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Adaptive Shield raises $4M for its SaaS security platform

Adaptive Shield, a Tel Aviv-based security startup, is coming out of stealth today and announcing its $4 million seed round led by Vertex Ventures Israel. The company’s platform helps businesses protect their SaaS applications by regularly scanning their various setting for security issues.

The company’s co-founders met in the Israeli Defense Forces, where they were trained on cybersecurity, and then worked at a number of other security companies before starting their own venture. Adaptive Shield CEO Maor Bin, who previously led cloud research at Proofpoint, told me the team decided to look at SaaS security because they believe this is an urgent problem few other companies are addressing.

Pictured is a representative sample of nine apps being monitored by the Adaptive Shield platform, including the total score of each application, affected categories and affected security frameworks and standards. (Image Credits: Adaptive Shield)

“When you look at the problems that are out there — you want to solve something that is critical, that is urgent,” he said. “And what’s more critical than business applications? All the information is out there and every day, we see people moving their on-prem infrastructure into the cloud.”

Bin argues that as companies adopt a large variety of SaaS applications, all with their own security settings and user privileges, security teams are often either overwhelmed or simply not focused on these SaaS tools because they aren’t the system owners and may not even have access to them.

“Every enterprise today is heavily using SaaS services without addressing the associated and ever-changing security risks,” says Emanuel Timor, general partner at Vertex Ventures Israel . “We are impressed by the vision Adaptive Shield has to elegantly solve this complex problem and by the level of interest and fast adoption of its solution by customers.”

Onboarding is pretty easy, as Bin showed me, and typically involves setting up a user in the SaaS app and then logging into a given service through Adaptive Shield. Currently, the company supports most of the standard SaaS enterprise applications you would expect, including GitHub, Office 365, Salesforce, Slack, SuccessFactors and Zoom.

“I think that one of the most important differentiators for us is the amount of applications that we support,” Bin noted.

The company already has paying customers, including some Fortune 500 companies across a number of verticals, and it has already invested some of the new funding round, which closed before the global COVID-19 pandemic hit, into building out more integrations for these customers. Bin tells me that Adaptive Shield immediately started hiring once the round closed and is now also in the process of hiring its first employee in the U.S. to help with sales.

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Daily Crunch: Android phones become earthquake detectors

Google is using accelerometers in an interesting new way, Twitter allows everyone to limit tweet replies and Mozilla announces major layoffs. This is your Daily Crunch for August 11, 2020.

The big story: Android phones become earthquake detectors

Google said that smartphone accelerometers are sensitive enough to detect P-waves, which are the first waves to arrive during an earthquake. So if your Android phone thinks it has detected an earthquake, it will communicate with a central server to confirm.

In California, Google is also partnering with the United States Geological Survey and California Governor’s Office of Emergency Services to provide earthquake alerts. For everyone else, you’ll only see this earthquake data if you search for “earthquake” or a similar term.

This is part of a broader set of Android-related announcements today, including updates to Android Auto and Android’s emergency location service, new accessibility features and better sleep through the Android Clock app.

The tech giants

Twitter now lets everyone limit replies to their tweets — A small globe icon will start to appear at the bottom of your tweets, and if you tap it, you can limit replies just to those who follow you, or just to those who you tag in the tweet itself.

Dell’s latest Chromebook blends enterprise security with premium specs — Once relegated to consumer or education use, Chromebooks are gaining traction in enterprise environments.

Tencent and Universal Music to take Chinese artists global under joint label — Tencent Music Entertainment, which spun off from Tencent, commands the lion’s share of China’s music streaming industry.

Startups, funding and venture capital

Google, Nokia, Qualcomm are investors in $230M Series A2 for Finnish phone maker, HMD Global — Since late 2016, the startup has exclusively licensed Nokia’s brand for mobile devices, going on to ship some 240 million devices to date.

Atomwise’s machine learning-based drug discovery service raises $123 million — Atomwise has already signed contracts with corporate partners that include Eli Lilly & Co., Bayer, Hansoh Pharmaceuticals and Bridge Biotherapeutics.

