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Hi there! Hey gets a head start on the weekend, so you and me for the next two days. I was part of the group of TechCrunchers watching pitch after pitch at Y Combinator’s Demo Day. Here’s part 1 of our favorites, with the second coming later today. On with the news! — Christine
The australiabusinessblog.com Top 3
- Only half?: Twitter is rolling out a number of new features for Blue subscribers, including one that shows 50% of ads in their timeline compared to what non-paid users see, Ivan reports.
- Soak up the competition: The UK Competition and Markets Authority is looking into Amazon’s $1.7 billion acquisition of iRobot to see if there is a threat of reduced competition. Paul writes.
- Get your facts straight: That’s what the Indian government is telling Facebook, Twitter and other social media companies about posting misinformation. That now includes tackling online gambling games, Manic reports.
Startups and VC
Meal replacement startup Yfood did something today. Ingrid reports that Nestlé has closed an acquisition of the company in a deal that values Yfood at $469 million. She writes, “Yfood’s milestone should give the food tech community something substantial to chew on. The intersection of technology and food has played out as a theme in the startup world for years, with technologists and entrepreneurs bringing a hacking mindset to the field to take new approaches to sourcing, preparing, selling and distributing things to to eat and drink. ”
Meanwhile, Canaan closed two new funds — the 12th flagship fund for early-stage tech and healthcare startups and an opportunity fund — totaling $850 million. That opportunity fund might raise some eyebrows Connie writing, “Some institutional investors privately grumble that they don’t like later-stage funds hosted by early-stage investors because it hampers their ability to properly diversify their own investments.” Connie notes that the market may be slowing, but venture capital firms continue to raise large funds, as we also saw S2G Enterprises do today.
Here are five more for you:
Funds offering ‘friend and family checks’ could bring the change the underrepresented founders need
America’s longstanding wealth gap between white and black households contributes to the lack of diversity among startup founders.
The average liquid assets for a black family in the US is $3,630, but that figure rises to $79,000 for a white family. As a result, “the average black founder raises less than about $1,000 from family and friends,” reports Dominic-Madori Davis.
Since the average round from friends and family is $23,000, “they should secure the entire liquid wealth of six black families,” according to a white paper from venture capital fund Fifth Star.
Three more from the TC+ team:
australiabusinessblog.com+ is our membership program that helps founders and startup teams lead the way. You can sign up here. Use code “DC” for a 15% discount on an annual subscription!
Big Tech Inc.
No personal data for you! Google says it will prevent personal loan apps from accessing user photos and contacts amid increased predatory behavior by some lenders towards borrowers, Jagmeet writes.
You all have proven to be car enthusiasts, so here we go Patrick‘s take on everything that stood out at the 2023 New York Auto Show.
Oh wait, there’s more: