Yearn.finance (YFI) price surged by 58% in the last few days as three key factors suggest investors expect further upside.
“Crypto Mom” Hester Peirce admits the SEC can be slow in giving guidance, but she sees the regulator becoming more open to change.
Andrei Anisimov, whose LInkedIn profile still describes him as a “Senior Software Engineer” at Coinbase, tweeted Saturday that this was his last week at the cryptocurrency exchange.
Read more The promotion is part of China’s efforts to try out out and stimulate usage of its new digital currency.
Read more CoinDesk’s Christine Kim spoke to colleagues Michael J. Casey and Aaron Stanley about the most compelling and under-discussed topics about Ethereum 2.0 headlining next week’s conference.
Read more Increased interest in the crypto space will necessitate a more-accommodative stance, the commissioner predicted.
Read more The speaker, though saying the boosted offer comes up short in several areas, didn’t shut the door on a deal.
Read more Welcome back to The TechCrunch Exchange, a weekly startups-and-markets newsletter. It’s broadly based on the daily column that appears on Extra Crunch, but free, and made for your weekend reading. You can subscribe here.
First, a big congrats on making it through the week. If you live in the United States, you just endured one of the wildest news weeks ever. Rapid-fire headlines and nigh-panic have been our lot since last Friday when the president announced he was COVID-19 positive. We’re all very tired. You get points for just surviving.
Second, I wanted to bring you something uplifting this weekend, as you deserve it. Sadly, that’s not what we’re going to talk about.
On Friday, The Exchange covered new data concerning the venture capital results of female founders during the third quarter. The data set was U.S.-focused, but we can presume that it is illustrative of global trends. Regardless of that nuance, the data was depressing.
In the third quarter, U.S.-based female founders and co-founders raised 136 rounds worth $434 million, per PitchBook data. That was a handful more rounds than Q2 2020, but far fewer dollars. And it was down across the board compared to Q3 2019. Even more, as we noted in the piece, the aggregate venture capital world did very well.
Here’s some PwC data making that point, and a bit more from my old employer Crunchbase. What matters is that female founders are doing worse when VCs are super active. This will only perpetuate inequalities and inequities in the startup market.
Speaking of which, here’s some more bad news. Vern Howard Jr., the co-founder and CEO of Hallo, a startup that has raised nearly $2 million, according to Crunchbase, compiled some data on Black founders’ VC performance in Q3. Here’s what he set out to do:
[W]e wanted to put hard numbers behind the promises of so many venture capitalists and create a benchmark for how we can track the investment into black founders over time. So our team pulled a list from Crunchbase of all the startups globally with a total funding amount of $500,000 — $20,000,000 and who raised a round between July 1 and October 1. There were over 1383 companies here and our team went through one by one, to see how many Black founders there were.
There were 31.
Now, you could open up the funding bands to include both smaller and larger funding events, but regardless of the data boundaries, the resulting number — just 2.2% of the total — is a disgrace.
Market Notes
- The OpenDoor-SPAC deal became clearer this week as we got a scratch at its financials. Some of the data is rough. Some of it is good. But we can now understand the bull case for its future, which helps.
- Affirm announced that it has filed privately to go public, while Root filed publicly to go public. More on the Affirm news here and a dig into the Root S-1 here.
- Make sure to check out YCharts’ exit to a PE firm. The startup told TechCrunch that it will pass $15 million in annual recurring revenue this year. Which should mean that it sold for a pretty penny.
- Greycroft raised an ocean of new capital, to the tune of $678 million spread between a $310 million fund for early-stage checks, and a $368 million fund targeting growth-stage deals.
- Why do we care about Greycroft? We don’t, per se, but it is worth noting that VCs are still able to raise during the current crisis. We often talk about how founders are managing to raise during COVID, and this is something that VCs have to do, as well.
- TechCrunch dug into the API startup space, talking to VCs and founders alike about the space and why it’s blowing up in 2020.
- Airbnb’s summer was painful, but its rebound may prove legendary. The Exchange examined how it managed to bounce back so quickly.
