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Ride Vision, an Israeli startup that is building an AI-driven safety system to prevent motorcycle collisions, today announced that it has raised a $7 million Series A round led by crowdsourcing platform OurCrowd. YL Ventures, which typically specializes in cybersecurity startups but also led the company’s $2.5 million seed round in 2018, Mobilion VC and motorcycle mirror manufacturer Metagal also participated in this round. The company has now raised a total of $10 million.
In addition to this new funding round, Ride Vision also today announced a new partnership with automotive parts manufacturer Continental .
“As motorcycle enthusiasts, we at Ride Vision are excited at the prospect of our international launch and our partnership with Continental,” Uri Lavi, CEO and co-founder of Ride Vision, said in today’s announcement. “This moment is a major milestone, as we stride toward our dream of empowering bikers to feel truly safe while they enjoy the ride.”
The general idea here is pretty straightforward and comparable with the blind-spot monitoring system in your car. Using computer vision, Ride Vision’s system, the Ride Vision 1, analyzes the traffic around a rider in real time. It provides forward collision alerts and monitors your blind spot, but it can also tell you when you’re following another rider or car too closely. It can also simply record your ride and, coming soon, it’ll be able to make emergency calls on your behalf when things go awry.
As the company argues, the number of motorcycles (and other motorized two-wheeled vehicles) has only increased during the pandemic, as people started avoiding public transport and looked for relatively affordable alternatives. In Europe, sales of two-wheeled vehicles increased by 30% during the pandemic.
The hardware on the motorcycle itself is pretty straightforward. It includes two wide-angle cameras (one each at the front and rear), as well as alert indicators on the mirrors, as well as the main computing unit. Ride Vision has patents on its human-machine warning interface and vision algorithms.
It’s worth noting that there are some blind-spot monitoring solutions for motorcycles on the market already, including those from Innovv and Senzar. Honda also has patents on similar technologies. These do not provide the kind of 360-degree view that Ride Vision is aiming for.
Ride Vision says its products will be available in Italy, Germany, Austria, Spain, France, Greece, Israel and the U.K. in early 2021, with the U.S., Brazil, Canada, Australia, Japan, India, China and others following later.
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Over the last five years, Brazil has witnessed a startup boom.
The main startups hubs in the country have traditionally been São Paulo and Belo Horizonte, but now a new wave of cities are building their own thriving local startup ecosystems, including Recife with Porto Digital hub and Florianópolis with Acate. More recently, a “Black Silicon Valley” is beginning to take shape in Salvador da Bahia.
While finance and media are typically concentrated in São Paulo and Rio de Janeiro, Salvador, a city of three million in the state of Bahia, is considered one of Brazil’s cultural capitals.
With an 84% Afro-Brazilian population, there are deep, rich and visible roots of Africa in the city’s history, music, cuisine and culture. The state of Bahia is almost the size of France and has 15 million people. Bahia’s creative legacy is quite clear, given that almost all the big Brazilian cultural patrimonies have their roots here, from samba and capoeira to various regional delicacies.
Many people are unaware that Brazil has the largest Black population in any country outside of Africa. Like counterparts in the U.S. and across the Americas, Afro-Brazilians have long struggled for socio-economic equity. As with counterparts in the United States, Brazil’s Black founders have less access to capital.
According to research by professor Marcelo Paixão for the Inter-American Development Bank, Afro-Brazilians are three times more likely to have their credit denied than their white counterparts. Afro-Brazilians also have over twice the poverty rates of white Brazilians and only a handful of Afro-Brazilians have held legislative positions, despite comprising more than 50% of the population. Not to mention, they make up less than 5% of the top level of the top 500 companies. Compared with countries like the United States or the United Kingdom, the racial funding gap is even more stark as more than 50% of Brazil’s population is classified as Afro-Brazilian.
Salvador (Bahia’s capital) is the natural birthplace of Brazil’s Black Silicon Valley, which largely centers around a local ecosystem hub, Vale do Dendê.
Vale do Dendê coordinates with local startups, investors and government agencies to support entrepreneurship and innovation and runs startup acceleration programs specifically focusing on supporting Afro-Brazilian founders. The Vale do Dendê Accelerator organization has already been in the spotlight at international and national publications because of its innovative work in bringing startup and tech education from mainstream to traditionally underserved communities.
In almost three years, the accelerator has supported 90 companies directly that cut across various industries, with high representation from the creative and social impact sectors. Almost all of the companies have achieved double-digit growth and various companies have gone on to raise further funding or corporate backing. One of the first portfolio companies, TrazFavela, a delivery app that focuses on linking customers and goods from traditionally marginalized communities, was supported by the accelerator in 2019. Despite the lockdown, the business grew 230% between the period of March and May after incubation and recently signed an agreement for further support and investment from Google Brasil.
There is a clear recognition of the business case for Afro-Brazilian businesses. Another company supported in the beginning with mentoring by Vale do Dendê is Diaspora Black (which focuses on Black culture in the tourism sectors). It attracted backing from Facebook Brasil and grew 770% in 2020.
The same is true for AfroSaúde, a health tech company focused on low-income communities with a new service to prevent COVID-19 in favelas (urban slums, which incidentally have high Black representation). The app now has more than 1,000 Black health professionals on its platform, creating jobs while addressing a health crisis that had been tremendously racialized.
Despite Brazil’s challenging economic situation, large national and global companies and investors are taking notice of this startup boom. Major IT company Qintess has come on board as a major sponsor to help Salvador become the leading Black tech hub in Latin America.
The company announced an investment of around 10 million reais (nearly $2 million USD) over the next five years in Black startups, including a collaboration with Vale do Dendê to train around 2,000 people in tech and accelerate more than 500 startups led by Black founders. Also, in September, Google launched a 5 million reais (around $1 million USD) Black Founders Fund with the support of Vale do Dendê to boost the Afro-Brazilian startup ecosystem.
There is no doubt that the new wave of innovation will come from the emerging markets, and the African Diaspora can play an important role. With the world’s largest African diaspora population in the hemisphere, Brazil can be a major leader on this. Vale do Dendê is keen to build partnerships to make Brazil and Latin America a more representative startup and creative economy ecosystem.
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Four years after the Great Recession, France’s newly elected socialist president François Hollande raised taxes and increased regulations on founder-led startups. The subsequent flight of entrepreneurs to places like London and Silicon Valley portrayed France as a tough place to launch a company. By 2016, France’s national statistics bureau estimated that about three million native-born citizens had moved abroad.
Those who remained fought back: The Family was an early accelerator that encouraged French entrepreneurs to adopt Silicon Valley’s startup methodology, and the 2012 creation of Bpifrance, a public investment bank, put money into the startup ecosystem system via investors. Organizers founded La French Tech to beat the drum about native startups.
When President Emmanuel Macron took office in May 2017, he scrapped the wealth tax on everything except property assets and introduced a flat 30% tax rate on capital gains. Station F, a giant startup campus funded by billionaire entrepreneur Xavier Niel on the site of a former railway station, began attracting international talent. Tony Fadell, one of the fathers of the iPod and founder of Nest Labs, moved to Paris to set up investment firm Future Shape; VivaTech was created with government backing to become one of Europe’s largest startup conference and expos.
Now, in the COVID-19 era, the government has made €4 billion available to entrepreneurs to keep the lights on. According to a recent report from VC firm Atomico, there are 11 unicorns in France, including BlaBlaCar, OVHcloud, Deezer and Veepee. More appear to be coming; last year Macron said he wanted to see “25 French unicorns by 2025.”
According to Station F, by the end of August, there had been 24 funding rounds led by international VCs and a few big transactions. Enterprise artificial intelligence and machine-learning platform Dataiku raised a $100 million Series D round, and Paris-based gaming startup Voodoo raised an undisclosed amount from Tencent Holdings.
We asked 12 Paris-based investors to comment on the state of play in their city:
What trends are you most excited about investing in, generally?
All the fintechs addressing SMBs to help them to focus more on their core business (including banks disintermediation by fintech, new infrastructures tech that are lowering the barrier to entry to nonfintech companies).