Scribd acquires presentation-sharing service SlideShare from LinkedIn — According to LinkedIn, Scribd will take over operation of the SlideShare business on September 24.

Advice and analysis from Extra Crunch

How Moovit went from opportunity to a $900M exit in 8 years — Private investor (and former Moovit president) Omar Téllez shares the inside story.

No pen required: The digital future of real estate closings — One potential silver lining of the pandemic, at least for the real estate world, may be a forced reckoning with the mortgage closing process.

Emergence’s Jason Green still sees plenty of opportunities for enterprise SaaS startups — One consistent thread runs through Emergence’s portfolio: They focus on the cloud and enterprise, a thesis that has paid off big time.

(Reminder: Extra Crunch is our subscription membership program, which aims to democratize information about startups. You can sign up here.)

Everything else

Mozilla lays off 250 — This move comes after the organization already laid off about 70 employees earlier this year.

EU-US Privacy Shield is dead. Long live Privacy Shield — The EU’s executive body and the US Department of Commerce have begun talks toward fashioning a new “Privacy Shield.”

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.

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The next-gen Xbox will ship in November

The last few months have provided a steady trickle of information about the next Xbox console — or the Xbox Series X, as it’s known.

We know what it looks like. We know a lot about what’s inside. We know about more than a dozen titles currently being built for it.

One thing we didn’t know was when it’d actually hit the shelves. Microsoft had said it’d be ready by the holidays, but held off on getting much more specific than that. Today they’re tightening up that launch window a bit: it’ll ship sometime in November, says the company.

Microsoft doesn’t say exactly when in November, so they’ve still got some wiggle room on the exact launch date. But it’s better than the big ol’ three-month window we knew about previously!

This news comes almost simultaneously with word that 343 Industries would be delaying the launch of Halo Infinite until 2021 “to deliver a Halo game experience that meets [343’s] vision.”

Halo Infinite Development Update pic.twitter.com/TFZvXhRN9f

— Halo (@Halo) August 11, 2020

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Digital Startup Alley exhibitors: Tune in tomorrow for free media training

Tomorrow’s a big day for early-stage startup founders preparing to exhibit in Digital Startup Alley at Disrupt 2020. We’re kicking off the first of three exclusive, interactive webinars to help exhibitors make the most of their Startup Alley experience.

Tune in tomorrow, August 12 at 1 p.m. PT/ 4 p.m. ET for The Dos and Don’ts of Working with the Press. Presenting your company to the media is both a skill and an art form. It takes thought and practice — and media training can help you craft a compelling story. Hundreds of journalists from around the world will be on the lookout for compelling stories at Disrupt 2020, and this workshop can help you catch their eye.

Positive media exposure is essential for early-stage startups. It can drop a spotlight on your business, help attract potential customers and jumpstart your funding. Or, as Luke Heron, CEO of TestCard and veteran Startup Alley exhibitor puts it:

“Coverage is the life blood of a startup. Cash at the beginning of the start-up journey is difficult to come by, and an article from a credible organization can help push things in the right direction.”

During tomorrow’s media training, TechCrunch writers and editors Greg KumparakAnthony Ha and Ingrid Lunden — experts at interviewing startup founders — will discuss best practices when it comes to talking with the press. You’ll learn what journalists look for and how to avoid pitfalls that could tank an interview.

If you’re still on the fence about exhibiting in Startup Alley, consider this: Disrupt 2020 spans five days and it’s the biggest, longest Disrupt ever. You’ll be able to network with thousands of attendees from around the world. And if you purchase your Disrupt Digital Startup Alley Package today, you can attend tomorrow’s media training.

You’ll also be able to attend two more webinars exclusively for Startup Alley exhibitors later this month. Check ’em out and mark your calendar now!

  • August 19 — COVID-19’s Impact on the Startup World with panelists Nicola Corzine, executive director of the Nasdaq Entrepreneurship Center, and Cameron Stanfill, a VC analyst at PitchBook.
  • August 26 — Fundraising and Hiring Best Practices with panelists Sarah Kunst of Cleo Capital and Brett Berson of First Round Capital.

