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Extra Crunch roundup: UiPath’s IPO filing, predicting revenue, how to pivot properly, much more
This is not a boast, but a warning: I could write a how-to article on almost any topic.
Give me enough time to do some research, and I can put together a reliable step-by-step for building a custom gaming PC, installing a hot water heater or interpreting public health data. But since I’ve never actually done those things, I would encourage you to ignore any advice I have to offer.
Trusted advice comes from experience. That’s why Ron Miller interviewed three entrepreneurs who have each built multiple companies to uncover some essential truths about achieving product-market fit:
- Pouyan Salehi, CEO and co-founder, Scratchpad
- Rami Essaid, CEO and founder, Finmark
- Melonee Wise, CEO and co-founder, Fetch Robotics
The basic tenets presented in Ron’s story will resonate with anyone who’s launched a startup.
Alex Wilhelm was particularly prolific this morning: For The Exchange, he studied UiPath’s 2020 quarterly results to get a clearer picture of its first S-1/A filing. Is the “somewhat slack news regarding UiPath’s potential IPO valuation” a harbinger of things to come?
Full Extra Crunch articles are only available to members.
Use discount code ECFriday to save 20% off a one- or two-year subscription.
In a follow-up, he recapped news from the public debuts of Coinbase, UiPath, Zenvia, AppLovin and Grab, all of which “adds up to a somewhat muddled picture of the current IPO market.” It feels like we’re in a turbulent window, but it’s also possible that we’re in the calm after the storm, he suggests.
Final note: I asked TechCrunch graphic designer/illustrator Bryce Durbin to create an image to accompany this primer on raising a Series A round. He didn’t just exceed my expectations — it’s my favorite TechCrunch illustration ever. Thanks, Bryce!
I hope you got something out of reading Extra Crunch this week. Have a great weekend.
Walter Thompson
Senior Editor, TechCrunch
@yourprotagonist
Building the right team for a billion-dollar startup
Image Credits: Bryce Durbin/TechCrunch
From building out Facebook’s first office in Austin to putting together most of Quora’s team, Bain Capital Ventures managing director Sarah Smith has done a bit of everything when it comes to hiring.
At TechCrunch Early Stage, she spoke about how to ensure the critical early hires are the right ones to grow a business. As an investor, Smith has a broad view into the problems companies face as they search for the right candidates to spur organizational success.
She touched on a number of issues, such as who to hire and when, when to fire and how to ensure diversity from the earliest days.
So you want to raise a Series A
Image Credits: Bryce Durbin/TechCrunch
During a seed-funding round, a founder needs to convince a venture capital investor on a vision. But during a Series A fundraise, napkin-stage ideas don’t make the cut — a founder needs product progress, numbers and revenue (or at least a plan to eventually generate some).
In many ways, the stakes are higher for a Series A — and Bucky Moore, a partner at Kleiner Perkins, joined TechCrunch Early Stage last week to give founders tactical advice on the process of raising one.
Moore spoke about storytelling over semantics, pricing and where his firm sees itself “raising the bar” for startups.
With the right tools, predicting startup revenue is possible
For a long time, “revenue” seemed to be a taboo word in the startup world. Fortunately, things have changed with the rise of SaaS and alternative funding sources such as revenue-based investing VCs.
Still, revenue modeling remains a challenge for founders. How do you predict earnings when you’re still figuring it out?
How we dodged risks and raised millions for our open-source machine learning startup
Image Credits: erhui1979 / Getty Images
If you have a great idea within the open-core framework, expect your risks to be much lower than with a traditional business structure.
Clearly communicate this fact to venture capitalists for the best chance at securing the seed funding your organization needs.
But it takes more: Boasting a strong community around an emerging open-source product essentially serves as an “introduction letter” to venture capitalists. It highlights the founders’ ability to successfully execute their vision, as well as the mission to bring their product to a commercial reality.
Additionally, the iterative nature of open-source projects leads to fostering a sense of teamwork between the founders, their team and investors and stakeholders.
Founder and investor Melissa Bradley outlines how to nail your virtual pitch meeting
Image Credits: Ureeka
Melissa Bradley is the co-founder of a startup called Ureeka, an investor at 1863 Ventures and a professor at Georgetown’s business school. So it’s not an understatement to say that she understands the fundraising process from every angle.
She both invested and fundraised for her own startup during this last year, where the landscape has shifted drastically. At TechCrunch Early Stage, she led a session on how to nail your virtual pitch meeting.
Bradley covered how to allocate your time during the meeting, how to prepare, how to close out the meetings with a clear list of action items and what to avoid.
Scale CEO Alex Wang and Accel’s Dan Levine explain why sometimes unconventional VC deals are best
Image Credits: Eric Millette / Scale AI
Scale CEO and co-founder Alex Wang credits its success since founding — which includes raising over $277 million and achieving breakeven status in terms of revenue — to early support from investors, including Accel’s Dan Levine.
Accel haș participated in four of Scale’s financing rounds, and Levine wrote one of the company’s very first checks. So on this past week’s episode of Extra Crunch Live, we spoke with Levine and Wang about how that first deal came together, and what their working relationship has been like in the years since.
Ride-hailing’s profitability promise is in its final countdown
Image Credits: Nigel Sussman (opens in a new window)
Let’s parse Uber’s latest, vet its profit promise, consider its rivals and their performance, then ask ourselves if the great ride-hailing and food-delivery booms will ever make back the money they cost to scale.
UiPath’s first IPO pricing could be a warning to late-stage investors
Image Credits: Noam Galai/Getty Images
For UiPath, its initial IPO price interval is a disappointment, though the company could see an upward revision in its valuation before it does sell shares and begins to trade.
But more to the point, the company’s private-market valuation bump followed by a quick public-market correction stands out as a counter-example to something that we’ve seen so frequently in recent months.
Is UiPath’s first IPO price interval another indicator that the IPO market is cooling?
How to choose and deploy industry-specific AI models
Image Credits: alexsl / Getty Images
As artificial intelligence becomes more advanced, previously cutting-edge — but generic — AI models are becoming commonplace, such as Google Cloud’s Vision AI or Amazon Rekognition.
While effective in some use cases, these solutions do not suit industry-specific needs right out of the box. Organizations that seek the most accurate results from their AI projects will simply have to turn to industry-specific models.
Any team looking to expand its AI capabilities should first apply its data and use cases to a generic model and assess the results.
Let’s dive into each of these approaches and how businesses can decide which one works for their distinct circumstances.
Atomico’s talent partners share 6 tips for early-stage people ops success
Image Credits: Atomico
In the earliest stages of building a startup, it can be hard to justify focusing on anything other than creating a great product or service and meeting the needs of customers or users.
However, there are still a number of surefire measures that any early-stage company can and should put in place to achieve “people ops” success as they begin scaling, according to venture capital firm Atomico‘s talent partners, Caro Chayot and Dan Hynes.
Long story short: You need to recruit for what you need, but you also need to think about what is coming down the line.
5 questions about Grab’s epic SPAC investor deck
Image Credits: Roslan Rahman/Getty Images
Southeast Asian superapp Grab is going public via a SPAC.
Grab, which provides ride-hailing, payments and food delivery, will trade under the ticker symbol “GRAB” on the Nasdaq exchange when the combination is complete.
Let’s walk through several key points from Grab’s SPAC investor deck, including growth, segment profitability, aggregate costs and COVID-19, among other factors.
Expect an even hotter AI venture capital market in the wake of the Microsoft-Nuance deal
Image Credits: Nigel Sussman (opens in a new window)
Microsoft’s huge purchase of health tech AI company Nuance led the technology news cycle this week. The $19.7 billion transaction is Microsoft’s second-largest to date, only beaten by its purchase of LinkedIn some years ago.
For the AI space, the sale is a coup. Nuance was already a public company, but to see Microsoft offer a firm premium over its public-market value demonstrates the value that AI technology can have to wealthy companies. For startups working in the AI space, the Nuance deal is good news; the value of AI revenue was repriced by the acquisition’s announcement — and for the better.
In light of the megadeal, The Exchange dug into the AI venture capital market. What’s happening on the startup side of the coin in the artificial intelligence and machine learning (AI/ML) space?
What’s fueling hydrogen tech?
Image Credits: Bryce Durbin
When the word “hydrogen” is uttered today, the average non-insider’s mind likely gravitates toward transportation — cars, buses, maybe trains or 18-wheelers, all powered by the gas.
But hydrogen is, and does, a lot of things, and a better understanding of its other roles — and challenges within those roles — is necessary to its success in transportation.
Hydrogen is now capturing the attention of governments and private sector players, fueled by new tech, global green energy legislation and post-pandemic “green recovery” schemes.
5 product lessons to learn before you write a line of code
Image Credits: LaylaBird / Getty Images
Before a startup can achieve product-market fit, founders must first listen to their customers, build what they require and fashion a business plan that makes the whole enterprise worthwhile.
The numbers will tell the true story, but when it happens, you’ll feel it in your bones because sales will be good, customers will be happy and revenue will be growing.
Reaching that tipping point can be a slog, especially for first-time founders. To uncover some basic truths about building products, we spoke to three entrepreneurs who have each built more than one company.
Inside the US’ epic first-quarter venture capital results
Image Credits: Nigel Sussman (opens in a new window)
In broad strokes, the United States had a crushing venture capital start to the new year, pandemic be damned.
That is especially true when we consider 2020’s full-year figures. Last year, venture capitalists deployed some $166 billion into U.S.-based startups across 12,546 rounds. In contrast, if the first quarter’s pace was maintained during the rest of 2021, the United States would see around 16,000 rounds worth around $280 billion.
Of course, we cannot see the future, so those projections are merely shared to underscore how active the first quarter proved to be.
Dear Sophie: How can I get an H-1B without the lottery?
Image Credits: Bryce Durbin/TechCrunch
Dear Sophie:
For the past few years, our company has put very promising candidates into the annual H-1B lottery. None of them have been selected — and none of them meet the requirements for other work visas like an O-1A.
We lost out again in this year’s H-1B lottery. Are there any other ways we can obtain H-1Bs for our team members?
— Soldiering on in Sunnyvale
Alexa von Tobel outlines how founders should manage personal finances
Image Credits: Alexa von Tobel
Few people are more knowledgeable on the topic of how founders should manage their finances than Alexa von Tobel.
She is a certified financial planner, started her own company in the midst of the recession (which happened to be a wildly successful personal finance startup that sold for hundreds of millions of dollars) and is now a VC who invests and advises founders.
At Early Stage 2021, she gave a presentation on how founders should think about managing their own wealth. Startup founders can often put all their money into their venture and end up paying more attention to the finances of their company than their own bank account.
Von Tobel outlined the various steps you can take to stay out of debt, build credit and accumulate wealth through investments to ensure you have financial peace of mind as you take on the most stressful venture of your life: Starting a company.
How to pivot your startup, save cash and maintain trust with investors and customers
Image Credits: Olive
A few years ago, founder Sean Lane thought he’d achieved product-market fit.
Speaking to attendees at TechCrunch’s Early Stage virtual event, Lane said Queue, a secure digital check-in tablet for hospital waiting rooms that reduced wait times by uniting and correcting electronic medical records, was “selling like hotcakes.” But once Lane realized it would only ever address one piece of a much bigger market opportunity, he sold off the product, laid off two-thirds of the people affiliated with it and redirected the employees who were left.
Lane explained that what he really wanted to build is what his company — since renamed Olive — has now become, a robotic process automation (RPA) company that takes on hospital workers’ most tedious tasks so nurses and physicians can spend more time with patients.
Building customer-first relationships in a privacy-first world is critical
Image Credits: jayk7 (opens in a new window) / Getty Images
In business today, many believe that consumer privacy and business results are mutually exclusive — to excel in one area is to lack in the other. Consumer privacy is seen by many in the technology industry as an area to be managed.
But the truth is that the companies that champion privacy will be better-positioned to win in all areas. This is especially true as the digital industry continues to undergo tectonic shifts in privacy — both in government regulation and browser updates.
For startups choosing a platform, a decision looms: Build or buy?
Image Credits: Chris Jongkind (opens in a new window)/ Getty Images
Founders shouldn’t be worried about starting companies that rely on other platforms.
Platforms exist to help startups get to users and customers faster and should be used as a means to an end, but everyone must get their piece.
Coinbase’s direct listing alters the landscape for fintech and crypto startups
Image Credits: Nigel Sussman (opens in a new window)
Coinbase’s direct listing was a massive finance, startup and cryptocurrency event, and the transaction’s effects will be felt for some time in the public market, but also among the startups and capital that comprise the private market.
