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Airtable raises $185M and launches new low-code and automation features

Published September 14, 2020

The spreadsheet-centric database and no-code platform Airtable today announced that it has raised a $185 million Series D funding round, putting the company at a $2.585 billion post-money valuation.

Thrive Capital led the round, with additional funding by existing investors Benchmark, Coatue, Caffeinated Capital and CRV, as well as new investor D1 Capital. With this, Airtable, which says it now has 200,000 companies using its service, has raised a total of about $350 million. Current customers include Netflix, HBO, Condé Nast Entertainment, TIME, City of Los Angeles, MIT Media Lab and IBM.

In addition, the company is also launching one of its largest feature updates today, which starts to execute on the company’s overall platform vision that goes beyond its current no-code capabilities and brings tools to the service more low-code features, as well new automation (think IFTTT for Airtable) and data management.

As Airtable founder and CEO Howie Liu told me, a number of investors approached the company since it raised its Series C round in 2018, in part because the market clearly realized the potential size of the low-code/no-code market.

“I think there’s this increasing market recognition that the space is real, and the space is very large […],” he told me. “While we didn’t strictly need the funding, it allowed us to continue to invest aggressively into furthering our platform, vision and really executing aggressively, […] without having to worry about, ‘well, what happens with COVID?’ There’s a lot of uncertainty, right? And I think even today there’s still a lot of uncertainty about what the next year will bear.”

Airtable’s Howie Liu to join us at Disrupt 2020

The company started opening the round a couple of months after the first shelter in place orders in California, and for most investors, this was a purely digital process.

Liu has always been open about the fact that he wants to build this company for the long haul — especially after he sold his last company to Salesforce at an early stage. As a founder, that likely means he is trying to keep his stake in the company high, even as Airtable continues to raise more money. He argues, though, that more so than the legal and structural controls, being aligned with his investors is what matters most.

“I think actually, what’s more important in my view, is having philosophical alignment and expectations alignment with the investors,” he said. “Because I don’t want to be in a position where it comes down to a legal right or structural debate over the future of the company. That almost feels to me like the last resort where it’s already gotten to a place where things are ugly. I’d much rather be in a position where all the investors around the table, whether they have legal say or not, are fully aligned with what we’re trying to do with this business.”

Just as important as the new funding though, are the various new features the company is launching today. Maybe the most important of these is Airtable Apps. Previously, Airtable users could use pre-built blocks to add maps, Gantt charts and other features to their tables. But while being a no-code service surely helped Airtable’s users get started, there’s always an inevitable point where the pre-built functionality just isn’t enough and users need more custom tools (Liu calls this an escape valve). So with Airtable Apps, more sophisticated users can now build additional functionality in JavaScript — and if they choose to do so, they can then share those new capabilities with other users in the new Airtable Marketplace.

Image Credits: Airtable

“You may or may not need an escape valve and obviously, we’ve gotten this far with 200,000 organizations using Airtable without that kind of escape valve,” he noted. “But I think that we open up a lot more use cases when you can say, well, Airtable by itself is 99% there, but that last 1% is make or break. You need it. And then, just having that outlet and making it much more leveraged to build that use case on Airtable with 1% effort, rather than building the full-stack application as a custom built application is all the difference.”

Image Credits: Airtable

The other major new feature is Airtable Automations. With this, you can build custom, automated workflows to generate reports or perform other repetitive steps. You can do a lot of that through the service’s graphical interface or use JavaScript to build your own custom flows and integrations, too. For now, this feature is available for free, but the team is looking into how to charge for it over time, given that these automated flows may become costly if you run them often.

The last new feature is Airtable Sync. With this, teams can more easily share data across an organization, while also providing controls for who can see what. “The goal is to enable people who built software with Airtable to make that software interconnected and to be able to share a source of truth table between different instances of our tables,” Liu explained.