- And finally, from Market Notes, some rounds that you should not miss: Zira.ai raised $3.1 million, Grid AI raised $18.6 million to help machine learning devs do more, Instacart raised $200 million more at a valuation of nearly $18 billion, mmhmm raised $21 million in the best-named round of the week, Unqork raised $207 million and we dug into what that means for the no-code market, and GoPuff raised $380 million more in an epic round that values the delivery startup at $3.9 billion.
Various and Sundry
- Continuing our coverage of the savings and investing boom that fintech startups around the world have been riding this year, Freetrade, a British Robinhood if you will, told The Exchange that it crossed £1 billion in September order volume. That’s not bad!
- Freetrade also recently launched a paid version of its service, as the payment-for-order-flow method of generating revenue that Robinhood is growing on the back of is not allowed across the pond.
- Sticking to the fintech world, Yotta Savings is a startup that provides a savings option to its users, with the added chance of winning a big monetary prize for having stored their money with the startup. Folks have been whispering in my ear about the company for a bit, but I’ve held off writing about it until now as it was not clear to me if the model was merely a gimmick, or something that would actually attract customers.
- Well, Yotta grew from 8,000 accounts to more than 30,000 in the past few weeks and has reached the $100 million deposit mark. So, I guess we now care.
- Coinbase lost one in 20 employees to its new strategy of standing neutral during political times on anything that its CEO deems as unrelated to its core mission, which, as a for-profit company with tectonic financial backing, is making money.
- On the same topic, Can from The Margins made a salient point that “no politics is a political stance.” Correct, and it is a very conservative one at that.
- Even more, Coinbase’s CEO made noise about how his company will “work to create an environment where everyone is welcome and can do their best work, regardless of background, sexual orientation, race, gender, age, etc.” Whether he likes it or not, this is a political stance, and one that has nothing to do with the company’s stated core mission. And a political fight earned it — namely, equal access to the workplace.
- I’ll toss in a plug for this piece on the matter from a VC that TechCrunch published, and these thoughts from a tech denizen on how to guarantee that your company lands on the wrong side of history on essentially everything.
- Wrapping our grab-bag this week, Ping Identity bought ShoCard. Ping is now a public company, so normally its deals would land outside our wheelhouse. But we care in this case because TechCrunch has covered ShoCard (2015: “ShoCard Is A Digital Identity Card On The Blockchain”), and because the startup does crypto-related work.
- Seeing a public company snap up a blockchain startup for real money, on purpose and out loud, doesn’t happen every day. More here if you want to read about the deal.
Wrapping, this newsletter is a lot of fun and I appreciate your reading it. It is, also, a work in progress. So feel free to hit respond to it and let me know what you want to see more of. Or hit respond and send me a cute pic of your pet. Either is fine by me.
Chat soon,
Editor’s note: Get this free weekly recap of TechCrunch news that any startup can use by email every Saturday morning (7 a.m. PT). Subscribe here.
Why are there so many tech IPOs right now? Startups are finding that they can get higher valuations from public markets than private ones these days, because so many public investors want to put serious money in tech. Also, the lure of the future, the benevolence of the Fed, the retail investor boom, the sheer number of unicorns that have been waiting for any decent moment to go, the new ways a company can go public… these are some of the reasons Alex Wilhelm found after reviewing the latest listings and quarterly data about tech in public markets.
Various political and economic turmoils threaten to end the run, but the impact to the startup world has arrived. Consider it for a minute before the newsletter dives into stocks, SPACs, emerging industries and other useful startup news.
From this IPO boom, there’ll be another wave of startup employee wealth flooding into adjacent real-world spaces, but spread more broadly outside of the Bay Area than the days of Facebook and Twitter IPOs. Some of those employees will become investors and maybe founders, and the now-public startups will replace those positions with big-company people. The dynamics around tech hiring will be further reshaped in surprising new ways, all combined with the other changes happening like remote work.
Today, if you’re founding a startup now, you can now confidently chart new ways to build your company long-term that previous generations of founders could barely imagine.
This coming decade, we might see a startup go public that raises from pre-seed rolling funds first, pulls in newly legalized crowdfunding, matches with the right VCs from among the thousands that have are operating these days — or perhaps the startup raises debt because it’s doing that well. It could stay private as long as it wants using the various financing and secondary market possibilities that have been figured out over the last decade. Then, when it is ready to go public, it could choose between traditional options, the perfect SPAC and a direct listing, and keep the shareholder pool in favor of the true believers who have been with the company over the course of the journey.
