonomous crop cultivation company FarmWise looks to add new capabilities to its autonomous farming equipment.

The San Francisco-based company is currently testing the application of fungicides and insecticides to row crops as an additional capability for its weed-killing robots, according to company chief executive Sébastien Boyer.

It’s the latest advancement in robotics for the farm — a market that’s becoming increasingly crowded with the launch of new companies like Future Acres, which launched its support robot Carry today, and Mineral, the spinout from Alphabet (Google’s parent company) that provides crop analysis.

Alphabet’s latest moonshot is a field-roving, plant-inspecting robo-buggy

Rather than sell robots directly to farmers, FarmWise sells its robotics services to farms, and charges farms roughly $200 per acre inspected and weeded. “We show up on farmers’ fields with our own operators and our own equipment,” Boyer said.

It’s a business model that has attracted $24 million in outside funding from firm’s including Playground Global, and the company is likely going to raise another round, targeted at $20 million, later this year, according to Boyer.

FarmWise and its weed-pulling agribot harvest $14.5M in funding

Boyer says the company already counts half of the largest growers in Salinas, California among the company’s customers. These are farms for big consumer vegetable companies like Dole.

What FarmWise hopes to do is fill gaps of missing labor, according to Boyer. Along with co-founder Thomas Palomares, Boyer said he identified a need for farms to keep up with their output while dealing with a shrinking workforce. “It’s about helping farmers keep up with work while the pool of people willing to do these jobs is shrinking,” he said.

Using the robots isn’t just good for farms’ bottom lines, Boyer said. It also helps reduce the amount of fertilizer and chemicals used on the farm, which is good for the environment and creates a more sustainable food chain, he said.

“I was attracted by working on a large-scale sustainability problem,” Boyer said.

Future Acres launches with the arrival of crop-transporting robot, Carry

 

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ChargeLab raises seed capital to be the software provider powering EV charging infrastructure

Published February 23, 2021

As money floods into the electric vehicle market a number of small companies are trying to stake their claim as the go-to provider of charging infrastructure. These companies are developing proprietary ecosystems that work for their own equipment but don’t interoperate.

ChargeLab, which has raised $4.3 million in seed financing led by Construct Capital and Root Ventures, is looking to be the software provider providing the chargers built by everyone else.

“You’ll find everyone in every niche and corner,” says ChargeLab chief executive Zachary Lefevre. Lefevre likens Tesla to Apple with its closed ecosystem and compares ChargePoint and Blink, two other electric vehicle charging companies, to Blackberry — the once dominant smartphone maker. “What we’re trying to do is be Android,” Lefevre said.

That means being the software provider for manufacturers like ABB, Schneider Electric and Siemens. “These guys are hardware makers up and down the value stack,” Lefevre said.

ChargeLab already has an agreement with ABB to be their default software provider as they go to market. The big industrial manufacturer is getting ready to launch their next charging product in North America.

As companies like REEF and Metropolis revamp garages and parking lots to service the next generation of vehicles, ChargeLab’s chief executive thinks that his software can power their EV charging services as they begin to roll out that functionality across the lots they own.

Lefevre got to know the electric vehicle charging market first as a reseller of everyone else’s equipment, he said. The company had raised a pre-seed round of $1.1 million from investors including Urban.us and Notation Capital and has now added to that bank account with another capital infusion from Construct Capital, the new fund led by Dayna Grayson and Rachel Holt, and Root Ventures, Lefevre said.

Eventually the company wants to integrate with the back end of companies like ChargePoint and Electrify America to make the charging process as efficient for everyone, according to ChargeLab’s chief executive.

As more service providers get into the market, Lefevre sees the opportunity set for his business expanding exponentially. “Super open platforms are not going to be building an EV charging system any more than they would be building their own hardware,” he said.

Electric moped startup Revel launches an EV charging business

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Electric raises $40M Series C to put small-business IT in the cloud

Published February 23, 2021

It would be an understatement to say that enterprise-focused startups have fared well during the pandemic. As organizations look to go remote, and the way we work has been flipped on its head, quickly growing tech companies that simplify this transition are in high demand.

One such startup has, in fact, raised $61.5 million in the last 12 months alone. Electric, a company looking to put IT departments in the cloud, just announced the close of a $40 million Series C round. This comes after an extension of its Series B in March of 2020, when it raised $14.5 million, and then an additional $7 million from 01 Advisors in May of 2020.

This Series C round was led by Greenspring Associates, with participation from existing investors Bessemer Venture Partners, GGV Capital, 01 Advisors and Primary Venture Partners as well as new investors including Atreides Management and Vintage Investment Partners.

Electric gets another $7 million in funding from 01 Advisors and the Slack Fund

Electric launched in 2016 with a mission to make IT much simpler for small and medium-sized businesses. Rather than bringing on a dedicated IT department, or contracting out high-priced local service providers, Electric’s software allows one admin to manage devices, software subscriptions, permissions and more.

According to founder Ryan Denehy, the vast majority of IT’s work is administration, distribution and maintenance of the broad variety of software programs at any given company. Electric does most of that job on behalf of IT, meaning that a smaller business only needs to worry about desk-side troubleshooting when it comes up, rather than the whole kit and caboodle.

Electric charges a flat price per seat per month, and Denehy says the company more than doubled its customer base in the last year. It now supports around 25,000 users across more than 400 individual customer organizations, which puts Electric just shy of $20 million ARR.

This is the first time Denehy has come anywhere close to sharing revenue numbers publicly, but it’s a good time to flex. The company has recently introduced a new lighter-weight offering that includes all of the same functionality as its more expensive product, but without access to chat functionality.

“The name of the game is just simplicity, simplicity, simplicity,” said Denehy. “Part of this is in response to the fact that people are realizing the permanence of hybrid work. During the pandemic, people stopped paying their landlords but they didn’t stop paying us. So in the summer, we started to focus on how we can create more offerings that we can get in the hands of more businesses and let them start their journey with us.”

Denehy says that a little less than half of Electric’s client base are tech startups, which makes sense considering the company launched in New York in a tech and media-centric ecosystem. As a way to expand into other verticals, Electric acquired Sinu, an IT service provider who happened to have an impressive roster of clients outside of Electric’s comfort zone, such as legal, accounting and nonprofit.

Here’s what Denehy said at the time:

Organic market entry, even in adjacent markets can be extremely time consuming and expensive. Sinu’s team has done an excellent job winning and pleasing customers in a lot of industries where we currently don’t play but probably should. The combination of our two companies is a massive shot in the arm to our national expansion strategy.

Alongside growth, both of the Electric team and its customer base, the company is also investing in expanding its diversity programs and philanthropic efforts.

The Electric team is currently made up of just under 250 full-time employees, with 32.5% women and around 30% of employees being non-white. Specifically, nearly 12% of employees are Black and 10% are Latinx.

Denehy explained that he thinks of the company’s payroll, which is in the tens of millions of dollars, as one of the biggest ways he can make a change in the world.

“We will wait longer to fill a role to make sure that we have the most diverse pipeline of candidates possible,” said Denehy. “A lot of founders will say that nobody applied. Well, the reality is you didn’t look hard enough. We’ve just accepted that it may take us longer to fill certain roles.”

This latest round brings Electric’s total funding to more than $100 million.

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