Image Credits: Airtable

Airtable, maker of a coding platform for non-techies, raises $100M at a $1.1B valuation

Airtable CEO Howie Liu on the continued importance of getting a ‘unicorn’ valuation

Facebook introduces a co-viewing experience in Messenger, ‘Watch Together’

Published September 14, 2020

Facebook today is rolling out a new feature that will allow friends and family to watch videos together over Messenger. The feature, called “Watch Together,” works with all Facebook Watch video content, including its original programs, user uploads, creator content, live streams and, soon, music videos. At launch, the co-watching experience can be used by up to eight people in a Messenger video chat on mobile, or by up to 50 people in Messenger Rooms.

The COVID-19 pandemic has encouraged a number of streaming services — including Hulu, Plex and Amazon Video — to adopt similar co-viewing features, or at the very least, unofficially permit third-party apps that enable co-watching, like Netflix Party.

However, Facebook didn’t just jump on this bandwagon. It actually announced at its F8 developer conference two years ago its plans to develop a co-viewing experience for Messenger. And the product has been in development ever since.

Image Credits: FacebookTo roll out something like co-viewing across Messenger is a significant technical challenge. The service hooks into the Facebook Watch CDN (content distribution network) to pull the videos into Messenger. It also then developed a system that allows for tight synchronization between the various users’ streams of the same video. That, too, can be difficult, as someone in a rural area may have slower bandwidth speeds than someone in an urban metro, but the service has to make sure they’re seeing the same part of the video at the same time.

Image Credits: Facebook

To use the feature, users have to first be in a Messenger video call or a Messenger Room — it can’t be kicked off from the Facebook Watch tab or anywhere else. From Messenger, they’re able to start a co-watching session by selecting the new option from a drawer that pulls up from the bottom of the screen. Initially, this feature is only available on iOS and Android mobile devices, Facebook says.

From the interface that appears, users can then browse or search to find something to watch together. Facebook Watch content is organized into categories like “TV & Movies,” “Watched” (your recently watched content), “Uploaded” (your own videos) and “Suggested.”

While users can’t create playlists or queues, all participants can help choose videos. That is, there’s not one person directing the experience for others. Everyone can also stop, pause or jump forward or back in the videos, too.

Though many may use the feature for a sort of lean-back co-watching experience, it has other potential. For example, a group could get together to watch a fitness video and work out together.

Though official music videos recently became available on Facebook Watch, thanks to Facebook’s new deal with record labels, they’re not immediately available in this co-viewing experience. However, Facebook says that they’ll be added in the next few weeks, initially in the U.S., India and Thailand to start. Each market will also feature localized content under the “TV & Movies” section, too.

The feature will begin rolling out globally across iOS and Android, but Facebook intends to have web support ready in a matter of weeks, and other platforms, like desktop, will follow.

Google claims net zero carbon footprint over its entire lifetime, aims to only use carbon-free energy by 2030

Published September 14, 2020

Google was at the leading edge of large technology companies seeking to go completely carbon neutral, having declared that status in 2007, and subsequently matching all of its global electricity consumption with renewable energy. Now the company says that it is breaking new ground by becoming the first major company to effectively eliminate its entire carbon footprint — going back to its founding — something it has achieved through purchase of “high-quality carbon offsets” as of today. Further, it’s also setting a goal of employing only carbon-free sources by 2030.

The first achievement — eliminating its overall carbon footprint — is relatively easily achieved simply by spending a lot of cash. Google didn’t share exactly how much it had purchased in carbon offsets, but the idea behind those is that you could buy support of projects including renewable energy or energy efficiency initiatives or projects to offset your own impact. Google should be more or less aware of the impact of its operations from its founding until it became a carbon-neutral operation in 2007, and hopefully its claim that it has purchased high-quality offsets means that a lot of meaningful projects got a sound investment to eliminate whatever that figure was.

Meanwhile, Google is taking on the much more challenging task of moving toward running its entire business on carbon-free energy sources everywhere it operates, 100% of the time. That means offices, campuses and data centres everywhere, for all of its products across Gmail, Search, YouTube and Maps. While Google already claims operations that match their total energy usage with 100% renewable use, that’s not actually through direct use of carbon-free sources. Instead, as is typical for companies seeking greener operations but with large and distributed physical footprints, Google purchases renewable energy elsewhere to offset the use of non-renewable power in places where there are no directly accessible sources available.

