Work Life Ventures raises $5M for debut enterprise SaaS seed fund – gpgmail


Brianne Kimmel had no trouble transitioning from angel investor to general partner.

Initially setting out to garner $3 million in capital commitments, Kimmel, in just two weeks’ time, closed on $5 million for her debut venture capital fund Work Life Ventures. The enterprise SaaS-focused vehicle boasts an impressive roster of limited partners, too, including the likes of Zoom chief executive officer Eric Yuan, InVision CEO Clark Valberg, Twitch co-founder Kevin Lin, Cameo CEO Steven Galanis, Andreessen Horowitz general partners’ Marc Andreessen and Chris Dixon, Initialized Capital GP Garry Tan and fund-of-funds Slow Ventures, Felicis Ventures and NFX.

At the helm of the new fund, Kimmel joins a small group of solo female general partners. Dream Machine’s Alexia Bonatsos is targeting $25 million for her first fund. Day One Ventures’ Masha Drokova raised an undisclosed amount for her debut effort last year. Sarah Cone launched Social Impact Capital, a fund specializing in impact investing, in 2016, among others.

Meanwhile, venture capital fundraising is poised to reach all-time highs in 2019. In the first half of the year, a total of $20.6 billion in new capital was introduced to the startup market across more than 100 funds.

For most, the process of raising a successful venture fund can be daunting and difficult. For well-connected and established investors in the Bay Area, like Kimmel, raising a fund can be relatively seamless. Given the speed and ease of fund one in Kimmel’s case, she plans to raise her second fund with a $25 million target in as little as 12 months.

“The desire for the fund is to take a step back and imagine how do we build great consumer experiences in the workplace,” Kimmel tells gpgmail.

Kimmel has been an active angel investor for years, sourcing top enterprise deals via SaaS School, an invite-only workshop she created to educate early-stage SaaS founders on SaaS growth, monetization, sales and customer success. Prior to launching SaaS School, which will continue to run twice a year, Kimmel led go-to-market strategy at Zendesk, where she built the Zendesk for Startups program.

“You start by advising, then you start with very small angel checks,” Kimmel explains. “I reached this inflection point and it felt like a great moment to raise my own fund. I had friends like Ryan Hoover, who started Weekend Fund focused on consumer, and Alexia is one of my friends as well and I saw what she was doing with Dream Machine, which is also consumer. It felt like it was the right time to come out with a SaaS-focused fund.”

Emerging from stealth today, Work Life Ventures will invest up to $150,000 per company. To date, Kimmel has backed three companies with capital from the fund: Tandem, Dover and Command E. The first, Tandem, was amongst the most coveted deals in Y Combinator’s latest batch of companies. The startup graduated from the accelerator with millions from Andreessen Horowitz at a valuation north of $30 million.

Dover, another recent YC alum, provides recruitment software and is said to be backed by Founders Fund in addition to Work Life. Command E, currently in beta, is a tool that facilities search across multiple desktop applications. Kimmel is also an angel investor in Webflow, Girlboss, gpgmail Disrupt 2018 Startup Battlefield winner Forethought, Voyage and others.

Work Life is betting on the consumerization of the enterprise, or the idea that the next best companies for modern workers will be consumer-friendly tools. In her pitch deck to LPs, she cites the success of Superhuman and Notion, a well-designed email tool and a note-taking app, respectively, as examples of the heightened demand for digestible, easy-to-use B2B products.

“The next generation of applications for the workplace sees people spinning out of Uber, Coinbase and Airbnb,” Kimmel said. “They’ve faced these challenges inside their highly efficient tech company so we are seeing more consumer product builders deeply passionate about the enterprise space.”

But Kimmel doesn’t want to bury her thesis in jargon, she says, so you won’t find any B2B lingo on Work Life’s website or Instagram.

She’s focusing her efforts on a more important issue often vacant from conversations surrounding investment in the future of work: diversity & inclusion.

Kimmel meets with every new female hire of her portfolio companies. Though it’s “increasingly non-scalable,” she admits, it’s part of a greater effort to ensure her companies are thoughtful about D&I from the beginning: “Because I have a very focused fund, it’s about maintaining this community and ensuring that people feel like their voices are heard,” she said.

“I want to be mindful that I am a female GP and I feel honored to have that title.”




