Trump SPAC’s market cap approaches $4.7 billion

TechCrunch Newsletter
TechCrunch logo
The Daily Crunch logo

Friday, October 22, 2021 By Alex Wilhelm

Friday! Dear friends, we made it to the end of the week. It was a big, busy few days, so give yourself a round of applause. Looking ahead, not only do we have earnings from Facebook and Alphabet and Microsoft and Robinhood next week, but our super-great SaaS event is taking place on Wednesday. I’m hosting and doing a panel or two, so see you there for all the fun! — Alex

Read More

 image

The TechCrunch Top 3

  • Public markets welcome Trump SPAC: Former U.S. President Donald Trump’s new media company announced yesterday that it would go public via a SPAC-led transaction. Today, investors spent quite a lot of money bidding up shares in the blank-check company that will take Trump Media and Technology Group public. In retrospect, however, of course the SPAC became a memestock given its lack of fundamentals or, well, product.
  • Snap suffers from supply-chain, Apple woes: U.S. social networking company Snap saw around a fifth of its value disappear today after it reported earnings following the end of trading yesterday. In short, despite a pretty good quarter, Snap’s growth expectations for Q4 were way under expectations. Why? Changes to iOS from Apple and supply-chain issues leading to reduced advertiser demand. TechCrunch also discussed how Snap’s issues help make the argument for Facebook’s metaverse push.
  • Brex raises again (again): The corporate spend and expense reporting market can apparently absorb an infinite amount of capital, a fact that we learned again recently after TechCrunch broke the news that Brex once again raised more money at a higher price. This may kick off fundraising for Brex’s various competitors.
The TechCrunch Top 3 image

Image Credits: Hiroshi Watanabe / Getty Images

Get $50 when you invest $500 in crypto on eToro

Sponsored by eToro

Crypto has exploded in popularity. Don’t you want to get in on the action? Start your investment journey in crypto today and you’ll get $50 when you make $500 in trades. With basic and advanced trading tools, eToro makes it easy for everyone. *eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.

Read More

Startups/VC

We have our usual run of startup news below, but before we get into that, TechCrunch spent a few words today thinking through Rent the Runway’s expected IPO price range and how it stacks up against related companies. We have questions.

  • Startup hopes to help you grow backbone: We really shouldn’t make spine-based jokes given that someone will find them in poor taste, but Haje Jan Kamps started with his headline, so please direct all complaints in that direction. Regardless, Intelligent Implants has raised $8.7 million for its health-focused hardware that could help with back health.
  • How Lunchclub landed a preemptive term sheet from Lightspeed: One of TechCrunch’s best — if also best-hidden — talents, Neesha Tambe wrote up a recent talk we had with a startup concerning how it managed to raise preemptive cash from a major investor. Founders, this is for you.
  • More money for cloud kitchens: The global effort to build and fund shared kitchens for meal prep tuned for delivery continues to attract capital; this time with a16z and Base Partners dicing up $15 million for Bogotá-based Foodology. Here’s hoping that the startup uses the funds to help make meals and doesn’t make a meal out of it.
  • Transport companies can now “Pledge” to offset their carbon footprint: A startup called Pledge wants to help “freight forwarding, ride-hailing, travel and last-mile delivery” companies dispense with the implicit carbon costs of their businesses. The startup just raised $4.5 million from “Visionaries Club with participation from Chris Sacca’s Lowercarbon Capital and Zinal Growth,” TechCrunch reports.
  • OfBusiness in talks to raise again (again!): Er, OfBusiness is back in our pages. The company raised money this April. And last month. And now it is doing so again. This time at a valuation of more than $4.5 billion, TechCrunch reports. That’s a 50% bump from its last round.

Hiring is just the first step when building an early-stage comms team

There are a few places where founders can cut corners, but your first comms hire is not one of them. Companies that choose not to invest in finding the best person for this role will inevitably regret it later.

Since these are the people tasked with bringing your message to the outside world, “look for a strategic partner rather than a manager,” advises Yousuf Khan, partner at Ridge Ventures.

“They should be able to discuss your product and industry as well as anyone on your sales team. If that sounds like a tall order, it is — yet another reason to properly invest in the role.”

(TechCrunch+ is our membership program, which helps founders and startup teams get ahead. You can sign up here.)

Read More

Hiring is just the first step when building an early-stage comms team image

Image Credits: Matt Jeacock / Getty Images

Big Tech Inc.