To commit to directly using only carbon-free energy all the time across its entire operations therefore means a huge undertaking, which will require the actual development of new clean-energy sources. Google also says it’ll be helping to bring 5 GW of new carbon-free energy sources online by 2030 across regions where it has physical resources that need access to clean power.

Funding the development of local clean energy sources to power its facilities isn’t new, and most major tech companies with a clean energy agenda pursue it. But Google’s specific target of making all of its power sources carbon-free by 2030 provides a fixed deadline for an unprecedented goal for a company of its size and influence.

TikTok hits 100M users in Europe as the clock ticks on its US business

Published September 14, 2020

TikTok may or may not be making a deal for its U.S. operations, which the U.S. government says it will shut down over national security concerns come September 20th if its Chinese ownership is not resolved. But something that the U.S. narrative has not really addressed is that the company is still growing like a weed in other markets. Today, TikTok announced that it had hit the 100 million month active user milestone in Europe, where it has officially launched in the U.K., France, Germany, Italy, Russia and Spain.

“We’ve been humbled to see how Europe has embraced TikTok during the time we’ve been here,” said Rich Waterworth, the company’s head of Europe, in a blog post today. He also added that the Creator Fund for Europe, launched earlier this month with TikTok committing to pay out €250 million over the next three years to professional “creators” trying to make money producing video content for the app, has seen more than 40% of all eligible creators enrolling.

Notably, TikTok is putting this news out less than one month after it said it had reached 100 million users in the U.S.

The news comes at an interesting time for the company in other ways too.

It points to a kind of scale in the region that stands to become even more important for TikTok’s owner ByteDance, and specifically as a counter-balance to its future prospects in its biggest two markets. ByteDance is not only facing some tough times ahead in the U.S., but it’s also weathering some significant storms in its second-largest market, India, where the app has been banned and seems currently to have no prospective buyers or champions to get it out of that predicament.

Currently in the U.S., the company seems to have three options: the U.S. might be shut down altogether; or TikTok sells the business to another company in whole or part and relinquishes making money or using U.S. creators and audience to fuel its viral video machine; or ByteDance somehow manages to take the Trump administration to court and win to keep things operating as is or with some modifications.

All three are very painful in their own ways, making the growth and potential in Europe even more notable.

TikTok has been trying to take a “business as usual” approach to things despite all of this. In recent weeks, it has launched a number of new features both for consumers and for marketers in the U.S. and elsewhere.

They have included an expansion of its marketing tools, to expand the variety and size of advertisers who use the platform to promote their brands, and new features like Stitch, which gives a way for users to sample content from other videos and then “quoting” and sharing among users on the platform, as well as adding in new ways to post more and creating more viral videos.

The numbers also underscore an early thought experiment: What would TikTok life be like without input from the U.S. market?

So far, it’s fair to say that the U.S. TikTok explosion has been a major part of the global TikTok explosion. It has produced not just the biggest audience, but the app’s biggest stars. And if you take Facebook or any other social app as a benchmark, the U.S. would stand to become TikTok’s biggest market for advertisers and revenues over time, too.

Still, it’s very notable that the 100 million milestone in Europe was put out today of all days. In the last 24 hours, we’ve seen conflicting reports about a possible buyer — Oracle — finally nearing a deal; as well as a separate report that the Chinese government is ready to shut down the whole process.

Putting out the European numbers so close timing-wise — less than three weeks apart — to posting about 100 million users in the U.S. could be ByteDance’s way of saying that it might just have the last dance after all.

Samsung is holding yet another Unpacked Event on September 23

Published September 14, 2020

One thing I’ll say for in-person events: they compelled companies to cram in a lot of news. After all, if you’re going to ask an auditorium full of people to travel from around the country — or world — you want to give them a lot of bang for their buck.

Samsung did manage that with its Galaxy Note event in early August. We got a new phone, new earbuds, new watch, new tablet and a preview of an upcoming foldable. A couple of weeks ago, the company devoted an entire second event to the new Fold. And now here we are, a couple of weeks later, staring down yet another event.

