Daily Crunch: a16z literally doubles down, announces $4.5B crypto fund IV
Hello friends and welcome to Daily Crunch, bringing you the most important startup, tech and venture capital news in a single package.
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It’s Wednesday the 25th of May, 2022, and we are devastated by the events of the last couple of days. It’s hard to put together a newsletter about tech against the backdrop of a school shooting. Big news events impact everyone differently, so please remember to give yourself and those around you a bit of extra space. We love you. — Haje and Christine
The TechCrunch Top 3
- Going, going gone: Twitter confirmed that its former CEO Jack Dorsey stepped down from the company’s board today. No, it’s not a surprise. He and the company were vocal about when his final days would be. We assume Dorsey is happy with how he is leaving things.
- No crypto slowdown to see here: Even with a grim cryptocurrency market report, there are still dollars to be raised if you are developing viable blockchain infrastructure. StarkWare Industries grabbed 100 million of them, bringing the company’s valuation to $8 billion, essentially a four-time boost from its previous round. Why is blockchain infrastructure so important? Why, integrity of the whole system of course, Jacquie reports.
- Creepy crawlers: What’s half a millimeter wide and crawls? We’re sure there’s so many gross things running through your mind right now, but in this case it is a remote-controlled crab “robot” created by some geniuses at Northwestern University. Not sure what use there is for a teeny crab, but it’s cute anyway.
Startups and VC
In startupland, it’s all crypto all the time today. Lucas covers how a16z announced a $4.5 billion Web3 fund less than a year since it announced its $2.2 billion crypto fund III. Meanwhile, Volt Capital debuts a $50 million fund, also backed by a16z.
DJ Gabeau, one of Snapchat Stories’ earliest engineers and founder of Web3 social network Primitives, told TechCrunch that he thinks NFTs can be an enjoyable way for people to connect, Anita reports.
As members of the Terra community try to pick up the pieces from its currently defunct economy, Polygon launches a fund to entice the dozens of developers who had projects built on the inoperative blockchain, Jacquelyn reports.
And finally, the IRS’s tax partner ZenLedger was already off to the races, but it is leaning on the accelerator with a $15 million series B, Anita reports.
Don’t worry, there’s nonblockchain news too:
- Jesus, take the wheel: Pony.ai loses permit to test autonomous vehicles with driver in California after one too many instances of its safety drivers not paying attention, Rebecca reports.
- Taking a bite out of food tech: Synthesis Capital closed its inaugural $300 million fund to invest in the future of food, Christine writes.
- A high-flying market: Anna did a series of interviews with cannabis tech investors to figure out where the market is going.
- All the things, everywhere, via the internet: Namibian B2B e-commerce retail platform JABU raises $15M led by Tiger Global, reports Tage.
- Signed, sealed, delivered — your severance package: Getir, valued at $12 billion, plans to axe 14% of staff globally and cut aggressive expansion plans, reports Ingrid.
- They won’t need your TPS reports: The process to make any purchase within a business can be long and cumbersome. Zip raised $43 million in a Series B to help ease the pain, Mary Ann writes.
- Post-COVID reboot for femtech hardware: Inne was about to launch when the pandemic hit. Natasha has a great feature about how it regrouped and is gearing up for the future.
- And finally, the $3,000 podcasting microphone: Haje took a closer look at the newest podcasting microphone array from Nomono, wondering who would get in line to spend $3,000 on a spatial audio microphone array.
Despite regulatory roadblocks, these four US cannabis investors are planting seeds for tomorrow
The cannabis industry is doing very well in the United States.
A state-by-state patchwork of regulations has created a limited market for public and private companies that handle grow operations, distribution and transportation, inventory control, testing and point-of-sale software.
Budtenders are a frequent sight at California weddings, but Anna Heim found that the industry still has a long way to go before it reaches maturity, largely because federal laws continue to prevent cannabis-related business from using traditional financial services.
