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In testimony today at the fraud trial of FTX founder and former CEO Sam Bankman-Fried, Can Sun, FTX's former general counsel, stated that Bankman-Fried asked him "come up with legal justifications" to explain FTX's use of customer funds. When the lawyer responded that there were no good reasons, Bankman-Fried replied, "Yep, yep. Got it." (More great SBF coverage here.)
Major music publishers are suing generative AI startup Anthropic for the “wholesale copying” of song lyrics to fuel its AI models.
Alleging fraud, New York Attorney General Letitia James has filed a $1 billion civil suit against crypto firms Gemini Trust, Genesis Capital, and Digital Currency Group. “This fraud is yet another example of bad actors causing harm throughout the under-regulated cryptocurrency industry,” James said in a statement.
The hacker responsible for leaking 23andMe records two weeks ago has released 4.1 million more genetic data profiles for individuals located in Great Britain and Germany.
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The building of a proptech venture fund. After 12 years as an entrepreneur and operator (Bonobos, TellApart, Floored, CBRE), Dave Eisenberg founded Zigg Capital, a real estate tech venture capital fund focused on accelerating the combination of real property and technology. On The Distribution by Juniper Square, Dave shares what it’s like to transition from entrepreneur to investor, how Zigg Capital sources deals and handles portfolio construction, and which sections of real estate have been the fastest (and slowest) to adopt the latest technology. Check it out here now.
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Employment Hero, a nine-year-old Sydney startup that has built an employment platform covering HR, recruitment, onboarding, and payment, raised a $166.5 million Series F round led by TCV, with additional participation from previous investors Insight Partners, AirTree, Seek, and OneVentures. Forbes Australia has more here.
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| Big-But-Not-Crazy-Big Fundings |
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Hivebrite, an eight-year-old New York startup that has built a community engagement platform for clients such as Boeing and the Obama Foundation, raised a $37 million Series B round led by Quadrille Capital, with previous investor Insight Partners also joining in. BuiltinNYC has more here.
iink, a seven-year-old, Tampa-based digital payments network aiming to make it easier to secure funds associated with multiparty property insurance claims, just raised $12 million in Series A funding led by Headline. Motley Fool Ventures, Chartline Capital Partners, Silver Circle Ventures and a group of existing investors also participated. TechCrunch has more here.
Petfolk, a three-year-old startup based in Charlotte, NC, that provides services for pets, pet owners, and veterinarians, raised a $40 million Series B round led by Movendo Capital, with White Star Capital and Idea Farm Ventures also taking part. More here.
Society Brands, a three-year-old startup based in Canton, Oh., that acquires and operates e-commerce businesses, raised a $25 million round. Investors included Gullane Capital, Callais Capital, and North Coast Ventures. The company has raised a total of $230 million. More here.
SynFutures, a three-year-old Singapore startup that has built a decentralized crypto derivatives exchange, raised a $22 million Series B round led by Pantera Capital, with additional capital provided by Susquehanna International Group and HashKey Capital. TechCrunch has more here.
Waymark, a San Francisco startup that connects Medicaid patients with a local care team, including community health workers, therapists, pharmacists, and care coordinators, raised $42 million in debt and equity led by Lux Capital, with CVS Health Ventures as well as previous investors Andreessen Horowitz and NEA also participating. The company has raised a total of $87 million. Fierce Healthcare has more here.
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Anyplace, an eight-year-old San Francisco startup that provides furnished apartments for remote workers and corporate travelers, raised an $8.3 million Series B round led by Jason Calcanis's Launch Fund, with CapitalX, Gaingels, Riverside Ventures, Potluck Ventures, MSIVC, FreakOut Shinsei Fund, and Delight Ventures also opting in. TechCrunch has more here.
Elyos Energy, a London startup founded this year that helps businesses and households manage their energy consumption by providing access to energy flexibility and demand response programs, raised a $3 million seed round. Investors included Rebel Fund, Zeno Partners, and Endgame Capital. More here.
Finzly, an 11-year-old company based in Charlotte, NC, that aims to simplify operations for financial institutions by unifying all payment rails into one cohesive platform, raised a $10 million Series A round. TZP Growth Equity was the deal lead. FinTech Global has more here.