Samsung’s new Galaxy Fold arrives September 18 for $2,000

The September 23 event will likely focus on the Galaxy S20 Fan Edition that’s been floating around in leaks for a few months now, the way Samsung devices tend to. I’m not saying there won’t be a bunch of other news at the event as well, but the Fold event lowered my expectations a bit with regard to what the company deems worthy of a standalone event in 2020, versus, say, issuing a press release or something.

Samsung Galaxy Note 20 Ultra review

Anyway, the so-called “Fan Edition” finds the company picking up a long-abandoned trend of issuing lower-cost alternatives to flagship devices (notably, a refurbished version of the Note 7).

Here it seems to be a lower-priced take on Samsung’s primary flagship, the Galaxy S20. From the sound of it, the device is essentially a rebranding of its “Lite” line — the latest take on an already confusing approach to its budget flagship offerings.

We’ll find out more September 23 at 7 a.m. PT/10 a.m. ET.

Tune in today at 12pm PDT for an essential Disrupt 2020 Sneak Peek

Published September 13, 2020

Are you ready to experience a Disrupt event like no other? Thousands of attendees from around the world, an all-star lineup of tech icons, movers, shakers and unicorn makers. Opportunities around every corner just waiting to be discovered. Are we amped up at the thought of what will transpire over the next five days? Heck yeah!

Okay, we’re switching to decaf. Our point (and we do have one) is that before our very own Matthew Panzarino officially welcomes you to Disrupt 2020 tomorrow morning, we’re inviting you to a pre-show today — the Disrupt Sneak Peek — with Disrupt host and Managing Editor, Jordan Crook.

Today, Sunday September 13, from 12 p.m.-12:30 p.m. (PT), Jordan will show you how to access the different virtual platforms we’ll use throughout the show. Plus, you’ll get a look at the companies competing in the Startup Battlefield, learn more about the TC10 and hear about some of the incredible speakers we have on tap.

It’s a quick but essential overview of what to expect over the course of Disrupt. And who knows? We might even trot out a few surprise guests (spoiler alert: we will).

Come to the Disrupt Sneak Peek today from 12 p.m.-12:30 p.m. (PT), get a handle on the virtual platforms and get pumped up about five days of sharing connection, collaboration and education with the global early-stage startup community.

Any last-minute decision makers out there? You can still buy a Disrupt pass right here but be quick because prices increase tonight!

Check out these Breakout Sessions at Disrupt 2020

Published September 12, 2020

We’re on the brink of the biggest Disrupt in TechCrunch history. It’s five days of education, exhibition, competition and connection that spans the globe. As you plan your schedule, keep this in mind: You’ll find some of the most insightful and downright interesting programming at Disrupt 2020 in our Breakout Sessions. And that, given our powerhouse agenda, is saying something.

Every Disrupt attendee can take part in the breakout sessions — they’re open to every pass level. Breakouts cover a range of topics and formats. You might watch startups pitch, attend a workshop or take in a panel discussion. No matter what, you’re bound to receive valuable insight that can inspire you and help your business.

Take advantage of our partners’ expertise and check out any (or all) of these breakout sessions. You’ll be glad you did.

Monday, September 14

11:00 am – 11:50 am

Tuesday, September 15

9:00 am – 9:50 am

Wednesday, September 16

9:00 am – 9:50 am

Sponsored by Consulate General of Canada in San Francisco

“Grow North”: How Canada Empowers Investors and Founders

Come listen to a group of Canadian founders who will talk about their start-ups and how Canada has helped them grow and succeed globally.

10:00 am – 11:00 am

Thursday, September 17

10:00 am – 11:30 am

Tuesday, September 15

10:30 am – 10:50 am

Is the vaunted cloud acceleration falling flat?

Published September 12, 2020

Welcome back to The TechCrunch Exchange, a weekly startups-and-markets newsletter. It’s broadly based on the daily column that appears on Extra Crunch, but free, and made for your weekend reading.

Ready? Let’s talk money, startups and spicy IPO rumors.

Is the vaunted cloud acceleration falling flat?

This week we’re taking a look at the bad side of the cloud software market. In case you were avoiding the news over the last week, tech and software stocks are struggling. Not much compared to their 2020 gains, mind, but after months of only going up their recent declines have been notable. (As I write to you, the tech-heavy Nasdaq is headed for its worst week since March.)

The pullback makes some sense. Having watched SaaS and cloud valuations get stretched to historical highs, Slack’s earnings were an endcap on a good, but not-quite-as-good-as-expected set of results from public cloud and SaaS companies.

As we’ve noted, most public software companies are not seeing their revenue growth accelerate. Some public software companies may be seeing their growth deceleration slow, but the number of public software companies actually accelerating in 2020 is tiny. The actually-accelerating group is Zoom, and maybe one or two other companies.

Why is that, given all that we’ve heard about the presumably accelerating digital transformation? Slack earnings are a good explainer. The enterprise communications company’s recent filings explain that its COVID-bump has somewhat dissipated, while a number of COVID-related problems are persisting.

Seeing recently risen valuations slip in the face of a lack of materially accelerated growth and some churn issues is reasonable.

Does this matter for startups? Some. Public software valuations are still elevated compared to historical norms, which helps software startups defend their valuations and raise well. And there are plenty of startup hotspots as we’ve noted, including API-delivered startups enjoying time in the sun, as well as edtech startups that caught a COVID-related tailwind.

I am chatting with investors from a16z, Bessemer, and Canaan next week at Disrupt about the future of SaaS, collecting notes on the private-market side of this particular issue. So, more to come. But for now, I think we’ve seen the top of the peak and are now dealing more with reality than hype. Or, as public investors might say, the COVID trade has run its course and earnings will set the tone moving forward.

Market Notes

Moving on to market notes, a fintech stat, and some other bits of data for your consumption and edification:

Fintech is staying hot, with M1 Finance doubling its AUM from $1 billion to $2 billion in about half a year. TechCrunch covered M1 reaching the $1 billion AUM threshold because it’s a Chicago company and I could not resist the fintech data point. Then M1 raised $33 million at $1.45 billion AUM in June. Now it’s at $2 billion.
Our read? The savings and investing boom that helped power Robinhood to new revenue records, along with other players, is continuing.
More evidence of that? Alpaca, a startup that delivers equity-trading capabilities via an API, is seeing insane growth. (That piece has more notes on API-led startups in case that is your jam.)
Quickly turning to the public markets, JFrog is about to show the power of profits in today’s markets, and next week should see a number of debuts of JFrog, Sumo Logic and Snowflake. Palantir is the week after. (More notes here if you need them.)
Oh, and folks are pricing Palantir at a fraction of its final private valuation. Whoops. Maybe that’s why so many insiders are selling now? Big ups to Danny for that story. (Also, yowza this is not at all good.)

A brief interlude: Disrupt is next week, you should come. You can enjoy it from the comfort of your couch.

Various and Sundry

SaaS and cloud earnings continue to trickle in, which means I spent a good portion of my week talking to more execs at public companies. Short notes from Smartsheet, nCino and BigCommerce to follow, along with some final thoughts for your weekend.

On the valuations front, Smartsheet CEO Mark Mader told TechCrunch that “investors are thinking about how to balance historically high multiples with historically high potential returns in the space that’s still very young.”
He added that no one doubts that cloud “is going to be the answer” to a lot of stuff, or that “people are [going to] change how they work,” but did note that cloud companies are not impervious to macro headwinds, because “cloud companies serve non-cloud companies,” and not merely companies in sectors that are excelling.
This fits neatly into our notes on Slack above. More on Smartsheet’s earnings here.
nCino had a good quarter, beating expectations and guiding well during its first public earnings report. However, like many other SaaS and cloud companies, it has lost some valuation altitude in recent weeks. It’s still miles above its IPO price, however.
I was curious about how the post-IPO period has been for the company’s CEO, Pierre Naudé, and his response was fun. Like all new public company CEOs, he made sure to note how quickly his team got back to work after the debut, but he also told The Exchange that he does now spend time that he used to invest in customers and “innovation” talking to analysts and investors.
Being a public company, therefore, has time and focus costs that are worth considering, as we see so many tech shops approach the public markets.
And then there was BigCommerce, which went public quite recently. I got back on the horn with CEO Brent Bellm, wanting to learn a bit more about the current state of the e-commerce market.
Here’s what the CEO had to say, lightly edited and condensed for clarity:

“I think it’s staying pretty hot. The surprising thing in the post-pandemic weeks was just how rapidly growth accelerated, and consumer and business adoption grew. We all kept saying ‘well at some point stores will reopen, and the growth rates will come back down.’ But the growth rates for actual sales running through stores continued to be very strong. You know, whether you look at our customer set, or [at] credit card data from Bank of America or others […] you can see quite clearly that e-commerce remains very, very hot. It’s a permanent change in behavior. Consumers have found a lot more places where they now like to buy online and reasons to like to buy online, and companies have found new and more effective ways to sell.”

This is probably a good reminder to turn our attention back to e-commerce when we get a chance post-Disrupt.
And, finally, read Natasha on why rolling funds are blowing up, something that we talked about on the podcast this week.

That’s all the room we have. Hugs, fist bumps, and good luck.

Alex

Snowflake, Unity, JFrog move towards IPOs despite public market turmoil

Published September 12, 2020

Editor’s note: Get this free weekly recap of TechCrunch news that any startup can use by email every Saturday morning (7 a.m. PT). Subscribe here.

Warren Buffet is eager to invest in a money-burning SaaS unicorn that is about to IPO. Despite recent tech stock declines and growing fears of US election turbulence, this is one reason that Snowflake is on track to be one of the biggest offerings of the year. And it is not the only company defying the pandemic and newer problems in order to get out of the gate soon.

First, here’s Alex Wilhelm with more Snowflake filing details:

The $75 to $85 per-share IPO price target values the firm at between $20.9 billion and $23.7 billion, huge sums for the private company. Its IPO could raise more than $2.7 billion for the startup. Snowflake was last valued at around $12.5 billion when it raised a Series G worth $479 million earlier this year.

Built into those valuation projections are two private placements of stock in Snowflake, $250 million apiece from both Salesforce, the well-known CRM player, and Berkshire Hathaway, better known for its investment returns in the 80s and 90s, Cherry Coke and Charlie Munger’s humor. Jokes aside, the inclusion of Salesforce in the IPO is notable, but not a shock, but Berkshire taking part in the public market debut of Snowflake, a company with historic losses that are nigh-tyrannical, is.

Today, “epic growth, improving gross margins and dramatically curtailed losses” are factors that lure investors like Buffett, Alex concludes.

In other pre-IPO analysis this week, Eric Peckham takes a deeper look at Unity this week, updating a massive analysis he had done last year. Basically, the game engine creator could be more central to our online future than many seem to realize today:

Much of the press about Unity’s S-1 filing mischaracterizes the business. Unity is easily misunderstood because most people who aren’t (game) developers don’t know what a game engine actually does, because Unity has numerous revenue streams, and because Unity and the competitor it is most compared to — Epic Games — only partially overlap in their businesses….

For those in the gaming industry who are familiar with Unity, the S-1 might surprise you in a few regards. The Asset Store is a much smaller business that you might think, Unity is more of an enterprise software company than a self-service platform for indie devs and advertising solutions appear to make up the largest segment of Unity’s revenue.

In an accompanying analysis for Extra Crunch, he digs into the filing and maps out the bear and bull cases for the company. Some of the biggest issues he notes are that it is still fairly reliant on advertising (even though it wants a SaaS multiple) and it is continuing to lose lots of money on ambitious expansions. So this is probably not Warren Buffett’s type of frozen dessert, if you will. Risk-seekers and futurists, however, will want to try this free sample of the bull case:

Game engines are eating the world… A vast swath of entertainment and work activities already center on interactive content. Unity has demonstrated value and early adoption across numerous industries for a long list of use cases; it is on the precipice of entering the daily workload of millions of professionals, from engineers to industrial designers to film producers to marketers. Its Create Solutions division is on a path to becoming something of a next generation Adobe ($11 billion in 2019 revenue): A creative suite used by design, engineering, marketing and sales teams across industries.

