Category: Technology

Not every startup can reach its full potential or even survive on its own. Venture capital puts a lot of emphasis on startups achieving unicorn status or exiting through an Initial Public Offering (IPO), largely because such successes are crucial for making the venture model work. However, this focus makes it easy to overlook the fact that many companies would see more success if they were acquired or combined with other startups.

The Muse’s Journey to Consolidation

Kathryn Minshew, co-founder and CEO of The Muse, started thinking about consolidation a year ago when her startup had been around for a decade. After a year of floating the idea of consolidation to other targeted recruitment platforms, her company, which helps users find jobs based on company culture and what they value, made its first acquisition.

The Acquisition: A New Era for The Muse

This morning, The New York-based startup announced it has acquired Fairygodmother, a recruitment platform aimed at women and working mothers. The purchase price was undisclosed, and parties declined to comment on it, but a source familiar with the transactions said it was a mix of cash and stock. Fairygodboss is producing about $10 million in yearly revenue, which implies the purchase price was presumably favorable.

The Need for Consolidation in HR Tech

Minshew stated that this will likely be the first transaction of many for The Muse because the recruitment tech space is in dire need of consolidation. "There was a massive inflow into HR tech and the future of work over the last several years that has led to a lot of innovation," Minshew told TechCrunch. "A lot of companies have been founded and have grown, and on one hand, that’s fantastic that there is so much more energy and innovation in the space, but on the flip side, it was creating a situation that was really overwhelming for buyers."

The Problem with Fragmentation

Specifically, there has been an influx of startups looking to help larger companies recruit from specific demographics. To name a few: Jopwell focuses on recruiting Black, Latinx and Native American individuals; The Mom Project is centered around working parents; and RippleMatch targets Gen Z job seekers, among others.

Minshew said that one of The Muse’s main customers works with 37 different recruitment platforms and he’s been told there is no more budget — understandably — to add any others. This implies that many of these startups lose out on potential customers because they operate as separate entities.

A Constellation Approach to Leadership

Minshew explained, "We’re seeing a trend where companies are looking for more comprehensive solutions. They want to work with one partner who can provide them with all the tools and resources they need to succeed in their recruitment efforts." She continued, "That’s why we’re taking a constellation approach to leadership, bringing together multiple companies under one roof to create a more cohesive and effective solution."

The Future of HR Tech: Consolidation and Innovation

As the industry continues to evolve, it will be interesting to see how The Muse’s acquisition strategy plays out. Will other startups follow suit, or will they continue to focus on competing with each other? One thing is certain, though – consolidation is here to stay.

Related News

• Despite VCs investing $75B in Q4, it’s still hard for startups to raise money, data proves
• New York powerhouse VC Insight Partners nabs another $12.5B after $8B in exits

Sign up for our newsletters to get the latest news and trends in startup and venture capital.

This article is part of our coverage on consolidation in HR tech, which can be found here: https://www.techcrunch.com/tag/consolidation-in-hr-tech/

Luminar Makes a Push into China’s Auto Market with Lidar Technology

A New Era of Automated and Autonomous Driving in China

The world’s largest auto market, China, is racing to put automated and autonomous driving vehicles on the road. Luminar, a Nasdaq-listed lidar maker from Florida, is making a significant push into this lucrative market. By 2028, more than 1 million Luminar-equipped cars will be on the road in China, according to Austin Russell, founder and CEO of Luminar.

A Growing Demand for Smarter Cars in China

China’s enormous car market, with over 500 million drivers, is a coveted place for foreign automakers and suppliers. Much of Tesla’s meteoric rise has been credited to its success in China, which now accounts for more than half of its deliveries and has become a major manufacturing hub for the EV behemoth.

Chinese consumers are also willing to pay for smarter cars. A survey conducted by McKinsey & Company in 2021 found that 60% of Chinese consumers were likely to buy a Level 4 advanced highway pilot for less than $10,000, compared to 57% in the U.S. and only 36% in Germany.

Luminar Teams Up with TPK to Expand Manufacturing Capacity

To meet the growing demand for lidar sensors in Asia, Luminar has teamed up with Taiwan’s TPK, a key touch-screen supplier to Apple and Tesla. The partnership will enable Luminar to build and operate an additional high-volume factory driven by rapidly growing demand for Luminar in Asia.

The new facility, located in Xiamen of China’s southeast Fujian Province, is expected to produce up to 600,000 lidar sensors annually to serve clients such as Mercedes-Benz. The German automaker has signed a multibillion-dollar deal with Luminar to use its lidars in next-gen vehicles.

