Another Salesforce C-suite exit — Slack CEO Stewart Butterfield will step down in January

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By Christine Hall and Haje Jan Kamps

Monday, December 05, 2022

Obviously you love the Daily Crunch, but did you know that we’ve got a whole lineup of truly amazing newsletters from across the site? Sarah’s This Week in Apps is consistently insightful and interesting about what happens on our handheld supercomputers. The Interchange is Mary Ann’s deep dive into the world of fintech startups, and The Station is the summary of everything transportation, lovingly assembled by the incomparable Kirsten. Finally, Greg’s Week in Review is the “oh crap, I didn’t have time to read TechCrunch this week” summary so you don’t make a complete fool of yourself at the watercooler when Monday rolls around.

We also have space newsletters, robotics newsletters, and more. Check out the full list, and go on a subscribing spree. Go on, what else is there to do in December? — Christine and Haje

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Image Credits: Drew Angerer / Getty Images

The TechCrunch Top 3

  • Ch-ch-ch-changes: It’s another C-suite shake-up over at Salesforce. Ron reports that Slack CEO Stewart Butterfield, who joined Salesforce when the company acquired Slack in 2020, says he is stepping down in January. This news follows some other recent out-of-the-blue departures in the past week, including that of Salesforce co-CEO Bret Taylor, who announced his resignation.
  • A different take on social commerce: Much of the livestream commerce we see today has to do with buying clothes or some fancy vintage playing card. However, Kapu is putting an interesting spin on it, coming out of stealth with $8 million in new funding to create a social commerce site that helps Kenyans find groceries at lower prices. Annie has more.
  • AI is our life now: We are now using artificial intelligence to create our own avatars and write letters about potential layoffs. Twelve Labs’ founder Jae Lee believes this should be extended to searchable video, so that’s what the company set out to build. Today, it announced $12 million in fresh capital to continue developing AI that understands the context of videos, Kyle writes.

Startups and VC

Loft Dynamics, a Swiss startup creating virtual reality simulation technology for helicopter pilots, has raised $20 million in funding from U.S. venture capital firms, including Craft Ventures, Sky Dayton and Up Ventures, Paul reports. Alongside the funding, the company is also formally announcing its name change from VRM Switzerland to Loft Dynamics.

Apropos VR…demand for real estate VR booms, reports Mike, writing that Founders Fund leads a $16 million round into the Giraffe360 platform.

Here’s five more news story and an invite to the consumer electronics startups out there:

Which way is up? The end of free money and the importance of keeping cash on hand

In simpler times, founders could often satisfy investors just by showing how quickly their company was meeting growth expectations.

“Well, investors today care about the less-distant future,” said Max Schireson, an operating partner at Battery Ventures.

“They care about how much money they need to put into your company to get to that future and when it will arrive.” In a guest post for TC+, he shares frank advice and multiple scenarios that can help founders meet investor expectations during tough times.

“They say time is the one thing you can’t buy, but in fact, time is the easiest thing to buy at a startup.”

Three more from the TC+ team:

TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code “DC” for a 15% discount on an annual subscription!

Read More

Which way is up? The end of free money and the importance of keeping cash on hand image

Image Credits: PM Images / Getty Images

Big Tech Inc.

Facebook wants to know your age, but before you clutch your pearls, it’s actually for a good reason. Meta is bringing its age verification technology into its Facebook Dating product, Sarah reports. We already don’t know, or want to know, how 50-year-olds meet 16-year-olds, but Meta definitely doesn’t want to gain a reputation for being THAT place.

And now, we have five more for you:

Read more stories on TechCrunch.com

Newest Jobs from Crunchboard

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