COVID-19
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3 views on the future of meetings
More than a year into the coronavirus pandemic, early-stage startups across the world are re-inventing how we work. But founders aren’t flocking to build just another SaaS tool or Airtable copycat — they’re trying to disrupt the only thing possibly more annoying than e-mail: the work meeting.
On an episode of this week’s podcast, Equity hosts Alex Wilhelm, Danny Crichton and Natasha Mascarenhas discussed a flurry of funding rounds related to the future of work.
Rewatch, which makes meetings asynchronous, raised $20 million from Andreessen Horowitz, AnyClip got $47 million in a round led by JVP for video search and analytics technology, Interactio, a remote interpretation platform, landed $30 million from Eight Roads Ventures and Silicon Valley-based Storm Ventures, and Spot Meetings got Kleiner Perkins on board in a $5 million seed.
We connected the dots between these funding rounds to sketch out three perspectives on the future of workplace meetings. Part of our reasoning was the uptick of investment as mentioned above, and the other is that our calendars are full of them. We all agree that the traditional meeting is broken, so below you’ll find each of our arguments on where they go next and what we’d like to see.
- Alex Wilhelm: Faster information throughput, please
- Natasha Mascarenhas: Meetings should be ongoing, not in calendar invites
- Danny Crichton: Redesign meetings for flow
Alex Wilhelm: Faster information throughput, please
I’ve worked for companies that were in love with meetings, and for companies where meetings were more infrequent. I prefer the latter by a wide margin. I’ve also worked in offices full-time, half-time and fully remote. I immensely prefer the final option.
Why? Work meetings are often a waste of time. Mostly you don’t need to align, most folks taking part are superfluous and as accidental team-building exercises they are incredibly expensive in terms of human-hours.
I am not into wasting time. The more remote I’ve been and the less time I’ve spent in less-formal meetings — the usual chit-chat that pollutes productive work time, making the days longer and less useful — the more I’ve managed to get done.
But I’ve been the lucky one, frankly. Most folks were still trapped in offices up until the pandemic shook up the world of work, finally giving more companies a shot at a whole-cloth rebuild of how they toil.
The good news is that CEOs are taking note. Chatting with Sprout Social CEO Justyn Howard this week, he explained how we have a unique, new chance to not live near where we work in 2021, but to instead bring work to where we live. He’s also an introvert, which meant that as a pair we’ve found a number of positives in some of the changes to how tech and media companies operate. Perhaps we’re a little biased.
A number of startups are rushing to fill the gap between the new expectations that Howard noted and our old digital and IRL realities.
Tandem.chat might be one such company. The former Y Combinator launch-day darling has spent its post-halo period building. Its CEO sent me a manifesto of sorts the other day, discussing how his company approaches the future of work meetings. Tandem is building for a world where communication needs to be both real-time and internal; it leaves asynchronous internal communication to Slack, real-time external communications to Zoom and asynchronous external chats to email. I agree, I think.
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Worksome pulls $13M into its high skill freelancer talent platform
More money for the now very buzzy business of reshaping how people work: Worksome is announcing it recently closed a $13 million Series A funding round for its “freelance talent platform” — after racking up 10x growth in revenue since January 2020, just before the COVID-19 pandemic sparked a remote working boom.
The 2017 founded startup, which has a couple of ex-Googlers in its leadership team, has built a platform to connect freelancers looking for professional roles with employers needing tools to find and manage freelancer talent.
It says it’s seeing traction with large enterprise customers that have traditionally used Managed Service Providers (MSPs) to manage and pay external workforces — and views employment agency giants like Randstad, Adecco and Manpower as ripe targets for disruption.
“Most multinational enterprises manage flexible workers using legacy MSPs,” says CEO and co-founder Morten Petersen (one of the Xooglers). “These largely analogue businesses manage complex compliance and processes around hiring and managing freelance workforces with handheld processes and outdated technology that is not built for managing fluid workforces. Worksome tackles this industry head on with a better, faster and simpler solution to manage large freelancer and contractor workforces.”
Worksome focuses on helping medium/large companies — who are working with at least 20+ freelancers at a time — fill vacancies within teams rather than helping companies outsource projects, per Petersen, who suggests the latter is the focus for the majority of freelancer platforms.
“Worksome helps [companies] onboard people who will provide necessary skills and will be integral to longer-term business operations. It makes matches between companies and skilled freelancers, which the businesses go on to trust, form relationships with and come back to time and time again,” he goes on.
“When companies hire dozens or hundreds of freelancers at one time, processes can get very complicated,” he adds, arguing that on compliance and payments Worksome “takes on a much greater responsibility than other freelancing platforms to make big hires easier”.
The startup also says it’s concerned with looking out for (and looking after) its freelancer talent pool — saying it wants to create “a world of meaningful work” on its platform, and ensure freelancers are paid fairly and competitively. (And also that they are paid faster than they otherwise might be, given it takes care of their payroll so they don’t have to chase payments from employers.)