In the buildup to Coinbase’s flotation — and we’d argue especially after it released its blockbuster Q1 2021 results — there was a general expectation that the unicorn’s direct listing would provide a halo effect for other startups in the space.
The widely held perspective raised two questions: Will the success of Coinbase’s direct listing bolster private investment in crypto-focused startups, and will that success help other areas of financially focused startup work garner more investor attention?
Billion-dollar B2B: Cloud-first enterprise tech behemoths have massive potential
Image Credits: twomeows (opens in a new window)/ Getty Images
The “billion-dollar B2B” paradigm refers to the forces shaping a new class of cloud-first, enterprise-tech behemoths with the potential to reach $1 billion in ARR — and achieve market capitalizations in excess of $50 billion or even $100 billion.
One of the biggest factors driving billion-dollar B2Bs is a simple but important shift in how organizations buy enterprise technology today.
How startups can ensure CCPA and GDPR compliance in 2021
Image Credits: tumsasedgars (opens in a new window) / Getty Images
Data is the most valuable asset for any business in 2021. If your business is online and collecting customer personal information, your business is dealing in data, which means data privacy compliance regulations will apply to everyone — no matter the company’s size.
Small startups might not think the world’s strictest data privacy laws — the California Consumer Privacy Act (CCPA) and Europe’s General Data Protection Regulation (GDPR) — apply to them, but it’s important to enact best data management practices before a legal situation arises.
Should Dell have pursued a more aggressive debt-reduction move with VMware?
Image Credits: Bloomberg / Getty Images
When Dell announced it was spinning out VMware, the move itself wasn’t surprising; there had been public speculation for some time.
But Dell could have gone a number of ways in this deal, despite its choice to spin VMware out as a separate company with a constituent dividend instead of an outright sale.
It seems Dell hopes to have its cake and eat it too with this deal: It generates a large slug of cash to use for personal debt relief while securing a five-year commercial deal that should keep the two companies closely aligned.
What we all missed in UiPath’s latest IPO filing
Image Credits: Nigel Sussman (opens in a new window)
Robotic process automation platform UiPath filed its first S-1/A this week, setting an initial price range for its shares. The numbers were impressive, if slightly disappointing because what UiPath indicated in terms of its potential IPO value was a lower valuation than it earned during its final private fundraising.
Here at The Exchange, we wondered if the somewhat slack news regarding UiPath’s potential IPO valuation was a warning to late-stage investors.
But in good news for UiPath shareholders, most everyone — ourselves included! — who discussed the company’s price range didn’t dig into the fact that the company first disclosed quarterly results to the same S-1/A filing that included its IPO valuation interval. And those numbers are very interesting, so much so that The Exchange is now generally expecting UiPath to target a higher price interval before it debuts.
But let’s dig into the company’s quarterly results to get a clearer picture of UiPath.
The IPO market is sending us mixed messages
Image Credits: Mohd Hafiez Mohd Razali/EyeEm (opens in a new window) / Getty Images
If you only stayed up to date with the Coinbase direct listing this week, you’re forgiven. It was, after all, one heck of a flotation.
But underneath the cryptocurrency exchange’s public debut, other IPO news that matters did happen this week. And the news adds up to a somewhat muddled picture of the current IPO market.
To cap off the week, let’s run through IPO news from UiPath, Coinbase, Grab, AppLovin and Zenvia. The aggregate dataset should help you form your own perspective about where today’s IPO markets really are in terms of warmth for the often unprofitable unicorns of the world.
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How Pilot charted a course of not raising too much money
A few weeks ago, we wrote about fintech Pilot raising a $100 million Series C that doubled the company’s valuation to $1.2 billion.
Bezos Expeditions — Amazon founder Jeff Bezos’ personal investment fund — and Whale Rock Capital joined the round, adding $40 million to a $60 million raise led by Sequoia about one month prior.
That raise came after a $40 million Series B in April 2019 co-led by Stripe and Index Ventures that valued the company at $355 million.
Both raises were notable and warranted coverage. But sometimes it’s fun to take a peek at the stories behind the raises and dig deeper into the numbers.
So here we go.
First off, San Francisco-based Pilot — which has a mission of affordably providing back-office services such as bookkeeping to startups and SMBs — apparently had term sheets that offered “2x the $40M” raised in its Series B. But it chose not to raise so much capital.
I also heard that the same investor that ended up leading a now defunct competitor’s $60 million raise first asked to invest $60 million in Pilot as a follow-on to that Series B prior to making the other investment. While I don’t know for sure, I can only presume that what is being referred to is ScaleFactor’s $60 million Series C raise in August 2019 that was led by Coatue Management. (ScaleFactor crashed and burned last year.)
According to CFO Paul Jun: “There were many periods when Pilot turned away new customers and growth capital instead of absolutely maximizing short-term growth…Pilot prioritized building the foundational investments needed for scalability, reliability and high velocity. When it was presented with the opportunity for additional funding towards further growth in 2019, it declined to do so.”
Co-founder and CEO Waseem Daher elaborates, pointing out that the first company that Pilot’s founding team ran, Ksplice, was bootstrapped before getting acquired by Oracle in 2011. (It’s also worth noting that the founding team are all MIT computer scientists.)
“Ultimately, the reason to raise money is you believe that you can deploy the capital, to grow the company or to basically cause the company to grow at the rate you’d like to grow. And it doesn’t make sense to raise money if you don’t need it, or don’t have a good plan for what to do with it,” Daher told TechCrunch. “Too much capital can be bad because it sort of leads you to bad habits…When you have the money, you spend the money.”
So despite what he describes as “a great deal of institutional interest” in 2019, Pilot opted to raise just $40 million, instead of $80 million to $100 million, because it was the amount of capital the company had confidence that it could deploy successfully.
Also, Jun shared some numbers beyond the recent raise amount and valuation.
- The company has tripled revenue every year since inception, except for 2020 when it doubled revenue.
- Pilot claims to have had a cash burn of $800,000 per month in 2020 against a starting balance of $40 million.
- The startup touts a 60% GAAP gross margin. Daher notes: “We feel really good about having long-term unit economics that will work for this business without resorting to offshoring or outsourcing in a way that could compromise quality and compromise relationships.”
Bottom line is companies don’t have to accept all the capital that’s offered to them. And maybe in some cases, they shouldn’t.