A Big Part of Luminar’s Sales Will Come from China

China will play a significant role in Luminar’s sales, with the majority of its production vehicle models designed into the Chinese market. In fact, over 20 production vehicle models that Luminar is designed into are slated for the Chinese market.

Volvo Unveils Its All-Electric SUV EX90 Excellence with Luminar Lidars

At Auto Shanghai, Volvo unveiled its all-electric SUV EX90 Excellence, which will come equipped with Luminar’s lidars. The EX90 Excellence will be the first vehicle to hit the streets in China featuring Luminar’s advanced safety capabilities.

Luminar Faces Domestic Competitors in China

However, Luminar faces a host of domestic competitors in China, including Hesai, which just went public in the U.S., RoboSense, which has secured a long-term partnership with Chinese automaker Geely, and other local players.

A New Era of Automated and Autonomous Driving in China

Luminar’s push into China’s auto market marks a significant step forward for automated and autonomous driving in the country. With its advanced lidar technology, Luminar is poised to play a leading role in shaping the future of transportation in China.

Related News Stories

• Tesla to Split $100M Award for Electric Truck Charging Corridor in Illinois: Tesla has been awarded $100 million by the state of Illinois to establish an electric truck charging corridor along the I-55 highway. The funding will be split between two companies, which will install fast-charging stations along the route.
• Bluesky is Getting Its Own Photo-Sharing App, Flashes: Bluesky has announced that it is developing its own photo-sharing app called Flashes, which will allow users to share photos and videos with friends and family.
• Colossal Biosciences Raises $200M at $10.2B Valuation to Bring Back Woolly Mammoths: Colossal Biosciences has raised $200 million in funding at a valuation of $10.2 billion, bringing the total amount of money raised by the company to over $1 billion.

Stay Up-to-Date with TechCrunch’s Latest News Stories

• TechCrunch Daily News: Get the best of TechCrunch’s coverage every weekday and Sunday.
• TechCrunch AI: Follow TechCrunch’s AI experts for the latest news in artificial intelligence.
• Startups Weekly: Stay up-to-date with the latest startups and trends in the tech industry.

Sign up for TechCrunch’s newsletters today to stay informed about the latest developments in technology.

With a heritage that dates back to the year 2000, when it first began backing European teams, Paris-based early-stage fund Alven has established itself as a reputable player in the venture capital landscape. Having invested in unicorns such as Qonto, Dataiku, Algolia, Stripe, and Ankorstore, Alven now boasts €2 billion in assets under management.

However, yesterday is history, and today marks a new chapter for Alven with the launch of its sixth fund. The fund has already hit a hard cap of €350 million, exceeding its initial target of €300 million, making it one of the largest early-stage funds operating out of France. This significant milestone comes after more than 70 exits, including recent sales such as Sqreen to Datadog, Cardiologs to Philips, and Frichti to Gorillas.

A Global Reach with a Local Touch

While Alven is known for its Francophile approach, the fund has also established a presence in London, which it plans to expand. As part of its strategy, Alven will deploy funds across Europe, as well as support European founders operating in the U.S. in relevant sectors.

"We pride ourselves on building long-term relationships with entrepreneurs," said Charles Letourneur, co-founder of Alven. "This also applies to investors in Alven. Not only have our existing LPs continually invested in us, but we’ve also welcomed a number of new investors who want to be part of the French Tech success story."

Diversification into New Growth Areas

Alven recently launched Operation3, a talent program aimed at web3 entrepreneurs. The fund will now focus on new growth areas, including:

• Web3: Alven has invested in Kaiko, a market data provider for digital assets.
• Developer and Data Tooling: Mindee, a document parsing tool for developers, is one of the notable investments.
• Climate Tech: MyTraffic (physical location data analytics), Carbonfact (a carbon footprint API), and Stoik (data-driven cyber insurance) are some of the key players in this space.

In an interview with TechCrunch, partner François Meteyer emphasized the importance of hiring talented individuals to build a successful VC firm. "We’ve been consistently hiring what we think is the next generation of successful VCs, first in France, and then in Europe," he said.

Rising to the Challenge

Given the potential recession looming on the horizon, I asked Meteyer about his thoughts on just-in-time groceries. He replied, "We have seen many M&A in the past, and we’ll see more and more. We think just-in-time groceries is going to continue to matter — it will be about price."