The business started life in Copenhagen — and its Series A has a distinctly Nordic flavor, with investment coming from the Danish business angel and investor on the local version of the Dragons’ Den TV program Løvens Hule; the former Minister for Higher Education and Science, Tommy Ahlers; and family home manufacturer Lind & Risør.
It had raised just under $6M prior to thus round, per Crunchbase, and also counts some (unnamed) Google executives among its earlier investors.
Freelancer platforms (and marketplaces) aren’t new, of course. There are also an increasing number of players in this space — buoyed by a new flush of VC dollars chasing the ‘future of work’, whatever hybrid home-office flexible shape that might take. So Worksome is by no means alone in offering tech tools to streamline the interface between freelancers and businesses.
A few others that spring to mind include Lystable (now Kalo), Malt, Fiverr — or, for techie job matching specifically, the likes of HackerRank — plus, on the blue collar work side, Jobandtalent. There’s also a growing number of startups focusing on helping freelancer teams specifically (e.g. Collective), so there’s a trend towards increasing specialism.
Worksome says it differentiates vs other players (legacy and startups) by combining services like tax compliance, background and ID checks and handling payroll and other admin with an AI powered platform that matches talent to projects.
Although it’s not the only startup offering to do the back-office admin/payroll piece, either, nor the only one using AI to match skilled professionals to projects. But it claims it’s going further than rival ‘freelancer-as-a-service’ platforms — saying it wants to “address the entire value chain” (aka: “everything from the hiring of freelance talent to onboarding and payment”).
Worksome has 550 active clients (i.e. employers in the market for freelancer talent) at this stage; and has accepted 30,000 freelancers into its marketplace so far.
Its current talent pool can take on work across 12 categories, and collectively offers more than 39,000 unique skills, per Petersen.
The biggest categories of freelancer talent on the platform are in Software and IT; Design and Creative Work; Finance and Management Consulting; plus “a long tail of niche skills” within engineering and pharmaceuticals.
While its largest customers are found in the creative industries, tech and IT, pharma and consumer goods. And its biggest markets are the U.K. and U.S.
“We are currently trailing at +20,000 yearly placements,” says Petersen, adding: “The average yearly spend per client is $300,000.”
Worksome says the Series A funding will go on stoking growth by investing in marketing. It also plans to spend on product dev and on building out its team globally (it also has offices in London and New York).
Over the past 12 months the startup doubled the size of its team to 50 — and wants to do so again within 12 months so it can ramp up its enterprise client base in the U.S., U.K. and euro-zone.
“Yes, there are a lot of freelancer platforms out there but a lot of these don’t appreciate that hiring is only the tip of the iceberg when it comes to reducing the friction in working with freelancers,” argues Petersen. “Of the time that goes into hiring, managing and paying freelancers, 75% is currently spent on admin such as timesheet approvals, invoicing and compliance checks, leaving only a tiny fraction of time to actually finding talent.”
Worksome woos employers with a “one-click-hire” offer — touting its ability to find and hire freelancers “within seconds”.
If hiring a stranger in seconds sounds ill-advised, Worksome greases this external employment transaction by taking care of vetting the freelancers itself (including carrying out background checks; and using proprietary technology to asses freelancers’ skills and suitability for its marketplace).
“We have a two-step vetting process to ensure that we only allow the best freelance talent onto the Worksome platform,” Petersen tells TechCrunch. “For step one, an inhouse-built robot assesses our freelancer applicants. It analyses their skillset, social media profiles, profile completeness and hourly or daily rate, as well as their CV and work history, to decide whether each person is a good fit for Worksome.
“For step two, our team of talent specialists manually review and decline or approve the freelancers that pass through step one with a score of 85% or more. We have just approved our 30,000th freelancer and will be able to both scale and improve our vetting procedure as we grow.”
A majority of freelancer applicants fail Worksome’s proprietary vetting processes. This is clear because it says it has received 80,000 applicants so far — but only approved 30,000.
That raises interesting questions about how it’s making decisions on who is (and isn’t) an ‘appropriate fit’ for its talent marketplace.
It says its candidate assessing “robot” looks at “whether freelancers can demonstrate the skillset, matching work history, industry experience and profile depth” deemed necessary to meet its quality criteria — giving the example that it would not accept a freelancer who says they can lead complex IT infrastructure projects if they do not have evidence of relevant work, education and skills.
On the AI freelancer-to-project matching side, Worksome says its technology aims to match freelancers “who have the highest likelihood of completing a job with high satisfaction, based on their work-history, and performance and skills used on previous jobs”.
“This creates a feedback loop that… ensure that both clients and freelancers are matched with great people and great work,” is its circular suggestion when we ask about this.
But it also emphasizes that its AI is not making hiring decisions on its own — and is only ever supporting humans in making a choice. (An interesting caveat since existing EU data protection rules, under Article 22 of the GDPR, provide for a right for individuals to object to automated decision making if significant decisions are being taken without meaningful human interaction.)
Using automation technologies (like AI) to make assessments that determine whether a person gains access to employment opportunities or doesn’t can certainly risk scaled discrimination. So the devil really is in the detail of how these algorithmic assessments are done.