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Hatch, a neobank for SMBs, launches with $20M in funding from investors like Kleiner Perkins, Foundation and Plaid’s founders
After his last startup, Framed Data, was acquired by Square, Thomson Nguyen began exploring new ideas. While an entrepreneur-in-residence at Kleiner Perkins, Nguyen interviewed hundreds of small business owners and realized that many pay hundreds of dollars in fees to maintain a business checking account. “Most small businesses are low margin, high cash flow, so they don’t have $4,000 just laying around,” Nguyen told TechCrunch. “We found in our analysis that micro-SMBs actually end up paying on average $450 in overdraft fees a year.”
Nguyen’s new startup Hatch recently launched its first two products and announced today it has secured a total of $20 million in funding from investors like Kleiner Perkins, Foundation Capital, SVB and Plaid’s founders. The fintech’s Hatch Business Checking accounts cost $10 a month, don’t charge non-sufficient funds (NSF) or overdraft fees and include cashback offers. Eligible account holders can also enroll in Hatch Cover, which covers overdrafts up to $100, or apply for lines of credit.
Some of Hatch’s customers have hundreds of employees, but Nguyen said the startup primarily focuses on businesses with up to 20 people. Many are run by only one person, who might be setting up a business account for the first time.
Hatch draws on Nguyen’s professional and personal backgrounds. Framed Data, a predictive analytics company, was acquired by Square in 2016. He worked as Square Capital’s head of data science before becoming an entrepreneur-in-residence at Kleiner Perkins in 2018, focusing on fintech and machine learning problems. As a child of immigrants, Nguyen saw firsthand the challenges small businesses can face.
“During my time at Kleiner, the goal was to think about what other problems I wanted to solve. I definitely wanted to solve additional problems within small businesses. I think a lot of what I appreciate about Square’s mission of economic empowerment for small businesses also really resonated with my own family story,” he said. “My parents immigrated here from Vietnam after the war and were like so many immigrants to the States to start small businesses. Figuring out how to use whatever talents I had to try to make it easier to start small businesses was definitely something I wanted to pursue.”
Hatch’s leadership team, including alumni of fintech companies and major financial institutions like Square, Stripe, Morgan Stanley and JP Morgan, talked to small business owners, and found that recent immigrants or people without credit histories were paying the majority of bank fees. The startup raised a $5 million seed round from Kleiner Perkins, Abstract Ventures and former Square executive Gokul Rajaram in January 2019, then a $14 million Series A round from Foundation Capital, SVB and Plaid founders William Hockey and Zack Perret in February 2020.
Hatch Business Checking began rolling out in January and currently has 4,000 users. The company’s inception coincided with an especially brutal time for many small business owners, as they weathered the COVID-19 pandemic’s economic impact and navigated the process of getting government aid through the Coronavirus Aid, Relief and Economic Security (CARES) Act.
“Initially I was a little worried, but as I was talking to all of our small business customers and even as I was doing these interviews, I realized that amidst a global pandemic, it’s been humbling to see the grit and perseverance of small business owners trying to innovate and learn,” Nguyen said.
For example, some of Hatch’s users are restaurants that hadn’t done deliveries before, but quickly signed up for multiple on-demand platforms like Postmates or Uber Eats. Others include accountants and lawyers who figured out how to move their practices online.
Hatch serves businesses in a wide range of sectors, including first-time entrepreneurs.
“There’s been this interesting trend of sole proprietors and individual creators who maybe had a side hustle, and after they were laid off during COVID, they decided, okay, I’m going start a small business,” Nguyen said. “Through our research, that’s actually how a lot of small businesses think of themselves, not as Thomson Tacos LLC for example, but just as myself, as Thomson, a person who is running this business.”
The startup uses machine learning to automate Hatch Business Checking’s online sign-up process and its know your customer (KYC) and know your business (KYB) requirements. This includes confirming business incorporation paperwork, social security or employer ID numbers and regulatory compliance like Office of Foreign Asset Control (OFAC) checks. Hatch can approve applications in less than five minutes. Once that process is complete, customers get a Mastercard virtual number and can link external bank accounts. Hatch also uses machine learning for real-time fraud and risk monitoring.
Nguyen said Hatch launched its overdraft coverage program because “we found it is a really great way for folks to get themselves out of a bind, finish the point sale and then top up their account later.”
If a business with a Hatch Business Checking account needs more working capital, it can apply for a Hatch Business Line of Credit, or loans between $200 to $5,000 at an APR of 18% to 24%. Hatch does not do hard credit checks and sees the credit lines as an alternative to the payday lenders or check cashers that customers without a FICO score or subprime ratings often use.
To screen loan applicants, Hatch uses information from their Business Checking accounts, including activity from connected point-of-sale systems. This allows Hatch to see real-time data and forecast a business’ potential forward revenue. It also enables the company to approve credit lines in as little as two hours.
“A hard credit check is actually quite difficult for recent immigrants or Americans who had trouble in their recent history. If you declare bankruptcy, it takes seven years to get it struck off your credit history,” said Nguyen. “To us, I think the more important factors are whether you actually have a business and whether that business is growing. We have a couple of examples of folks who declared bankruptcy three or four years ago, but they have a business that is booming and growing, and we’re happy to underwrite or originate that line of credit for them.”
But he emphasizes that Hatch, a signatory of the Small Business Owner’s Bill of Rights, does not see lending as a permanent solution and will not encourage its users to take on unnecessary debt.
“I think the reason we feel so strongly about this is that we want to win when our customers win,” Nguyen said. “If all we did was lending, then you would almost have a misalignment of incentives where you want to encourage lending retention. Given our business bank accounts and our revenue model, which is $10 a month and debit interchange, we really win when the business continues to exist. So for us, it’s almost a matter of building that financial independence for our customers.”
Hatch currently covers overdrafts and credit lines with its own balance sheet. “Because we’re using machine learning data to understand our own risk position, the main focus right now is to understand how businesses grow and model those products accordingly,” said Nguyen.
In an emailed statement, Kleiner Perkins partner Ilya Fushman told TechCrunch, “Small businesses account for nearly half of all economic activity in the U.S., but are often hamstrung by the banking ecosystem today. Hatch is democratizing access to the financial resources that small businesses need to start out and grow. Thomson and team are already working with thousands of SMBs and are uniquely suited with the technology and industry expertise to help them grow with the financial resources they need to be successful.”
