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Apple's performance in 2019 across hardware, software, and services is rated and critiqued by a 65-person panel, including writers, developers, and podcasters — It's time for our annual look back on Apple's performance during the past year, as seen through the eyes of writers, editors …
Global tablet shipments declined 1.5% YoY to 144M units in 2019; Apple's shipments grew 15.2% YoY to 49.9M units during the year — The worldwide tablet market declined 0.6% year over year during the fourth quarter of 2019 (4Q19) as global shipments fell to 43.5 million units …
FCC approves $20.4B Rural Digital Opportunity Fund to deploy rural broadband but Democratic FCC commissioners warn it won't help many areas that need internet — In this April 30, 2015 photo, Sylvia Fonseca, 16, works in the computer lab at Cuyama Valley High School in California.
Roku says it has settled its carriage dispute with Fox to distribute Fox channels on the Roku platform ahead of the Super Bowl — At midnight tonight, it was expected that Roku would remove the FOX Now, FOX Sports, FOX News, FOX Business, FOX Nation, Big 10 Network, and FOX Soccer apps from the Roku Channel Store and existing devices.
The Bouqs, a US-based flower delivery startup, raises $30M from Japanese company Yamasa to expand in Japan, bringing its total raised to $74M — The Bouqs plans to take a slice of Japan's $6 billion flower market this year with a $30 million strategic growth round from Japanese enterprise business investor Yamasa.
A Russian law requiring all smartphones to pre-install Russian-made software, which goes into effect in July 2020, could force Apple to quit the country — In November 2019, Russian parliament passed what's become known as the “law against Apple.” The legislation will require …
One Medical, a concierge-like primary healthcare startup, closes up 58% on its first day of trading, after raising $245M in its IPO, and is now valued at $2.7B — - Listing values tech-driven health clinic firm at $2.7 billion — Company's One Medical clinics expanding to Atlanta, Portland
One Medical, a concierge-like primary healthcare startup, closes up 58% on its first day of trading, after raising $245M in its IPO, and is now valued at $2.7B — Membership-based primary care platform One Medical's stock price jumped nearly 60% on its first day of trading Friday …
Founding president of the Internet Association, Michael Beckerman, to step down after eight years and join TikTok as VP of US public policy in March — The president of tech trade group the Internet Association is stepping down to run TikTok's Washington policy shop, the organizations said Friday.
Gabi, which lets users upload their home, car, or renters insurance policies to compare them with other providers and find better offers, raises $27M Series B — Gabi Insurance has raised $27 million in funding to disrupt insurance brokers and get you better rates for car, homeowner's, or renter's insurance.
Profile of Virginia senator Mark Warner, the former telecoms entrepreneur and venture capitalist who is now committed to regulating Big Tech — A former telecoms entrepreneur, the Virginia senator says that saving the industry (and democracy) might mean blowing up Big Tech as we know it.
Moda Operandi, a New York-based online marketplace for luxury fashion, accessories, and home decor, raises $100M co-led by NEA and Apax Partners — Moda Operandi, an online marketplace for luxury fashion, accessories and home decor, is today announcing a high-priced event of its own …
Moda Operandi, an online marketplace for luxury fashion, accessories and home decor, is today announcing a high-priced event of its own: it’s raised $100 million, a mix of equity and debt that it will use to invest in its platform and technology as well as to continue growing business overall, which was founded in 2010 and today offers products from some 1,000 brands and designers and ships to 125 countries.
“For the past eight years, Moda has disrupted the way people shop for luxury fashion,” said Moda Operandi CEO Ganesh Srivats in a statement. “This investment will enable us to build on that innovation, investing further in the client and designer experience and connecting more of the world’s best fashion to more people.”
The financing is being co-led by NEA and Apax Partners, both previous investors in Moda Operandi, with participation also from the Santo Domingo Family (connected to Lauren Santo Domingo, who co-founded the company with Aslaug Magnusdottir), Comerica Bank, TriplePoint Capital and other unnamed investors.
The company’s valuation is not being disclosed but in its last round, in 2017, Moda Operandi had a post-money valuation of $650 million, according to data from PitchBook. It has raised $345 million to date.
High-end fashion might not be the first thing that comes to mind when you think about online shopping, but it has actually been a ripe market for e-commerce industry.
While those in the know (and in the money) might attend catwalk shows, and bijou boutiques in swish locales are likely to be around for many years to come, there is a massive population of people who have the income and inclination to shop for luxury fashion, but might not be in the right place, or have the time, to do so.
For these shoppers, websites, mobile apps — and most recently new channels like Instagram and messaging services — have become a key route to browsing and buying, leading to the rise of huge businesses like Farfetch, Net-a-Porter and more.
That trend has helped to buffer Moda Operandi up to now, but it’s also the one that will be interesting to watch down the line.
We’ve written about the rise of direct-to-consumer brands and how that has played out specifically in the world of fashion, which in turn becomes a new group of competitors to aggregating marketplaces like Moda Operandi.
Similarly, the growing trend of targeting consumers wherever they happen to be also represents a rival business model, with some fashion retailers now foregoing websites altogether in favor of using third-party messaging apps to reach their target customers. Will Moda Operandi change with the times to do more of this kind of selling, too? Like fashion, what’s in today might be out tomorrow, so even the best channels are moving targets.