As AR and VR technology expands into mainstream use over the decade ahead, Unity’s adoption will only expand further. The majority of AR and VR content is already made with Unity’s engine and Unity’s R&D is improving the ease of creating such content by less technical professionals (and students). This positions Unity to expand into key functions higher up in the tech/content stack of mixed reality by providing identity, app distribution, payment and other solutions across content experiences.

Elsewhere in our IPO coverage, Danny Crichton got the details about Palantir insiders accelerating their stock sales for Extra Crunch, and Alex dug into the fresh Sumo Logic and JFrog filings S-1 filings.

Image Credits: Lawrence Anareta / Getty Images

Two considerations of SPACs

Special purpose acquisition companies are a thing now for tech startups that want to go public, but are they the best thing? Here’s top seed-VC investor Josh Kopelman’s take, via an interview from this week with Connie Loizos.

On the one hand, just for fun, I made sure that we owned Lastround.com in case we ever wanted to launch our SPAC. [Laughs.] But it’s hard to know the true benefit of a SPAC. And I think that now that we’ve begun to see a market shift toward allowing direct listings with a fundraising component, you might see that as a far more viable and frequent fundraising or a liquidity device.

A fresh startup trend he’s more positive about is rolling funds (short-window raises for small very early investments, like the new offering from AngelList).

But back to SPACs. George Arison, cofounder and co-CEO of car-buying unicorn Shift, wrote a guest post for Extra Crunch this week about how he has approached taking his own company through a SPAC. Among other things, he says, private investments in public equity are not only good but essential:

There are some in Silicon Valley who think that raising a PIPE is a bad idea — quite frankly, this is patently false. A core reason why SPACs work today, and why they differ from the first generation of SPACs that often did not work, is because of the PIPE process. The PIPE period allows companies to raise more capital, to validate valuations, and it also creates a pathway to transition “special situations” investors to fundamental investors that you want as long-term shareholders.

A pause for Belarus, and PandaDoc employees

After Belarus-born PandaDoc CEO Mikita Mikado publicly supported opposition to his country’s dictatorship, state police raided the company’s large operation in the country and imprisoned four of its employees on spurious charges. As they fight for justice for their colleagues, and for the country’s political process, they’re planning to close operations in the country, and are joining with other startups to highlight the damage to the local tech scene. More about the movement in the subtitled video below:

Investor surveys: proptech’s future, Warsaw and more

We’ve been trying to understand what is really going on with real estate and proptech, given the various impacts the traditionally glacial sector has experienced lately (pandemic, remote work, retail issues etc.). On Tuesday we ran the second part of our most recent survey, focused on present and future opportunities. Here’s Clelia Warburg Peters, venture partner at Bain Capital Ventures, about making peace with real estate agents and focusing on financial and processing aspect that have not been disrupted in a very long time

Up until recently, the innovation in the residential space was all focused on disintermediating the real estate broker, and I think the most sophisticated entrepreneurs are increasingly understanding that service is a core component of a home sale… [T]he bigger opportunity is finding a way to leverage the position of the real estate agent (in whatever form) to sell affiliated products, including title, mortgage and home insurance or to innovate in those products themselves.

Elsewhere in survey work this past week, Mike Butcher checked in with investors focused on Warsaw and Poland, and is also looking for folks to talk to about the Vienna tech scene.

Around TechCrunch

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Meet the TC Top Picks for Disrupt 2020

All the ways to meet someone and make connections at Disrupt 2020

Across the week

TechCrunch

How one VC firm wound up with no-code startups as part of its investing thesis

It’s time to better identify the cost of cybersecurity risks in M&A deals

Why established venture firms should court emerging managers

Apple lays out its messy vision for how xCloud and Stadia will work with its App Store rules

Viral article puts the brakes on China’s food delivery frenzy

Extra Crunch

How to respond to a data breach

Use ‘productive paranoia’ to build cybersecurity culture at your startup

What’s driving API-powered startups forward in 2020?

Slack’s earnings detail how COVID-19 is both a help and a hindrance to cloud growth

VCs pour funding into edtech startups as COVID-19 shakes up the market

#EquityPod

From Alex:

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast (now on Twitter!), where we unpack the numbers behind the headlines.