In his statement about Foundation Capital’s investment, partner Charles Moldow said, “Our view at Foundation Capital is that the next phase of financial innovation is confluence: a coming together of lending and mobile banking. Hatch is a breaker wave of this movement for small businesses. That Thomson and his team were able to so rapidly stand up the only full-solution, mobile-first bank offering for SMBs is a testament to what they can and will accomplish.”
Since Hatch’s Series A, it has grown its team from eight people to 48, hiring remotely during the pandemic. Its plan is to expand its Business Checking accounts and continue building products for the estimated 40 million small businesses in the United States.
“When I think of the future products we can provide, it really centers around how do we make sure that a small business succeeds in starting up correctly and efficiently, and scaling their business,” said Nguyen. “Sometimes that’s financial products like our business accounts. Potentially, it could be software products that help you actually start that business. So there’s a wealth of different ideas and directions in which we can take Hatch.”
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Let’s talk about gaslighting and fundraising
“Most of the startups I give advice to about how to raise venture capital shouldn’t be raising venture capital,” an investor recently told me. While the idea that every startup isn’t venture-backable might run counter to the narrative to the barrage of funding news each week, I think it’s important to double click on the topic. Plus, it keeps coming up, off the record, on phone calls with investors!
As venture grows as an asset class, the access to capital has broadened from a dollar perspective, but I do think the difficulties that remain is an important dynamic to call out (and something no one talks about during an upmarket). Beyond the fact that only a small subset of startups truly can pull off scaling to the point of venture-level returns, it is still hard for even qualified founders to raise venture capital. Venture capital is still a heavily white, male-led industry, and as a result contains bias that disproportionately limits access for underrepresented founders.
- So, you want to raise a Series A
- Understanding how fundraising terms can affect early-stage startups
- Four strategies for getting attention from investors
- Investors discuss alt-financing and the role of venture capital
- Building the right team for a billion-dollar startup
Eniac founding partner Hadley Harris applied this dynamic to the current market boom in a recent tweet: A lot of people are misunderstanding this VC funding market. More money is flowing into the market but the increase is not evenly distributed. The market believes winners can be much bigger but not necessary that there will be more winners. It’s still very hard for most to raise a VC.
To say otherwise is to gaslight the early-stage or first-time founders that have spent months and months trying to raise their first institutional dollars and failed. So ask yourself: Seed rounds have indeed grown bigger, but for who? What comes at the cost of the $30 million seed round? Are the founders that can raise overnight from diverse backgrounds? Are investors backing first-time founders as much as they are backing second- or third-time entrepreneurs?
The answers might leave you debating about the boundaries, and limitations, of the upcoming hot-deal summer.
A few weeks ago, I wrote about the disconnect between due diligence and fundraising right now. Now we’ve moved onto the disconnect, and bifurcation, within first-check fundraising itself. There is so much more we can get into about the fallacy of “democratization” in venture capital, from who gets to start a rolling fund to the lack of assurance within equity crowdfunding campaigns.
We’ll get through it all together, and in the meantime make sure to follow me on Twitter @nmasc_ for more hot takes throughout the week.
In the rest of this newsletter, we will talk about fintech politics, the Affirm model with a twist, and sneakers-as-a-service.
Ex-Coinbase talks politics
The inimitable Mary Ann Azevedo has been dominating the fintech beat for us, covering everything from the latest Uruguayan unicorn to Acorn’s scoop of a debt management startup. But the story I want to focus on this week is her interview with ex-Coinbase counsel & former Treasury official, Brian Brooks.
Here’s what to know: Coinbase CEO Brian Armstrong notoriously released a memo last year denouncing political activism at work, calling it a distraction. In this exclusive interview, Brooks spoke about how blockchain is the answer to financial inclusion, and argued why politics needs to be taken out of tech.
We don’t want bank CEOs making those decisions for us as a society, in terms of who they choose to lend money to, or not. We need to take the politics out of tech. All of us do a lot of different things, and we have no idea on a given day, whether what we’re doing is popular with our neighbors or popular with our bank president or not. I don’t want the fact that I sometimes feel Republican to be a reason why my local bank president can deny me a mortgage.
- Coinbase’s monster Q1 in context
- Crypto trading on Robinhood spiked to 9.5M customers in first quarter
- The Cult of CryptoPunks
Image Credits: Bryce Durbin/TechCrunch
The Affirm for X model
While Affirm may have popularized the “buy now, pay later” model, the consumer-friendly business strategy still has room to be niched down into specific subsectors. I ran into one such startup when covering Plaid’s inaugural cohort of startups in its accelerator program.
Here’s what to know: Walnut is a new seed-stage startup that is a point-of-sale loan company with a healthcare twist. Unlike Affirm, it doesn’t make money off of fees charged to consumers.
- Walnut wants to crack open flexibility for healthcare bills
- Inside Affirm’s IPO filing: A look at its economics, profits and revenue concentration
- As BNPL startups raise, a look at Klarna, Affirm and Afterpay earnings
Image Credits: Bryce Durbin/TechCrunch
Everything you could ever want to know about StockX
In our latest EC-1, reporter Rae Witte has covered a startup that leads one of the most complex and culturally relevant marketplaces in the world: sneakers.
Here’s what to know: StockX, in her words, has built a stock market of hype, and her series goes into its origin story, authentication processes and a market map.
- How StockX became the stock market of hype
- Authentication and StockX’s global arms race against fraudsters
- Where StockX fits in the business of sneakers
- The consequences of scaling up sneaker culture
Image Credits: Nigel Sussman
Around TechCrunch
Found, a new podcast joining the TechCrunch network, has officially launched! The Equity team got a behind-the-scenes look at what triggered the new podcast, the first guests and goals of the show. Make sure to tune into the first episode.
Also, if you run into any paywalls while browsing today’s newsletter, make sure to use discount code STARTUPSWEEKLY to get 25% off an annual or two-year Extra Crunch subscription.
Across the week
Seen on TechCrunch
Okta launches a new free developer plan
New Jersey announces $10M seed fund aimed at Black and Latinx founders
Education nonprofit Edraak ignored a student data leak for two months
6 VCs talk the future of Austin’s exploding startup ecosystem
Dear Sophie: Help! My H-1B wasn’t chosen!
Seen on Extra Crunch
5 machine learning essentials nontechnical leaders need to understand
How we dodged risks and raised millions for our open-source machine language startup
Giving EV batteries a second life for sustainability and profit
And that’s a wrap! Thanks for making it this far, and now I dare you to go make the most out of the rest of your day. And by make the most, I mean listen to Taylor’s Version.