To learn more about the underlying market forces and hurdles facing entrepreneurs and investors in this maverick industry, she spoke to four investors:
- Jacqueline Bennett, managing partner and co-founder, Highlands Venture Partners
- Yoni Meyer, partner, Casa Verde Capital
- Matt Hawkins, managing partner and co-founder, Entourage Effect Capital
- Emily Paxhia, managing director, Poseidon Investment Management
(TechCrunch+ is our membership program, which helps founders and startup teams get ahead. You can sign up here.)
Big Tech Inc.
In anticipation of a possible reversal of abortion privacy law Roe v. Wade, a group of Democratic congressional members penned a letter to Google’s CEO Sundar Pichai, urging the company to consider changing the way it currently collects and retains cell phone location data records. Carly reports the fear is that it could become a tool for “far-right extremists looking to crack down on people seeking reproductive health care.”
Apple says its iOS App Store supports some 2.2 million jobs and was responsible for a 118% increase in U.S. small developer earnings over the past 2 years. Sarah and Natasha provide some analysis of the numbers, noting, “these figures highlight how important the App Store is to a wide range of global developers. That, in turn, could also help demonstrate why a system this large and powerful could also be due for more regulation and competition.”
Speaking of Apple, if you live in Maryland and have an Apple Wallet, you can store your driver’s license or state ID there. The state became the second, behind Arizona, to offer the feature.
Don’t miss these equally exciting stories from today:
- Brainly refused to remove content about the war in Ukraine and is now blocked in Russia.
- A few things came to fruition today, including Amazon’s plans for a brick-and-mortar store with the opening of a retail store in California, and Google started running ads in YouTube Shorts.
- The National Football League is looking at having its own streaming service. Fans are in luck — it looks like the service fee will be nominal.
- And ICYMI from yesterday, Dyson has secretly been building robots that pick up things, Kim Kardadshian likes Beyond Meat so much that she is going to be the brand’s first “chief taste consultant,” Exploding Kittens game is finally coming out on Netflix and Bumble is diving into some new nondating features around communities and social groups.
Uncategorized
Part 1: Current State of the Housing Market; Overview for mid-March 2024
Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-March 2024
A brief excerpt: This 2-part overview for mid-March provides a snapshot of the current housing market.
I always like to star…
A brief excerpt:
This 2-part overview for mid-March provides a snapshot of the current housing market.There is much more in the article.
I always like to start with inventory, since inventory usually tells the tale!
...
Here is a graph of new listing from Realtor.com’s February 2024 Monthly Housing Market Trends Report showing new listings were up 11.3% year-over-year in February. This is still well below pre-pandemic levels. From Realtor.com:
However, providing a boost to overall inventory, sellers turned out in higher numbers this February as newly listed homes were 11.3% above last year’s levels. This marked the fourth month of increasing listing activity after a 17-month streak of decline.Note the seasonality for new listings. December and January are seasonally the weakest months of the year for new listings, followed by February and November. New listings will be up year-over-year in 2024, but we will have to wait for the March and April data to see how close new listings are to normal levels.
There are always people that need to sell due to the so-called 3 D’s: Death, Divorce, and Disease. Also, in certain times, some homeowners will need to sell due to unemployment or excessive debt (neither is much of an issue right now).
And there are homeowners who want to sell for a number of reasons: upsizing (more babies), downsizing, moving for a new job, or moving to a nicer home or location (move-up buyers). It is some of the “want to sell” group that has been locked in with the golden handcuffs over the last couple of years, since it is financially difficult to move when your current mortgage rate is around 3%, and your new mortgage rate will be in the 6 1/2% to 7% range.
But time is a factor for this “want to sell” group, and eventually some of them will take the plunge. That is probably why we are seeing more new listings now.
Government
RFK Jr. Reveals Vice President Contenders
RFK Jr. Reveals Vice President Contenders
Authored by Jeff Louderback via The Epoch Times,
New York Jets quarterback Aaron Rodgers and former…
Authored by Jeff Louderback via The Epoch Times,
New York Jets quarterback Aaron Rodgers and former Minnesota governor and professional wrestler Jesse Ventura are among the potential running mates for independent presidential candidate Robert F. Kennedy Jr., the New York Times reported on March 12.