The whole crew was back, with Natasha Mascarenhas and Danny Crichton and myself chattering, and Chris Gates behind the scenes tweaking the dials as always. This week was a real team effort as we are heading into the maw of Disrupt — more here, see you there — but there was a lot of news all the same.

So, here’s what we got to:

AngelList is doubling down on rolling funds, driving that SaaS revenue into the firm that is also investing in the rolling funds. So that’s neat. (Really!)
Edtech stayed hot this week with Byju’s raising $500 million from Silver Lake. Founded back in 2011, Byju’s is the highest-valued edtech company that we can think of, now worth $10.8 billion.
And speaking of Silver Lake, the group just poured $1 billion into a part of the Reliance empire, this time Reliance Retail. And we talked about JioMart, which is taking on both Flipkart and Amazon in the country.
Next there were two companies with names that start with “S” that raised $100 million in the last week, namely Snyk — more here — and Sprinklr — more here.
Sticking to our “S” theme, Slack’s earnings were incredibly interesting. The company’s quarter didn’t get plaudits from investors, and it did note some negative COVID impacts that could impact startups as well.
And, one more S-company to get through: Snowflake. We were all a-twitter about the company’s new valuation range and the fact that fucking Berkshire Hathaway is going to invest in it. That’s wild! What a thing!
Finally on the IPO front, we did a quick Palantir update. Danny has all the latest here.

We wrapped with whatever this is, which was at least good for a laugh. We are back next week at Disrupt, so see you all there!

Equity drops every Monday at 7:00 a.m. PT and Thursday afternoon as fast as we can get it out, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

Disrupt 2020 kicks off tomorrow — are you ready?

Published September 12, 2020

Happy Disrupt 2020 Eve, startup fans! It’s been a crazy mad dash to transform our annual flagship San Francisco event at Moscone Center into the first all-virtual Disrupt (thanks, COVID-19). Then again, going global seems an appropriate way to celebrate 10 years of Disruption. It all starts tomorrow with a pre-show session to explain how to access the different platforms we’ll use during the event — are you ready?

Wait, what? Did you just say you don’t have your Disrupt 2020 pass yet? Talk about a vinyl record scratch moment. Okay, don’t panic. You can still join your early-stage startup community and discover untold opportunities to build your business. Let’s break down the different pass options, access levels and current pricing.

Important note: Pricing for all passes increase tomorrow, September 13 at 11:59 p.m. (PT), so don’t drag your feet a moment longer. Choose and buy your pass right now.

Disrupt Digital Pro Pass ($345): You receive online access to all the programming on the Disrupt stage and the Extra Crunch stage. We’re talking live stream and replays on demand. Interactive sessions let you ask questions, participate in polling and engage with speakers. Your pass includes CrunchMatch to make virtual networking easy, organized, efficient and effective. It will come in handy as you find and meet attendees from around the world — and explore and connect with hundreds of early-stage startups in Digital Startup Alley — the show’s expo area. Meet the Startup Battlefield competitors and the TC Top Picks!

Disrupt Digital Pro Pass — Investor ($345): You receive all the features listed above and special opportunities to connect and network with the investor community. Plus, you receive a guide to the exhibitors in Startup Alley to simplify connecting with early-stage startups both during and after the event.

Digital Pro Pass — Students ($125), military personnel, active government employees and non-profit agency employees ($145): If you belong to any of the aforementioned groups, congrats, you qualify for a discount for full access to Disrupt 2020. Your pass provides the same level of access as the standard Digital Pro Pass but your status must be verifiable.

Disrupt Digital Pass ($45): You receive live access only to the Disrupt Stage, Breakout Sessions (workshops, product demonstrations, startup pitches, networking receptions) and access to the Digital Startup Alley expo area.

A multitude of ways and price points to make Disrupt 2020 accessible and to help you discover opportunities that can take your business forward to the next level and beyond. Get on board, buy your pass before 11:59 p.m. (PT) tomorrow night and save. We can’t wait to see where Disrupt takes you!