Got your Digital Startup Alley Package? Then tune in tomorrow for The Dos and Don’ts of Working with the Press and get ready to make your best possible impression with the press at Disrupt 2020.

Is your company interested in sponsoring or exhibiting at Disrupt 2020? Contact our sponsorship sales team by filling out this form.

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Zin Boats reinvents the electric speedboat in a bid to become the Tesla of the sea

The automotive industry is knee deep in the vast transition to electric, but one place where gas is still going strong is out on the water. Seattle startup Zin Boats wants to start what you might call a sea change by showing, as Tesla did with cars, that an electric boat can be not just better for the planet, but better in almost every other way as well.

With a minimalist design like a silver bullet, built almost entirely from carbon fiber, the 20-foot Z2R is less than half the weight of comparable craft, letting it take off like a shot and handle easily, while also traveling a hundred miles on a charge — and you can fill the “tank” for about five bucks in an hour or so.

Waiting for the other shoe to drop? Well, it ain’t cheap. But then, few boats are.

Piotr Zin, the company’s namesake, has been designing racing sailboats for 20 years, while working in industrial design at BMW, GM and other major companies. Soon after settling down on a houseboat on Seattle’s Lake Union, he realized that the waterways he had enjoyed his whole life might not exist for the next generation.

(Disclosure: Zin actually moved in next door to my mother, and I happened to find out he was working on this while visiting her.)

“The reason I started working on electric boats specifically is because I had a kid, and I had a come to Jesus moment,” he told me. “I realized: If we’re not going to do something personally about the quality of the water we live in, it’s not going to be here when my kid is my age.”

Illustrious precursors

Traditional gas-powered boats are very much a product of the distant past, like running a ’70s-era car half underwater. Surprisingly, electric boats are equally old. Like electric cars, they enjoyed a brief vogue in the early 20th century. And likewise they were never considered viable for “real” boating until quite recently.

Image Credits: Zin Boats

Like most things, it comes down to physics: “The power required to move a boat, versus the power to move a car, is absolutely enormous,” Zin explained. “It’s like driving a car in first gear at full throttle all the time.”

That level of draw limited electric boats to being the aquatic equivalent of golf carts — in fact, carts and some of the more popular old-school electric boats share many components. If you’ve ridden in one, it was probably a Duffy, which has made models for puttering around lakes at 3-4 knots since the ’60s. Perfectly pleasant, but not exactly thrilling.

“We tested this boat to 55, but decided not to sell that to people. It’s just insane.”

What changed everything was the increasing density and falling cost of lithium-ion batteries. The Z2R uses BMW batteries mated to a custom Torqeedo engine, and at cruising speeds (say 15 knots) can go a hundred miles or more. It recharges using anything from an ordinary wall plug to the high-amperage charging cables found at most marinas, in which case it will put another 50 miles in the tank while you eat a sandwich.

Considering traditional boats’ fuel efficiency and the rising price of marine gas, going electric might save a boat owner thousands every year. (Maintenance is also practically non-existent; Zin advised hosing it down once in a while.)

But it’s also more than capable of going extremely fast.

“The top speed is way over 30 knots,” Zin noted. “We tested this boat to 55, but decided not to sell that to people. It’s just insane.”

Having ridden in it myself, I can confirm that the Z2R really jumps off the line in a level-bottomed way that, compounded by its near silence, seems impossible. Just as Tesla’s consumer sedans compete with Lamborghinis in 0-60 times, the instantaneous response is almost frightening.

“The boat was designed around the battery. The unique part of using an electric system is we can put the motor anywhere we want,” Zin said. By sitting it flat on the bottom, the center of gravity is lowered and weight distribution evened out compared to most speedboats. “You look at a lot of traditional boats’ builds, they kind of cram everything in the back. Then when you put the hammer down, you can’t see anything for five seconds. In this boat, there’s no bow rise — it sits flat.”

Front view of the electric Z2R boat.

