Spero Ventures
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Hyro, formerly Airbud, is today announcing the close of a $10.5 million Series A financing round led by Spero Ventures, with participation from Twilio and Mindset Ventures. Existing investors Hanaco Ventures, Spider Capital and Entrepreneurs Roundtable Accelerator also participated in the round.
Hyro is an enterprise application, currently aimed at the healthcare sector but with eyes on new verticals, that adds an intelligent layer of voice chat or text chat to any application or website.
The company calls itself an adaptive communications platform, which essentially means that customers use plug-and-play tools to get information to end-users in a conversational way, whether that be voice or chat. It can integrate with contact centers, chatbots, SMS and other forms of communication. Essentially, Hyro targets information-heavy industries that often have to communicate with end-users.
This type of scenario, in the words of co-founder Israel Krush, usually leads to a terrible experience for the end user and a costly, inefficient process for the organization. The problem was no more apparent than in the healthcare sector during the pandemic. End users would flood platforms for information regarding the virus, the vaccine, testing, etc., but ask those redundant questions in myriad ways. On the enterprise side, the answers to those questions were changing over time.
Hyro allows these organizations to easily edit and change that information and deliver it to end users in an efficient way. But perhaps most importantly, Hyro scrapes information from the website to set up its own conversational tree, so the client doesn’t have to do a lot of heavy lifting up front.
Krush says that the problem is big, which means that the space is crowded. He views Twilio’s participation in this round of fundraising as a differentiator.
“The market is crowded so it’s really hard to differentiate yourself from the crowd,” said Krush. “Even though we have great technology, everyone says they have great technology. Twilio coming into this round and the partnership we’re trying to develop around contact centers really attests to the differentiation of our approach, to the scalability and the modularity of our approach.”
He added that Hyro is not a healthcare company — “it’s really about serving any enterprise.”
Hyro healthcare customers include Carroll, Wheelpros, Mercy Health, University of Rochester Medical Center and Weill Cornell Medicine, but the company plans to use this new funding to scale into more verticals, with an aim toward real estate, government and other information-heavy industries.
This latest round brings Hyro’s total funding to $15 million.
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Talkshoplive is a startup that’s worked with stars like Paul McCartney and Garth Brooks, as well as small businesses, to host shopping-focused live videos. Today, it’s announcing that it has raised $3 million in seed funding from Spero Ventures.
CEO Bryan Moore founded the company with his sister Tina in 2018. Moore previously led social media efforts at Twentieth Television (previously known as Twentieth Century Fox) and CBS Television, and he said he was inspired to launch Talkshoplive by the rise of livestreamed shopping experiences in China.
At the same time, Moore said it wasn’t enough to just copy what worked in China: “Small businesses are different here, talent is different, the needs are different.” One of the keys, in his view, is to focus on helping creators and businesses meet their customers where those customers already are — which he also suggested differentiates Talkshoplive from competing services as well.
For one thing, the startup does not require consumers to download any additional apps in order to watch its videos. Instead, it’s created a video player that works on the Talkshoplive website, on the websites of its partners and anywhere else that videos can be embedded. And wherever those videos are played, they also include a one-click buy button.
Moore said Talkshoplive started out with a focus in books and music, working with famous names like Matthew McConaughey, Alicia Keys and Dolly Parton, as well as the aforementioned Brooks and McCartney. For example, Brooks used Talkshoplive to exceed more than 1 million vinyl pre-sales for his “Legacy Collection” box set in 2019.
On the book side, Talkshoplive has worked with publishers including Harper Collins, Penguin Random House, Simon & Schuster and Macmillan. Moore claimed the platform is driving three to nine times the sales an author would see on other e-commerce sites.
At the same time, he emphasized that the startup is also working with more than 3,500 small businesses, and he said that when a small business owner is broadcasting on Talkshoplive, “You’re creating your own microfandom by being able to tell the story … You’re making yourself a brand story, even as a small business.”
He added, “When you’re able to help people move $25,000 in a show — for a small business, that’s a huge deal.”
In this sense, Moore said he sees Talkshoplive as a continuation of his previous work in social media, all connected by the question, “How are you creating human connection in a digital landscape?” The “ultimate goal,” he added, is to turn the platform into a “digital Main Street” for businesses everywhere.
More recently, Talkshoplive has been moving into other categories like food and beauty, and Moore said he’s excited to work with Spero founding partner Shripriya Mahesh (previously an executive at eBay and First Look Media) to “continually evolve our product and create these tools that help us scale faster — and also help benefit these businesses.”
“From the moment we met the Talkshoplive team, we were impressed with their focus on enabling SMB’s with a new, creative, innovative way to build their businesses,” Mahesh said in a statement. “Talkshoplive also innovates on the marketplace model with a way for buyers to truly engage with the sellers, get to know them, and experience shopping in a whole new way. We are incredibly excited by the community that is taking shape at Talkshoplive and are thrilled to be working with Bryan, Tina, and the TSL team as they grow their community and the marketplace.”