That’s why such uses of technology are set to face close regulatory scrutiny in the European Union — under incoming rules on ‘high risk’ users of artificial intelligence — including the use of AI to match candidates to jobs.
The EU’s current legislative proposals in this area specifically categorize “employment, workers management and access to self-employment” as a high risk use of AI, meaning applications like Worksome are likely to face some of the highest levels of regulatory supervision in the future.
Nonetheless, Worksome is bullish when we ask about the risks associated with using AI as an intermediary for employment opportunities.
“We utilise fairly advanced matching algorithms to very effectively shortlist candidates for a role based solely on objective criteria, rinsed from human bias,” claims Petersen. “Our algorithms don’t take into account gender, ethnicity, name of educational institutions or other aspects that are usually connected to human bias.”
“AI has immense potential in solving major industry challenges such as recruitment bias, low worker mobility and low access to digital skills among small to medium sized businesses. We are firm believers that technology should be utilized to remove human bias’ from any hiring process,” he goes on, adding: “Our tech was built to this very purpose from the beginning, and the new proposed legislation has the potential to serve as a validator for the hard work we’ve put into this.
“The obvious potential downside would be if new legislation would limit innovation by making it harder for startups to experiment with new technologies. As always, legislation like this will impact the Davids more than the Goliaths, even though the intentions may have been the opposite.”
Zooming back out to consider the pandemic-fuelled remote working boom, Worksome confirms that most of the projects for which it supplied freelancers last year were conducted remotely.
“We are currently seeing a slow shift back towards a combination of remote and onsite work and expect this combination to stick amongst most of our clients,” Petersen goes on. “Whenever we are in uncertain economic times, we see a rise in the number of freelancers that companies are using. However, this trend is dwarfed by a much larger overall trend towards flexible work, which drives the real shift in the market. This shift has been accelerated by COVID-19 but has been underway for many years.
“While remote work has unlocked an enormous potential for accessing talent everywhere, 70% of the executives expect to use more temporary workers and contractors onsite than they did before COVID-19, according to a recent McKinsey study. This shows that businesses really value the flexibility in using an on-demand workforce of highly skilled specialists that can interact directly with their own teams.”
Asked whether it’s expecting growth in freelancing to sustain even after we (hopefully) move beyond the pandemic — including if there’s a return to physical offices — Petersen suggests the underlying trend is for businesses to need increased flexibility, regardless of the exact blend of full-time and freelancer staff. So platforms like Worksome are confidently poised to keep growing.
“When you ask business leaders, 90% believe that shifting their talent model to a blend of full-time and freelancers can give a future competitive advantage (Source: BCG),” he says. “We see two major trends driving this sentiment; access to talent, and building an agile and flexible organization. This has become all the more true during the pandemic — a high degree of flexibility is allowing organisations to better navigate both the initial phase of the pandemic as well the current pick up of business activity.
“With the amount of change that we’re currently seeing in the world, and with businesses are constantly re-inventing themselves, the access to highly skilled and flexible talent is absolutely essential — now, in the next 5 years, and beyond.”
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Despite gains, gender diversity in VC funding struggled in 2020
People have been discussing the importance of expanding opportunities for women in venture capital and startup entrepreneurship for decades. And for some time it appeared that progress was being made in building a more diverse and equitable environment.
The prospect of more women writing checks was viewed as a positive for female founders, a cohort that has struggled to attract more than a fraction of the funds that their male peers manage. All-female teams have an especially tough time raising capital compared to all-male teams, underscoring the disparity.
Then COVID-19 arrived and scrambled the venture and startup scene, creating a risk-off environment during the end of Q1 and the start of Q2 2020. Following that, the venture world went into overdrive as software sales became a safe harbor in the business world during uncertain economic times. And when it became clear that the vaunted digital transformation of businesses large and small was accelerating, more capital appeared.
But data indicate that the torrent of new capital has not been distributed equally — indeed, some of the progress that female founders made in recent years may have eroded.
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During a time of plenty, many female founders are still going without. The Exchange reached out to a number of American and European investors and founders to get their perspective on how today’s venture market treats female founders.
Recurring among the responses was a general view that more women venture capitalists would help lessen the gender gap in investments, and that VCs became more conservative due to COVID-19 and its constituent economic disruption, reverting to offering capital to repeat founders and their existing networks, both groups that are less diverse than the pool of new founders.
Our collection of founders and investors also said that women have been especially double-tasked during the pandemic to take on more domestic responsibilities in part due to sexist societal expectations, adding that that sexism more generally remains a problem that either isn’t improving or is improving too slowly.
But before we get into the core issues that prevent improvements in gender equity in venture funding, let’s check in on the data from last year and contrast it to its antecedents.
What the data show
While there have already been reports on gender disparities in funding, Nokia-backed VC firm NGP Capital made a great contribution to research on the topic with its 2021 dossier.
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Will the pandemic spur a smart rebirth for cities?