A Strong Network of LPs

Alven’s success can be attributed to its strong network of Limited Partners (LPs), who have trusted the fund with their investments. "Our LPs trust us, and every backer from our previous fund invested again in this new fund," Meteyer said. "And then we decided to extend the LP bases and bring more global institutions in as LPs."

Conclusion

With its sixth fund now up and running, Alven is poised to continue its mission of supporting innovative startups across Europe and beyond. As the venture capital landscape continues to evolve, Alven’s commitment to new growth areas such as web3, crypto, and climate tech will undoubtedly be a key factor in its success.

About Alven

Alven is a Paris-based early-stage fund that has been backing European teams since 2000. With €2 billion in assets under management, the fund has established itself as a reputable player in the venture capital landscape.

Related News

• Big Tech Expands Its Reach with New Startup Acquisitions and Investments: Anna Heim (32 minutes ago)
• Malware Stole Internal PowerSchool Passwords from Engineer’s Hacked Computer: Zack Whittaker (2 hours ago)
• Europe Orders Elon Musk’s X to Submit Documents on Its Recommendation Algorithms: Paul Sawers (4 hours ago)

Subscribe to our newsletters for the latest news and updates on startups, venture capital, and technology.

Introduction

On December 21, Rocket Lab announced a massive contract worth up to $515 million for the design, manufacture, delivery, and operation of 18 space vehicles. The company revealed today that the mystery customer behind this deal is the Space Development Agency (SDA). This revelation comes as no surprise, given the SDA’s extensive network of military satellites, known as Proliferated Warfighter Space Architecture (PWSA).

The Contract Details

In a regulatory filing from December 21, Rocket Lab stated that it would be working with an unnamed U.S. government customer to design, manufacture, deliver, and operate 18 space vehicles. The SDA has now confirmed that the contract is for a portion of their vast network of military satellites known as PWSA.

The contract is worth a base amount of $489 million, with additional opportunities totaling $26 million. This deal represents the largest in Rocket Lab’s history, with the bulk of the work to be carried out over the next three years.

Rocket Lab’s Role in the Project

Under this new award, Rocket Lab will deliver and operate a prototype constellation consisting of 18 satellites in two orbital planes of nine satellites each. The company has stated that it will not be providing the communications payload for these satellites, with details on the provider remaining undisclosed.

"We welcome Rocket Lab as the newest member of Team SDA and our third performer on the T2TL-Beta program," said Derek Tournear, SDA director. "Their selection as a new prime and bus provider demonstrates SDA’s dedication to our mission, which includes development of a growing, innovative marketplace necessary to sustain SDA’s proliferated architecture on two-year spirals."

Rocket Lab’s Expertise in Spacecraft Development

Rocket Lab is leveraging its vertically integrated supply chain for this project. The company will be using much of its own subcomponents, including solar panels, star trackers, reaction wheels, and avionics, to build the satellites.

"This contract is the culmination of a thoughtful and deliberate investment in our space systems business," said Adam Spice, Rocket Lab CTO. "It’s why we either acquire key space technologies or invest in them organically, as a means to deliver industry-leading quality performance and schedule."

The Significance of This Deal

This deal marks a significant milestone for Rocket Lab, not only due to its record-breaking value but also because it demonstrates the company’s growing expertise in spacecraft development. With this contract, Rocket Lab will be operating 40 satellites under backlog by the end of the project.

Rocket Lab CEO Peter Beck noted during the press conference that the company is committed to making significant investments in its space systems business, which has led to this major breakthrough.

Looking Ahead

The SDA has already awarded contracts for 72 T2TL Beta satellites, worth a total of $1.5 billion, to Northrop Grumman and Lockheed Martin. This new award for Rocket Lab represents the company’s entry into the PWSA program and its commitment to supporting the SDA’s mission.

Rocket Lab will be operating these satellites through 2030, with an option to extend operations until 2033. The project is expected to bring significant benefits to the U.S. military, providing a more robust and innovative architecture for their space-based capabilities.

Conclusion

The announcement of Rocket Lab’s record-breaking contract has generated significant interest in the space industry. With its expertise in spacecraft development and commitment to supporting the SDA’s mission, Rocket Lab is poised to play an increasingly important role in shaping the future of space-based capabilities.

As the U.S. military continues to invest heavily in space technology, companies like Rocket Lab will be at the forefront of this effort. With their innovative approach and dedication to delivering high-quality performance, Rocket Lab is well-positioned for continued success in this rapidly evolving field.