Grandstand, a startup that plans to launch an app that would allow fans to follow and financially support their favorite players, raised a $2.75 million seed round. Will Ventures was the deal lead. Sportico has more here.
Mediatool, an eight-year-old Stockholm startup whose platform helps advertisers manage their media investments, raised a $7.4 million round. Fairpoint Capital and eEquity were the deal leads. More here.
Pair Team, a four-year-old San Francisco startup that provides virtual and in-person primary care for Medicaid's highest-risk patients, raised a $9 million Series A round led by Next Ventures and including Y Combinator, PTX Capital, Kapor Capital, and Kleiner Perkins. More here.
Skoon Energy, a six-year-old Rotterdam startup that helps companies using fossil fuel-powered generators transition to clean energy systems, raised a $5.6 million Series A round led by Blue Bear Capital and including the Graduate Entrepreneur Fund. Tech.eu has more here.
Vopero, a three-year-old Mexico City startup that operates a marketplace for secondhand clothes, raised a $4 million round led by Cencosud Ventures, with previous investor Grupo Axo also chipping in. The company has raised a total of $10 million. TechCrunch has more here.
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A good coach goes a long way. Especially when it comes to money. That’s where Cleo comes in. She’s the world’s first AI assistant dedicated to personal finance. Cleo's advice is personalized and
guides you toward making smarter decisions with your hard-earned cash and avoiding your overdraft. Recently named a Forbes 2023 Next Billion-Dollar startup with 100% YoY growth and $72m ARR, learn more about Cleo and why 71% of users feel more optimistic about their financial future.
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Convoy, a Seattle trucking startup backed by Jeff Bezos and Bill Gates that was once valued at $3.8 billion by its investors, is closing down after a four-month search for an acquirer failed.
Discord is shutting down Gas, the anonymous compliments-based social media app it acquired back in January for an undisclosed sum. The app will officially shut down on November 7, the company confirmed to TechCrunch today. The news of the shutdown was first reported by The Information.
Moment, a platform for events and ticketed experiences was recently acquired by Patreon. Moment had raised $13.5 million in funding from investors including defy.vc, UTA Ventures, and Forerunner Ventures, among others. Terms of the deal aren't being disclosed.
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Mark Schena, former CEO of Arrayit Corporation, a Silicon Valley company that falsely claimed à la Theranos that it could test for allergies and COVID-19 using only a few drops of blood, was sentenced yesterday to eight years in prison and ordered to pay $24 million in restitution.
The SEC is dropping charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen for violating securities laws with regard to XRP transactions.
On a Tesla earnings call yesterday, Elon Musk tried to manage expectations regarding the planned November 30th rollout of his company's new vehicle. "We dug our own grave with the Cybertruck," he said.
Ellie Wheeler, an 11-year, health care-focused veteran of the venture firm Greycroft, and Will Szczerbiak, who joined Greycroft in 2015 with a heavy focus on enterprise fintech, are expected to leave the firm by year end, along with three junior investment professionals. Axios has more here.
Artificial intelligence is still dumber than cats, says top Meta scientist Yann LeCun, so worries over existential risks are "premature."
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Earlier this month, Product Hunt announced a round of layoffs. Now, TechCrunch reports on the extent of the cuts: approximately 60% of its staff was let go.
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In 2022, 20% of VC funds charged a management fee above 2.5%. In 2023, that percentage declined to 16.29%. Pensions & Investments has more here.
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Major Silicon Valley tech platforms are turning their backs on the news business. “The disruption to an already difficult business model is real,” Adrienne LaFrance, the executive editor of The Atlantic, tells the New York Times.
A look at an open alternative to Big Tech's AI (led by a computer scientist who sold his company to Apple).
In a new paper, computer scientists argue that they can determine whether a founder will be successful by analyzing key personality traits displayed in the founder's Twitter posts.
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The union for striking actors has instructed its members that they cannot dress up as Barbie for Halloween.
Billionaires are driving home prices in South Florida to new highs. “The prices are mind-blowing,” one broker said.
San Francisco is hoping that a $4 million ad campaign will fix its image.
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A sleek EV trailer designed for off-the-grid nomads.
Train with tennis phenom Carlos Alcaraz at a 5-star Cabo resort. A 30-minute mano a mano session is only $5,000. 🎾🎾🎾🎾🎾
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