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Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines.
This is Equity Monday, our weekly kickoff that tracks the latest private market news, talks about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here — and be sure to check out last week’s main ep that dug into Robinhood, Miami and a host of other topics.
This morning we had a pile of news to get through. Here’s the rundown:
Equity drops every Monday at 7:00 a.m. PST and Thursday afternoon as fast as we can get it out, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.
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When Laura Wittig and Liza Moiseeva met as guests on a podcast about sustainable fashion, they jibed so well together that they began one of their own: Good Together. Their show’s goal was to provide listeners with a place to learn how to be eco-conscious consumers, but with baby steps.
Wittig thinks the non-judgmental environment (one that doesn’t knock on a consumer for not being zero-waste overnight) is the show’s biggest differentiator. “Then, people were emailing us and asking how they can be on our journey beyond being a listener,” Wittig said. Now, over a year after launching the show, the co-hosts are turning validation from listeners into the blueprint for a standalone business: Brightly.
Brightly is a curated platform that sells vetted eco-friendly goods and shares tips about conscious consumerism. While the startup is launching with more than 200 products from eco-friendly brands, such as Sheets & Giggles and Juice Beauty, the long-term vision is to start their own commerce brand of Brightly-branded products. The starting lineup will include two to four products in the home space.
To get those products out by the holiday season, Brightly tells TechCrunch that it has raised $1 million in venture funding from investors, including Tacoma Venture Fund, Keeler Investments, Odile Roujol (a FAB Ventures backer and former L’Oréal CEO) and Female Founder’s Alliance.
The funding caps off a busy 12 months for Brightly. The startup has gone through Snap’s Yellow accelerator, an in-house effort from the social media company that began in 2018. As part of the program Snap invests $150,000 in each Yellow startup for an equity stake. The company also did Ready Set Raise, an equity-free accelerator put on by Female Founders Alliance, in the fall.
With new funding, Brightly is seeking to take a Glossier-style approach to become the next big brand in commerce: gather a community by recommending great products, then turn the strategy on its head and make your superfans buy in-house products under the same brand.
“We have access to a community of women who are beating our door down to shop directly with us and have exclusive products made for them,” Wittig said.
Brightly wants to be more than a “boring storefront” one could quickly whip up on Shopify or Amazon, Wittig says.
The company’s curation process, which every product goes through before being listed on the platform, is extensive. The startup makes sure that every product is created with sustainable and ethical supply chain processes and sustainable material. The team also interviews every brand’s founders to understand the genesis of any product that lives on the Brightly platform. The co-founders also weigh the durability and longevity of products, adopting what Wittig sees as a “Wirecutter approach.”
“It’s more like, ‘why would we pick an ethically produced leather handbag over something that might be made not from leather but wouldn’t last too long necessarily,’ ” she said. “These are the conversations we have with our audience, because the term eco-friendly is very much our grayscale.”
Image Credits: Brightly
More than 250,000 people come to Brightly, either through their app or website, every day, according to Wittig. The startup monetizes largely through brand partnerships and getting those users in front of paid products.
Image Credits: Brightly
The monetization strategy is similar to what you might find a podcast use: affiliate links or product placement mid-episode. But while the co-founders are relying on this strategy right now, they see the opportunity to create their own e-commerce company as larger and more lucrative.
“The billion-dollar opportunity is not with that,” Wittig said. “The value will be going direct commerce and selling our picks of ethical sustainable goods.”
Marking the transition from podcasting about eco-friendly goods to creating them in-house is a strong pivot. The co-founders consider creating a distribution commerce channel to be a larger opportunity and likely more lucrative than the podcasting business.
Beyond creating a line of their own products, Brightly is thinking about how to partner with white-label sustainable products. Another option, Wittig said, is to partner with big corporations to get products on their shelves with colors and customization for Brightly. An example of an ideal partnership would be Reformation’s recent partnership with Blueland.
Wittig declined to share more details on how they plan to win, but likened the strategy to that of Goop or Glossier, two companies that started with content arms and drew their community into a commerce platform.
“It’s not going to be a Thrive Market where there are hundreds and thousands of sustainable goods on there. It’s going to be much more curated,” she said.
COVID-19 has helped the startup further validate the need for a platform that unites a conscious consumer community.
“We are all so aware of the purchasing power we have,” she said. “As consumers we go out and support small businesses by getting coffee on the go. But before, we did not think twice about getting everything from Amazon.”
The conversation with investors hasn’t been as simple, the co-founder said. Investors continue to be “hands off” about community-based platforms because they are unsure it will work. Wittig says that many bearish investors have placed bets on singular direct-to-consumer brands, such as Away or Blueland.
“Those investors know the rising costs of customer acquisition, and see what happens when you don’t have a community that surrounds our business,” she said.
Brightly is betting that the future of commerce brands has to start with a go-to-market, and then bring in the end-product, instead of the other way. The end goal here for Brightly is attracting, and generating excitement from, Gen Z and millennial shoppers. To do so, Wittig says that Brightly is experimenting with ways to implement socialization aspects into the shopping experience.
Leslie Feinzaig, the founder of Female Founders Alliance, said that what’s special about Brightly is that it “demonstrated demand before building for it.”
“I think a lot of people today could build software to connect people and sell things, but very few people could get thousands of fanatical followers to actually engage with each other and make that software useful,” Feinzaig said. “Brightly built that community with matchsticks and tape.”
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Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.
Natasha and Danny and Alex and Grace were all here to chat through the week’s biggest tech happenings. The good news is that we managed to fit it all into a single episode this week. The bad news is that that means the show is pretty long. Sorry about that!
So, what took us so much time to get through? All of this:
And somehow we still have another entire day before the week is up! So much for 2021 calming down after 2020’s storms.
Equity drops every Monday at 7:00 a.m. PST and Thursday afternoon as fast as we can get it out, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.
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Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines.
This is Equity Monday, our weekly kickoff that tracks the latest private market news, talks about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here — and make sure to check out last week’s main ep, which was super-packed and a real treat.
This morning the news was heavy, so here’s your rundown to get you into the show:
Hugs, and we are back Thursday, if not before. Stay safe!
Equity drops every Monday at 7:00 a.m. PST and Thursday afternoon as fast as we can get it out, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.
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Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.
This week we — Natasha and Danny and Alex and Grace — had more than a little to noodle over, but not so much that we blocked out a second episode. We try to stick to our current format, but, may do more shows in the future. Have a thought about that? equitypod@techcrunch.com is your friend and we are listening.
Now! We took a broad approach this week, so there is a little of something for everything down below. Enjoy!
Like we said, it’s a lot, but all of it worth getting into before the weekend. Hugs from the team, we are back early Monday.
Equity drops every Monday at 7:00 a.m. PST and Thursday afternoon as fast as we can get it out, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.
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Apple today announced a new editorial franchise called Apple Podcasts Spotlight, which aims to highlight rising podcast creators in the U.S. The editorial team at Apple will select new podcast creators to feature every month and then give them prominent screen real estate in the Apple Podcasts app and promote them across social media and elsewhere. This will allow creators to reach a wider audience, similar to how the App Store showcases a selection of recommended apps and games with large banners at the top of its screen.
The first Spotlight creator is Chelsea Devantez, who hosts the podcast Celebrity Book Club. On Fridays, Chelsea and special guests including Emily V. Gordon, Gabourey Sidibe, Ashley Nicole Black and Lydia Popovich will meet to discuss the memoirs of “badass celebrity womxn,” as an announcement describes it.
The idea for the show began a year ago when Devantez was reading Jessica Simpson’s memoir and started recapping it on Instagram. The reaction from her followers prompted her to expand the concept into a podcast.
Upcoming episodes will feature Oscar-nominated writer and producer Emily V. Gordon talking Drew Barrymore’s “Little Girl Lost;” actress Stephanie Beatriz discussing Celine Dion’s memoir “My Story My Dream;” Leighton Meester on Carly Simon’s “Boys in the Trees;” and a special Valentine’s Day episode where Chelsea and TikTok star Rob Anderson read Burt Reynolds’ and Loni Anderson’s competing divorce memoirs.
“Apple Podcasts Spotlight helps listeners find some of the world’s best shows by shining a light on creators with singular voices,” said Ben Cave, Global Head of Business for Apple Podcasts, in a statement about the launch. “Chelsea Devantez has created a fun, vibrant space with Celebrity Book Club for listeners to gain new perspectives on the celebrities we thought we knew. We are delighted to recognize Chelsea and Celebrity Book Club as our first Spotlight selection and look forward to introducing creators like Chelsea to listeners each month,” he added.
Apple says future Spotlight creators will be announced monthly from across a range of podcast genres, formats and locations, and will often focus on independent and underrepresented voices. The content is previewed ahead of selection to ensure quality, but there are no specific requirements about the podcast size and reach.
In general, the new Spotlight creators will debut toward the front of the week, but the specific days are fluid to adapt to holidays, major cultural events and others. The next Spotlight selection, for example, will launch in mid-February.
The Spotlight creators will be featured at the top of the Browse tab of Apple Podcasts and will be promoted through the Apple Podcasts social media accounts. Some form of in-app featuring will continue throughout the entire month the creators are in the “spotlight.”
Apple says it will also collaborate with the featured creators on their own channels. Over time, you’ll see promotion via additional Apple-operated channels including outdoor advertising in major U.S. metros.
The news of the new editorial program comes shortly after a report from The Information suggested Apple is working to expand its podcasts platform with the introduction of a podcast subscription service, threatening rivals like Spotify, SiriusXM and Amazon.
Though Apple Podcasts still leads the market, Spotify has been catching up by spending over $800 million on podcast companies, like Anchor, the Ringer, Gimlet Media, and more recently, podcast ad company Megaphone.
SiriusXM, meanwhile, bought podcast management and analytics platform Simplecast, ad tech platform AdsWizz, and podcast app Stitcher. Not to be left out, Amazon just a few weeks ago announced it was acquiring the podcast network Wondery.
Beyond helping the creators grow their audience, Apple says the larger goal with the program is to welcome new audiences to podcasts, in general.
Though podcasts are growing in popularity, the monthly podcast listener base is just 37% in the U.S., according to Edison Research. That means it’s nowhere near being an activity that’s popular among a majority of the U.S. population at this time. Before Apple can effectively monetize podcasts as a subscription service, it needs to help get more people listening to podcasts on a regular basis.
Apple declined to say if the program would expand outside the U.S. at a later date.
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Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines.
This is Equity Monday, our weekly kickoff that tracks the latest private market news, talks about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here — and don’t forget to check out the second of our two holiday eps, the most recent looking at what we think might happen this year.
What did we get into today? A great question. Here’s the rundown:
Mostly we’re still making sure that our brains still work and that the return of work really is here. Taking a break was nice. Now the news is coming back, so we are as well. Hugs, and chat Thursday.
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Amazon just announced that it’s acquiring Wondery, the network behind podcasts including “Dirty John” and “Dr. Death.”
Wondery will become part of Amazon Music, which added support for podcasts (including its own original shows) in September. At the same time, the announcement claims that “nothing will change for listeners” and that the network’s podcasts will continue to be available from “a variety of providers.”
Media companies and streaming audio platforms are all making big bets on podcasting, with Spotify making a series of acquisitions including podcast network Gimlet, SiriusXM acquiring Stitcher and The New York Times acquiring Serial Productions. Amazon is coming relatively late to this market, but it will now have the support of a popular podcast maker as it works to catch up.
“With Amazon Music, Wondery will be able to provide even more high-quality, innovative content and continue their mission of bringing a world of entertainment and knowledge to their audiences, wherever they listen,” Amazon wrote.
Financial terms were not disclosed. The Wall Street Journal previously reported that acquisition talks were in the works, and that those talks valued Wondery at around $300 million.
The startup was founded in 2016 by former Fox executive Hernan Lopez (who’s currently fighting federal corruption charges tied to his time at Fox). Numbers from Podtrac rank it as the fourth largest podcast publisher in November, with an audience in the U.S. of more than 9 million unique listeners.
Wondery has raised a total of $15 million in funding from Advancit Capital, BDMI, Greycroft, Lerer Hippeau and others, according to Crunchbase.
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Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast (now on Twitter!), where we unpack the numbers behind the headlines.
Today is our holiday look-back at the year, bringing not only our own Danny and Natasha and Chris and Alex into the mix, but also five venture capitalists who we got to leave us their notes as well. The goal for this episode was to reflect on a year that no one could have ever predicted, but with a specific angle, as always, on venture capital and startups.
We asked about the biggest surprise, non-portfolio companies to watch, and trends they got wrong and right. There was also banter on Zoom investing (Alex came up with Zesting, but we’re taking suggestions if anyone comes up with a better moniker) and startup pricing.
Here’s who we asked to call into our super Fancy Equity Hotline:
Thanks to them all for participating, and of course you, our dear Equity listeners, for a blockbuster year for the podcast.
Equity drops every Monday at 7:00 a.m. PST and Thursday afternoon as fast as we can get it out, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.
Powered by WPeMatico
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines.
This is Equity Monday, our weekly kickoff that tracks the latest private market news, talks about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here — and don’t forget to check out our latest main episode, which spent a good bit of time talking about OnlyFans.
The weekend was busy, as always, so there was a lot to chew over this morning. Here’s a partial list:
Closing, here’s the Owen Thomas piece that I mentioned at the very end of the show.
Equity drops every Monday at 7:00 a.m. PST and Thursday afternoon as fast as we can get it out, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.
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