Rocket Lab’s Entry into PWSA Program

The Benefits of This Deal

This deal represents a significant milestone for both Rocket Lab and the SDA. The benefits of this partnership are numerous, including:

• Improved Space-Based Capabilities: The PWSA program is designed to provide the U.S. military with more robust and innovative space-based capabilities.
• Increased Efficiency: By leveraging Rocket Lab’s expertise in spacecraft development, the SDA can reduce costs and improve efficiency in its operations.
• Enhanced Collaboration: This partnership demonstrates a commitment to collaboration between industry leaders and government agencies, driving innovation and growth in the space sector.

The Future of Space-Based Capabilities

As the U.S. military continues to invest heavily in space technology, companies like Rocket Lab will be at the forefront of this effort. With their innovative approach and dedication to delivering high-quality performance, Rocket Lab is well-positioned for continued success in this rapidly evolving field.

The partnership between Rocket Lab and the SDA represents a significant step forward in the development of space-based capabilities. As the industry continues to evolve, we can expect to see even more exciting developments from companies like Rocket Lab.

In today’s competitive startup landscape, creating an effective pitch deck is crucial for securing funding and attracting investors. With the rise of pre-seed founders, there has been a notable shift in pitch decks, with a focus on brevity and directness. In this article, we’ll delve into the latest trends and provide guidance on crafting a compelling pitch deck that resonates with investors.

The Shift towards Brevity

Recent data from DocSend reveals a significant trend: pre-seed founders are creating shorter decks with fewer slides, yet still managing to convey their message effectively. According to Justin Izzo, research lead at DocSend, "Founders are ditching the narratives around purpose, problem, and solutions. Instead, they’re heading right into ‘why now,’ here’s our product, and here’s how we’re going to monetize that product." This abrupt approach is a response to investors’ decreasing time spent reviewing pitch decks.

The Statistics Speak for Themselves

• Founders are sending 16% more decks than last year, making it essential to make every minute count.
• VCs spend almost 20% less time reviewing pitch decks (2.5 minutes vs. 3.2 minutes).
• Pre-seed founders who create shorter decks have a higher success rate in securing funding.

Crafting an Effective Pitch Deck

An effective pitch deck should strike the perfect balance between brevity and substance. Here’s a breakdown of the essential slides to include:

Slide 1: Introduction

• Introduce your company and its mission.
• Grab the audience’s attention with a hook or statistic.

Slide 2: Problem Statement

• Clearly articulate the problem you’re solving.
• Provide context and relevance.

Slide 3: Solution Overview

• Introduce your product or service.
• Highlight key features and benefits.

Slide 4: Market Opportunity

• Explain the target market and its size.
• Outline the competitive landscape.

Slide 5: Traction and Milestones

• Showcase any notable achievements or milestones.
• Demonstrate progress towards your goals.

Slide 6: Business Model

• Describe your revenue streams and growth potential.
• Provide a clear understanding of your cost structure.

Slide 7: Team

• Introduce key team members and their backgrounds.
• Emphasize their relevant experience and qualifications.

Slide 8: Funding Ask

• Clearly state the amount you’re seeking to raise.
• Outline the intended use of funds.

Slide 9: Use of Funds

• Provide a detailed breakdown of how you plan to allocate funds.
• Prioritize key areas such as product development and marketing.

Slide 10: Conclusion and Next Steps

• Recap your pitch and reiterate your company’s mission.
• Provide a clear call-to-action for investors.

Key Takeaways

When creating an effective pitch deck, remember:

• Keep it concise and focused on the essentials.
• Use visuals and storytelling to convey your message.
• Tailor your deck to your target audience and industry.
• Practice and refine your presentation skills.

By following these guidelines and staying up-to-date with the latest trends, you’ll be well-equipped to create a pitch deck that resonates with investors and helps you secure the funding you need to succeed.

Facebook is experimenting with a new feature that allows users to create up to five separate profiles tied to a single account. This move marks a significant shift away from the traditional single-profile approach, which has been in place since Facebook’s inception.

According to Facebook spokesperson Leonard Lam, the test aims to provide users with more flexibility and control over their online presence. "To help people tailor their experience based on interests and relationships, we’re testing a way for people to have more than one profile tied to a single Facebook account," Lam said in an email to TechCrunch.

How Multi-Profile Feature Works

The multi-profile feature allows users to create additional profiles that can be used for specific purposes. For instance, a user might want to dedicate a separate profile to their friends and family, while another profile is focused on connecting with coworkers or industry peers.