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A lot of the focus in online education — and, let’s face it, education overall — has been about professional development for knowledge workers, education for K-12 and how best to deliver cost-effective, engaging higher learning to those in college and beyond. But in what might be a sign of the times, today a startup that’s focused on e-learning and the subsequent job market for a completely different end of the spectrum — home services — is announcing some funding to continue building out its business in earnest.
Nana, which runs a free academy to teach people how to fix appliances, and then gives students the option of becoming a part of its own marketplace to connect them to people needing repairs — has picked up $6 million.
The seed round is being led by Shripriya Mahesh of Spero Ventures; Next Play Ventures (ex-LinkedIn CEO Jeff Weiner’s new fund), Lachy Groom, Scott Belsky, Geoff Donaker of Burst Capital and Michael Staton of Learn Capital are among those also participating.
Nana has now raised $10.7 million, with past backers including Alpha Bridge Ventures, Bob Lee and the Uber Syndicate, an investment vehicle to back Uber alums in new ventures. Founder and CEO David Zamir is not actually an Uber alum, but one of his first employees, VP of Engineering Oliver Nicholas is an early Uber engineer and the company has also found a lot of traction of Uber drivers this year, after many found themselves out of work after the chilling effect that the pandemic had on ridesharing.
Nana — full name Nana Technologies (and not to be confused with Nana Technology, tech built for older adults) — is partly a labor/future of work play, partly an educational play, partly a tech/IoT play and partly an ecological play, in the eyes of Zamir, who himself trained as an appliance repairperson, running his own successful business in the Bay Area before pivoting it into a training platform and marketplace.
“There are 5.9 million tons of municipal solid waste [which includes lots of electronics like washing machines, blenders and everything in between] in the U.S.,” he said in an interview, “and only 50% of that is capable of getting recycled. We’re in a vicious cycle with appliances, and it’s partly because there aren’t enough people with the knowledge to repair them. But what if you had the liquidity to do that? We’re talking about creating jobs, but also saving the environment.”
Nana’s proposition starts with free lessons to fix a range of appliances — currently dishwashers, refrigerators, ovens, stoves, washers and dryers — and their typical breakdown/poor performance issues to anyone who wants to know how to repair them. These classes are available to anyone — an individual simply interested in learning how to fix a machine, but more likely someone looking to pick up a skill and then use it to make some money.
Once you take and pass a course — currently remote — you have the option (but not requirement) to register on Nana’s platform to become a repair person who picks up jobs through it to get jobs fixing that particular issue. Nana already has partnerships with major appliance and warranty companies, including GE, Miele, Samsung, Assurant, Cinch and First American Home Warranty, so this is how it gets most of its work in, but it also accepts direct requests from consumers for repair of dishwashers, refrigerators, ovens, stoves, washers and dryers.
Over time, Zamir said, the plan is not just to take in jobs and send out technicians to fix things in an Uber-style dispatch service — but to expand it to fit the kinds of next-generation appliances that are being built today, with IoT diagnostic monitoring and helping also to integrate these appliances into connected homes. It also seems to be slowly expanding into other home services too, alongside appliance repair (which remains its main business).
Nana has to date registered hundreds of technicians in 12 markets across the U.S. and said it expects to expand to 20 markets by the end of 2021.
Nana has an unlikely founder story that speaks to how so much of the tech world is still about hustle and finding opportunities in the margins.
Founder and CEO David Zamir hails from Israel, but unlike many of the transplants you may come across from there to the Bay Area tech world, he’s not a tech guy by education, training or work experience. He used to run clothing stores in Tel Aviv and vaguely liked the idea of being involved in a tech business at some point — Israel loves to call itself “startup nation,” so that bug is bound to bite even those who don’t study computer science or engineering — but he didn’t know what to do or where to begin.
“The clothing business didn’t make much money,” he said. So after a period Zamir and his American wife decided to move to the U.S. and try their luck there.
While initially based on the east coast near her family and wondering about what kind of job to pursue, Zamir spoke with a friend of his in Toronto who was working as an independent tradesperson fixing appliances, and the friend suggested this as an option, at least for a while.
“So I hopped on an airplane to shadow my friend,” he recalled. “The lightbulb went off. I thought, I should do this in San Francisco,” where he had been wanting to move to crack in to the tech world, somehow. “I thought that I’d start with fixing appliances while I figured out how to find my way into tech.”
That turned into more than a temporary income stopgap, of course. After finding that his business was taking off, Zamir saw that technology would be the avenue to growing it.
He was helped in part to build the idea and the business through his grit. Josh Elman, the famous tech investor, complained about a broken dryer back in April, and asked the Twitter hive mind whether he should get a new one or go through the pain of fixing it. Someone flagged the question to Zamir, who reached out and connected Elman with one of Nana’s online teaching technicians. Twelve hours later, Elman’s drier was diagnosed (by Elman), on its way to getting fixed, and Elman signed on as an advisor to the company.