  • Tech watchdog isn’t big on Big Tech’s leverage of small biz for PR: Facebook and other tech giants love to tell you stories about how their products and services help one small business or another. It’s a way of both humanizing megacorps and creating a smokescreen to avoid more lucid scrutiny. Main Street Against Big Tech is spending money to push back on the matter.
  • SpaceX’s Starship rocket could fly as soon as next month: But it will need regulatory approval, TechCrunch reports. Regardless, the news is good for you spaceheads out there — the sooner SpaceX can move the commercial space industry forward by another peg, the sooner its competitors will have to catch up, benefiting us all.
  • Twitter now allows users to subscribe to Revue newsletters in their timelines: Twitter is probably going to get away with favoring its own product given its modest scale when set next to companies like Facebook, but its product work on Revue — a newsletter product it previously bought — is turning heads all the same. Twitter is currently taking on two well-known a16z bets, namely Substack (with Revue) and Clubhouse (with Spaces).

TechCrunch Experts

TechCrunch wants to know which software consultants you’ve worked with for anything from UI/UX to cloud architecture. Let us know here.

If you’re curious about how these surveys are shaping our coverage, check out this interview Anna Heim did with Yasser Bashir, co- founder of Arbisoft, “Arbisoft co-founder Yasser Bashir on building trust with early-stage startups.”

Read More

TechCrunch Experts image

Image Credits: Arbisoft

Read more stories on TechCrunch.com

Newest Jobs from Crunchboard

See more jobs on CrunchBoard

Post your tech jobs and reach millions of TechCrunch readers for only $200 per month.

Facebook Twitter Youtube Instagram Flipboard

View this email online in your browser

Privacy Policy | Terms of Service | Unsubscribe

© 2021 Verizon Media. All rights reserved. 110 5th St, San Francisco, CA 94103

Key phrases

Older messages

How do you select the right tech stack?

Friday, October 22, 2021

TechCrunch+ Newsletter TechCrunch+ logo TechCrunc+ Roundup logo By Walter Thompson and Ram Iyer Friday, October 22, 2021 Welcome to TechCrunch+ Friday Image Credits: La-Rel Easter / Unsplash Early-

‘To stand up to the tyranny of Big Tech,’ Trump launches social network

Thursday, October 21, 2021

TechCrunch Newsletter TechCrunch logo The Daily Crunch logo Thursday, October 21, 2021 • By Alex Wilhelm Hello and welcome to Daily Crunch for October 21, 2021! News today was all over the map,

Register today for the iMerit ML DataOps Summit

Thursday, October 21, 2021

Virtual Event | December 2, 2021 iMerit ML DataOps Summit Registration Hi there, TechCrunch and iMerit are excited to announce the iMerit ML DataOps Summit – a free virtual event to be held on December

PayPal reportedly considers buying Pinterest at a $39B valuation

Wednesday, October 20, 2021

TechCrunch Newsletter TechCrunch logo The Daily Crunch logo Wednesday, October 20, 2021 • By Alex Wilhelm Hello and welcome to Daily Crunch for October 20, 2021. It's been quite a day, with

How you can meet with VCs at TC Sessions: Space

Wednesday, October 20, 2021

Register today & discover what's next in space exploration If you are looking to connect with space VCs, we've got you covered. If there's one thing aspiring space startup founders have

October 2021, #4

Thursday, October 28, 2021

This week we discuss BTC/USD and ETH/BTC price action, Bitcoin ETF explained, and Zoom-In on The Graph (GRT) and Akropolis (AKRO) ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Google destroyed our startup by terminating our Play Developer Account — and Apple and Disney among companies backing groups against US climate bill

Saturday, October 2, 2021

Issue #544 — Top 20 stories of October 03, 2021 Issue #544 — October 03, 2021 You receive this email because you are subscribed to Hacker News Digest. You can open it in the browser if you prefer. 1

🎓 Ingredient branding

Tuesday, September 21, 2021

Branded ingredients (eg food) or components (eg technology powering a product) can boost your demand and prices. In one experiment, sales increased 40%. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Apple and Google bow to Russian pressure

Friday, September 17, 2021

TechCrunch Newsletter TechCrunch logo The Daily Crunch logo Friday, September 17, 2021 • By Alex Wilhelm Hello and welcome to Daily Crunch for Friday, September 17th! What a week, ya'll. It is now

[PythonistaCafe] Why PythonistaCafe exists

Sunday, September 12, 2021

Hey there, In one of my last emails I talked about how some online communities in the tech space devolve over time and turn into cesspools of negativity. This relates directly to how and why I started