Users will be able to switch between their different profiles in just a few taps, making it easy to manage multiple online personas. However, Facebook emphasizes that additional profiles must still adhere to its policies and guidelines, including rules around identity verification and impersonation.

Key Features of Multi-Profile Feature

Here are some key features of the multi-profile feature:

• Multiple Profiles: Users can create up to five separate profiles tied to a single account.
• Unique Profile Names: Each profile can have its own unique name, username, and profile picture.
• Switching Between Profiles: Users can switch between their different profiles in just a few taps.
• Policy Compliance: Additional profiles must still comply with Facebook’s policies and guidelines.

Benefits of Multi-Profile Feature

The multi-profile feature offers several benefits for users, including:

• Increased Flexibility: Users can tailor their online presence to specific groups or interests.
• Improved Organization: Users can organize their content and connections into separate profiles.
• Enhanced Personalization: Users can create profiles that reflect their various identities and relationships.

Challenges and Limitations

While the multi-profile feature offers many benefits, it also presents some challenges and limitations. For instance:

• Policy Enforcement: Facebook must ensure that users comply with its policies and guidelines across multiple profiles.
• User Metrics: The company’s user metrics, such as monthly and daily active user totals, will not be affected by the introduction of additional profiles.

Why Facebook is Introducing Multi-Profile Feature

Facebook’s decision to introduce the multi-profile feature is part of a broader effort to drive engagement on its platform. By allowing users to create multiple profiles, Facebook aims to encourage users to post and share more content with others.

The company also notes that additional profiles can be used to connect with others around specific topics or interests. For example, a user might want to create an additional profile focused on sustainable design, where they can follow their favorite brands and connect with others who share their passion.

Meta’s Metaverse ID System

Facebook’s shift towards multi-profiles comes as the company continues to experiment with new technologies and features, including its metaverse ID system. This system aims to provide users with a seamless and secure way to access various Facebook services across different devices.

However, Meta has also announced plans to phase out Facebook logins for its metaverse platform, raising questions about the future of single-profiles on Facebook.

Conclusion

Facebook’s introduction of the multi-profile feature marks a significant shift away from the traditional single-profile approach. By allowing users to create up to five separate profiles tied to a single account, Facebook aims to provide users with more flexibility and control over their online presence.

While there are challenges and limitations associated with this feature, it also offers several benefits for users, including increased flexibility, improved organization, and enhanced personalization.

Only time will tell if the multi-profile feature is successful in driving engagement on Facebook’s platform. However, one thing is clear: Facebook is committed to innovation and experimentation, and this new feature is just one example of that commitment.

While there are countless tech companies that make HR technology for small and mid-sized businesses, much of it is geared toward ‘professionals who sit at desks in some capacity,’ insists Homebase founder and CEO John Waldmann. Homebase is an HR software that targets the two-thirds of the American SMB workforce with hourly jobs that require them to be on-site.

A New Era for Small Businesses

After nabbing over 100,000 small businesses as customers, covering over 2 million employees, Homebase recently closed on $60 million in Series D financing. L Catterton Growth, the tech venture arm of one of the top private equity firms, led the round and was joined by Emerson Collective. The round also includes existing investors, Notable Capital, Bain Capital Ventures, Khosla Ventures, Cowboy Ventures, and PLUS Capital.

The Hourly Worker Market

Homebase offers payroll, shift scheduling, timesheets, hiring and onboarding, communication, and HR compliance. According to Waldmann, ‘It’s really hard to raise capital now, and the fact that they raised with L Catterton Growth says a lot about the team and performance.’

Jeff Richards, investor and managing partner at Notable Capital (formerly GGV Capital), agrees. He said that SMB tech for frontline or hourly workers doesn’t get nearly the attention it deserves despite the fact that it may affect over 55% of the workforce. He also said that artificial intelligence will be a major enabler of small businesses, and companies like Homebase will enable them to ‘build amazing businesses.’

A Growing Market

Homebase isn’t alone in serving this hourly worker market. Others include Workstream, building mobile-first hiring and onboarding tools; rewards platform Salt Labs; and shift payment tool Clair. Still, Richards makes a case that Homebase’s growth is impressive.

"To have over 2 million workers on Homebase, which is over 2% of the workforce, is impressive for a private company," Richards said. "If the numbers keep growing, it could be an important company from a technology and economic standpoint."

A Long-Term Investment

TechCrunch last reported on Homebase in 2021 when the company raised $71 million. Since then, the company leaned into additional financial services products and AI-enhanced features like improvements to its automated payroll capabilities. It is also working on automated tip management.