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Uber commits $200 million to Uber Freight expansion in bet on trucking and Chicago – gpgmail


Uber Freight is establishing its headquarters in Chicago as part of Uber’s broader plan to invest more than $200 million annually in the region, including hiring hundreds of workers.

Uber said Monday it will hire 2,000 new employees in the region over the next three years, most of which will be dedicated to Uber Freight .

Uber Freight, which helps truck drivers connect with shipping companies, has become an important piece to Uber’s larger business strategy to generate revenue from all forms of transportation, including logistics for packages.

Since launching in May 2017, Uber Freight has grown from from limited regional operations in Texas to the rest of the continental U.S. and then to Europe.

Uber made Uber Freight a separate business unit in August 2018. Since then, the company has redesigned the app, adding new navigation features that make searching for and filtering loads easier to customize and more intuitive, as well as other features, including an updated map view and a search bar across the top of the screen.

It’s also made some key hires, one of which intimated the company’s global ambitions. The company hired Andrew Smith, one of Box’s early employees, to head up global sales at Uber Freight, and Bar Ifrach, formerly of Airbnb, to lead its marketplace team.

With signs of some success, Uber is doubling down on the trucking business.

Uber Freight has more than 400,000 drivers in its carrier network and 1,000-plus shippers as customers, including AB Inbev, Niagara Bottling and Land O’Lakes, according to the company. Uber Freight also has more than 50,000 carriers on the platform.

“I believe this makes Uber Freight  the biggest virtual fleet in the United States,” Lior Ron, head of Uber Freight, told gpgmail in a recent interview.

The company has been relatively quiet as it has scaled up, Ron said, noting that this announcement marks a turning point for Uber Freight.

“This is really a graduation moment for us and where we can share that because the business is doing so well we are doubling down on our investment,” he said.

The new Uber office located in The Old Main Post Office in the historic Chicago River area will serve as Uber Freight headquarters and its first engineering hub outside of San Francisco.

“Trucking represents an enormous opportunity for Uber, and this milestone is a testament to our long-term commitment to our Freight business,” Uber CEO Dara Khosrowshahi said in a statement. “Chicago is the heart of America’s transportation and logistics industry, and there is no better place to open our dedicated Freight HQ. Uber has long recognized the incredible history, innovation, and talent that Chicago has to offer, and we’re excited about the thousands of new jobs our Freight business will help bring as we become one of the city’s largest technology employers.”

As part of its new investments in the region, Uber is collaborating with the Chicago Cook Workforce Partnership (CCWP) to help with workplace diversity. Uber will start onboarding new employees in 2020 and will work with CCWP to develop a process for identifying potential candidates through their system.


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APIs are the next big SaaS wave – gpgmail


While the software revolution started out slowly, over the past few years it’s exploded and the fastest-growing segment to-date has been the shift towards software as a service or SaaS.

SaaS has dramatically lowered the intrinsic total cost of ownership for adopting software, solved scaling challenges and taken away the burden of issues with local hardware. In short, it has allowed a business to focus primarily on just that — its business — while simultaneously reducing the burden of IT operations.

Today, SaaS adoption is increasingly ubiquitous. According to IDG’s 2018 Cloud Computing Survey, 73% of organizations have at least one application or a portion of their computing infrastructure already in the cloud. While this software explosion has created a whole range of downstream impacts, it has also caused software developers to become more and more valuable.

The increasing value of developers has meant that, like traditional SaaS buyers before them, they also better intuit the value of their time and increasingly prefer businesses that can help alleviate the hassles of procurement, integration, management, and operations. Developer needs to address those hassles are specialized.

They are looking to deeply integrate products into their own applications and to do so, they need access to an Application Programming Interface, or API. Best practices for API onboarding include technical documentation, examples, and sandbox environments to test.

APIs tend to also offer metered billing upfront. For these and other reasons, APIs are a distinct subset of SaaS.

For fast-moving developers building on a global-scale, APIs are no longer a stop-gap to the future—they’re a critical part of their strategy. Why would you dedicate precious resources to recreating something in-house that’s done better elsewhere when you can instead focus your efforts on creating a differentiated product?

Thanks to this mindset shift, APIs are on track to create another SaaS-sized impact across all industries and at a much faster pace. By exposing often complex services as simplified code, API-first products are far more extensible, easier for customers to integrate into, and have the ability to foster a greater community around potential use cases.