Image Credits: Zin Boats

Being so level means there’s almost no risk of overturning it, or many of the other failure modes resulting from lopsided designs that misbehave at speed. Simplicity of operation and surprising performance seem to be a family characteristic of electric vehicles.

Design by wire

“Most builders aren’t about innovation, they’re about ‘this is how we do it.’ “

Zin is proud to have designed the boat himself from scratch, using both high-performance fluid dynamics software and scale models to work out the shape of the hull.

“Boat building is a very traditional business. Most builders aren’t about innovation, they’re about ‘this is how we do it.’ ” Zin said. “But there’s a huge advantage in being able to use these tools. The computing power that we have in video cards just in the last few years, mainly because of the gaming industry, has pushed what’s possible further and further.”

Previously, large computational fluid dynamics suites would have users submit their parameters and pick a few milestone speeds at X thousand dollars per data point — 10 knots, 20 knots, etc. The way the water would react to the boat and vice versa would be calculated at those speeds and extrapolated for speeds in between. But with increases in computing power, that’s no longer necessary, as Zin ended up proving to a commercial CFD software provider when he used a separate compute stack to calculate the water’s behavior continuously at all speeds and in high definition.

“Right now you can run the boat [in the simulation] at any speed you want and see the way the water will spray, including little droplets. And then you can tweak the shape of your hull to make sure those droplets don’t hit the passengers,” he said. “It’s not exactly the way most boat designers would do it. So utilizing high-end software that was not really being given its full potential was amazing.”

Building practically everything out of carbon fiber (an ordeal of its own) puts the whole boat at around 1,750 pounds — normally a 20-foot boat would be twice that or more. That’s crucial for making sure the boat can go long distances; range anxiety is if anything a bigger problem on the water than on the road. And of course it means it’s quick and easy to control.

Interior of the Z2R electric boat.

Image Credits: Zin Boats

Yet the boat hardly screams speed. The large open cockpit is flat and spacious, with only a steering wheel, throttle and screens with friendly readouts for range, media controls GPS and so on. There’s no vibration or engine roar. No aesthetic choices like stripes or lines suggest its explosive performance. The wood veneer (to save weight — and it’s tuned to the speakers to provide better sound) floor and cream leather upholstery make it feel more like a floating Mercedes.

That’s not an accident. Zin’s first customers are the type of people who can afford a boat that costs $250,000 or so. He compared it to Tesla’s Roadster: A showy vehicle aimed at the high end that will fund and prove out the demand for a more practical one — an open-bow tender model Zin is already designing that will cost more like $175,000.

Conscience with a wallet

The target consumer is one who has money and an eco-conscious outlook — either of their own or by necessity.

“There are a lot of inquiries from Europe, where the environmental restrictions are stricter than in North America. But we also have a number of pristine lakes that are electric-only for the purpose of keeping them clean,” Zin explained. “So if you live on a lake in Montana that’s electric-only, you have the option to go at five knots, and you can’t even cross the lake because the boat is so slow… or you can have a fully functional powerboat that you can water ski behind, the same speeds you get in a gas power boat, but it’s absolutely emissions free. I mean, this boat is as clean as it gets — there’s zero oil, zero gasoline, zero anything that will get into the water.”

It really made me wonder why the whole industry didn’t go electric years ago. And in fact there are a few competitors, but they tend to be even more niche or piecemeal jobs, mating an electric engine to an existing hull and saying it’s an electric boat that goes 50 knots. And it does — for five or 10 minutes. Or there are custom boat builders who will create something quite nice for a Zin-type customer — head on over to Monte Carlo and buy one at auction for a couple million bucks.

Side view at night of the Z2R Electric boat.

Image Credits: Zin Boats

Zin sees his boat as the first one to check every box and a few that weren’t there before. As fast as a powerboat but nearly silent; same range but a fraction of the price to get there; handles like a dream but requires practically no maintenance. It’s as smart as the smartest car, limiting its speed based on the waterway, automatically adjusting itself to stay within range of a safe harbor or charger, over-the-air updates to the software anywhere in the world. I didn’t even get a chance to ask about its self-driving capabilities.