Warmly,
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Walnut wants to crack open flexibility for healthcare bills
Healthcare insurance, if you’re lucky to have it, only covers a subset of conditions in the United States. As a result, patients can often get burdened with horror story charges, like huge deductibles, out-of-network costs and expensive co-pays. So for the uninsured and insured alike, innovative ways of managing big bills are in high demand — especially as uncertainty remains around how COVID-19 and long-haul symptoms will be handled by patients and payers.
Walnut, founded by Roshan Patel, is a point-of-sale lending company with a healthcare twist. Walnut uses a “buy now, pay later” model, popularized by Affirm and Klarna, to help patients pay for healthcare over a period of time, instead of in one $3,000 chunk. Walnut works with healthcare providers so that a patient’s bill can be paid back through $100-a-month increments for 30 months, instead of one aggressive credit card swipe.
A patient using Walnut to pay healthcare bills. Image Credits: Walnut
It’s a sweet deal, but Patel added one more detail that he thinks makes Walnut stand out: The startup doesn’t charge any interest or fees to consumers.
“Almost every ‘buy now, pay later’ company in e-commerce charges interest or fees, and every personal loan provider charges interest or fees, but we do not,” he said. “And that’s really important to me, not making healthcare any more expensive than it already is. It’s a very patient-friendly product.”
Companies that use the buy now, pay later model with zero interest or fees need to make revenue somehow, and in Walnut’s case it is by charging healthcare providers a percentage of each sale or transaction.
If a provider’s collection rate for an out-of-pocket is 50%, Walnut would go to them and say “give us a 40% discount, and we’ll guarantee the cash for you upfront.” The startup will take the risk, and then the provider is able to make 60% of the collection rate.
Now, ideally, a provider would want to get 100% of payments they are owed, but that is wishful thinking. Patel explained that a large number of bills go unpaid due to bankruptcies or a default on payments (the average collections rate for hospitals out of pocket is less than 20%). Because of this, a company like Walnut has room to offer at least some stable upfront cash to hospitals, even if it ends up being 60% of overall bills versus 100%.
The company uses “extensive underwriting models” to figure out if a patient should qualify for a loan. Patel says that the startup goes beyond using credit score, which he describes as an “outdated metric”, and instead looks at thousands of data points from different providers, from side hustle income to spending habits on things like groceries and bills.
Image Credits: Lightspring (opens in a new window) / Shutterstock (opens in a new window)
Walnut’s biggest challenge, says Patel, is to underwrite the population and pay the healthcare provider upfront in cash. It then collects from the patient on the back end, which comes with its own amount of risk.
“To be able to take on that risk for patients that are less credit-worthy is a very challenging problem, and I don’t think it’s really solved yet in healthcare,” he said.
The startup is starting by working with small private practices of one to five physicians that focus on specialties like dentistry, dermatology and fertility.
A big part of Walnut’s success will be determined by if it can attract people that truly need flexible financing options. For example, the company doesn’t have any hospitals as a partner yet, which would tap a larger group of patients that likely need flexible financing options the most. Right now, “the people who get elective-care surgery are the ones that can afford it.”
But Patel doesn’t see this as a disconnect; instead, he sees it as an opportunity to widen access to elective medical care to more people.
“I talked to a person last week who has no teeth and wants dentures but it costs $6,000,” he said. “That person should be able to afford it, and we enabled them to pay $100 a month for it.”
Walnut’s two biggest customer groups are the uninsured (people who have lost their jobs from COVID-19), and consumers who have high deductible plans.
Walnut isn’t the first. PrimaHealth Credit, Walnut’s closest competitor, offers point-of-sale lending procedures for elective medical procedures. Think surgeries like cataract work or dental work. The company said the service is currently available in Arizona, California, Florida, Oklahoma and Texas, and will be expanded to all 50 states this year. Walnut, comparatively, is mostly focused on the East Coast and plans to expand nationwide by the end of this year.
PrimaHealth’s average loan size is $1,800, and Walnut’s average loan size is $5,000.
The company is currently piloting with a handful of healthcare providers in dermatology, dentistry and fertility. It has had more than 500 patient loan applications, totaling over $4.6 million in application volume year-to-date. Patel says that Walnut only accepted a fraction of these applications, but declined to share what percent of money it has lent so far. As Walnut refines its model, it might be able to cover other categories.
Up until this point, Walnut has been lending off of its own balance sheet. In order to truly scale, it will need to get a new source of capital — either a credit line, debt financing round or venture capital — to offer more loans. Patel says that the startup is in talks with banks, and turned down a debt offer due to size and rate.
Venture capital seems to be the solution for now: The startup announced that it has raised a $3.6 million seed round from investors including Gradient Ventures, Afore Capital, 2048 Ventures, Supernode Ventures, TA Ventures, Polymath Capital, Tack Ventures, Awesome People Ventures, Newark Ventures and NKM Capital. Angels include the CEOs of Giphy and PillPack, and the CTO of Rampm Financial as well as an NFL coach. The company is also a part of Plaid’s inaugural accelerator.
“I don’t want to be yet another startup trying to offer you an undifferentiated insurance plan,” Patel said.
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Ribbit Capital leads $26.7M round for Brazilian fintech Cora
Cora, a São Paulo-based technology-enabled lender to small and-medium-sized businesses, has raised $26.7 million in a Series A round led by Silicon Valley VC firm Ribbit Capital.
Kaszek Ventures, QED Investors and Greenoaks Capital also participated in the financing, which brings the startup’s total raised to $36.7 million since its 2019 inception. Kaszek led Cora’s $10 million seed round (believed at that time to be one of the largest seed investments in LatAm) in December 2019, with Ribbit then following.
Last year, Cora got its license approved from the Central Bank of Brazil, making it a 403 bank. The fintech then launched its product in October 2020 and has since grown to have about 60,000 customers and 110 employees.
Cora offers a variety of solutions, ranging from a digital checking account, Visa debit card and management tools such as an invoice manager and cashflow dashboard. With the checking account, customers have the ability to send and receive money, as well as pay bills, digitally.
This isn’t the first venture for Cora co-founders Igor Senra and Leo Mendes. The pair had worked together before — founding their first online payments company, MOIP, in 2005. That company sold to Germany’s WireCard in 2016 (with a 3 million-strong customer base), and after three years the founders were able to strike out again.