This current group of IPOs also demonstrates something else. Tech is no longer defined as some profitless, highly valued consumer tech startup in San Francisco. It can come from anywhere, it can solve practical problems, it can make real money, and it can keep building and growing — provided you’re okay with some ongoing risk. No wonder public markets like tech these days.
Take a look at Root Insurance, an insurtech unicorn that has already helped define the Columbus, Ohio startup scene. It’s a “startup Rorscach test,” as Alex details this week about its new IPO filing. “You can find things to like (improving adjusted margins! revenue growth!), and you can find things to not like (spiraling losses! negative margins!) very easily.”
Here’s more from the Extra Crunch article:
It appears that the tailwind that many insurance providers have seen during COVID-19 has provided Root with a nice boost (driving fell during the pandemic, leading some insurance providers to return premiums.) Root is taking advantage of the moment by filing when it can show sharply improved economics.
That’s smart. But how do those improved economics bear out in traditional accounting? Let’s find out:
- Root’s revenue has skyrocketed from $43.3 million in 2018 to $290.2 million in 2019. In the first half of 2020, Root managed $245.4 million in revenue, up 135.73% from what it managed in the first half of 2019.
- Root’s losses have also shot higher, from a net loss of $69.1 million in 2018 to $282.4 million in 2019. The startup has managed to consistently lose more money over time. This was also true more recently, when its H1 2020 net loss of $144.5 million dwarfed its H1 2019 loss of $97.0 million.
The other filing this week is for Affirm, which provides a point-of-sale credit for customers (without all the tricks of credit cards). It’s also a symbol of how innovation works across the decades, for those future founders who are studying the IPO experiments of unicorns today.
The company is a high-flying unicorn with a practical purpose from serial entrepreneur Max Levchin, who has also helped shape the concept of the modern startup — from cofounding Paypal and making numerous angel investments over the years, to Slide, a profitless, highly valued consumer tech company in San Francisco a decade ago. It’s not widely understood outside of tech, Slide and other social media companies helped pioneer the growth and engagement techniques that subsequent startups applied across SaaS, e-commerce, fintech and real-world sectors. Today, Root and Affirm and many of the other companies in this era of IPOs are standing on the lessons of those years.
Image Credits: Getty Images
SPAC growing pains
Special Purpose Acquisition Companies are sure to provide valuable lessons, as a growing group of startups use these investment vehicles to ease into public markets. Here’s the latest look at the action, starting with this disturbing quote that Connie Loizos got from one expert this week.
According to Kristi Marvin, a former investment banker who now runs the data site SPACInsider, she’s having, and hearing about, conversations with a much wider range of people interested in launching SPACs than in past years — and not all of them are necessarily equipped to manage the vehicles.
“You ask, ‘Have you ever acquired a company for $500 million or more? Do you have operating experience in the vertical that you’re targeting? Do you understand the reporting requirements involved?’ Often,” she says, “the answers are no.”
That was in the context of a controversial former Uber executive starting a SPAC; Connie also looked at gender representation in this emerging slice of high finance. Like other parts of that world, the people involve are almost entirely men (which is also continuing to be the case in startup funding, actually, Alex reports).
Meanwhile, Catherine Shu examined how troubled electric vehicle startup Faraday Futures is approaching SPAC plans, while Alex took a closer look at the challenges and opportunities facing Opendoor.
Image Credits: Getty Images
The future of mobility
Our annual conference on mobility and the future of transportation happened online this year, which means we have lots of easily accessible conference coverage to share for readers (and for Extra Crunch subscribers). Here are a few key headlines to help you focus your clicks:
Quarantine drives interest in autonomous delivery, but it’s still miles from mainstream
Transportation VCs suggest frayed US-China ties will impact mobility markets (EC)
Image Credits: Getty Images
Investor Surveys: APIs, Helsinki and Amsterdam
“I am surprised at how open companies are to a SaaS API for something as critical as cybersecurity,” Skyflow founder Anshu Sharma explains about the explosion of SaaS companies, and specifically API service providers like his company. “While I have spent over a decade in SaaS including some very large deals during my time at Salesforce, the scope of the projects by large companies including banks and healthcare companies is simply beyond what was a possibility just a few years ago. We have truly moved from ‘why SaaS’ to a ‘why not SaaS’ era.” Alex and Lucas Matney surveyed a range of top investors and founders in this exploding niche, and you can read the full thing on Extra Crunch.