What’s your latest, most exciting investment?
77foods (plant-based bacon) — love that alternative proteins trend as well. Obviously, we need to transform our diet toward more sustainable food. It’s the next challenge for humanity.
What are you looking for in your next investment, in general?
Impact investment: Logistic companies tackling the life cycle of products to reduce their carbon footprint and green fintech that reinvent our spending and investment strategy around more sustainable products.
Which areas are either oversaturated or would be too hard to compete in at this point for a new startup? What other types of products/services are you wary or concerned about?
D2C products.
How much are you focused on investing in your local ecosystem versus other startup hubs (or everywhere) in general? More than 50%? Less?
100% investing in France as I’m managing Paris Saclay Seed Fund, a €53 million fund, investing in pre-seed and seed startups launched by graduates and researchers from the best engineering and business schools from this ecosystem.
Which industries in your city and region seem well-positioned to thrive, or not, long term? What are companies you are excited about (your portfolio or not), which founders?
Deep tech, biotech and medical devices. Paris, and France in general, has thousands of outstanding engineers that graduate each year. Researchers are more and more willing to found companies to have a true impact on our society. I do believe that the ecosystem is more and more structured to help them to build such companies.
How should investors in other cities think about the overall investment climate and opportunities in your city?
Paris is booming for sure. It’s still behind London and Berlin probably. But we are seeing more and more European VC offices opening in the city to get direct access to our ecosystem. Even in seed rounds, we start to have European VCs competing against us. It’s good — that means that our startups are moving to the next level.
Do you expect to see a surge in more founders coming from geographies outside major cities in the years to come, with startup hubs losing people due to the pandemic and lingering concerns, plus the attraction of remote work?
For sure startups will more and more push for remote organizations. It’s an amazing way to combine quality of life for employees and attracting talent. Yet I don’t think it will be the majority. Not all founders are willing/able to build a fully remote company. It’s an important cultural choice and it’s adapted to a certain type of business. I believe in more flexible organization (e.g., tech team working remotely or 1-2 days a week for any employee).
Which industry segments that you invest in look weaker or more exposed to potential shifts in consumer and business behavior because of COVID-19? What are the opportunities startups may be able to tap into during these unprecedented times?
Travel and hospitality sectors are of course hugely impacted. Yet there are opportunities for helping those incumbents to face current challenges (e.g., better customer care and services, stronger flexibility, cost reduction and process automation).
How has COVID-19 impacted your investment strategy? What are the biggest worries of the founders in your portfolio? What is your advice to startups in your portfolio right now?
Cash is king more than ever before. My only piece of advice will be to keep a good level of cash as we have a limited view on events coming ahead. It’s easy to say but much more difficult to put in practice (e.g., to what extend should I reduce my cash burn? Should I keep on investing in the product? What is the impact on the sales team?). Startups should focus only on what is mission-critical for their clients. Yet it doesn’t impact our seed investments as we invest pre-revenue and often pre-product.
What is a moment that has given you hope in the last month or so? This can be professional, personal or a mix of the two.
There is no reason to be hopeless. Crises have happened in the past. Humanity has faced other pandemics. Humans are resilient and resourceful enough to adapt to a new environment and new constraints.
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Plum, the London and Athens-based fintech that offers a “smart” money management app to help you improve your “financial resilience,” has raised a further $10 million in funding as it gears up for European expansion.
The new round is led by Japan’s Global Brain and the European Bank for Reconstruction and Development, which has participated in previous Plum funding rounds.
In addition, the company has received further funding from early backer VentureFriends, matched by the U.K. taxpayer via the U.K. government’s Future Fund scheme. Plum has raised $19.3 million in total since being founded by Victor Trokoudes (an early TransferWise employee) and Alex Michael in 2016.
Launched in the U.K. the following year, Plum is one of a number of fintech startups that is vying to become a user’s financial hub or control centre, in a way that goes far beyond the first generation of personal finance manager apps and bank account aggregators.
You link the app to your bank account and gain access to a range of functionality, including savings, investments and analysis of your utility bills to help you make better purchasing decisions. Like similar apps, Plum’s “artificial intelligence” also deems what you can afford to save by analysing your bank transactions. It then puts money away each month in the form of round-ups and/or regular savings.
You can open an ISA investment account and invest based on themes, such as only in “ethical companies” or technology. Another related feature is “Splitter,” which, as the name suggests, lets you split your automatic savings between Plum savings pots and investments, selecting the percentage amounts to go into each pot, from 0-100%.
In a call with Trokoudes, he talked me through a few recent Plum updates that he says bring it much closer to fulfilling its financial control centre mission and being a candidate to replace your individual banking apps.
Crucially, you can now link all of your accounts to Plum, whereas previously Plum only let you access a single linked bank account. This gives you “full visibility” of your saving, spending and investments all in a single app.
On the roadmap is also the ability to make payments via Open Banking — and Trokoudes doesn’t rule out a Plum card in the future as a complementary feature with additional benefits, not a core offering, unlike numerous competitors.
More immediately, Plum is launching interest for savers who use Plum to set money aside but don’t want to invest any or all of it. Paid users are being offered an interest rate of 0.6% for instant access savings and 0.75% for 95 days’ notice. Plum users on its free tier can earn 0.35% interest.
Trokoudes explained that there’s also the option to split a percentage of the money put aside automatically, allocating deposits between the new interest-bearing account and Plum-powered investments.
Meanwhile, armed with fresh capital, Plum plans to launch in Spain and France by the end of 2020. The company claims 1 million registered users in the U.K., and now employs more than 60 people split across London, U.K. and Athens, Greece. Trokoudes tells me it will scale up further to 80 employees by the end of 2020 and is aiming for 5 million users across Europe by the end of 2021.
Adds Naoki Kamimaeda, partner and Europe office representative at Global Brain Corporation: “More users have started using fintech apps and personal financial management apps across the globe, to be more efficient and be better off. Among these fintech apps, Plum has a very unique position and very bold ambition to be a partner of individuals to save more money and manage their financial life in an easier and more effective manner.”
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The makers of the world’s most ethical smartphone, the Fairphone 3, have teamed up for a version of the device with even less big tech on board.
The Netherlands-based device maker has partnered with France’s /e/OS to offer a “de-Googled” version of its latest handset, running an Android AOSP fork out of the box that’s itself built atop a fork of CyanogenMod (remember them?) — called LineageOS (via Engadget).
“The deGoogled Fairphone 3 is most likely the first privacy conscious and sustainable phone,” runs the blurb on /e/OS’ website. “It combines a phone that cares for people and planet and an OS and apps that care for your privacy.”
A pithy explainer of its “privacy by design ecosystem” — and the point of “Android without Google” — further notes: “We have removed many pieces of code that send your personal data to remote servers without your consent. We don’t scan your data in your phone or in your cloud space, and we don’t track your location a hundred times a day or collect what you’re doing with your apps.”
When the Fairphone 3 launched last September it came with Android 9 preloaded. But the company touted a post-launch update that would make it easy for buyers to wipe Google services off their slate and install the Android Open Source Project, which it recommended for advanced users.
The new /e/OS flavor offers a third OS option.
Per Engadget, Fairphone said it polled members of its community asking which alternative OS to offer and /e/OS got more votes than a number of others. The company also highlighted /e/OS’ privacy by design as a factor in the choice, lauding how it shuts down “unwanted data flows,” meaning users have more control over what their phone is doing.
The e/OS flavor of the Fairphone 3 ships from May 6, priced at just under €480 — a €30 premium on the Googley flavor of Android you get on the standard Fairphone 3.
Existing owners of Fairphone’s third-gen handset can manually install /e/OS gratis via an installer on its website.
When the Fairphone 3 launched last year the company told us only around 5% of Fairphone users opt to go full open source — which suggests the /e/OS Fairphone 3 will be a niche choice for even these discerning buyers.
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Google is giving the world a clearer glimpse of exactly how much it knows about people everywhere — using the coronavirus crisis as an opportunity to repackage its persistent tracking of where users go and what they do as a public good in the midst of a pandemic.
