by This week, an investigation was conducted into the whereabouts of a Norwegian hardware startup whose cap table was so illogical that three distinct investors dismissed it as fundamentally uninvestable. Thankfully, they had some suggestions regarding how to alter that.
I also examined an additional startup, a Turkish firm that secured a $4 million funding round. This company’s existence would be rendered virtually impossible if the country did not impose some rather stringent import duties. I delved into the peculiar realm of economic incentives associated with constructing behind a barrier of tariffs.
Conversely, after months of anticipating a noteworthy acquisition story, an abundance of them materialize simultaneously. I covered two within the photography domain alone:Lensrentals acquired its archrival BorrowLenses in the photo, video, and lens rental industries, while Nikon acquired cinematic camera company RED.
But wait! There’s more!
most interesting startup stories this week
Please accept the most recent installment of our sporadic miniseries entitled “Micromobility Melodrama!” Cooltra has formally assumed control of Cityscoot, an innovative provider of shared electric mopeds, following a court-approved acquisition. Prior to being placed in court-ordered receivership, Cityscoot was regarded as the future of urban transportation. However, the 0% interest rates that had once been advantageous transformed them into a threat, abandoning the company and its recognizable white-and-blue mopeds. Seizing the opportunity (and Cityscoot’s user base), Cooltra swooped in with a modest €400,000, assuring users a seamless transition during which the only discernible alteration would likely be the application of new stickers to their vehicles.
Razor Group and Perch have formed an alliance in the most recent “Survivor: E-commerce Aggregator Edition,” appearing unfazed by the recent demise of their fellow contestant Thrasio. Equipped with a $100 million war chest and a debt that more closely resembles a “long-term relationship” than a “fling,” they are prepared to confront the Amazon jungle. Razor, which is currently boasting a valuation value of $1.7 billion, and Perch, which was once in peril, are placing their bets on the fact that their combined technological prowess and Shein-envy will render them the last ones standing.
Have another handful:
A successful merger in customer success: A merger of equities, not a financial infusion, has been announced between Totango and Catalyst in the realm of business-to-business.
We were surprised to learn that Accenture has acquired Udacity, a learning platform that has been in operation since 2011, in an effort to infuse the workforce with digital expertise and an element of artificial intelligence.
Up-to-the-decade information: The new chatbot from Anthropic was merely average, insisting it was unable to respond because its knowledge only extended to 2021.
most interesting fundraisers this week
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Remofirst, the victorious David, enters the arena of HR technology gladiators, where Riplings and Deels tower like Goliaths with their venture capital cannons completely loaded. Instead of a slingshot, Remofirst carries a $25 million Series A war chest. This underdog in HR technology proposes to engage contractors and employees in 180 countries without requiring the establishment of local entities. I find it difficult to discern how it differs from Deel and Ripling, with the exception of its comparatively lower cost. Best wishes on earning $25 million! It is worth noting that Deel acquired PaySpace this week, also in the same industry.
Monzo, a fintech champion based in London, has experienced a turbulent few years. The firm has just raised a substantial $430 million, elevating its valuation to an impressive $5 billion and causing a ripple in the financial community. Monzo’s has performed a phoenix act despite a history marked by more ups and downs than a soap opera, including a U.S. venture that ended in the blink of a New York minute (the company withdrew its U.S. banking application) and a valuation wobble that would make even the most jaded investors uneasy. Monzo’s product line, which aspires to be the Swiss Army weapon of finance, and the fact that 9 million Britons are now using Monzo cards to make purchases communicate one thing: rumors of its demise were grossly exaggerated.
A handful more:
Cash-raising and tabulating: Axonius has recently acquired an additional $200 million in order to secure information even more effectively. It functions as the digital equivalent of an inquisitive neighbor who monitors every digital asset in the enterprise neighborhood. Dean Sysman, the company’s founder and CEO, responded, “I did not feel compelled to increase the valuation from the previous round.”
Ema emerges from covert mode with a $25 million fund, proclaiming its aspiration to work as the ubiquitous AI employee who will alleviate the monotony of your occupation. This brings Ema one step closer to becoming a digital worker.
Our departure is imminent, so please prepare your belongings. Mews, a technological concierge for the hotel industry, is capitalizing on the post-COVID tourism recovery with an additional $110 million in revenue. Mews, who has yet to generate a profit, is the belle of the event at a comfortable valuation of $1.2 billion.
This week’s big trend: Lawsuits and Musk
In the most recent episode of “As the Musk Turns,” Elon Musk, the drama monarch of the tech industry, is once again thrust into the legal arena, this time due to the pursuit of their $128 million severance gold by Twitter’s former royal family. Following Musk’s antagonistic acquisition of the Bird application (now emblazoned with an “X” on its chest), he expeditiously directed CEO Parag Agrawal and his group of joyful executives through its entrance. This event instigated a Silicon Valley occurrence akin to “The Hunger Games.” Musk purportedly threatened to pursue these C-suite fugitives to all ends of the earth, or until their bank accounts were depleted, in keeping with his reputation for courtesy. The lawsuit characterizes Musk as an amalgamation of an estranged romantic partner and a villainous James Bond, alleging that he engaged in corporate-scale financial ghosting.
Musk, meanwhile, ensures that the deluge of legal documents proceeds in both directions by initiating a lawsuit against OpenAI, the avaricious AI offspring he assisted in conceiving, for transforming into a profit-driven entity fueled by Microsoft’s billions of dollars. Musk presents a vision of an AI utopia in which algorithms operate autonomously for the benefit of humanity, alleging that OpenAI’s founders enticed him with promises of nonprofit aristocracy, only to swiftly transition to a for-profit framework before you could say “AGI.” Within the litigation, Musk presents himself as a betrayed benefactor who watches as Microsoft’s commercial ambitions entwine with his altruistic AI aspirations. A little extravagant, if you ask yours truly, in light of everything else that is known about Musk, but such is life.
Perhaps bring out the popcorn.