Citing “two people familiar with the discussions,” the New York Times wrote that Mr. Kennedy “recently approached” Mr. Rodgers and Mr. Ventura about the vice president’s role, “and both have welcomed the overtures.”
Mr. Kennedy has talked to Mr. Rodgers “pretty continuously” over the last month, according to the story. The candidate has kept in touch with Mr. Ventura since the former governor introduced him at a February voter rally in Tucson, Arizona.
Stefanie Spear, who is the campaign press secretary, told The Epoch Times on March 12 that “Mr. Kennedy did share with the New York Times that he’s considering Aaron Rodgers and Jesse Ventura as running mates along with others on a short list.”
Ms. Spear added that Mr. Kennedy will name his running mate in the upcoming weeks.
Former Democrat presidential candidates Andrew Yang and Tulsi Gabbard declined the opportunity to join Mr. Kennedy’s ticket, according to the New York Times.
Mr. Kennedy has also reportedly talked to Sen. Rand Paul (R-Ky.) about becoming his running mate.
Last week, Mr. Kennedy endorsed Mr. Paul to replace Sen. Mitch McConnell (R-Ky.) as the Senate Minority Leader after Mr. McConnell announced he would step down from the post at the end of the year.
CNN reported early on March 13 that Mr. Kennedy’s shortlist also includes motivational speaker Tony Robbins, Discovery Channel Host Mike Rowe, and civil rights attorney Tricia Lindsay. The Washington Post included the aforementioned names plus former Republican Massachusetts senator and U.S. Ambassador to New Zealand and Samoa, Scott Brown.
In April 2023, Mr. Kennedy entered the Democrat presidential primary to challenge President Joe Biden for the party’s 2024 nomination. Claiming that the Democrat National Committee was “rigging the primary” to stop candidates from opposing President Biden, Mr. Kennedy said last October that he would run as an independent.
This year, Mr. Kennedy’s campaign has shifted its focus to ballot access. He currently has qualified for the ballot as an independent in New Hampshire, Utah, and Nevada.
Mr. Kennedy also qualified for the ballot in Hawaii under the “We the People” party.
In January, Mr. Kennedy’s campaign said it had filed paperwork in six states to create a political party. The move was made to get his name on the ballots with fewer voter signatures than those states require for candidates not affiliated with a party.
The “We the People” party was established in five states: California, Delaware, Hawaii, Mississippi, and North Carolina. The “Texas Independent Party” was also formed.
A statement by Mr. Kennedy’s campaign reported that filing for political party status in the six states reduced the number of signatures required for him to gain ballot access by about 330,000.
Ballot access guidelines have created a sense of urgency to name a running mate. More than 20 states require independent and third-party candidates to have a vice presidential pick before collecting and submitting signatures.
Like Mr. Kennedy, Mr. Ventura is an outspoken critic of COVID-19 vaccine mandates and safety.
Mr. Ventura, 72, gained acclaim in the 1970s and 1980s as a professional wrestler known as Jesse “the Body” Ventura. He appeared in movies and television shows before entering the Minnesota gubernatorial race as a Reform Party headliner. He was a longshot candidate but prevailed and served one term.
Former pro wrestler Jesse Ventura in Washington on Oct. 4, 2013. (Brendan Smialowski/AFP via Getty Images)
In an interview on a YouTube podcast last December, Mr. Ventura was asked if he would accept an offer to run on Mr. Kennedy’s ticket.
“I would give it serious consideration. I won’t tell you yes or no. It will depend on my personal life. Would I want to commit myself at 72 for one year of hell (campaigning) and then four years (in office)?” Mr. Ventura said with a grin.
Mr. Rodgers, who spent his entire career as a quarterback for the Green Bay Packers before joining the New York Jets last season, remains under contract with the Jets. He has not publicly commented about joining Mr. Kennedy’s ticket, but the four-time NFL MVP endorsed him earlier this year and has stumped for him on podcasts.