As a first-time founder, a technical one at that, of a hardware company, Zin has his work cut out for him. He’s raised seed money to get the prototype and production model ready, but needs capital to start filling his existing orders faster. Like many other startups, he was just gearing up to go all out when the pandemic struck, shutting down production completely. But they’re just about ready to start manufacturing again.

Image Credits: Zin Boats

“I realized that there isn’t such a thing as a boat company any more,” said Zin. “Part of what we do is to build that shell that holds everything, and it happens to be moving through the water, which makes it a boat, but that’s really where the boating part of it ends. It’s really a technology hub, and my company is not just a boat company, it has to be a technology company.”

He said that his investors understand that this isn’t a one-off toy but the beginnings of an incredibly valuable IP that — well, with Tesla’s success, the pitch writes itself.

“We don’t only have a plan like, just make one really fast boat,” Zin concluded. “We know what we want to do with this technology right now, we know what we’re going to do with this technology in 24 months, and 48 months; I wish I could show you some of this stuff. It’s tough, and we need to survive this year, but this is just the start.”

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No pen required: The digital future of real estate closings

Jeanne Casey
Contributor

Jeanne Casey is a principal on the investment team at MetaProp, where she leads new investments into compelling proptech companies and works closely with portfolio companies on strategic growth initiatives.

On a Wednesday at 4 p.m. in June 2017, I was in a small, packed office in midtown Manhattan.

The overcrowded conference room, with at least five more people than any fire marshal would recommend, was stacked comically high with paperwork and an eclectic collection of cheap pens. As I neared the end of the third hour and the ink of my seventh pen, I realized the mortgage closing process may be somewhat antiquated.

After closing on my first home, it was inconceivable to me that every other expense in my life has gone digital, but the most significant purchase I’ve ever made required hundreds of signatures and several handwritten checks delivered in person. By comparison, I have been able to repay my student loans, comparable in magnitude to a down payment, exclusively through online portals.

How COVID-19 is accelerating digital advancements

The COVID-19 pandemic has changed nearly every facet of our lives. One potential silver lining for the real estate world may be a forced reckoning with the mortgage closing process. Technological advances like e-closings are accelerating this arduous process into the digital age. The U.S. Census Bureau released figures in July citing the rise in homeownership across the country as the pandemic fuels the demand for single-family properties outside of urban areas. This is confirmed by the significant spike in mortgage applications seen in the second quarter of 2020.

The first signs of digitization of the mortgage origination process were seen in mid-2010 when lenders began adopting digital disclosures. Despite the availability of technology, the market has been slower to fully embrace digital closings that enable the full loan package to be electronically reviewed, recorded, signed and notarized. A true e-closing includes a digital promissory note (“eNote”), a virtual closing appointment and the electronic transfer and recording of documents by the county, all of which can be remotely coordinated and executed by the parties involved. The market started to pick up pace in recent years, and we’ve seen the number of e-mortgages increase by more than 450% from 2018 to 2019.

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Scribd acquires presentation-sharing service SlideShare from LinkedIn

SlideShare has a new owner, with LinkedIn selling the presentation-sharing service to Scribd for an undisclosed price.

According to LinkedIn, Scribd will take over operation of the SlideShare business on September 24.

Scribd CEO Trip Adler argued that the two companies have very similar roots, both launching in 2006/2007 with stories on TechCrunch, and both of them focused on content- and document-sharing.

“The two products always had kind of similar missions,” Adler said. “The difference was, [SlideShare] focused on more on PowerPoint presentations and business users, while we focused more on PDFs and Word docs and long-form written content, more on the general consumer.”

Over time, the companies diverged even further, with SlideShare acquired by LinkedIn in 2012, and LinkedIn itself acquired by Microsoft in 2016.

Scribd, meanwhile, launched a Netflix-style subscription service for e-books and audiobooks, but Adler said that both the “user-generated side” and the “premium side” remain important to the business.

“We get people who come in looking for documents, then sign up for our premium content,” he said. “But they do continue to read documents, too.”

So when Microsoft and LinkedIn approached Scribd about acquiring SlideShare, Adler saw an opportunity to expand the document side of the product dramatically, incorporating SlideShare’s content library of 40 million presentations and its audience of 100 million unique monthly visitors.

The deal, Adler said, is fundamentally about tapping into SlideShare’s “content and audience,” though he said there may be aspects of the service’s technology that Scribd could incorporate as well. Scribd isn’t taking on any new employees as part of the deal; instead, its existing team is taking responsibility for SlideShare’s operation.

He added that SlideShare will continue to operate as a standalone service, separate from Scribd, and that he’s hopeful it will continue to be well-integrated with LinkedIn.

“Nothing will change in the initial months,” Adler said. “We have a lot of experience with a product like this, both the technology stack and with users uploading content. We’re in a good position make SlideShare really successful.”

Meanwhile, a statement from LinkedIn Vice President of Engineering Chris Pruett highlighted the work that the company has done on SlideShare since the acquisition:

LinkedIn acquired SlideShare in May 2012 at a time when it was becoming clear that professionals were using LinkedIn for more than making professional connections. Over the last eight years, the SlideShare team, product, and community has helped shape the content experience on LinkedIn. We’ve incorporated the ability to upload, share, and discuss documents on LinkedIn.

 

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Emergence’s Jason Green still sees plenty of opportunities for enterprise SaaS startups

Jason Green, co-founder and partner at Emergence, has made some solid enterprise SaaS bets over the years, long before it was fashionable to do so. He invested early in companies like Box, ServiceMax, Yammer, SteelBrick and SuccessFactors.

Just those companies alone would be a pretty good track record, but his firm also invested in Salesforce, Zoom, Veeva and Bill.com. One consistent thread runs through Emergence’s portfolio: They focus on the cloud and enterprise, a thesis that has paid off big time. What’s more, every one of those previously mentioned companies had a great founding team and successful exit via either IPO or acquisition.

I spoke with Green in June about his investment performance with enterprise SaaS to get a sense of the secret of his long-term success. We also asked a few of those portfolio company CEOs about what it has been like to work with him over time.

All in on SaaS

Green and his co-founders saw something when it came to the emerging enterprise SaaS market in the early 2000s that a lot of firms missed. Salesforce co-founder and CEO Marc Benioff told a story in 2018 about his early attempts at getting funding for his company — and how every single Silicon Valley firm he talked to turned him down.

Green’s partner, Gordon Ritter, eventually invested in Salesforce as one of the company’s earliest investments because the partners saw something in the SaaS approach, even before the term entered the industry lexicon.

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How Moovit went from opportunity to a $900M exit in 8 years

Omar Téllez
Contributor

Omar Téllez is a private investor in several tech companies based in LatAm and Silicon Valley. A member of Niantic’s executive team, he was previously president of Moovit.

In May 2020, Intel announced its purchase of Moovit, a mobility as a service (MaaS) solutions company known for an app that stitched together GPS, traffic, weather, crime and other factors to help mass transit riders reduce their travel times, along with time and worry.

According to a release, Intel believes combining Moovit’s data repository with the autonomous vehicle solution stack for its Mobileye subsidiary will strengthen advanced driver-assistance systems (ADAS) and help create a combined $230 billion total addressable market for data, MaaS and ADAS .

Before he was a member of Niantic’s executive team, private investor Omar Téllez was president of Moovit for the six years leading up to its acquisition. In this guest post for Extra Crunch, he offers a look inside Moovit’s early growth strategy, its efforts to achieve product-market fit and explains how rapid growth in Latin America sparked the company’s rapid ascent.


In late 2011, Uri Levine, a good friend from Silicon Valley and founder of Waze, asked me to visit Israel to meet Nir Erez and Roy Bick, two entrepreneurs who had launched an application they had called “the Waze of public transportation.”

By then, Waze was already in conversations to be sold (Google would finally buy it for $1.1 billion) and Uri was thinking about his next step. He was on the board of directors of Moovit (then called Tranzmate) and thought they could use a lot of help to grow and expand internationally, following Waze’s path.