In a blog post today, the tech giant announced the publication of what it’s branding COVID-19 Community Mobility Reports, an in-house analysis of the much more granular location data it maps and tracks to fuel its ad-targeting, product development and wider commercial strategy to showcase aggregated changes in population movements around the world.
The coronavirus pandemic has generated a worldwide scramble for tools and data to inform government responses. In the EU, for example, the European Commission has been leaning on telcos to hand over anonymized and aggregated location data to model the spread of COVID-19.
Google’s data dump looks intended to dangle a similar idea of public policy utility while providing an eyeball-grabbing public snapshot of mobility shifts via data pulled off of its global user-base.
In terms of actual utility for policymakers, Google’s suggestions are pretty vague. The reports could help government and public health officials “understand changes in essential trips that can shape recommendations on business hours or inform delivery service offerings,” it writes.
“Similarly, persistent visits to transportation hubs might indicate the need to add additional buses or trains in order to allow people who need to travel room to spread out for social distancing,” it goes on. “Ultimately, understanding not only whether people are traveling, but also trends in destinations, can help officials design guidance to protect public health and essential needs of communities.”
The location data Google is making public is similarly fuzzy — to avoid inviting a privacy storm — with the company writing it’s using “the same world-class anonymization technology that we use in our products every day,” as it puts it.
“For these reports, we use differential privacy, which adds artificial noise to our datasets enabling high quality results without identifying any individual person,” Google writes. “The insights are created with aggregated, anonymized sets of data from users who have turned on the Location History setting, which is off by default.”
“In Google Maps, we use aggregated, anonymized data showing how busy certain types of places are—helping identify when a local business tends to be the most crowded. We have heard from public health officials that this same type of aggregated, anonymized data could be helpful as they make critical decisions to combat COVID-19,” it adds, tacitly linking an existing offering in Google Maps to a coronavirus-busting cause.
The reports consist of per country, or per state, downloads (with 131 countries covered initially), further broken down into regions/counties — with Google offering an analysis of how community mobility has changed vs a baseline average before COVID-19 arrived to change everything.
So, for example, a March 29 report for the whole of the U.S. shows a 47 percent drop in retail and recreation activity vs the pre-CV period; a 22% drop in grocery & pharmacy; and a 19% drop in visits to parks and beaches, per Google’s data.
While the same date report for California shows a considerably greater drop in the latter (down 38% compared to the regional baseline); and slightly bigger decreases in both retail and recreation activity (down 50%) and grocery & pharmacy (-24%).
Google says it’s using “aggregated, anonymized data to chart movement trends over time by geography, across different high-level categories of places such as retail and recreation, groceries and pharmacies, parks, transit stations, workplaces, and residential.” The trends are displayed over several weeks, with the most recent information representing 48-to-72 hours prior, it adds.
The company says it’s not publishing the “absolute number of visits” as a privacy step, adding: “To protect people’s privacy, no personally identifiable information, like an individual’s location, contacts or movement, is made available at any point.”
Google’s location mobility report for Italy, which remains the European country hardest hit by the virus, illustrates the extent of the change from lockdown measures applied to the population — with retail & recreation dropping 94% vs Google’s baseline; grocery & pharmacy down 85%; and a 90% drop in trips to parks and beaches.
The same report shows an 87% drop in activity at transit stations; a 63% drop in activity at workplaces; and an increase of almost a quarter (24%) of activity in residential locations — as many Italians stay at home instead of commuting to work.
It’s a similar story in Spain — another country hard-hit by COVID-19. Though Google’s data for France suggests instructions to stay-at-home may not be being quite as keenly observed by its users there, with only an 18% increase in activity at residential locations and a 56% drop in activity at workplaces. (Perhaps because the pandemic has so far had a less severe impact on France, although numbers of confirmed cases and deaths continue to rise across the region.)
While policymakers have been scrambling for data and tools to inform their responses to COVID-19, privacy experts and civil liberties campaigners have rushed to voice concerns about the impacts of such data-fueled efforts on individual rights, while also querying the wider utility of some of this tracking.
And yes, the disclaimer is very broad. I’d say, this is largely a PR move.
Apart from this, Google must be held accountable for its many other secondary data uses. And Google/Alphabet is far too powerful, which must be addressed at several levels, soon. https://t.co/oksJgQAPAY
— Wolfie Christl (@WolfieChristl) April 3, 2020
Contacts tracing is another area where apps are fast being touted as a potential solution to get the West out of economically crushing population lockdowns — opening up the possibility of people’s mobile devices becoming a tool to enforce lockdowns, as has happened in China.
“Large-scale collection of personal data can quickly lead to mass surveillance,” is the succinct warning of a trio of academics from London’s Imperial College’s Computational Privacy Group, who have compiled their privacy concerns vis-a-vis COVID-19 contacts tracing apps into a set of eight questions app developers should be asking.
Discussing Google’s release of mobile location data for a COVID-19 cause, the head of the group, Yves-Alexandre de Montjoye, gave a general thumbs up to the steps it’s taken to shrink privacy risks. Although he also called for Google to provide more detail about the technical processes it’s using in order that external researchers can better assess the robustness of the claimed privacy protections. Such scrutiny is of pressing importance with so much coronavirus-related data grabbing going on right now, he argues.
“It is all aggregated; they normalize to a specific set of dates; they threshold when there are too few people and on top of this they add noise to make — according to them — the data differentially private. So from a pure anonymization perspective it’s good work,” de Montjoye told TechCrunch, discussing the technical side of Google’s release of location data. “Those are three of the big ‘levers’ that you can use to limit risk. And I think it’s well done.”
“But — especially in times like this when there’s a lot of people using data — I think what we would have liked is more details. There’s a lot of assumptions on thresholding, on how do you apply differential privacy, right?… What kind of assumptions are you making?” he added, querying how much noise Google is adding to the data, for example. “It would be good to have a bit more detail on how they applied [differential privacy]… Especially in times like this it is good to be… overly transparent.”
While Google’s mobility data release might appear to overlap in purpose with the Commission’s call for EU telco metadata for COVID-19 tracking, de Montjoye points out there are likely to be key differences based on the different data sources.
“It’s always a trade off between the two,” he says. “It’s basically telco data would probably be less fine-grained, because GPS is much more precise spatially and you might have more data points per person per day with GPS than what you get with mobile phone but on the other hand the carrier/telco data is much more representative — it’s not only smartphone, and it’s not only people who have latitude on, it’s everyone in the country, including non smartphone.”
There may be country specific questions that could be better addressed by working with a local carrier, he also suggested. (The Commission has said it’s intending to have one carrier per EU Member State providing anonymized and aggregated metadata.)
On the topical question of whether location data can ever be truly anonymized, de Montjoye — an expert in data reidentification — gave a “yes and no” response, arguing that original location data is “probably really, really hard to anonymize”.
“Can you process this data and make the aggregate results anonymous? Probably, probably, probably yes — it always depends. But then it also means that the original data exists… Then it’s mostly a question of the controls you have in place to ensure the process that leads to generating those aggregates does not contain privacy risks,” he added.
Perhaps a bigger question related to Google’s location data dump is around the issue of legal consent to be tracking people in the first place.
While the tech giant claims the data is based on opt-ins to location tracking the company was fined $57M by France’s data watchdog last year for a lack of transparency over how it uses people’s data.
Then, earlier this year, the Irish Data Protection Commission (DPC) — now the lead privacy regulator for Google in Europe — confirmed a formal probe of the company’s location tracking activity, following a 2018 complaint by EU consumers groups which accuses Google of using manipulative tactics in order to keep tracking web users’ locations for ad-targeting purposes.
“The issues raised within the concerns relate to the legality of Google’s processing of location data and the transparency surrounding that processing,” said the DPC in a statement in February, announcing the investigation.
The legal questions hanging over Google’s consent to track people likely explains the repeat references in its blog post to people choosing to opt in and having the ability to clear their Location History via settings. (“Users who have Location History turned on can choose to turn the setting off at any time from their Google Account, and can always delete Location History data directly from their Timeline,” it writes in one example.)