Graphics courtesy of Accel

Billion-dollar businesses building APIs

Whether you realize it or not, chances are that your favorite consumer and enterprise apps—Uber, Airbnb, PayPal, and countless more—have a number of third-party APIs and developer services running in the background. Just like most modern enterprises have invested in SaaS technologies for all the above reasons, many of today’s multi-billion dollar companies have built their businesses on the backs of these scalable developer services that let them abstract everything from SMS and email to payments, location-based data, search and more.

Simultaneously, the entrepreneurs behind these API-first companies like Twilio, Segment, Scale and many others are building sustainable, independent—and big—businesses.

Valued today at over $22 billion, Stripe is the biggest independent API-first company. Stripe took off because of its initial laser-focus on the developer experience setting up and taking payments. It was even initially known as /dev/payments!

Stripe spent extra time building the right, idiomatic SDKs for each language platform and beautiful documentation. But it wasn’t just those things, they rebuilt an entire business process around being API-first.

Companies using Stripe didn’t need to fill out a PDF and set up a separate merchant account before getting started. Once sign-up was complete, users could immediately test the API with a sandbox and integrate it directly into their application. Even pricing was different.

Stripe chose to simplify pricing dramatically by starting with a single, simple price for all cards and not breaking out cards by type even though the costs for AmEx cards versus Visa can differ. Stripe also did away with a monthly minimum fee that competitors had.

Many competitors used the monthly minimum to offset the high cost of support for new customers who weren’t necessarily processing payments yet. Stripe flipped that on its head. Developers integrate Stripe earlier than they integrated payments before, and while it costs Stripe a lot in setup and support costs, it pays off in brand and loyalty.

Checkr is another excellent example of an API-first company vastly simplifying a massive yet slow-moving industry. Very little had changed over the last few decades in how businesses ran background checks on their employees and contractors, involving manual paperwork and the help of 3rd party services that spent days verifying an individual.

Checkr’s API gives companies immediate access to a variety of disparate verification sources and allows these companies to plug Checkr into their existing on-boarding and HR workflows. It’s used today by more than 10,000 businesses including Uber, Instacart, Zenefits and more.

Like Checkr and Stripe, Plaid provides a similar value prop to applications in need of banking data and connections, abstracting away banking relationships and complexities brought upon by a lack of tech in a category dominated by hundred-year-old banks. Plaid has shown an incredible ramp these past three years, from closing a $12 million Series A in 2015 to reaching a valuation over $2.5 billion this year.

Today the company is fueling an entire generation of financial applications, all on the back of their well-built API.

Screen Shot 2019 09 06 at 10.41.02 AM

Graphics courtesy of Accel

Then and now

Accel’s first API investment was in Braintree, a mobile and web payment systems for e-commerce companies, in 2011. Braintree eventually sold to, and became an integral part of, PayPal as it spun out from eBay and grew to be worth more than $100 billion. Unsurprisingly, it was shortly thereafter that our team decided to it was time to go big on the category. By the end of 2014 we had led the Series As in Segment and Checkr and followed those investments with our first APX conference in 2015.

Plaid, Segment, Auth0, and Checkr had only raised Seed or Series A financings! And we are even more excited and bullish on the space. To convey just how much API-first businesses have grown in such a short period of time, we thought it would be useful perspective to share some metrics over the past five years, which we’ve broken out in the two visuals included above in this article.

While SaaS may have pioneered the idea that the best way to do business isn’t to actually build everything in-house, today we’re seeing APIs amplify this theme. At Accel, we firmly believe that APIs are the next big SaaS wave — having as much if not more impact as its predecessor thanks to developers at today’s fastest-growing startups and their preference for API-first products. We’ve actively continued to invest in the space (in companies like, Scale, mentioned above).

And much like how a robust ecosystem developed around SaaS, we believe that one will continue to develop around APIs. Given the amount of progress that has happened in just a few short years, Accel is hosting our second APX conference to once again bring together this remarkable community and continue to facilitate discussion and innovation.