The round gives Homebase a total of $169 million in venture-backed capital. In 2021, sources told TechCrunch’s Ingrid Lunden that the company’s valuation was between $500 million and $600 million. Waldmann declined to confirm that or provide an updated valuation other than saying it was not a down round.

A Changing Landscape

In addition to R&D investments, Homebase made other changes earlier this year with the appointment of Philip Moon as its new CFO. Moon previously held strategic finance roles at companies such as Square and Grove Collaborative. Company co-founder and chief operating officer Rushi Patel also added the title of chief revenue officer.

"We are using technology to give workers superpowers and in fact, make the work more enjoyable," Waldmann said. "We believe that HR technology should be simple, intuitive, and accessible to all employees."

The Future of Work

As the world continues to evolve, Homebase is at the forefront of revolutionizing HR technology for small businesses. With its focus on hourly workers and its commitment to innovation, Homebase is poised to make a significant impact in the industry.

"We’re not just building software; we’re changing the way companies interact with their employees," Waldmann said. "We believe that our platform will become an essential tool for every business."

About Homebase

Homebase is an HR software that provides small businesses with a comprehensive suite of tools to manage their workforce, including payroll, shift scheduling, timesheets, hiring and onboarding, communication, and HR compliance.

Investors

• L Catterton Growth
• Emerson Collective
• Notable Capital (formerly GGV Capital)
• Bain Capital Ventures
• Khosla Ventures
• Cowboy Ventures
• PLUS Capital

Product Features

• Payroll management
• Shift scheduling
• Timesheets
• Hiring and onboarding
• Communication
• HR compliance

Industry Impact

Homebase is revolutionizing the way small businesses manage their workforce, with a focus on hourly workers. Its commitment to innovation and customer satisfaction has made it a leader in the industry.

Future Plans

With its recent funding round, Homebase plans to continue investing in R&D and expanding its product offerings. The company also plans to increase its presence in the market through strategic partnerships and marketing efforts.

Homebase is changing the way small businesses interact with their employees, providing a comprehensive suite of HR tools that are simple, intuitive, and accessible to all. With its focus on hourly workers and commitment to innovation, Homebase is poised to make a significant impact in the industry.

As traditional financial players continue to enter the crypto world, blockchain investor Fortis Digital Ventures is closing a $100 million crypto fund aimed at bridging the gap between old and new finance worlds.

A Bridge Between Old and New Finance Worlds

By building an investment fund focused on blockchain opportunities, we get to spend our time doing due diligence on teams and tech in web3, which gives us insight into what is missing in the market,’ said Mike Boroughs, co-founder and managing partner of Fortis Digital Ventures, in an interview with TechCrunch.

The new fund will be run by former hedge fund veterans and engineers, including Boroughs, who previously co-founded an RIA that had $250 million in assets under management, and his co-founder, Chris Capriccio, formerly VP of engineering at LegalZoom.

Aiming to Make Blockchain Investing Easier

The fund aims to make blockchain investing easier through asset allocation, risk management, and position sizing in crypto. While it will target traditional investors, only affluent clients will get a seat at the table – those wanting in must invest a minimum of $250,000 and have a net worth of $2.5 million or higher.

A Growing Need for Web3 Expertise

"We want to ensure people we work with have access to this space, because the vehicles to invest in it through the traditional routes, like brokerage accounts, are severely lacking," Boroughs said.

However, given the volatile and complex technical nature of crypto, most traditional investors don’t have ‘the stomach or skill set’ to properly invest successfully or long term, he noted.

A Long-Term Positive

While current market conditions may be bearish from the crypto chaos that caused the market to dip last week, Fortis’ investment strategy is holding steadfast, Boroughs said.

"The overall marketplace is likely to see a retraction in the easy money that was flowing to fund even questionable ideas and projects," he said. "While a short-term headwind, we view this as a long-term positive, as it means projects will need to stand on their individual merits and not just use the terms ‘crypto,’ ‘blockchain’ or ‘web3’ in their marketing collateral."

Focusing on Web3 Companies with High Utility

The firm will focus on investing in web3 companies that are building better user experiences and solving real-world issues for people or businesses, he said.

"We view this as a huge opportunity for investors willing to stay the course and dig through the rubble to find the gems," Boroughs said. "There is a massive need in web3 for an upgrade in user experience, and we believe the best opportunities will be found at the intersection of great tech and amazing user experience in order to get wide mass adoption."