Cora co-founders Leo Mendes and Igor Senra; Image courtesy of Cora
With Cora, the pair’s long-term goal is to “provide everything that a SMB will need in a bank.”
Looking ahead, the pair has the ambitious goal of being “the fastest growing neobank focused on SMBs in the world.” It plans to use the new capital to add new features and improve existing ones; on operations; and launching a portfolio of credit products.
In particular, Cora wants to go even deeper in certain segments, such as B2B professional services such as law and accounting firms, real estate brokerages and education.
Ribbit Capital partner Nikolay Kostov believes that Cora has embarked on “an ambitious mission” to change how small businesses in Brazil are able to access and experience banking.
“While the consumer banking experience has undergone a massive transformation thanks to new digital experiences over the last decade, this is, sadly, still not the case on the small business side,” he said.
For example, Kostov points out, opening a traditional small business bank account in Brazil takes weeks, “reels of paper, and often comes with low limits, poor service and antiquated digital interfaces.”
Meanwhile, the number of new small businesses in the country continues to grow.
“The combination of these factors makes Brazil an especially attractive market for Cora to launch in and disrupt,” Kostov told TechCrunch. “The Cora founding team is uniquely qualified and deeply attuned to the challenges of small businesses in the country, having spent their entire careers building digital products to serve their needs.”
Since Ribbit’s start in 2012, he added, LatAm has been a core focus geography for the firm “given the magnitude of challenges, and opportunities in the region to reinvent financial services and serve customers better.”
Ribbit has invested in 15 companies in the region and continues to look for more to back.
“We fully expect that several fintech companies born in the region will become global champions that serve to inspire other entrepreneurs across the globe,” Kostov said.
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Uruguayan payments startup dLocal quadruples valuation to $5B with $150M raise
Cross-border payments startup dLocal has raised $150 million at a $5 billion valuation, less than seven months after securing $200 million at a $1.2 billion valuation.
This means that the five-year-old Uruguayan company has effectively quadrupled its valuation in a matter of months.
Alkeon Capital led the latest round, which also included participation from BOND, D1 Capital Partners and Tiger Global. General Atlantic led its previous round, which closed last September and made dLocal Uruguay’s first unicorn and one of Latin American’s highest-valued startups.
DLocal connects global enterprise merchants with “billions” of emerging market consumers in 29 countries across Asia-Pacific, the Middle East, Latin America and Africa. More than 325 global merchants, including e-commerce retailers, SaaS companies, online travel providers and marketplaces use dLocal to accept over 600 local payment methods. They also use its platform to issue payments to their contractors, agents and sellers. Some of dLocal’s customers include Amazon, Booking.com, Dropbox, GoDaddy, MailChimp, Microsoft, Spotify, TripAdvisor, Uber and Zara.
In conjunction with this latest round, dLocal has named Sumita Pandit to the role of COO. Pandit is former global head of fintech and managing director for JP Morgan, and also worked at Goldman Sachs.
“Sumita is a highly respected and accomplished fintech investment banker, and she’s played a pivotal role advising some of the world’s most successful fintech companies as they’ve scaled to become global leaders,” said dLocal CEO Sebastián Kanovich in a written statement.
Meanwhile, former COO Jacobo Singer has been promoted to president of dLocal.
The company plans to use its new capital to enhance its technology and continue to expand geographically.
Alkeon General Partner Deepak Ravichandran believes that emerging markets represent some of the fastest growth opportunities in digital payments.
“However, as global merchants look to access these markets, they are often faced with a complex web of local payment methods, cross-border regulations, and other operational roadblocks,” he said in a written statement. “dLocal’s unique platform empowers merchants with a single integrated payment solution, to reach billions of customers, accept payments, send payouts, and settle funds globally.”
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PPRO extends latest round to $270M, adding JPMorgan and Eldridge to grow its localized payments platform
In January, localized payments provider PPRO became the latest fintech-as-a-service startup to hit a billion-dollar valuation when it closed $180 million in funding. As a mark of how payments and e-commerce continue to be major areas of focus in the global economy, today PPRO is extending that round by another $90 million and adding in two new investors to its cap table.
The financing is coming by way of strategic backing from JPMorgan Chase and Eldridge (which is the second time this week the PE firm has been in the news for making a major investment in an enterprise tech company: earlier this week Eldridge was one of the leads on a $475 million round for real-time intelligence provider Dataminr).
The enlarged $270 million round — the January tranche was from Eurazeo Growth, Sprints Capital and Wellington Management — includes both primary and secondary capital, and this latest tranche is part of the secondary element, PPRO CEO Simon Black confirmed to me. Prior to this, London-based PPRO (pronounced “P-pro”) raised $50 million in August 2020 from Sprints, Citi and HPE Growth; and in 2018 it raised $50 million led by strategic investor PayPal.
PPRO’s core product is a set of APIs that e-commerce companies can integrate into their check-outs to accept payments in whatever local methods and currencies consumers prefer, removing the need for PPRO customers to build those complex and messy integrations themselves. Its business has boomed in the last year as one of the bigger providers of that localized payment technology, with transaction volumes up 60% in 2020 to $11 billion in processed payments.
JPMorgan Chase, meanwhile, is one of the world’s financial giants, providing banking and credit cards among its many other services. The idea is that it wants to build more payment services around its existing relationships and expand its payment business globally, working more closely with PPRO as part of that. There are two main areas where PPRO could figure: to help its credit card business gain more ubiquity as a payment method in more parts of the globe; and to be a service provider for its business banking customers to help them expand in more markets with more flexible, localized payments.
“We are extending into payments and we are looking to double down on addressing the needs of our clients and their clients, which can be consumers, suppliers or marketplace sellers,” said Sanjay Saraf, managing director and Global Head of the Integrated Payments Group at JPMorgan Chase, in an interview. “That last mile becomes important from a customer service perspective.”
In particular, the U.S. company is hoping to double down on its business and footprint in Latin America and Asia Pacific, two emerging markets still seeing a lot of growth in e-commerce, in particular compared to more developed, penetrated and mature markets like the U.S.
This latest round of financing underscores two trends of the moment in fintech.
First, it points to how active the e-commerce market has become — a trend fueled not in small part by the COVID-19 pandemic, and the resulting shift people have made to carrying out everyday tasks online. Second, it’s a sign of how global financial services companies are looking for ways to remain relevant in every market, tapping into more innovations from fintech startups to get there.