Cities traditionally have been bustling hubs where people live, work and play. When the pandemic hit, some people fled major metropolitan markets for smaller towns — raising questions about the future validity of cities. It’s true that we’re still months away from broader reopenings and herd immunity via current vaccination efforts.
However, those who predicted that COVID-19 would destroy major urban communities might want to stop shorting the resilience of these municipalities and start going long on what the post-pandemic future looks like.
Those who predicted that COVID-19 would destroy major urban communities might want to stop shorting the resilience of these municipalities and start going long on what the post-pandemic future looks like.
U.N. forecasts show that by 2030, two-thirds of the world’s population will reside in cities, communities that are the epicenters of culture, innovation, wealth, education and tourism, to mention just a few benefits. They are not only worth saving — they’re also ripe for rebirth, precisely why many municipal leaders in the U.S. anticipate the Biden administration will allocate substantial monetary resources to rebuilding legacy infrastructure (and doing so in a way that prioritizes equitable access).
With this emphasis on inclusivity and social innovation, the tech community has the ability to address a range of lifestyle and well-being issues: infrastructure, transportation and mobility, law enforcement, environmental monitoring and energy allocation.
In this time of reset for cities, what smart city technologies will transform how we live our lives? What kinds of technology will make the biggest impact on cities in the next 12 months? Which smart cities are ahead of the curve?
To unpack these questions and more, we conducted the SmartCityX Survey of industry experts — including smart city investors, corporate and municipal thought leaders, members of academia and startups on the front lines of urban innovation — to help provide valuable insights into where we’re heading. Below you’ll find some key takeaways:
Infrastructure is the most crucial issue for cities
Critical infrastructure topped the list of most prominent issues facing today’s cities, followed closely by traffic and transportation. Cisco may have left the party too soon, but others, including countless startups, are lining up and capitalizing on future growth opportunities in the space. A couple of recent data points that support this trend — particularly as it relates to infrastructure rebuilding, IoT and open toolkits to connect fragmented technologies — include the following:
- Bentley Systems, fresh off a September IPO, announced a $100 million corporate venture capital fund.
- Qualcomm announced its IoT Services Suite, comprising leading solutions ranging from wireless connectivity, hardware, software and data analytics to platform integration.
Smart Infrastructure is paramount to Smart City success. It’s crucial that this infrastructure be “architected” as opposed to just connected. This is the only way to truly achieve seamless interoperability while ensuring scalability, reliability, security and privacy. Technology companies that offer robust architectural components and/or platforms stand to deliver tremendous stakeholder value and outsized returns to investors. — Sue Stash, general partner, Pandemic Impact Fund
What’s driving change in cities?
When asked what will accelerate innovation and change in cities, an overwhelming majority cited COVID-19 as the primary factor, followed by remote work, which has accelerated the adoption of online collaboration tools and forced legacy companies to complete multiyear digital transformation projects in a matter of months. The biggest opportunity is to build cities back better and smarter, focusing on new infrastructures that do more with less, and for most of us, that begins and ends at home.
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How to recruit data scientists without paying top dollar
When it comes to building a data science team, many companies fail at the first step — creating a job posting. These mistakes have been amplified in the age of COVID-19.
The increasing demand for AI and data science experts, driven in part by the pandemic’s economic impact, is showing no sign of abating. Many employers are failing to identify viable job candidates, much less interviewing or hiring them.
What’s the biggest obstacle holding them back? In our experience, it is often a poorly drafted job posting. And with the pandemic completely stopping all in-person recruiting events, hiring success hinges on an effective job rec. Previously tolerable mistakes are now fatal.
At The Data Incubator, a data science training and placement firm, we’ve helped hundreds of companies successfully hire data science teams. Honestly, it pains me to see amazing companies undersell themselves in this area.
When it comes to building a data science team, many companies fail at the first step — creating a job posting.
Companies inevitably gravitate toward the same generic buzzwords, promoting themselves as “cutting edge,” “creative,” “collaborative,” “data driven,” “passionate” or “insightful” (just peruse Indeed for examples of these lackluster postings). Or they delve into industry jargon, which may be lost on candidates who are not familiar with the industry.
To streamline the writing process, we recommend that clients break down their competitive advantage into three buckets: compensation, mission and tech. Only by understanding where their strength lies can they successfully market their job openings.
Compensation
Compensation is an important component of making a position competitive. Managers certainly need to fight to ensure their remuneration range is appropriate for their data science roles. However, budget constraints are difficult to overcome, especially given the ability of tech and finance to pay top dollar for these sought-after skills. How to combat this when you don’t have the same budget? Consider listing compensation in job ads.
If you’re one of (the majority of) employers who cannot afford to compete on salary, this will help job seekers understand what to expect. Neither you, nor a potential candidate, wants to spend hours interviewing just to discover that it would have never worked out because of compensation. Save yourself the time and frustration by listing remuneration upfront.
What if you are one of the few employers able to pay major-league salaries? Congratulations, but don’t throw away your hard-won budget! Companies develop reputations for compensation. Unless you are one of the select firms with a reputation for paying top dollar, you will need to signal that to top talent. Otherwise, strong candidates may assume the remuneration is low and not apply, defeating the purpose of paying a high salary in the first place.