The world of tech is all about building new things and solving problems, with “breaking” being more synonymous with disruption (= “good”) and fearlessness (see: Facebook’s old mantra to its early employees to move fast and break things). But behind that, there is an interesting disconnect between the tech version of “broken” and objects that are actually “broken” in the real world.
Many of us these days find using apps and other digital interfaces second-nature, but most of us would have no idea how to repair or work with much more basic electronic systems. And nor do most of us want to. More often than not, we give up on it, decide it’s not worth fixing and click on Amazon et al. to get a new shiny object.
Looked at on a wider scale, this is actually a big problem.
Electronics can be recycled, but in reality only about half the materials can be usefully reused. Meanwhile, Nana estimates that the appliance repair market is a $4 billion opportunity, with some 80 million appliances in need of being serviced annually in the U.S. But currently there are only some 31,000 trained technicians in the market. Nana estimates that to meet the demand of growing numbers, an additional 28,000 new technicians will be needed by 2025.
At the same time, the move to automation in many skilled labor jobs is putting people out of work: research from the Brookings Institution estimates that some 30 million people will lose their jobs in coming years because of it.
The idea here is that a platform like Nana can help some of those people retrain to fill the gap for appliance technicians, while at the same time extending the life of people’s appliances in a less painful way — putting less stuff into landfill — while at the same time expanding knowledge for anyone who cares for it.
Zamir said that Nana was named after his mother, who raised David as a single parent after his father passed away, a reference to working hard and being practical.
That sentimentality seems to motivate him in a bigger way, too: Zamir himself is a guy with a lot of heart and emotion vested into the concept of his startup. When I told him an anecdote of how our dishwasher broke down earlier this year and both a customer service rep from the maker (Siemens) and a separate repair person advised me to replace it, he got visibly agitated over our video call, as if the subject was something political or significantly more grave than a story about a dishwasher.
“I am not a supporter of what they told you,” he said in an angry voice. “It’s really upsetting me.” (I calmed him down a little, I think, when I told him that I myself uninstalled the broken dishwasher and installed the new one myself, because COVID.)
Zamir said that there are no plans to charge for its academy courses, nor to tie people into signing up with Nana to work once they take the courses. The fact that it provides a lot of inbound jobs attracts enough turnover — between 40% and 60% of those taking courses stay on to work when they took in-person classes, and for now the online figures are between 15% and 35%.
“It’s still early days,” he said, “but we’re finding the take up impressive… Most want to participate in the marketplace.” He says that there are other call-out services where they could register, but the tech that Nana has built makes its system more efficient, and that means better returns.
All of this has played well with those who have become Nana’s investors. People like Jeff Weiner — who in his time as CEO of LinkedIn led the company to acquire Lynda as part of a bigger emphasis on the importance of skills training and education — see the opportunity and need to provide an equivalent platform not just for knowledge workers but those who have more manual jobs, too.
“We are excited by Nana’s vision of providing training, access and opportunity for rewarding, satisfying work while also filling a critical gap in our economy,” said Shripriya Mahesh of Spero Ventures, in a statement. “Nana has created a new, scalable approach to giving people the agency, tools and support systems they need to build new skills and pursue fulfilling work opportunities.”
The round was oversubscribed in the end, and Nana shouldn’t find it too hard to raise again if it sticks to its plan and the market continues to grow as it has. That does not seem to be the motivation for Zamir, though.
“We just think it’s super important to build Nana for the people,” he said.
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Spero Ventures, the venture capital firm backed by eBay founder Pierre Omidyar, has gone to Mexico City for its latest investment, backing the identity verification technology developer Mati.
Launched in San Francisco, the two co-founders Filip Victor and Amaury Soviche, decided to relocate to Mexico because of its proximity to big, untapped markets in Mexico, Brazil and Colombia.
“After developing the technology in San Francisco, we chose to start commercially in Latin America. It has been the perfect petri dish for us: the markets here, especially in Mexico, Brazil and Colombia, are very exciting. These countries have the highest payments fraud rates in the world, which makes their identity issues the most interesting,” said Victor in a statement.
The rise of a new generation of fintech startup across Latin America creates a unique opportunity for Mati in a number of markets — and so does a new generation of financial services regulations, the company said. “We view the fintech regulations sweeping across LatAm as an opportunity to help a lot of promising fintechs and marketplaces get to the next level,” Victor said.
Already working across three countries, with operations in Mexico City, St. Petersburg and San Francisco, Mati is an example of the global scope that even very early-stage companies can now achieve.
Identity verification is at the core of much of the modern gig economy and much of the social networking defining life during a pandemic.
The company said it will use the capital investment — it would not disclose the amount of money it raised — to continue product development and expand its geographic footprint.
The scope of the identity verification problem is what brought Spero to the table to discuss an investment, according to a statement from Shripriya Mahesh, the founding partner at Spero.
“For us, identity is foundational to scaling the vast array of gig economy, fintech, social and commerce platforms that represent our collective future of work,” Mahesh said. “The ability to have safe and trusted interactions at an unprecedented scale, especially with people in places where national identity infrastructure is limited, will create opportunities and global connections we can’t yet even forecast.”
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