Elsewhere in investor surveys, Mike Butcher checked out the Helsinki startup scene and has another about Amsterdam in progress.
Across the week
TechCrunch
Nobel laureate Jennifer Doudna shares her perspective on COVID-19 and CRISPR
Podcast advertising has a business intelligence gap
Standing by developers through Google v. Oracle
Dear Sophie: Now that a judge has paused Trump’s H-1B visa ban, how can I qualify my employees?
A clean energy company now has a market cap rivaling ExxonMobil
Extra Crunch
Understanding Airbnb’s summer recovery
Accel VCs Sonali De Rycker and Andrew Braccia say European deal pace is ‘incredibly active’
4 sustainable industries where founders and VCs can see green by going green
Six favorite Techstars startups ahead of its next rush of demo days
To fill funding gaps, VCs boost efforts to find India’s standout early-stage startups
#EquityPod
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast (now on Twitter!), where we unpack the numbers behind the headlines.
This week Natasha was on vacation, so Danny and your humble servant had to endeavor alone. She’s back next week, so we’ll be back to full strength as a collective soon enough.
But even with a depleted hosting crew, we had a mountain of news to get through. And to joke about, as Danny was in the mood for a laugh. Here’s the rundown:
- Reddit co-founder Alexis Ohanian’s New Venture Fund Invests in Disposable Camera App: Danny and I are arbiters of what is cool, so we were the perfect pair to discuss influencers and new social applications. This one is actually neat, and Ohanian’s inclusion in the investment viz his new fund was noteworthy.
- Zira raises $3.1M for its shift-scheduling service that helps manage hourly workers: This is a round that I covered, looking into Zira.ai and its product. Our take? It’s neat, but operates in a competitive market.
- Shogun raises $35M to help brands take on Amazon with faster and better sites of their own: This is a similar story. A neat company with a neat product in a space where there is proven demand (TAM, in other words), and competition.
- Unqork’s $207M Series C underscores growing enterprise demand for no-code apps: Another round worth mentioning is the Unqork deal. Unqork is a no-code service that helps other businesses create apps for their companies. It’s growing like a weed, and is thus something worth knowing a bit about.
- Mmhmm, Five-Month-Old Video Startup Making Virtual Meetings More Fun, Raises $31 Million Pre-Launch: Yes, mmhmm has raised more money, and, we’re excited to learn, could be launching this very month.
- Remotion raises $13M to create a workplace video platform for short, spontaneous conversations: Following the Slack news, this round stood out to us. Who will build the remote work comms platform of the future that people like to use?
- And then there was a host of other stuff to get through, like the FirstMark SPAC news, Root’s impending IPO and more on Airbnb’s impending public offering.
That was a lot. We did our best. Hugs and chat with you next week!
Equity drops every Monday at 7:00 a.m. PT and Thursday afternoon as fast as we can get it out, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.
Welcome back to This Week in Apps, the TechCrunch series that recaps the latest OS news, the applications they support and the money that flows through it all.
The app industry is as hot as ever, with a record 204 billion downloads and $120 billion in consumer spending in 2019. People are now spending three hours and 40 minutes per day using apps, rivaling TV. Apps aren’t just a way to pass idle hours — they’re a big business. In 2019, mobile-first companies had a combined $544 billion valuation, 6.5x higher than those without a mobile focus.
In this series, we help you keep up with the latest news from the world of apps, delivered on a weekly basis.
Top Stories
Apple declared monopoly by U.S. House Judiciary subcommittee on antitrust
Apple was one of the four big tech companies the House Judiciary subcommittee on antitrust declared as having enjoyed monopoly power in the U.S. The report suggests that Congress make changes to break up their businesses. In Apple’s case, the company was deemed to have market power in the app distribution business, meaning its App Store. The report agrees that while the App Store provides significant benefits to both consumers and developers, Apple has also controlled the App Store in a way that allows it to create barriers to competition and exploits developer data to its advantage.