Screen Shot 2019 09 06 at 10.41.10 AM

Graphics courtesy of Accel


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Starship Technologies CEO Lex Bayer on focus and opportunity in autonomous delivery – gpgmail


Starship Technologies is fresh off a recent $40 million funding round, and the robotics startup finds itself in a much-changed market compared to when it got its start in 2014. Founded by software industry veterans including Skype and Rdio co-founder Janis Friis, Starship’s focus is entirely on building and commercialization fleets of autonomous sidewalk delivery robots.

Starship invented this category when it debuted, but five years later it’s one of a number of companies looking to deploy what essentially amounts to wheeled, self-driven coolers that can carry small packages and everyday freight including fresh food to waiting customers. CEO Lex Bayer, a former sales leader from Airbnb, took over the top spot at Starship last year and is eager to focus the company’s efforts in a drive to take full advantage of its technology and experience lead.

The result is transforming what looked, to all external observers, like a long tail technology play into a thriving commercial enterprise.

“We want to do 100 universities in the next 24 months, and we’ll do about 25 to 50 robots in each campus,” Bayer said in an interview about his company’s plans for the future.


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Finance in startups with Duda CFO Stephanie Hsiung and Zeus Living’s Head of Finance Mark Kang – gpgmail


Welcome to this transcribed edition of The Operators. The Operators features insiders from companies like Airbnb, Brex, Calm, Facebook, Google, Lyft, Slack, Uber, WeWork, and Zeus Living sharing their stories and tips on how to break into fields like marketing and product management. They also share best practices for entrepreneurs on how to hire and manage experts from domains outside their own.

This week’s edition features two finance experts with experience from Calm, AdRoll, Morgan Stanley, Change.org, Zeus Living, and Duda. Listen in as they unpack how to build a career in finance at a tech startup and how founders should be thinking about hiring and managing this function.

Stephanie Hsiung is the CFO of Duda, a new and exciting enterprise website builder. Prior to taking the CFO role at Duda, Stephanie served as the VP of Finance at Calm, the leading meditation and mental wellness app and recent unicorn. She was also previously the VP of Finance at Change.org, and was at AdRoll before that.

Mark Kang is the Head of Finance at Zeus Living, which is one of the fastest-growing providers of furnished housing for business travelers. He brings experience from venture capital, banking at Morgan Stanley, where he managed IPOs, and also spent time at Barclays.

Mark Kang, Neil Devanie, Stephanie Hsiung. Image via The Operators

Neil Devani and Tim Hsia created The Operators after seeing and hearing too many heady, philosophical podcasts about the future of tech, and not enough attention on the practical day-to-day work that makes it all happen.

Tim is the CEO & Founder of Media Mobilize, a media company and ad network, and a Venture Partner at Digital Garage. Tim is an early-stage investor in Workflow (acquired by Apple), Lime, FabFitFun, Oh My Green, Morning Brew, Girls Night In, The Hustle, Bright Cellars, and others.

Neil is an early-stage investor based in San Francisco with a focus on companies building stuff people need, solutions to very hard problems. Companies he’s invested in include Andela, Clearbit, Kudi, Recursion Pharmaceuticals, Solugen, and Vicarious Surgical.

If you’re interested in starting or accelerating your marketing career, or how to hire and manage this function, you can’t miss this episode!

The show:

The Operators features insiders from companies like Airbnb, Brex, Calm, Facebook, Google, Lyft, Slack, Uber, WeWork, and Zeus Living sharing their stories and tips on how to break into fields like marketing and product management. They also share best practices for entrepreneurs on how to hire and manage experts from domains outside their own.

In this episode:

In Episode 6, we’re talking about finance. Neil interviews Stephanie Hsiung, the CFO of Duda, a new and exciting enterprise website builder, and Mark Kang, the Head of Finance at Zeus Living, one of the fastest-growing providers of furnished housing for business travelers.

Neil Devani: Hello and welcome to the Operators, where we talk to entrepreneurs and executives from leading technology companies like Google, Facebook, Airbnb, and Calm about how to break into a new field, how to build a successful career, and how to hire and manage talent beyond your own expertise.

We skip over the lofty prognostications from venture capitalists and storytime with founders to dig into the nuts and bolts of how it all works. Hear from the people doing the real day to day work, the people who make it all happen, the people who know what it really takes… The Operators.

Today we’re talking to two finance experts with experience in investment banking and billion-dollar tech startups. I’m your host, Neil Devani and we’re coming to you from Digital Garage here in downtown San Francisco.