The Intersection of Tech and User Experience

"There is no doubt that web3 has immense potential," Boroughs said. "However, most projects lack a clear understanding of what makes for good user experience. We believe that by focusing on this aspect, we can identify the best opportunities in the space."

A Call to Action

"We want investors who are willing to take a long-term view and understand the potential of web3," Boroughs said. "We are not interested in chasing short-term gains or investing in projects with little substance. We want to work with partners who share our vision for the future of finance."

Conclusion

In conclusion, Fortis Digital Ventures’ new crypto fund is a significant development in the world of blockchain investment. With its focus on web3 companies with high utility and user experience, it aims to bridge the gap between old and new finance worlds.

By targeting traditional investors with a minimum investment requirement of $250,000 and a net worth of $2.5 million or higher, the fund is designed to make blockchain investing more accessible to those who can afford it.

However, given the volatile nature of crypto markets, only those with the stomach and skill set for long-term investing will be able to benefit from this opportunity.

About Fortis Digital Ventures

Fortis Digital Ventures is a blockchain investor focused on building an investment fund that aims to bridge the gap between old and new finance worlds. The firm is led by former hedge fund veterans and engineers, including Mike Boroughs, co-founder and managing partner, and Chris Capriccio, formerly VP of engineering at LegalZoom.

About Web3

Web3 refers to a decentralized internet where data is stored on blockchain technology rather than traditional databases. It aims to create a more secure, transparent, and user-friendly online experience for individuals and businesses.

Additional Resources

• Fortis Digital Ventures
• Blockchain Investor
• Web3

Making it Easier for Creators to Promote their Channels and Content

In a bid to make it easier for creators to promote their channels and content, YouTube is experimenting with a new feature called the "Promotions" tab within YouTube Studio. This new addition will allow creators to purchase ads directly from within the platform, without having to navigate through Google Ads Manager.

What is the Promotions Tab?

The Promotions tab is being tested with a limited number of creators on desktop and can be found in the Content page of Studio. According to YouTube, the goal of this new feature is to provide creators with a simpler end-to-end workflow for promoting their content. By giving creators more control over ad purchases, YouTube aims to make it easier for them to reach a wider audience.

Why is YouTube Introducing the Promotions Tab?

YouTube notes that creators have been asking for more tools to help grow their channel and reach a larger audience. With the new Promotions tab, creators will be able to run quick promotions for their content, boost their presence on the platform, and increase their ad revenue.

How Does the Promotions Tab Work?

The Promotions tab is designed to make it easier for creators to purchase ads directly from within YouTube Studio. Creators can use this feature to:

• Run quick promotions for their content
• Boost their presence on the platform
• Increase their ad revenue

What Else is New in YouTube’s Latest Update?

In addition to the Promotions tab, YouTube has also made some changes to its metrics and livestream management features. Creators can now view key metrics on the main app, which brings it in line with the YouTube Studio app. This change aims to help creators understand how one content type performs over others on their channel.

What’s New in Livestream Management?

YouTube has also introduced a new way for creators to manage livestreams. Creators can now schedule, manage, and edit live and upcoming mobile streams in Live Control Room and YouTube Studio. This change will be live for all eligible creators by the end of the week.

What’s Next for YouTube’s Creator Tools?

With the introduction of the Promotions tab and other new features, it seems that YouTube is committed to making it easier for creators to grow their channel and reach a wider audience. As more details emerge about these changes, we’ll be sure to keep you updated on any new developments.

Turn Your Own Videos into Shorts with YouTube’s New Tool

In related news, YouTube has also introduced a new tool that lets creators turn their own videos into Shorts. This feature allows creators to monetize their existing content by repurposing it as shorter-form video clips.

Stay Up-to-Date on the Latest Tech News

Want to stay up-to-date on the latest tech news and developments? Be sure to subscribe to our newsletter for daily updates on the world of technology.

YouTube Introduces New Feature to Help Creators View Key Metrics

In a bid to make it easier for creators to understand how their content is performing, YouTube has introduced a new feature that allows them to view key metrics on the main app. This change brings the platform in line with the YouTube Studio app and aims to help creators optimize their content.

What Are the New Metrics?

The new metrics available on the main app include:

• Views
• Engagement
• Monetization
• Audience retention

Why is this Change Important for Creators?

This change is important because it allows creators to easily view key metrics about their content in one place. By giving them a clear understanding of how their content is performing, YouTube aims to help creators optimize their strategy and increase their ad revenue.