Apple responded that it “vehemently” disagrees with the report’s conclusions…”with respect to Apple.”:
Our company does not have a dominant market share in any category where we do business. From its beginnings 12 years ago with just 500 apps, we’ve built the App Store to be a safe and trusted place for users to discover and download apps and a supportive way for developers to create and sell apps globally. Hosting close to two million apps today, the App Store has delivered on that promise and met the highest standards for privacy, security and quality. The App Store has enabled new markets, new services and new products that were unimaginable a dozen years ago, and developers have been primary beneficiaries of this ecosystem. Last year in the United States alone, the App Store facilitated $138 billion in commerce with over 85% of that amount accruing solely to third-party developers. Apple’s commission rates are firmly in the mainstream of those charged by other app stores and gaming marketplaces. Competition drives innovation, and innovation has always defined us at Apple. We work tirelessly to deliver the best products to our customers, with safety and privacy at their core, and we will continue to do so.
Apple in the past year has received an increasing number of complaints from iOS app developers over its rules to include in-app purchases and to remove any mentions from their app as to where consumers could pay for a subscription outside the App Store. The company has had high-profile debacles with Basecamp’s email app Hey, Spotify, Epic Games (where it’s engaged in a lawsuit) and cloud gaming services, like xCloud and Stadia.
This week, more developer complaints also surfaced related to how Apple can abuse its power.
In one, ProtonMail’s CEO shared what it was like to work with Apple, where he compared the company’s business practices to “Mafia extortion.” The company said Apple made it add in-app purchases, even though its app had been a largely free app, like WordPress, for years. When ProtonMail alerted its customers over email, Apple threatened to remove the app and block all updates.
In another, Apple told private messaging app Telegram what’s allowed on its channels. Specifically, it wanted channels closed where Belarusian protesters were identifying members of the country’s oppressive regime.
Microsoft digs at Apple with adoption of “App Fairness” principles
Last month, a number of top app makers came together to launch the “Coalition for App Fairness,” an advocacy group fighting back at market power abuses by the tech giants, namely Apple and to some lesser extent, Google. This week Microsoft joined Apple’s critics by announcing it would adopt 10 “app fairness” principles in its own Microsoft Store for Windows 10. The company didn’t reference Apple by name, but said it had “concerns about app stores on other digital platforms.”
In a blog post, Microsoft wrote:
Windows 10 is an open platform. Unlike some other popular digital platforms, developers are free to choose how they distribute their apps. The Microsoft Store is one way. We believe that it provides significant benefits to consumers and to developers by ensuring that the available apps meet strong privacy, security and safety standards, while making them easier to find and providing additional tools and services so developers can focus on development.
The company pointed out that it allows third-party app stores, like those from Epic and Steam, on Windows. It also says users can pick their own payment method and notes that developers are allowed to distribute their apps on their own terms via the internet without restrictions. And, Microsoft stressed that it would not use its market power to “tilt the playing field to our advantage.”
Though it is admirable for Microsoft to take a stand, the company is likely more concerned with ensuring U.S. regulators don’t turn their eyes to its own storefronts as they investigate tech giants for anticompetitive behavior. In particular, it wants to avoid scrutiny of its Xbox store, which will not apply these same principles.
It’s worth noting, too, that Apple’s own desktop platform, macOS, doesn’t restrict developers from offering their apps for installation via the web, so the Microsoft Store is not the most apt comparison to what’s taking place on the iOS App Store.
Consumers spent a record $28 billion in apps in Q3
Image Credits: TechCrunch
Mobile usage continues to remain high amidst the COVID-19 pandemic, which has prompted social distancing measures and lockdown policies, and has pushed consumers to connect online for work, school and socializing. This, in turn, has helped drive record spending in apps during the quarter, as well as a huge surge in time spent in apps. According to a new report from App Annie, consumers in the third quarter downloaded 33 billion new apps globally and spent a record $28 billion in apps — up 20% year-over-year. They also spent more than 180 billion collective hours each month of July, August and September 2020 using apps, an increase of 25% year-over-year.
For comparison, Sensor Tower’s Q3 report had estimated app revenue grew to over $29 billion in Q3, while it pegged new app downloads higher at 36.5 billion.