Obviously, listing salaries is controversial and there are plenty of reasons why employers are weary of listing salary ranges. However, a recent survey by SHRM found that 70% of professionals want to hear about salary upfront and Glassdoor.com reports that salary is the No. 1 consideration for 67% of job seekers. With all these benefits, employers should seriously consider being more upfront and transparent about what they are able to pay, if only to save themselves time and frustration.
Mission
In the COVID-19 workplace, employees are finding themselves increasingly isolated. With work from home poised to stay even after the virus has dissipated, the risk of isolation will continue. Companies need to double down on articulating their mission and galvanizing employees around that. This doesn’t just start with employment but the very first step of the hiring process: the job posting. Emphasizing mission in the job posting will attract employees.
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Notable Health seeks to improve COVID-19 vaccine administration through intelligent automation
Efficient and cost-effective vaccine distribution remains one of the biggest challenges of 2021, so it’s no surprise that startup Notable Health wants to use their automation platform to help. Initially started to address the nearly $250 billion annual administrative costs in healthcare, Notable Health launched in 2017 to use automation to replace time-consuming and repetitive simple tasks in health industry admin. In early January of this year, they announced plans to use that technology as a way to help manage vaccine distribution.
“As a physician, I saw firsthand that with any patient encounter, there are 90 steps or touch points that need to occur,” said Notable Health Medical Director Muthu Alagappan in an interview. “It’s our hypothesis that the vast majority of those points can be automated.”
Notable Health’s core technology is a platform that uses robotic process automation (RPA), natural language processing (NLP) and machine learning to find eligible patients for the COVID-19 vaccine. Combined with data provided by hospital systems’ electronic health records, the platform helps those qualified to receive the vaccine set up appointments and guides them to other relevant educational resources.
“By leveraging intelligent automation to identify, outreach, educate and triage patients, health systems can develop efficient and equitable vaccine distribution workflows,” said Notable Health strategic advisor and Biden Transition COVID-19 Advisory Board Member Dr. Ezekiel Emanuel, in a press release.
Making vaccine appointments has been especially difficult for older Americans, many of whom have reportedly struggled with navigating scheduling websites. Alagappan sees that as a design problem. “Technology often gets a bad reputation, because it’s hampered by the many bad technology experiences that are out there,” he said.
Instead, he thinks Notable Health has kept the user in mind through a more simplified approach, asking users only for basic and easy-to-remember information through a text message link. “It’s that emphasis on user-centric design that I think has allowed us to still have really good engagement rates even with older populations,” he said.
While the startup’s platform will likely help hospitals and health systems develop a more efficient approach to vaccinations, its use of RPA and NLP holds promise for future optimization in healthcare. Leaders of similar technology in other industries have already gone on to have multibillion dollar valuations and continue to attract investors’ interest.
Artificial intelligence is expected to grow in healthcare over the next several years, but Alagappan argues that combining that with other, more readily available intelligent technologies is also an important step toward improved care. “When we say intelligent automation, we’re really referring to the marriage of two concepts: artificial intelligence — which is knowing what to do — and robotic process automation — which is knowing how to do it,” he said. That dual approach is what he says allows Notable Health to bypass administrative bottlenecks in healthcare, instructing bots to carry out those tasks in an efficient and adaptable way.
So far, Notable Health has worked with several hospital systems across multiple states in using their platform for vaccine distribution and scheduling, and are now using the platform to reach out to tens of thousands of patients per day.
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Sharify makes it super simple to rediscover your city’s social side
The pandemic has upended many aspects of urban life but perhaps the most visible upheaval is to citydwellers’ social lives, with curfews calling time on traditional night life across much of the Western world and social distancing putting a chilly spin on opportunities for getting together with people outside your usual circle. Who knew leaving the house was going to seem like such a mission?
Opportunities to escape the city entirely — such as by jetting off somewhere — remain severely limited or even impossible right now, depending on where you live. And for many urbanites COVID-19 may feel as if it’s turned the advantages of city living on its head, despite lockdowns generally not being as hard-line as they were at times last year and vaccines now (slowly) being rolled out.
Sharify is a startup that reckons it can help with the weird flatness of pandemic city living. It’s a real-time events app (iOS and Android) that wants to bring back a little of the serendipitous joy of urban living by making it easier to discovery things going on around you — maybe even just a few blocks away. To do this it’s combined real-time event listings with a map view (via the medium of emoji-style icons plus filters) to quickly and cheerfully surround you with stuff that’s happening in the vicinity.
Though the business idea predates COVID-19, Sharify isn’t blind to the changes wrought by the pandemic. And the app displays a star icon next to events that are deemed COVID-19 ‘safe’ — a subtle promotion meaning the organizer has measures in place to reduce the risk of contagion, such as controlling venue capacity, providing disinfectant hand gel and ensuring tables/seating are safety spaced. (Which may well be legal requirements for a venue to be open for business, of course.)
At the same time, the app lets users share their own meeting plan with other users — potentially encouraging a bunch of strangers to meet up to play some music or hang out in the park or whatnot — so its appropriateness for the pandemic moment in which we find ourselves does depend on how you use it.
It’s open to social swings or roundabouts, you could say. (And limits on when/how clubs and bars can open may well be pushing a socially oriented and app-savvy demographic toward alternative ways (and tools) to mingle with strangers.)
More broadly, Sharify invites users to rethink the concept of travel and trips — asking them to refocus their attention and energy on discovering entertaining things to do without having to go far or plan far ahead. Because, well, what else can anyone really do right now? Apart from stay at home ofc.
The app does have two ‘view’ modes: One for events geared towards locals and/or a dedicated ‘tourist’ view to cater to those wanting to do more typical sightseeing — though content for the latter is obviously thinner on the ground at the moment. (And, well, ‘tourism’ as a concept is starting to feel rather quaint and old-fashioned vs properly exploring your own backyard.)
Officially Sharify is launched in Barcelona, Madrid and New York City — but says it’s “expanding quickly” and touts being “present” in 25+ cities around the world (presumably with a lighter events cadence vs those three).
I tested the app in Barcelona and quickly found a bunch of local events that looked interesting — at least compared to another night of thumbing through the Netflix catalogue — from a Banksy art exhibition, to a stand up comedy show (in English!), lots of theatre, a bunch of markets, yoga classes and a skateboarding event all going on within, at most, a couple of miles and days from where I’ve been spending the vast majority of my time for, like, almost a whole entire year.
Just the act of seeing stuff still going on in a city which, frankly, hasn’t felt very familiar or open for much of anything for close to 12 months was a bit of an eye opener.
After so much time locked down indoors maybe we all need a bit of a nudge/visual reminder that life is still going on — and socializing is still possible (with appropriate safety measures and distancing) — beyond the front door and away from the Zoom screen (or any other screen tbh). Even if I’m not about to sign up for everything I spotted in the app. But feeling like I could is almost exciting enough.
As well as providing key details about each event (when, where, any website etc), Sharify lets you signal an intent to go that’s visible to other users by ‘joining’ an event. It also hosts per event chat where those who have joined are invited to “talk to people who join the plan” — which is another neat little nudge to get users excited about going to a local thing, maybe without their usual friend group in tow.
Sharify isn’t disclosing how many users it has but it says it has 100,000+ monthly event views (3K+ daily), and 5,000+ events every month. (On Google Play the app has had 10,000+ installs.)
Where users create their own plans to advertise to others it touts an impressively high “join” rate of 95%. (Albeit saying you’re going to something you found via an app isn’t the same as actually turning up.)
To encourage users to discover and attend others’ events, Sharify displays a smilie face on the map in locations where several people are up for ‘sharing plans’ — listing the number of people theoretically up for joining in stuff around there and nudging you to ‘create a plan in this area’ to tap into that potential guest pool.
It also lets you drill down to check out micro profiles of these (public) socially interested locals — displaying a first name, perhaps a photo and any ‘interests’ if they’ve chosen to select some from its curated lists of culture, hobbies, sports and social activities etc. (Happily there’s no option to message individual users via their profile so no fear of stupid in-app spam.)
Location-based and social sharing is not new, of course. Indeed, it’s an idea that’s been around the tech block so many times the sound of a ‘real-time events map’ probably triggers a fuzzy feeling of ‘haven’t I seen this before somewhere?’ The deja vu may be real but context is ever shifting, is the point. Or, to put it another way, here and now, in an open-ended pandemic, going about finding something to do probably looks and feels quite a bit different to how you did it, pre-March 2020.
Put simply: Best laid plans are toast. Friends who don’t live in the same city are likely reachable only on Zoom or by text. And at very least you’re dealing with hard limits on how far you can range for your entertainment in time and space.
Local and/or virtual is the new global, all of a sudden. So Sharify reckons its real-time events map is just the ticket/tonic in this curtailed context — by cheerfully surrounding you with nearby stuff to do. The 2017-founded startup says it’s been growing “despite” the pandemic.
“We’re stuck at home, and we saw all the Netflix series. Is there any plan near my home for this afternoon? Event agendas simply don’t work in this user case. That’s why we built a real-time map,” says co-founder and CEO Gemma Prenafeta. “And the problem we will face in some months from now: I’m not stuck at home anymore. Where do I find new events easily?”
“As Sharify is a collaborative platform, we let people share their own events for free, we scrape different event sources such as Google and Tiqets, and we highlight those businesses that want to promote themselves,” she adds, giving a succinct explainer on how the app populates the map view with stuff to do.
Social maps aren’t new, of course — and features like Snap Map, which was added to Snap’s social network via its acquisition of Zenly, certainly has a bit of overlap (while Sharify’s smiley octopus logo on a yellow background has more than a little of Snap’s ghost in look and feel), though Snap Map is more obviously focused on friends’ location and social sharing vs Sharify being about event discovery, first and foremost. (Friends may follow from this real-life socializing, is the suggestion.)