At the time, I was part of Synchronoss Technologies’ management team. After Goldman Sachs and Deutsche Bank took us public in 2006, AT&T and Apple presented us with an idea that would change the world. It was so innovative and secret that we had to sign NDAs and personal noncompete agreements to work with them. Apple was preparing to launch the first iPhone and needed a system where users could activate devices from the comfort of their homes. As such, Synchronoss’ stock became very attractive to the capital markets and ours became the best public offering of 2006.

After six years with Synchronoss while also making some forays into the field of entrepreneurship, I was ready for another challenge. With that spirit in mind, I got on the plane for Israel.

I will always remember the landing at Ben Gurion airport. After 12 hours traveling from JFK, I was called to the front of the immigration line:

“Hey! The guy in the Moovit T-shirt, please come forward!”

For a second, I thought I was in trouble, but then the immigration officer said, Welcome to Israel! We are proud of our startups and we want the world to know that we are a high-tech powerhouse,” before he returned my passport and said goodbye.

I was completely amazed by his attitude and wondered if I really knew what I was getting into.

The opportunity in front of Moovit

At first glance, the numbers seemed very attractive. In 2012, there were roughly seven billion people in the world and only a billion vehicles. Thus, many more people used mass public transport than private and users had to face not only the uncertainty of when a transport would arrive, but also what might happen to them while waiting (e.g., personal safety issues, weather, etc.). Adding more uncertainty: Many people did not know the fastest way to get from point A to point B. As designed, mass public transport was a real nightmare for users.

Uri advised us to “fall in love with the problem and not with the solution,” which is what we tried to do at Moovit. Although Waze had spawned a new transportation paradigm and helped reduce traffic in big cities, mass transit was a much bigger monster that consumed an average of two hours of each day for some people, which adds up to 37 days of each year*!

What would you do if someone told you that in addition to your vacation days, an app could help you find 18 extra days off work next year by cutting your transportation time in half?

* Assumes 261 working days a year, 14 productive hours per day.

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Airbnb could file to go public this month

According to The Wall Street Journal, Airbnb could file confidentially to go public as early as this month. The same report states that Airbnb could follow that filing with an IPO before year’s end. Morgan Stanley and Goldman are helping the former startup with its IPO process, the Journal writes.

The news that Airbnb’s IPO could be back on caps a tumultuous year for the home-sharing unicorn, which promised in 2019 to go public in 2020. The company was widely tipped to be considering a direct listing before COVID-19 arrived, crashing the global travel market, and with it, Airbnb’s financial health.

Airbnb declined to comment on its IPO plans.

As travelers stayed home, the company was forced to sharply cut staff and take on billions in capital at prices that, compared to its late 2019-momentum, looked rather expensive.

But since those blows, Airbnb has begun to make noise about positive progress regarding its platform usage, and, implicitly, its financial performance.

In June, Airbnb said that between “May 17 to June 6, 2020, there were more nights booked for travel to Airbnb listings in the US than during the same time period in 2019,” and that “globally, over the most recent weekend (June 5-7), we saw year-over-year growth in gross booking value” for “the first time since February.”

And in July, the company said that its users had “booked more than 1 million nights’ worth of future stays at Airbnb listings” globally in a single day, the first time since March 3rd that that had happened.

Precisely how far Airbnb has financially clawed its way back is not clear. But the company’s cost basis in the wake of its layoffs could lower the revenue base it needs to recover to reach something akin to profitability, a traditional IPO benchmark, though one that has lost luster in recent years.

And with local travel taking off — slowly-improving airline occupancy rates are, therefore, not indicative of Airbnb’s performance or health — the company could have retooled its business in the wake of COVID to something that can still put up attractive revenues at strong margins.

Needless to say, I am hyped to read the Airbnb S-1, so the sooner it drops the happier I’ll be. Getting an in-depth look at what happened to the unicorn during COVID-19 is going to be fascinating.

Airbnb joins DoorDash, Coinbase, Palantir and others on our IPO shortlist. More as we have it.

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