The problem, as it exists, is that payments remains a very fragmented business.
The standard methods that a person might use to pay for goods or services online in one country — for example a credit card in the U.S. — might differ drastically from the preferred methods when selling in another — for example, in Belgium one popular format is Bancontact (where you visit a new screen to authorize a transfer from directly from your bank checking account).
As with other payments and fintech-as-a-service startups, the attraction of using PPRO is that it has built a lot of those integrations at the backend and packaged them up as a service, taking away a lot of the complexity, in its case of identifying and integrating each of those payment methods manually, and making it something that can be done seamlessly and quickly.
JPMorgan is now one of several other partners. Those relationships work in both directions, providing partners a way to expand their consumer-facing products, and to help them work with more businesses in more markets. (Similar, I suspect, to how JPMorgan will work with it, too.)
Others in PPRO’s network of 100 large global customers include PayPal, Citi, Mastercard Payment Gateway Services, Mollie and Worldpay, which use PPRO’s APIs for a variety of functions, including localised gateway, processing and merchant acquirer services.
It is also not the only one that has identified the opportunity to simplify this part of the payment process and of other complex financial transactions that rely on localized approaches. Others in the same area include Rapyd, Mambu, Thought Machine, Temenos, Edera, Adyen, Stripe and newer players like Unit, with many of these raising very large amounts of money in recent times to double down on what is currently a rapidly expanding market.
The past year has been “an acceleration of a trend, where behaviors are being reinforced,” said Black in an interview. “At the consumer level, we are buying so many more products and services online, and we value convenience more than ever, which translates to a real strengthening of more demand for local payments.”
And while emerging technologies like cryptocurrency continue to see a lot of buzz, this is not at all where mass-market activity is for now. “The big trend is mobile wallets, not bitcoin,” Black said.
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Plaid accelerator announces inaugural cohort of fintech startups
Plaid, the fintech giant, has announced the inaugural cohort of startups in its new accelerator program, FinRise.
The equity-free and capital-free program has chosen five early-stage fintech startups out of 100 applications to join its cohort, working on issues central to the financial services industry such as simplifying payments and access to credit. The accelerator, announced two months ago, is explicitly focused on backing underrepresented founders in tech.
Last week, The Information reported that Plaid is nearing a new financing deal that would value the company at between $10 billion to $15 billion. Beyond a high valuation, Plaid sports a key characteristic that positions it well to help early-stage startups: it has gone through regulatory hurdles. Months ago, Plaid announced it would not merge with Visa in what would have been a $5.3 billion acquisition. This event, as well as advice on how private fintech startups can deal with policy issues, will be part of FinRise programming.
While participants don’t get funding, FinRise has collated a number of “capital access partners,” which basically means investors who are committed to meeting with these companies and potentially writing a check. This network includes Accion, Acrew, Amex Ventures, Flourish, Harlem Capital, Kapor, Matrix, Village Capital, Visible Hands and First Round.
Here’s a look at the five startups:
- Global Data Consortium is building a process for global digital identity verification for businesses. Co-founded by Bill Spruill and Charles Gaddy, the startup is building a data supplier network of more than 200 sources to help build a standard of processes around digital identity verification. “As we continue to scale our platform it’s important to make sure our technical infrastructure continues to be enterprise-ready. Plaid’s engineering expertise and knowledge will prove useful to our team to help us plan and execute around our next level of service support architecture,” Spruill told TechCrunch.
- Guidefi is a marketplace focused on connecting communities of color to culturally savvy financial advisors. Led by Charlene Fadirepo, the financial wellness startup doesn’t charge for matches to advisors, but only charges money once services begin.
- OfColor wants to be the go-to enterprise wellness platform for employees of color. Founder Yemi Rose tells TechCrunch that “a lot of companies we encounter generally pride themselves on being colorblind in their HR benefit practices, in spite of outcomes that show a different approach is needed…our biggest hurdle is education.” The startup focuses on features like a personalized financial manager as well as loans that allow employees to maximize their 401(k) contribution.
- Walnut is a point-of-sale lending platform that wants to make healthcare more affordable for patients. Roshan Patel, founder and CEO of the startup, says that its biggest competitor is PrimaHealth Credit, which focuses on elective care. “Walnut is care-agnostic: no matter where you are in the healthcare system, you can use Walnut to break up your bill into an installment plan that works for you. That can be at the dentist or cosmetic surgery practice, but it can also be in the emergency room or at your primary care physician,” he said.
- Zeta wants to build a better joint-bank experience for the modern couple. First covered by TechCrunch in February, Zeta has already raised $1.5 million in venture funding to create a platform that makes it easier to join accounts and split purchases. “In some ways, we see ourselves as part of a replacement for Venmo,” CEO and co-founder Aditi Shekar said. “We saw couples Venmoing back and forth to each other sometimes six times a day…we want to take over your money chores.” While Zeta is entering the market as a tool for couples, Shekar sees the startup’s moonshot as being the go-to operational account for any modern household.
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Cross-border fintech Airwallex raises $100M Series D extension at new valuation of $2.6B
Airwallex, the fintech company for cross-border businesses, announced today it has added $100 million more to its Series D round, bumping its valuation up to $2.6 billion. The extension was led by Greenoaks, with participation from Grok Ventures and returning investors Skip Capital and ANZi Ventures.
Co-founder and chief executive officer Jack Zhang told TechCrunch that the new funding will be used for Airwallex’s United States launch in the second quarter of this year, expand its payment coverage to new regions like the Middle East, Africa, Eastern Europe and Latin America, and add more products, including physical cards.
This latest extension brings Airwallex’s Series D round to $300 million, and total equity raised so far to $500 million. Airwallex first announced its Series D in April 2020 after raising $160 million, then another tranche that added $40 million in September 2020.
Airwallex reached unicorn valuation after its Series C in March 2019. The company was founded in Melbourne in 2015, and now has more than 600 employees across 12 offices in Australia, China, Hong Kong, the United Kingdom, Japan and the United States. In its announcement today, Airwallex said it is also hiring for more than 500 positions.
Airwallex’s products for cross-border businesses include foreign currency accounts and multi-currency debit cards with Visa, international money transfers and a suite of APIs that allow companies to do things like accept and manage international payments, and manage their foreign exchange risk.
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