In any case, Moda Operandi has most definitely shown that it’s prepared to evolve and upset the status quo. The company got its start in 2010 in part out of an aha-moment from Santo Domingo, a socialite, former model and former editor at Vogue.
As someone who had worked for years in the luxury fashion industry, fully immersed as a consumer to boot, she knew that only a small, rarefied group of people ever got full access to a designer’s runway collection.
Moda Operandi was her solution — a platform to broaden that out, giving access to a full trunkshows (as the runway collections are called) to a wider selection of possible buyers and improving revenues for designers and brands in the process, since they no longer had to rely just on more traditional channels, namely buyers for retailers. The site had some catches — for example, as we pointed out at the time, you could shop a runway look, but still had to wait months for the piece to actually arrive with you, since those items would have yet to be made; but it caught on with a loyal following.
Over the years, the site’s basic remit has expanded, covering not only runway collections but also extending into jewellery, accessories and home decor. (We asked what size the business is today, and whether Moda Operandi can share any details on how that has changed over time, but a spokesperson said the company would not be sharing these or other financial details today.)
In any case, it’s remained a compelling enough business to have brought in a hefty round of growth funding from its previous backers.
“We continue to be impressed with the power of Moda’s brand and its positioning in the luxury market,” said Dan O’Keefe, managing partner of Apax Digital, in a statement. “Moda has been enhancing its technology capabilities as a world leading platform for fashion discovery and is led by a world-class team. We look forward to continuing to support their expansion.”
“Moda Operandi has really disrupted the traditional ecommerce model, using technology to give people unprecedented access to fashion,” added Tony Florence, general partner and head of technology investing at NEA, in a statement. “It was a really big idea when we led the Series A, and today Ganesh and the team are executing on that data-enabled retail model at scale. We are thrilled to continue supporting the company in this latest round.”
European mobile consumers spent ~$11.2B across App Store and Google Play in 2019, up 18.9% YoY, accounting for 13.5% of global app revenue, which exceeded $83B — European mobile consumers spent an estimated $11.2 billion across the App Store and Google Play during 2019, Sensor Tower Store Intelligence data shows.
Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between.
Today we’re digging into One Medical’s IPO pricing, especially as it relates to the company’s valuation and resulting revenue multiples. Our goal this morning is to understand how the IPO process priced One Medical last night, and what its resulting value could mean for other tech-enabled companies.
One Medical, a popular and modern medical provider, is a venture-backed company now worth $14 per share, or about $1.7 billion. Is that a lot? Or do those metrics fit well next to its fundamentals? Let’s find out.
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.
It was yet another jam-packed week full of big news, IPO happenings, and venture activity. As always we’ve done our best to deliver the gist on what’s been going on. We had Alex Wilhelm and Danny Crichton on hand to handle it all, which went medium-good. In other Equity news, we’re back with guests over the next few weeks, so if you miss us having a venture capitalist along for the ride, fear not, their return is just around the corner.
Up top this week was Jon Shieber’s report that Kleiner Perkins has rapidly deployed its most recent fund, a $600 million vehicle. While the news felt surprising, digging back through our archives we were reminded that the firm had indicated it might put its capital to work quickly. Still, as Danny pointed out, it’s rare that venture capitalists have to go our raising from LPs on an annual basis.
After that, we turned to some funding rounds that held our attention, including the Free Agency round that is working to bring talent management to the technology industry similar to the sports and entertainment worlds.
The concept makes some sense as compensation packages for top talent in the industry can extend into the seven-figures (Free Agency takes a 5-10% cut of an employee’s income using the increasingly popular income-share agreements). Also this round felt a bit like a reminder that the labor market is tight at the moment.
We then moved on to Josh Constine’s story about “Ring for enterprise” startup Verkada, which raised a massive $80 million round at a $1.6 billion valuation. That’s eye popping, since the extremely small dilution implied with those numbers (5%) is very rare in the venture world.
After that we turned to a few rounds that Alex has had his eye on, namely the somewhat-recent Insurify round, the pretty-recent Gabi round, and the most-recent Policygenius. All told they sum to $150 million, which made us ask the question, why are venture capitalists so into insurance marketplace startups?
Finally, we touched on the latest from the intra-SoftBank delivery war between DoorDash and Uber Eats, including who is impacted, and what it means for future consolidation in the on-demand world. Or more precisely, why hasn’t there been more?
Finally, don’t forget that IPO season is upon us. Are you caught up?
Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.
Increasingly, the streets of Karachi and Lahore are being flooded with men riding bikes and wearing green T-shirts, a writer friend recently told me. In a sense, these men represent the emergence of Pakistan’s tech startups.
India now has more than 25,000 startups and raised a record $14.5 billion last year, according to government figures. But not all Asian countries are as large as India or have such a thriving startup ecosystem. Long overdue, things are beginning to change in bordering Pakistan.
Bykea, a three-year-old ride-hailing and delivery service, today has more than 500,000 bikes registered on its platform. It operates in some of Pakistan’s most populated cities, such as Karachi, Lahore and Islamabad, Muneeb Maayr, Bykea founder and CEO, told TechCrunch.
Maayr is one of the most recognized startup founders in Pakistan, and previously worked for Rocket Internet, helping the giant run fashion e-commerce platform Daraz in the country. While leading Daraz, he expanded the platform to cater to categories beyond fashion; Daraz was later sold to Alibaba.
