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Hi there Sifted reader,

Summer's over and the gears of the tech world are rumbling back into life. But the downturn that you left just before your month on the beach? Unfortunately, that's still here.

Snapchat maker Snap has been feeling the pinch from falling stocks, and last week announced it would shut down French app Zenly (which it acquired a few years ago) in a cost-cutting move. We spoke to insiders at the buzzy social mapping startup to hear how they feel — and what happens next.

Also from the Sifted newsroom:

• How do we solve the quantum talent crunch?
• Why VCs love diaspora founders
• Meet the fintechs set to raise soon

— Alex, writer & Amy, editor

Since French social mapping startup Zenly was bought by Snap in 2017, it's enjoyed steady growth and has acquired millions of users around the world. 

That didn't stop Snap pulling the plug on the company last week though.

Only months after being offered more stock options, all of Zenly's employees have been told their jobs will be cut.

But the saga doesn't end there: Snap now has to make a legal and economic case to the French courts to go ahead with its decision.

Chris O'Brien finds out what went on — and what happens next.

Every business struggles with revenue leak, but it’s not your fault that spreadsheets and outdated systems are failing you. Assess your risk and take control of your revenue with Clari.

Read more here. 

Quantum computing is one of the hottest sectors in tech at the moment, as it promises to unlock a new generation of computing power and innovation. 

But startups in the field face a problem — quantum computing is so complex that engineers who know how it works are few and far between, and the best of them are hoovered up by big players like Google and IBM.

But AI went through something similar — so what can quantum learn from its battle scars? 

It can be hard enough being a founder in your native country. Now imagine going through all the stresses and strains of founder life in a country you're new to, possibly in a language other than your first.

That ability to tackle hardship is something diaspora founders have had to develop for survival. And it's also one of the reasons that VCs are so keen to seek them out. 

Here's why diaspora founders are gold dust.

2021 was fintech's best ever year; things have been a little slower in 2022. The megarounds aren't rolling in quite as often as they used to, and the money isn't flowing quite as freely.

Some startups will need to raise soon though, whether they like it or not.

We've pulled together a list of the fintechs which haven't raised for a while to give you an idea of who might be looking to raise in Q4. Keep an eye on this lot.

On September 14, we’ll reveal what strategies can effectively maintain your startup’s cash runway for the next 24 months, giving founders and operators the tools to survive — and ultimately thrive — in an economic downturn.

Hear from the experts.

🖥️ Code First Girls picks up £4.5m to tackle the tech gender gap. The coding school for women and non-binary people, which was previously a social enterprise, has raised a Series A led by Active Partners. It wants to tackle the gender gap in developing, where a staggering 93% of roles are held by men.

☀️🚗 Lightyear bags €81m to get its first car on the road. The Dutch startup makes solar-powered cars, which have panels on the roof and bonnet of the vehicle to charge batteries that power each of the four wheels individually. It wants to get the first commercially sold solar-powered car on the road this year. Both public and private funds contributed to the raise, including Invest-NL.

🤒 Symptom tracker app Healthily raises $20m to go stateside. The British startup, which uses AI to help patients work out what illness they might have, has not only picked up fresh funding. It's also landed a deal with Walmart to offer its services to customers in the US.

🏥 Swedish caretech Medoma raises €6m seed round. The startup's premise is simple — if it can care for acutely ill people, who need short-term care for an injury or illness, in their homes, that will free up much-needed space in hospitals. VCs including Inventure and VNV Global signed up to the seed round, along with angels including two of Kry's cofounders.

👶 Virtual fertility clinic startup Apricity has raised a €17m Series B. It says it has a 46% success rate per IVF cycle, in comparison to the UK average of 31%, and Swiss healthtech VC MTIP was convinced enough to lead the round. What's its secret?

💰 ArK Capital picks up €15m to grow its lending offering. ArK offers venture debt to early-stage startups to boost their balance sheets, and doesn't ask for its loans to be repaid for at least two years. It's similar to the revenue-based financing trend we've seen boom in Europe, but isn't restricting itself to high-revenue SaaS businesses. It says it uses reams of data to make sure all of its investments are sound ones, and has caught the eye of big-ticket investors including LocalGlobe and Creandum. 

Let us know anonymously about your biggest concerns and we’ll round up some stellar wisdom from startup leaders who’ve been there before.

From struggling with pushy investors to not knowing how to fire someone, whatever your situation, our agony aunts are here to help.

Share your problems — anonymously — here.

🦑 What World of Warcraft can teach founders. A lot of founders will brag about how being an Olympic athlete, climbing Everest on their hands or kitesurfing across the Atlantic has made them a stronger entrepreneur. But have they spent nearly 10,000 hours — more than 416 full calendar days — playing WoW? Here's why they might want to.

Alex Oscroft

Writer

Get in touch with him at alex@sifted.eu 
Or @alex_oscroft

Amy Lewin
Editor 

Get in touch with her at amy@sifted.eu
Or tweeting at @amyrlewin

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