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Happy Friday, Croqueurs! It’s May 27, 2022 and we’re slipping into a long weekend as it’s Memorial Day weekend here in the United States. absolutely nothing, which we celebrate with all our hearts. See you here on Tuesday!
TechCrunch’s top 3
- golden goose: pot holder was on fire today, writing not one, but two of our best stories of the day. The first concerns Jar, an Indian fintech company that is considering a $50 million Series B funding round. The country’s citizens have bank accounts to save money, but Jar helps them do something they might not be so familiar with: investing. And the company chose to start with something Indians are known to love, gold.
- revolving door: Manish’s second story has to do with another Manish – Manish Maheshwari, the former head of Twitter India, who left a startup he co-founded after just 6 months. Our Manish reported in December that Maheshwari quit his Twitter post to start edtech company Invact Metaversity with Tanay Pratap. The arrangement did not appear to work as expected, with some hiccups from the company involving the release of product and disagreements with management.
- Sometimes it’s not meant to be: In the case of Substack, a new funding round. Connie reviewed details yesterday of their attempt to raise a Series C, but later canceled it when favorable terms with investors failed to materialize. Today, alexander peels away some of the onion layers as to why Substack’s goals, based on its Series B raise in 2021, didn’t translate well to the 2022 investment environment.
Startups and VCs
Earlier this week, Anita reported that Adam “WeWork” Neumann is back with a new startup and has lifted support from a16z. In today’s Chain Reaction podcast, Anita and Lucas discuss whether Neumann really deserves $70 million and another chance. We don’t understand why anyone would place another bet on him, and we’ll no doubt be watching his new startup closely.
A few more gems for you:
Ride or die-salt
Diesel prices alone are responsible for about 17% of the inflation we see today, and Tim writes an exciting piece about how gasoline and diesel may not be the best, especially as the economy peeks over the cliff into an abyss the depth of our general optimism around the climate right now.
Maybe that’s exactly what we need: maybe when economic and climate interests align, we’ll find the jar of “yes, we can live on this planet for a few more years” at the end. of the rainbow.
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Big Tech inc.
- Sony Live Service Plans: Sony is betting on its live service offerings. This follows the company’s acquisition of Bungie earlier this year. Sony this week laid out plans for the life of its business after the acquisition, which includes massive investments in the live service gaming business, though it didn’t say which franchises would get the treatment.
- Hang on to it: We thought Snapchat was just individuals sending small “snapshots” to other individuals, but the social media giant has bigger plans than that. Its eye-catching new feature, “Shared Stories,” is a riff on its “Custom Stories” feature to allow users to, well, you can see where we’re going with that. Here’s how it works: Users added to a group can also add their friends to make it easier to share their stories. Don’t worry, if someone in the friend group isn’t your cup of tea, your stories won’t be shared with them.
- Database debacle: Voto Consulting, a New Jersey talent acquisition firm, has learned the hard way what happens when you don’t password protect a database and leave it on the internet. The resumes and personal information of some 30,000 workers were exposed. Like Zack reports, the story gets a lot more interesting – something you really need to check out for yourself.
- Driving time: In today’s transportation news, Rivian has opened its hood and revamped some things with the company’s engine (yes, we know it’s an electric vehicle) by hiring new COO Frank Klein. It comes amid other leadership changes as its chief manufacturing officer said goodbye. Meanwhile, Tesla says it won’t open a manufacturing plant in India until it can sell and service vehicles in the country. pot holder exposes the back and forth between the country and the company: the country’s officials want cars to be built locally and Tesla to respect its high import duties. Tesla doesn’t want to pay higher fees yet if the market doesn’t test well. So a super fun stop.