Weekly News Round-up
Mobile industry Lawsuits
- TikTok vs. the U.S. government. The U.S. government on Thursday appealed the judge’s ruling that prevented the Trump administration from banning TikTok. The White House has said TikTok represents a threat to national security. Meanwhile, the app has just been banned in Pakistan.
- Google faces antitrust lawsuit in India where it’s accused of having abused its Android OS’s position in the smart TV market.
- Philip Shoemaker testifies in Apple vs. Epic. Shoemaker, who headed App Store Review from March 2009 to April 2016 said that the App Store had been used to protect Apple’s interests, saying that Apple had not been honest about treating all developers the same. He also said the App Store rules were arbitrary and Apple has “struggled with using the App Store as a weapon against competitors.” He also argued that Apple Arcade would violate the same policies that are keeping Stadia and Game Pass off the App Store.
- Judge denied Epic’s request to force Apple to allow Fortnite back into the App Store. This means Fortnite will not return to the App Store before the trial begins; a court filing this week stated that the two companies will go to trial on May 3, 2021.
Platforms & Services
- Apple extended the deadline for app updates using the UIWebView API to beyond the end of 2020. Apple designed WKWebView in 2014 to integrate web content into an app “quickly, securely, and consistently across iOS and macOS,” the company says. Its since recommended that developers adopt WKWebView instead of UIWebView and WebView — both of which were formally deprecated. Maybe Apple didn’t want any more stories about app rejections right now?
- Apple launches new subscription server notifications for testing. The new notifications can offer real-time updates on a subscriber’s status, so developers can create customized user experiences. Initially, developers can get a notification about a subscriber who auto-renews and another that lets them be alerted to when the App Store starts asking users to agree to a new subscription price.
- Apple Developer app now supports enrollment in the U.K. and Ireland.
- Google hiring for Android Security team. A job posting indicates Google Play is staffing up an Android Security team that looks for vulnerabilities in Android apps, including COVID-19 apps, election apps, and those dealing in sensitive data.
- Google Assistant can control Android apps. Google’s voice command “Hey Google” can now not just launch by also search within and perform common tasks in apps. Users can also set their own voice commands as shortcuts.
- Android launches sound notifications. The OS can help people hard of hearing by alerting them to sounds like appliances beeping, water running, baby sounds, fire alarms, dogs barking, and knocks on the door, among others. iPhone offers a similar feature.
Trends
- TikTok passes Instagram as second-most popular social app for U.S. teens. A new report from Piper Sandler says 34% of teens list Snapchat as their favorite social app followed by 29% picking TikTok, then 25% picking Instagram.
- Google is latest to adopt “Stories” format. The company added Stories to its main search app on iOS and Android, featuring AMP-based visual content from a range of publishers.
- Instagram embraces home screen customization trend with launch of custom icons. For the app’s 10th anniversary, the company added a time-traveling Stories map, anti-bullying features, and a big set of custom icons that users can easily swap to, including the classic brown instant camera icon. The app declined to talk about its user numbers or revenues, however.
- Microsoft joins Amazon in working around App Store rules on gaming services. Microsoft gaming head Phil Spencer told employees the company is targeting 2021 for a web-browser based solution for its Xbox Game Pass streaming service. Amazon had earlier said it would bring its cloud gaming service Luna to iPhone by offering it as a web app.