Joining me today is Stephanie Hsiung, CFO of Duda, an enterprise website builder, and formerly the VP of finance at Calm, the leading meditation and mental wellness app. She was also the VP of Finance at Change.org and AdRoll before that.

Also joining us is Mark Kang, Head of Finance at Zeus Living, a rising provider of furnished housing for business travels. They have 1400 homes under management in four major metro areas. Mark has experience as a venture capitalist as well and was previously a banker at Morgan Stanley and Barclays. Stephanie and Mark, thank you for joining us.

Stephanie Hsiung: Thank you for having us.

Mark Kang: Yes, thanks for having us.


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Startups Weekly: Diamond-encrusted disruption – gpgmail


Hello and welcome back to Startups Weekly, a weekend newsletter that dives into the week’s noteworthy startups and venture capital news. Before I jump into today’s topic, let’s catch up a bit. Last week, I wrote about the flurry of IPO filings. Before that, I noted the differences between raising cash from angels vs. traditional venture capitalists.

Remember, you can send me tips, suggestions and feedback to kate.clark@Gpgmail.com or on Twitter @KateClarkTweets. If you don’t subscribe to Startups Weekly yet, you can do that here.

What’s new

Venture capitalists look for companies poised to disrupt markets untouched by innovative technology. Believe it or not, a very small percentage of jewelry shopping is done online, which means there’s a big opportunity — for the right team — to bring jewelry buyers and sellers to the 21st century.

Enter Pietra, a new startup that’s just raised $4 million in a round led by Andreessen Horowitz’s Andrew Chen (Substack & Hipcamp investor). Robert Downey Jr.’s VC fund Downey Ventures and Will Smith’s fund Dreamers Fund also participated, as did Hollywood manager Scooter Braun, Michael Ovitz and supermodel Joan Smalls.

I spoke to the founding team, which includes Uber alum Ronak Trivedi and Ashley Bryan, who hails from fashion e-commerce site Moda Operandi. The pair bring a healthy mix of technology and fashion expertise to the mix. Trivedi tells gpgmail he’s drawn on his Uber experience to recruit engineers from top tech companies and to advocate for fast growth. Meanwhile, Bryan has leveraged her fashion industry connections to establish relationships with luxury designers.

 “Fashion is typically really under-resourced in terms of tech,” Bryan tells gpgmail. “[The fashion industry] is great at the creativity part but it’s tough, especially with jewelry because you really have to put up a lot of capital.”

Pietra’s plan is to create a high-end marketplace for consumers to connect with jewelry designers. To do this, the team has adopted the standard marketplace approach, taking a 30% marketplace fee from sellers, as well as a 7% fee from buyers commissioning jewelry on the platform.

“Whether you do custom jewelry or engagement jewelry or you do jewelry for celebrities like Drake, you can come on Pietra and connect with a global marketplace,” says Trivedi.

The jewelry market is expected to be worth more than $250 billion by 2020, according to McKinsey research. And where there’s a billion-dollar market, there are VCs. 

“Even though gemstones and jewelry have been at the center of art, commerce, and culture since the dawn of human civilization — going from stone jewelry created 40,000 years ago in Africa to the trade routes between East and West to Fifth Avenue in New York to the Instagram feed on your phone — the technology for discovering, designing, and purchasing jewelry online hasn’t evolved much at all,” writes a16z’s Chen, who overlapped with Trivedi during his Uber tenure.

Pietra completed its official launch this week. It has 100 designers on the platform and counting, along with what the founders say is a lengthy waitlist.

hands signing check 1

In other news

This week I published a long feature on the state of seed investing in the Bay Area. The TL;DR? Mega-funds are increasingly battling seed-stage investors for access to the hottest companies. As a result, seed investors are getting a little more creative about how they source deals. It’s a dog-eat-dog world out there and everyone wants a stake in The Next Big Thing. Read the story here.

Demo Day

Y Combinator graduated another batch of 200 companies this week. We were there both days, taking notes on each and every company. To make things easy on you, I’ve put together the ultimate YC reading list:

Here’s a look at some of the profiles we’ve written on the S19 companies:

Listen

We recorded two great episodes of Equity, gpgmail’s venture capital podcast, this week. The first was with YC CEO Michael Seibel, in which he speaks to trends at the seed stage of investing, changes at the accelerator program, including its move to San Francisco and more. You can listen to that one here. Plus, we had on Unusual Ventures co-founder and partner John Vrionis, who talked to us about direct listings versus IPOs and the future of DoorDash and Airbnb. You can listen to that one here.

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple Podcasts, Overcast and Spotify.

Tips for B2B startups

Contributors Tyler Elliston and Kevin Barry share advice for B2B companies: “Over the years, we’ve seen a lot of B2B companies apply ineffective demand generation strategies to their startup. If you’re a B2B founder trying to grow your business, this guide is for you. Rule #1: B2B is not B2C. We are often dealing with considered purchases, multiple stakeholders, long decision cycles, and massive LTVs. These unique attributes matter when developing a growth strategy. We’ll share B2B best practices we’ve employed while working with awesome B2B companies like Zenefits, Crunchbase, Segment, OnDeck, Yelp, Kabbage, Farmers Business Network, and many more.” Read the full story here. (Extra Crunch membership required.)




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Tastemakers raises $1.4M to sell Africa experiences to the world – gpgmail


New York based startup Tastemakers has raised a $1.4 million seed-round—led Precursor Ventures—for its business that connects Africa adventures to global consumers.

Tastemakers’ platform curates, prices, and lists African travel and cultural experiences—from paragliding tours to wine-tasting to concerts.

The startup generates revenues by taking a 20% commission on each transaction. Community managers in Africa screen and select experiences that go up on the site .

Tastemakers will use the investment to grow the number of experiences offered from 200 to 10,000 and build out machine learning capabilities to better match suppliers, experiences, and clients—CEO and founder Cherae Robinson told gpgmail.

She likened the site to an Airbnb for commoditizing and connecting people to Africa travel experiences at scale.

On the startup’s addressable market, Robinson references a segment of culture curious travelers: people who are travelling to experience things such foreign art, food, music, or dance workshops.

“We looked at who’s doing these kinds of tours and and the number of people booking…and we found that globally, based on triangulating that, there are about 700 million people globally booking culture forward experiences,” said Robinson.

For different reasons—from negative stereotypes or the difficulty of identifying tourist options in Africa—most of these excursions are occurring in other parts of the world, according to Robinson.

She sees Tastemakers’ value proposition as the site that can bring a greater percentage of these culture travelers to Africa.

On revenue potential, Robinson is pretty up front on numbers and goals. “If we can capture 1% of that [700 million] market in the next five years that’s $2.2 billion generated on our platform,” she said, noting an average booking cost of $308. She believes Tastemakers could hit those figures by 2025—and by applying their 20 percent commission—reach income of $434 million.

Tastemakers Africa Ghana III

Precursor Ventures Managing Partner Charles Hudson invested in Tastemakers for its potential as an early entrant in an off the grid travel market attracting more curiosity.

“I just had a sense that Africa was having a moment, and whether its Black Panther or more startups that have a foot in Africa, that there were more people interested in going to Africa,” he told gpgmail.

“And it’s not like going to New York City…You have providers that are hard to find and hard to book..that are not super well marketed. If you can become an aggregator and curator of those, you could effectively become the largest source of lead generation,” Hudson said.

Tastemakers is looking at  ancillary partnership and revenue share opportunities. It uses Stripe and WorldRemit to process mobile payments for transactions on the site and has done promotional partnerships with Uber Africa. The startup also counts Kempinski Hotels as its biggest lodging partner.

Tastemakers also offers advisory services to sellers on the site, to better determine price-points and on marketing their travel experiences more effectively online.

CEO Cherae Robinson is clear about the company’s for-profit status, but sees upside for Africa beyond generating business from tourism. “I strategically don’t brand Tastemakers as a social impact startup…but we’re driving benefits of the sharing economy to diverse populations both in Africa and in underrepresented communities in the technology and tourism sectors,” she said.

 


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YC is doubling down on these investment theses in its most recent batch – gpgmail


Nearly 200 startups have just graduated from the prestigious San Francisco startup accelerator Y Combinator. The flock of companies are now free to proceed company-building with a fresh $150,000 check and three-months full of tips and tricks from industry experts.

As usual, we sent several reporters to YC’s latest demo day to take notes on each company and pick our favorites. But there were many updates to the YC structure this time around and new trends we spotted from the ground that we’ve yet to share.

CTO and HR demo days


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Fresh out of Y Combinator, Tandem lands millions from Andreessen Horowitz – gpgmail


Tandem, one of the most sought after companies to graduate from Y Combinator’s summer batch, will emerge from the accelerator program with a supersized seed round and an uncharacteristically high valuation.

The months-old business, which is developing communication software for remote teams after pivoting from crypto, is raising a $7.5 million seed financing at a valuation north of $30 million, sources tell gpgmail. Airbnb investor Andreessen Horowitz is leading the round.

Tandem and a16z declined to comment for this story. The round has yet to close, which means the deal size is subject to change. Y Combinator startups raise capital using SAFE agreements, or simple agreements for future equity, which allow investors to buy shares in a future priced round at a previously agreed-upon valuation.

We’re told several top venture capital firms were vying for a stake in Tandem. One firm even gifted the founders a tandem bike, sources tell gpgmail, resorting to amusing measures to sway the Tandem team. But it was a16z — which has an established interest in the growing future of work sector, evidenced by its recent investment in the popular email app Superhuman — that ultimately won the coveted lead investor spot.

Tandem provides a virtual office for remote teams, complete with video-chatting and messaging capabilities, as well as integrations with top enterprise tools including Notion, GitHub and Trello. The service launched one month ago and has signed contracts with Airbnb, Dropbox and others. The company claims to be growing 50% week-over-week.

“Every company is a remote company,” Tandem chief executive officer Rajiv Ayyangar said during his pitch to investors on day two of Y Combinator Demo Days this week. “You have salespeople in the field, [companies with] multiple offices, people working from home. Tandem isn’t just building the future of remote work, it’s building the future of work.”

Ayyangar was previously a data scientist at Yahoo before joining Yakit, a startup seeking to simplify ecommerce delivery, as the director of product. Co-founders Bernat Fortet Unanue and Tim Su are also Yahoo alums.

We’re told Tandem’s fundraise was nearly complete before it pitched to investors Tuesday afternoon. Startups that participate in YC are often flooded with offers from VCs throughout the three-month program. Firms are hungry for the batch’s Airbnb, Dropbox or Stripe — graduates of the program — and will pay premiums on startup equity for their chance to invest in a future ‘unicorn.’

As a result, the median seed deal for U.S. startups in 2018 was roughly $2 million — a record high — with typical pre-money valuations hovering north of $10 million. Tandem’s seed financing represents both a trend of swelling seed deals and valuations, as well as a tendency for VCs to dole out more cash to fresh-from-YC companies amid heightened competition amongst their peers.

The previous YC batch, which wrapped up in March, included ZeroDown, Overview.AI and Catch, a trio of companies that pocketed venture capital ahead of demo day. ZeroDown, a financing solution for real estate purchases in the Bay Area, raised upwards of $10 million at a $75 million valuation before demo day, sources told gpgmail at the time (months after demo day, Zero Down announced a whopping $30 million financing). ZeroDown was an outlier, of course, as the company’s founders had previously co-founded the billion-dollar HR software company Zenefits.

As for the summer batch, we’re told Actiondesk, Taskade and Tandem are amongst the startups to garner the most hype from investors. Some even forwent the demo day pitch altogether. BraveCare, which is creating urgent care clinics intended just for kids, raised $4.1 million ahead of demo day, we’re told. The company opted not to pitch to additional investors this week.

You can read about all the company’s that pitched during demo day one here and demo day two here.


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The 11 best startups from Y Combinator’s S19 Demo Day 1 – gpgmail


Y Combinator, the genesis for many of the companies that have shaped Silicon Valley including Airbnb, PagerDuty and Stripe, has minted another 200 some graduates. Half of those companies made their pitch to investors today during Day 1 of Y Combinator’s Summer 2019 Demo Day event and we’re here to tell you which startups are on the fast-track to the unicorn club.

Eighty-four startups presented (read the full run-through of every company plus some early analysis here) and after chatting with investors, batch founders and of course, debating amongst ourselves, we’ve nailed down the 11 most promising startups to present during Day 1. We’ll be back Tuesday with our second round of top picks.



10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something