The 40-year-old Rodgers is still under contract with the Jets after tearing his Achilles tendon in the 2023 season opener and being sidelined the rest of the year. The Jets are owned by Woody Johnson, a prominent donor to former President Donald Trump who served as U.S. Ambassador to Britain under President Trump.
Since the COVID-19 vaccine was introduced, Mr. Rodgers has been outspoken about health issues that can result from taking the shot. He told podcaster Joe Rogan that he has lost friends and sponsorship deals because of his decision not to get vaccinated.
Quarterback Aaron Rodgers of the New York Jets talks to reporters after training camp at Atlantic Health Jets Training Center in Florham Park, N.J., on July 26, 2023. (Rich Schultz/Getty Images)
Earlier this year, Mr. Rodgers challenged Kansas City Chiefs tight end Travis Kelce and Dr. Anthony Fauci to a debate.
Mr. Rodgers referred to Mr. Kelce, who signed an endorsement deal with vaccine manufacturer Pfizer, as “Mr. Pfizer.”
Dr. Fauci served as director of the National Institute of Allergy and Infectious Diseases from 1984 to 2022 and was chief medical adviser to the president from 2021 to 2022.
When Mr. Kennedy announces his running mate, it will mark another challenge met to help gain ballot access.
“In some states, the signature gathering window is not open. New York is one of those and is one of the most difficult with ballot access requirements,” Ms. Spear told The Epoch Times.
“We need our VP pick and our electors, and we have to gather 45,000 valid signatures. That means we will collect 72,000 since we have a 60 percent buffer in every state,” she added.
The window for gathering signatures in New York opens on April 16 and closes on May 28, Ms. Spear noted.
“Mississippi, North Carolina, and Oklahoma are the next three states we will most likely check off our list,” Ms. Spear added. “We are confident that Mr. Kennedy will be on the ballot in all 50 states and the District of Columbia. We have a strategist, petitioners, attorneys, and the overall momentum of the campaign.”
Uncategorized
Pharma industry reputation remains steady at a ‘new normal’ after Covid, Harris Poll finds
The pharma industry is hanging on to reputation gains notched during the Covid-19 pandemic. Positive perception of the pharma industry is steady at 45%…
The pharma industry is hanging on to reputation gains notched during the Covid-19 pandemic. Positive perception of the pharma industry is steady at 45% of US respondents in 2023, according to the latest Harris Poll data. That’s exactly the same as the previous year.
Pharma’s highest point was in February 2021 — as Covid vaccines began to roll out — with a 62% positive US perception, and helping the industry land at an average 55% positive sentiment at the end of the year in Harris’ 2021 annual assessment of industries. The pharma industry’s reputation hit its most recent low at 32% in 2019, but it had hovered around 30% for more than a decade prior.
“Pharma has sustained a lot of the gains, now basically one and half times higher than pre-Covid,” said Harris Poll managing director Rob Jekielek. “There is a question mark around how sustained it will be, but right now it feels like a new normal.”
The Harris survey spans 11 global markets and covers 13 industries. Pharma perception is even better abroad, with an average 58% of respondents notching favorable sentiments in 2023, just a slight slip from 60% in each of the two previous years.
Pharma’s solid global reputation puts it in the middle of the pack among international industries, ranking higher than government at 37% positive, insurance at 48%, financial services at 51% and health insurance at 52%. Pharma ranks just behind automotive (62%), manufacturing (63%) and consumer products (63%), although it lags behind leading industries like tech at 75% positive in the first spot, followed by grocery at 67%.
The bright spotlight on the pharma industry during Covid vaccine and drug development boosted its reputation, but Jekielek said there’s maybe an argument to be made that pharma is continuing to develop innovative drugs outside that spotlight.
“When you look at pharma reputation during Covid, you have clear sense of a very dynamic industry working very quickly and getting therapies and products to market. If you’re looking at things happening now, you could argue that pharma still probably doesn’t get enough credit for its advances, for example, in oncology treatments,” he said.
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