In addition to offering up coronavirus mobility porn reports — which Google specifies it will continue to do throughout the crisis — the company says it’s collaborating with “select epidemiologists working on COVID-19 with updates to an existing aggregate, anonymized dataset that can be used to better understand and forecast the pandemic.”
“Data of this type has helped researchers look into predicting epidemics, plan urban and transit infrastructure, and understand people’s mobility and responses to conflict and natural disasters,” it adds.
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Meet Alma, a French startup that helps you offer a new payment option for your expensive goods. Like Klarna, clients can choose to pay over three or four installments. But the comparison stops here, as Klarna isn’t available in France. Alma just raised a $14.1 million (€12.5 million) funding round.
Idinvest, ISAI and Picus Capital are investing in today’s funding round. Additionally, Alma has opened a $19.2 million (€17 million) credit line to finance merchant payments.
As a merchant, when you integrate Alma in your payment flow, your customers can choose Alma to make it less intimidating. Instead of getting charged when you pay, you can choose to buy now and pay over three or four installments. Merchants get paid instantly.
“We handle risk and cash advance in house,” co-founder and CEO Louis Chatriot told me. “When it comes to the risk of non-payment, we have implemented a series of verifications, filters and algorithms in order to detect fraud and high-risk profiles.”
The company creates multiple categories depending on your profile. It can ask for more information if Alma has some doubts, such as API access to your bank statement. Assessing risk is particularly difficult in France, as there’s no central credit scoring system.
Merchants can choose to pay the processing fees in full — 3.8% of the transaction for a payment in three intallments, 4.2% for a payment in four installments. But they also can share the processing fees with the end customer.
Alma is compatible with most e-commerce platforms, such as Shopify, Magento and Prestashop. Merchants can also offer Alma as a payment option in retail stores.
Over 1,000 merchants are using Alma already — the startup processes tens of millions of euros of transactions per year. Clients include Bobbies, Asphalte, Cowboy, Weebot, The Cool Republic and The Socialite Family.
With today’s funding round, the company wants to attract more merchants and launch two new payment options — pay later and a more traditional option to pay now. In addition to that, Alma currently redirects customers to its own checkout page. The startup wants to integrate its payment widget directly on e-commerce websites.
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It’s been four years since TechCrunch published my blog post The SaaS Adventure, which introduced the concept of a “T2D3” roadmap to help SaaS companies scale — and, as an aside, explored how well my mom understood my job as an “adventure capitalist.” The piece detailed seven distinct stages that enterprise cloud startups must navigate to achieve $100 million in annualized revenue. Specifically, the post encouraged companies to “triple, triple, double, double, double” their revenue as they hit certain milestones.
I was blown away by the response to the piece and gratified that so many founders and investors found the T2D3 framework helpful. Looking back now, I think a lot of the advice has stood the test of time. But plenty has also changed in the broader tech and software markets since 2015, and I wanted to update this advice for founders of hyper-growth companies in light of the market shifts that have occurred.
Perhaps the most notable change in the last four years is that the number of playbooks for companies to follow as they sell software has expanded. Today, more companies are embracing product-led growth and a less-formal, bottoms-up model — employees are swiping credit cards to buy a product, and not necessarily interacting with a human salesperson.
Many of the most high-profile, recent software IPOs structure their go-to-market operations this way. T2D3’s stages, by contrast, focus quite a bit on scaling a company’s internal sales function to grow. Indeed, both a product-led and a sales-led approach are viable in today’s growing B2B-tech market.
What’s more, the revenue needed for a software company to go public has increased dramatically in the last four years. This means that software founders need to focus not only on building a scalable product and finding scalable go-to-market channels, but also building a scalable org chart. These days, what is scarce for software founders isn’t money from investors; it’s great human talent.
So in addition to T2D3, my firm and I are now focusing on another founder journey: F2C, or the transition from founder/CEO to CEO/founder. This journey can take many paths, but ideally it starts with the traditional hustle to find early product/market fit.
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Lookiero, the online personal shopping service for clothes and accessories, has closed a $19 million funding round led by London-based VC MMC Ventures, with support from existing investor All Iron Ventures, and new investors Bonsai Partners, 10x and Santander Smart. The company will use the backing to expand in its main markets of Spain, France and the U.K. In June last year it closed a funding round of €4 million led by All Iron Ventures.