There are also event discovery network startups (like calendar-focused IRL). But, again, with such a glance-friendly map view, Sharify is paying closer attention to immediacy/hyper-local event discovery vs IRL — which pivoted to helping people surface virtual events as the pandemic shuttered lots of real world events last year and has since focused on building out its own social network.
“The ‘immediacy’ factor is key at Sharify, as you can see what’s happening, in real-time,” says Prenafeta. “We say going to a local event is a kind of ‘Local Trip’. Traveling before was about taking flights, now it’s about taking a Bird or a eCooltra to an event nearby.”
Whether mapping real-time events is a standalone business or a feature/tool that could just be added to a dominant platform/social network is perhaps a more pressing question for this fledgling startup. And it’s notable that tech (and mapping) giant Google added a ‘Community Feed’ to Maps late last year.
Facebook has also had an ‘Events Near Me‘ feature on its platform for years. Albeit, anything listed inside its walled garden has to contend with all the baggage Facebook brings with it. So an indie app with a fresh approach should have a chance to attract users who wouldn’t be caught dead on Facebook (even in a pandemic).
Sharify has certainly come up with a really effortless way to spark a sense of possibility — to feel like you can cut through the monotony of lockdown life — just by firing up a super simple overview of stuff going on around you.
It then layers on some more powerful tools that are designed to help you find others to do stuff with, which adds a subtle but maybe deeper hook in these socially distanced times.
“Life is still pretty locked down, and that’s why it’s more important than ever to know what’s open and what isn’t, close to our house,” suggests Prenafeta. And, well, it’s pretty hard to argue with that.
She’s looking beyond the pandemic too — back to more normalcy and anticipating helping local businesses announce their reopenings, once that’s possible. The team is “currently working on a seed investment round to prepare for the post-pandemic momentum”, she says.
So far the Barcelona-based startup has raised a pre-seed and an angel round led by IESE Group, per Prenafeta — with a total of €501,000 (~$600k) invested to date into what has turned out to be a contextually fresh twist on the old SoMoLo trend.
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Fintechs could see $100 billion of liquidity in 2021
Three years ago, we released the first edition of the Matrix Fintech Index. We believed then, as we do now, that fintech represents one of the most exciting major innovation cycles of this decade. In 2020, all the long-term trends forcing change in this sector continued and even accelerated.
The broad movement away from credit toward debit, particularly among younger consumers, represents one such macro shift. However, the pandemic also created new, unforeseen drivers. Among them, millennials decamped from their rentals in crowded cities to accelerate their first home purchases to the benefit of proptech companies and challenger mortgage players alike.
E-commerce saw an enormous acceleration in growth rates, furthering adoption of online payments platforms. Lastly, low interest rates and looming inflation helped pave the way for the price of Bitcoin to charge toward $30,000. In short, multiple tailwinds combined to produce a blockbuster year for the category.
In this year’s refresh of the Matrix Fintech Index, we’ll divide our attention into three parts. First, a look at the public stocks’ performance. Second, liquidity. Third, we highlight one major trend in the sector: Buy Now Pay Later, or BNPL.
Public fintech stocks rose 97% in 2020
For the fourth straight year, the publicly traded fintechs massively outperformed the incumbent financial services providers as well as every mainstream stock index. While the underlying performance of these companies was strong, the pandemic further bolstered results as consumers avoided appearing in-person for both shopping and banking. Instead, they sought — and found — digital alternatives.
For the fourth straight year, the publicly traded fintechs massively outperformed the incumbent financial services providers as well as every mainstream stock index.
Our own representation of the public fintechs’ performance is the Matrix Fintech Index — a market cap-weighted index that tracks the progress of a portfolio of 25 leading public fintech companies. The Matrix fintech Index rose 97% in 2020, compared to a 14% rise in the S&P 500 and a 10% drop for the incumbent financial service companies over the same time period.
2020 performance of individual fintech companies vs. SPX Image Credits: CapiQ, Yahoo Finance
Matrix U.S. Fintech Index, 2016 -2020 Image Credits: CapiQ, Yahoo Finance
E-commerce undoubtedly stood out as a major driver. As a category, retail e-commerce grew 35% YoY as of Q3, propelling PayPal and Shopify to add over $160 billion of market capitalization over the year. For its part, PayPal in the third quarter signed up 15 million net new active accounts (its highest ever).
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Sano Genetics, a startup helping with Long COVID research, raises £2.5M in seed funding
Sano Genetics, a startup with a broad mission to support personalised medicine research by increasing participation in clinical trials, has raised £2.5 million in seed funding.
The round is led by Episode1 Ventures, alongside Seedcamp, Cambridge Enterprise, January Ventures and several Europe and U.S.-based angel investors. It adds to £500,000 in pre-seed funding from 2018.
Sano Genetics says part of the new capital will be to fund free at-home DNA testing kits for 3,000 people affected by Long COVID. It will also further invest in the development of its tech platform and grow the team.