Other News
- Over 240 Android apps were caught showing “out-of-context” ads in violation of a Google Play Store policy. These ads are shown outside of the app’s container, like pop-ups or full-screen ads. Google banned this advertising type in February 2020, when more than 600 apps were found to be spamming users. (ZDNet)
- Baidu launches a Douyin and Kuaishou rival called Kankan, which is mostly just a video search engine for the time being. The app looks a lot like Baidu’s main search app, but focuses on videos and live streaming. (SCMP)
- Google Fi comes to more phones, including new 5G phones from Samsung and Google. (Galaxy Note20 5G, Galaxy Note20 Ultra 5G, Galaxy S20 5G, Galaxy S20+ 5G, Galaxy S20 Ultra 5G, Galaxy A71 5G, Pixel 5 and Pixel 4a 5G) (Google)
- Instagram Threads turns into Instagram Direct. The formerly “friends-only” messaging app now lets you use it as a direct messenger for all your IG contacts. The company plans to bring some of IG’s other new messaging features soon, meaning it would be tied to the new IG infrastructure that currently allows cross-platform messaging between IG and Facebook Messenger. But IG says Threads won’t support cross-platform messaging. We’ll see! (TechCrunch)
- Mobile RPG Genshin Impact becomes world’s No. 2 top-grossing game in first week. The game Chinese publisher miHoYo generated $60 million across the App Store and Google Play. (Sensor Tower)
- Spotify launches collaborative music app Soundtrap Capture. The company acquired Sountrap in 2017. The new app is meant to take the place of Voice Memo to save tracks that can then be shared with others. The app has been in beta since this spring. (TechCrunch)
- Triller is paying for TikTok talent. The U.S.-based rival is shelling out cash, cars, fine dining and creator mansions to lure creators to its app at a time when TikTok’s U.S. future remains uncertain. The app offers a similar experience, but without support for duets or an as extensive library. A related report claims Triller inflated its user numbers in the past. (The New York Times)
Funding and M&A
- Picker raises €1.3 million seed round. The app lets you discover and buy products recommended by people you follow. Backers in the round include Berlin’s Btov and other angels.
- Zynga acquires game maker Rollic. Zynga completed its acquisition of hyper-casual game maker Rollic, based in Istanbul. Its titles include Go Knots 3D and Tangle Master 3D. Zynga doesn’t fully own Rollic, but has purchased 80% of the company for $180 million with additional payments to acquire the remaining portion over the next three years.
- GoPuff raises $380 million. The Philadelphia-headquartered startup offers an app that lets you buy over-the-counter medicine, baby food and alcohol — basically, convenience store items — and have them delivered to your door in 30 minutes or less. The new round was led by Accel and D1 Capital Partners.
- Camera app Dispo raises $4 million seed. Seven Seven Six fund, the Reddit co-founder Alexis Ohanian’s new venture fund, made its first investment in LA-based social media platform, Dispo. The app, previously known as David’s Disposable, was created by popular YouTuber David Dobrik and friend Natalie Mariduena. The app’s gimmick is to make you wait until the next day to see your photos, which are shared without editing.
- Healthcare app Your.MD raises €25 million. The London-based company’s Healthily app uses A.I. to help users check symptoms before visiting a doctor. Funding was led by global health and hygiene company Reckitt Benckiser (RB).
Downloads
Up Spell
Image Credits: Up Spell
Noted Apple software engineer and designer Ken Kocienda, whose work included the original iPhone and the development of touchscreen autocorrect, launched his first iOS app, a word game called Up Spell. The game challenges users to spell all the words you can in two minutes and uses a lexicon of words Kocienda built to allow for the inclusion of proper names and words with apostrophes, like S’Mores.
Bold icons
Hey!
Today I’m launching 𝗕𝗼𝗹𝗱: a beautiful set of friendly and balanced icons for iOS 14.
Most iOS stock icons are now 7 years old
Bold reimagines these icons in the design language of iOS today
Enjoy
pic.twitter.com/I44a0XR3Di
— Doney den Ouden (@doney) October 8, 2020
Tapping into the iOS 14 home screen redesign trend, designer Doney den Ouden released his own set of new icons for iOS devices, a bright one called “Bold,” a dark version called “Bold Dark,” and all-white background icons “Bold Light.” Designers have regularly dabbled in redesigns of the iOS interface, but the ability to now create Shortcuts to launch apps using custom icons has inspired designers to turn these side projects into a side hustle.
Google Arts & Culture
Image Credits: Google
While not a new app, the art appreciation and educational app this week introduced a new “Art Filter” that uses 3D-modelled AR filters based on iconic paintings, objects and accessories from all over the world. You can use the filter to become Van Gogh or Frida Kahlo’s self-portraits, or the famous Girl with a Pearl Earring. You can also step into history with a traditional Samurai helmet or a remarkable Ancient Egyptian necklace, Google says. The app is a free download on Android or iOS.
Harbor
Prepper app Harbor, backed by $5 million in funding, launched its emergency-preparedness app that gamifies the tasks you need to get done in order to have fully prepared for an emergency. The app determines the most likely emergencies you’d face based on your location.