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Joyful Friday, Crunchers! It’s 27 Might 2022, and we’re slinking into an extended weekend as a result of it’s Memorial Day weekend right here within the U.S. There’s no e-newsletter on Monday — Haje goes 🍷 wine tasting in Sonoma, and Christine is planning to spend Monday 🛋️ sitting on the couch doing completely nothing, which we have fun wholeheartedly. We’ll see you again right here on Tuesday!
The NFH High 3
- Golden goose: Manish was on fireplace right this moment, writing not one, however two of our high tales of the day. The primary is about Jar, an Indian fintech firm that’s a $50 million Sequence B spherical. The nation’s residents have financial institution accounts to save cash, however Jar helps them do one thing they might not be as aware of — make investments. And the corporate has chosen to start out with one thing Indians are identified to like, gold.
- Revolving door: Manish’s second story has to do with one other Manish — Manish Maheshwari, the previous head of Twitter India, who left a startup he co-founded after simply 6 months. Our Manish reported in December that Maheshwari left his submit at Twitter to start out edtech firm Invact Metaversity with Tanay Pratap. The association didn’t appear to work out as deliberate, with some firm hiccups involving getting product out the door and a few management disagreements.
- Typically it’s not meant to be: In Substack’s case, a recent spherical of capital. Connie went over the main points yesterday of them trying to lift a Sequence C, however then calling it off when favorable phrases with buyers didn’t transpire. In the present day, Alex peels away a number of the onion layers to clarify why Substack’s objectives, based mostly on its Sequence B elevate in 2021, didn’t translate nicely in 2022’s funding surroundings.
Startups and VC
Earlier this week, Anita reported that Adam “WeWork” Neumann is again with a brand new startup, and raised backing from a16z. In right this moment’s Chain Response podcast, Anita and Lucas focus on whether or not Neumann really deserves $70 million and one other likelihood. We’re comprehensively confused why anybody would place one other guess on him, and we’ll little doubt be following his new startup intently.
Just a few extra gems for ya:
Journey or die-sel
Diesel costs alone are driving about 17% of the inflation we’re seeing right this moment, and Tim writes a rousing piece about how gasoline and diesel are maybe not the best, particularly provided that the economic system is peeking over the cliff into an abyss whose depth equals our common optimism round local weather in the meanwhile.
Maybe that’s precisely what’s wanted: Perhaps when financial and local weather pursuits align, we discover the pot of “yay we are able to stay on this planet for just a few extra years” on the finish of the rainbow.
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Massive Tech Inc.
- Sony’s stay service plans: Sony goes all in on its stay service choices. This follows the corporate’s acquisition of Bungie earlier this 12 months. Sony laid out plans this week for its firm life after the acquisition, which incorporates investing closely into the stay service gaming sector, although it didn’t go into specifics on which of its franchises would get the therapy.
- Snap to it: We thought Snapchat was simply people pushing out small “snaps” to different people, however the social media large has greater plans than that. Its snappy new function, “Shared Tales,” is a riff on its “Customized Tales” function to allow customers to, nicely, you may see the place we’re going with this. Right here’s the way it works: Customers added to a bunch can add their buddies, too, to make it simpler to share their tales. Don’t fear, if somebody within the good friend group just isn’t your cup of tea, your tales received’t be shared with them.
- Database debacle: Voto Consulting, a New Jersey talent-acquisition agency, discovered the onerous manner what occurs whenever you don’t password-protect a database and depart it on the web. The résumés and private data from some 30,000 staff was uncovered. As Zack experiences, the story will get far more fascinating — one thing that you really want to take a look at for your self.
- Drive time: In right this moment’s transportation information, Rivian opened up its hood and rearranged some issues with the corporate’s engine (sure, we all know it’s an electrical car) in the best way of hiring new COO Frank Klein. This comes amid another management modifications as its head of producing mentioned goodbye. In the meantime, Tesla says it received’t open a producing plant in India till it might probably first promote and repair autos within the nation. Manish lays out the back-and-forth occurring between nation and firm: Nation officers need vehicles to be constructed domestically and for Tesla to observe its excessive import duties. Tesla doesn’t need to pay increased charges but if the market doesn’t take a look at nicely. Thus a superfun standstill.