Founded in 2017 by Charlotte Guzzo, Patrick Short and William Jones after they met at Cambridge University while studying genomics as postgrads, Sano Genetics has built what it describes as a “private-by-design” tech platform to help patients take part in medical research and clinical trials. This includes at-home genetic testing capabilities, and is seeing the company support research into multiple sclerosis, ankylosing spondylitis, NAFLD and ulcerative colitis2, with a research programme for Parkinson’s disease on the agenda for later in 2021.
“For participants in medical research, the process is not user friendly,” says Sano Genetics CEO Patrick Short. “There is usually little to no benefit for participants beyond altruism, taking part is difficult and time-consuming and people are also concerned about the privacy of their sensitive genetic and medical information.
“[Therefore], for researchers in biotech, pharma and academia, it is very difficult to attract and retain research participants, which adds substantial costs and time to their research. In particular for research involving genetics and precision therapies, it is doubly challenging to find the ‘right’ patients because genetic testing is not routine in the healthcare system”.
To help solve this, Sano Genetics matches relevant participants to research via its platform. It then makes participation easier by enabling at-home genetic testing and by guiding participants through the process.
“The system is designed so users know exactly what will happen with their data, and we give them straightforward ways to control their data,” explains Short. “We keep our users engaged and involved in the research process by giving them updates on the research they have been a part of, and with free personalised content including genetic reports, and stories from other people like them on our blog”.
A typical end user is someone who has a chronic or rare disease and is using the platform to take part in research that helps them personally (e.g. access to a new therapy via a clinical trial) or to help others like them.
Meanwhile, Sano Genetics generates revenue by charging biotech and pharma companies fees to find the right patients for their studies. “The typical study for us consists of a set-up fee, a per-test fee for our at-home genetic testing and analysis, and a fee for each referral we make of an interested and eligible participant to their research study,” adds the Sano Genetics CEO.
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African edtech startup uLesson lands a $7.5 million Series A
ULesson, an edtech startup based in Nigeria that sells digital curriculum to students through SD cards, has raised $7.5 million in Series A funding. The round is led by Owl Ventures, which closed over half a billion in new fund money just months ago. Other participants include LocalGlobe and existing investors, including TLcom Capital and Founder Collective.
The financing comes a little over a year since uLesson closed its $3.1 million seed round in November 2019. The startup’s biggest difference between now and then isn’t simply the millions it has in the bank, it’s the impact of the coronavirus pandemic on its entire value proposition.
ULesson launched into the market just weeks before the World Health Organization declared the coronavirus a pandemic. The startup, which uses SD cards as a low-bandwidth way to deliver content, saw a wave of smart devices enter homes across Africa as students adapted to remote education.
“The ground became wet in a way we didn’t see before,” founder and CEO Sim Shagaya said. “It opens up the world for us to do all kinds of really amazing things we’ve wanted to do in the world of edtech that you can’t do in a strictly offline sense,” the founder added.
Similar to many edtech startups, uLesson has benefited from the overnight adoption of remote education. Its positioning as a supplementary education tool helped it surface 70% month over month growth, said Shagaya. The founder says that the digital infrastructure gains will allow them to “go online entirely by Q2 this year.”
It costs an annual fee of $50, and the app has been downloaded more than 1 million times.
With fresh demand, Shagaya sees uLesson evolving into a live, online platform instead of an offline, asynchronous content play. The startup is already experimenting with live tutoring: it tested a feature that allowed students to ask questions while going through pre-recorded material. The startup got more than 3,000 questions each day, with demand so high they had to pause the test feature.
“We want you to be able to push a button and get immediate support from a college student sitting somewhere in the continent who is basically a master in what you’re studying,” he said. The trend of content-focused startups adding on a live tutoring layer continues when you look at Chegg, Quizlet, Brainly and others.
The broader landscape
E-learning startups have been booming in the wake of the coronavirus. It’s led to an influx of tutoring marketplaces and content that promises to serve students. One of the most valuable startups in edtech is Byju’s, which offers online learning services and prepares students for tests.
But Shagaya doesn’t think any competitors, even Byju’s, have cracked the nut on how to do so in a digital way for African markets. There are placement agencies in South Africa and Kenya and offline tutoring marketplaces that send people to student homes, but no clear leader from a digital curriculum perspective.
“Everybody sees that Africa is a big opportunity,” Shagaya said. “But everybody also sees that you need a local team to execute on this.”
Shagaya thinks the opportunity in African edtech is huge because of two reasons: a young population, and a deep penetration of private school-going students. Combined, those facts could create troves of students who have the cash and are willing to pay for supplementary education.
The biggest hurdle ahead for uLesson, and any edtech startup that benefitted from pandemic gains, is distribution and outcomes. ULesson didn’t share any data on effectiveness and outcomes, but says it’s in the process of conducting a study with the University of Georgia to track mastery.
“Content efforts and products [will] live or die at the altar of distribution,” Shagaya said. The founder noted that in India, for example, pre-recorded videos do well due to social nuances and culture. ULesson is trying to find the perfect sauce for videos in markets around Africa and embed that into the product.
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