What Else Can Creators Expect from YouTube’s Latest Update?

In addition to the new metrics feature, creators can also expect some changes to YouTube’s livestream management tools. The platform has introduced a new way for creators to manage live and upcoming mobile streams in Live Control Room and YouTube Studio.

Scheduling and Managing Livestreams Just Got Easier

YouTube’s latest update includes a new feature that allows creators to schedule, manage, and edit live and upcoming mobile streams in Live Control Room and YouTube Studio. This change will be live for all eligible creators by the end of the week.

What Does this Change Mean for Creators?

This change means that creators can now easily schedule and manage their livestreams from within the platform. By giving them more control over their livestreams, YouTube aims to make it easier for creators to engage with their audience in real-time.

YouTube’s New Tool Lets Creators Turn Their Own Videos into Shorts

In related news, YouTube has also introduced a new tool that lets creators turn their own videos into Shorts. This feature allows creators to monetize their existing content by repurposing it as shorter-form video clips.

How Does the Tool Work?

The tool works by allowing creators to select any of their existing videos and convert them into Shorts. Creators can then customize the length, title, and description of their new Shorts to fit their brand and style.

What Are the Benefits of Using YouTube’s New Tool?

The benefits of using YouTube’s new tool include:

• Increased engagement: By repurposing existing content as shorter-form clips, creators can increase engagement with their audience.
• Improved monetization: Creators can monetize their existing content by repurposing it as Shorts.
• Simplified content creation: The tool makes it easy for creators to create new content from existing videos.

Stay Up-to-Date on the Latest Tech News

Want to stay up-to-date on the latest tech news and developments? Be sure to subscribe to our newsletter for daily updates on the world of technology.

In a move to further invest in its sports and subscriptions business, Apple has launched a new app called Apple Sports for iPhone users. The app provides sports fans with access to real-time scores, stats, and other information about their favorite teams and leagues.

Competition for Other Sports Score Aggregators

Apple Sports will be available initially in the U.S., U.K., and Canada, and will include information on various leagues such as MLS, NBA, NCAA, NHL, Bundesliga, LaLiga, Liga MX, Ligue 1, Premier League, and Serie A. The company has stated that more leagues will become available over time, including the MLB, NFL, NCASF, NWSL, and WNBA for their upcoming seasons.

Features of Apple Sports

With the app, users can customize their scoreboards to follow their favorite teams, leagues, and tournaments. They can also switch between various sections such as play-by-play information, team stats, lineup details, and live betting odds. However, it’s worth noting that the betting odds are provided by DraftKings, but there is no revenue-share agreement as the app itself does not support live betting.

Revenue Opportunities for Apple

While the app itself is free to use, it can help Apple direct customers to its other subscription offerings in live sports through its Apple TV app. Users can watch live games from Apple and their other apps through this platform. The company has been investing in its sports business over the past several years, including a 10-year streaming deal with Major League Baseball that began in 2023.

Growing Services Revenue

Apple’s services revenue hit a record of $22.3 billion in the fourth quarter, encompassing areas such as Apple TV+, Apple Music, iCloud, the App Store, advertising, and more. Sports can help Apple grow its services revenue further, and it’s possible that the company may expand its Sports app with paid features over time.

Personalization and Advertising

Apple says users’ sports interests are associated with their Apple ID and will sync across other apps to personalize their experiences in Apple TV and Apple News. Users can turn off syncing if they choose. The data may also be used to improve Apple’s personalized advertising.

Launch of Apple Sports

The launch of the new sports app arrives alongside the kick-off of MLS’ 29th season, and Lionel Messi’s first full season with MLS. Apple TV+ subscribers can add MLS Season Pass at a discounted rate of $12.99 per month or $79 per season.

Availability and System Requirements

Apple Sports is offered in English, French, and Spanish and requires iOS 17.2 or later to download and run.

Impact on the Market

The launch of Apple Sports will likely have an impact on other sports score aggregators available on the App Store. With its robust features and personalized experience, it’s likely that Apple Sports will gain popularity among sports fans.

Conclusion

Apple’s entry into the sports app market with Apple Sports is a significant move for the company. By providing users with access to real-time scores, stats, and other information about their favorite teams and leagues, Apple is further investing in its sports and subscriptions business. With potential revenue opportunities through subscription offerings and personalized advertising, Apple Sports has the potential to grow into a leading platform for sports enthusiasts.

Related Topics

• Apple
• Apps
• iPhone apps
• Sports