The startup applies algorithms to a database of personal stylists and customer profiles to thus provide a personalized online shopping experience to its customers. It then delivers a selection of five pieces of clothing or accessories curated by a personal shopper to fit the customer’s individual size, style and preferences. Customers then decide which items to keep or return (at no additional cost), allowing Lookiero to learn more about the customer’s taste before starting the whole process again.
By generating look-a-like profiles and analyzing previous customer interactions with each item, Lookiero says it can predict how likely a user is going to keep a certain item from a range of more than 150 European brands from a warehousing system that will ship more than 3 million items of clothing this year to seven European countries.
It’s not unlike the well-worn Birchbox model. Lookiero’s main competitor is Stitch Fix (U.S.), which has upwards of $1.5 billion in annual revenues and IPO’d in November 2017.
Founded in 2015 by Spanish entrepreneur Oier Urrutia, the company says it now has over 1 million registered users and has grown revenue by more than 200% from 2017 to 2018.
In a statement Urrutia said: “This investment round provides us with the necessary capital to further increase the accuracy of our technology, which is really exciting. It will allow us to offer the best possible experience for our users and to continue expanding across Europe.”
Simon Menashy, partner, MMC Ventures, said: “The migration of fashion brands online has improved consumers’ access to clothing, and there is now an almost overwhelming amount of choice. At the same time, it can still be really hard to find exactly what is right for you, especially with High Street retail stores in decline. Lookiero provides the best of both worlds, giving every customer a hand-picked selection from their personal stylist.”
Ander Michelena, co-founding partner of All Iron Ventures, said: “Even if what Oier and his team have achieved to date is remarkable, we believe that Lookiero still has great potential to continue expanding internationally and to become a player of reference in a market segment where there is still a lot to do in terms of innovation and user satisfaction.”
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Getaround, a used car marketplace and winner of TechCrunch Disrupt New York Battlefield 2011, will enter the unicorn club with a roughly $200 million equity financing.
The deal values Getaround, founded in 2009, at $1.7 billion, according to an estimate provided by PitchBook. Getaround declined to comment, citing internal policy on “funding speculation.”
“Getaround and our investors work closely together on our growth strategy, and we’ll definitely plan to share more when we’re ready,” a spokesperson said in response to TechCrunch’s inquiry Thursday morning.
The news follows the company’s $300 million acquisition of Drivy, a Paris-headquartered car-sharing startup that operates in 170 European cities.
Getaround closed a Series D funding of $300 million last year, a round led by SoftBank with participation from Toyota Motor Corporation. Existing investors in the business, which allows its some 200,000 members to rent and unlock vehicles from their mobile phones at $5 per hour, include Menlo Ventures and SOSV.
Assuming an upcoming $200 million infusion, Getaround has raised more than $600 million in equity funding to date.
Whether SoftBank has participated in Getaround’s latest financing is unknown. The business is an active investor in the carsharing market, with investments in Chinese ride-hailing business Didi Chuxing, Uber and autonomous driving company Cruise. We’ve reached out to SoftBank for comment.
In conversation with TechCrunch last year, Getaround co-founder Sam Zaid emphasized SoftBank’s capabilities as a mobility investor: “What we really liked about [SoftBank] was they take a really long view on things,” he said. “So they were very good about thinking about the future of mobility, and we have a common kind of vision of every car becoming a shared car.”
Getaround was expected to expand into international markets with its previous fundraise. Indeed, the company has moved into France, Germany, Spain, Austria, Belgium and the U.K. where it operates under the brand “Drivy by Getaround,” and in Norway under the “Nabobil” brand.
The business initially launched its car-sharing service in 2011, relying on gig workers who can list their cars on the Getaround marketplace for $500 to $1,000 a month in payments, depending on how often their cars are rented.
Since Getaround entered the market, however, a number of competitors have entered the space with similar business models. Turo and Maven, for example, have both emerged to facilitate car rental with backing from top venture capital funds.
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