Tuesday, August 30, 2022

Embedded finance fintech Pezesha raises $11M pre-Series A equity-debt round

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By Christine Hall and Haje Jan Kamps

Tuesday, August 30, 2022

Hey, hey, hey! Good to have you back with us again. Today, we're mostly amazed at how quiet Twitter gets during Burning Man, and excited that we're doing a Labor Day sale for TechCrunch Plus, if you've been wanting to read our subscription site but you've been holding off for whatever reason. — Christine and Haje

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Image Credits: Pezesha

The TechCrunch Top 3

  • Embed that finance: Pezesha, a Kenyan-based fintech startup, is flush with $11 million in new capital as it seeks to bridge the gap between access to financial products and what is a "$330 billion financing deficit for the small enterprises that make up 90% of Africa's businesses," Annie reports.
  • We’re all connected: If you haven't yet seen yourself in one of your Twitter connection's Circles, you may soon. The social media giant is launching the "Close Friends" features globally, Ivan reports. Add a bunch of people to your Circle and get tweeting.
  • No delivery for you: Delivery platform Gopuff has only been in Europe since November 2021, but Natasha L writes it made the decision to discontinue its service in Spain. She cites that perhaps this is to focus more on the United Kingdom market where revenue there is increasing 30% month over month.

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Startups and VC

Initialized Capital was VC Garry Tan's answer to a need first highlighted by Y Combinator. As a partner at the accelerator from 2010 to 2015, Tan spent time working with companies to better understand what they needed from investors after they graduated. This week, he announced he's back at the helm at YC, and Natasha M interviewed him about what's next for Y Combinator.

The company behind last summer's hot social app, Poparazzi, appears to be readying a round two following its $15 million Series A announced in June. A new listing in the App Store under the developer's account, TTYL, is teasing a pre-release app called Made with Friends, Sarah reports.

When the news hits your eye, like a big pizza pie, that's a-more-news:

How to communicate to your crypto community when things aren't going well

Because it’s a nascent industry that’s largely unregulated, crypto companies are not generally skilled at crisis communications. (We're being generous here.)

When a bank or financial services company experiences a massive security failure or a volatility shock, federal laws dictate how it must communicate with its customers. Crypto startups, however, must rely on their own best judgment.

“There's little benefit in declaring that the sky is falling and begging your community for investment, but an overly rosy outlook won't fool anyone either,” says Tahem Verma, co-founder and CEO of Mesha.

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

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How to communicate to your crypto community when things aren't going well image

Image Credits: Peter Dazeley / Getty Images

Big Tech Inc.

Last chance to get your game on in the Facebook Gaming app. The social media giant said it is shutting down its stand-alone app at the end of October, Aisha reports. Don't worry, you can still find your games in Gaming on actual Facebook. When launching the separate app two years ago, it seemed to be more difficult than Facebook bargained for, so it decided to join 'em instead of beating 'em.

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Monday, August 29, 2022

Meta partnership allows Indian WhatsApp users to browse and buy groceries via JioMart

TechCrunch Newsletter
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The Daily Crunch logo

By Christine Hall and Haje Jan Kamps

Monday, August 29, 2022

Good morning, you crunchy ol’ pirates. Good to see you again, and hope you had a swell weekend. On Wednesday, we're hosting a healthcare-focused TechCrunch Live. It'll be fun! Tune in here, and if you want to be part of the 2-minute pitch practice, Haje will be on the lookout for your applications.

Now, grab yourself a glass of water, and settle in with some tech-newsy goodness from the TC team! —Christine and Haje

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Image Credits: WhatsApp

The TechCrunch Top 3

  • Order up: Meta joined forces with Reliance Retail and Jio Platforms two years ago to test grocery shopping on WhatsApp in India, and Manish and Jagmeet write that customers can now "browse JioMart's entire grocery catalog on WhatsApp, add items to a cart and make the payments via local payments rail UPI without ever leaving the instant messaging service."
  • Welcome back: Former Amplify co-founder and CEO Segun Adeyemi is back with Anchor, a banking-as-a-service startup that is helping businesses offer financial products in Nigeria and across Africa. It also caught the eye of Y Combinator and other investors, who put in over $1 million, Tage reports.
  • Hail to the chief: Speaking of YC, Mary Ann and Natasha M paired up to report on today's surprise news that Initialized Capital founder Garry Tan is going to be the accelerator giant's next president and CEO.

Alert! Labor Day Sale Is Here - TechCrunch Disrupt 2022

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We're rolling back #Disrupt2022 pass prices this Labor Day! Grab your passes now to the most iconic startup ecosystem conference in the world from Oct 18-20 in San Fran and Oct 21 online! Starting prices are back down to $195 but are set to rise again Sept. 6 at 11:59pm PT!

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Startups and VC

As we all know, the housing market goes through cycles. Low interest rates mean more purchases and refinances. Higher interest rates mean far fewer purchases and refinances — and lots of business for fintechs operating in the real estate industry, Mary Ann writes in this week's issue of the Interchange, our fintech newsletter.

Kli Capital was your average family office headed up by a former tech entrepreneur looking to opportunistically back a new fleet of founders. Becca reports that the firm changed gears in the firm's third fund, as it evolved into a multi-LP fund.

A Gen Z VC speaks up: Why Gen Z VCs are trash

Tech investors born after 1996 “have raised funds, garnered social media followings and profited from the Gen Z mentality,” says Andrew Chan, a senior associate at Builders VC.

However, “Gen Z, no matter how you slice it, are still a bunch of kids. Myself included,” he notes in a TC+ guest post. “Good for them. I don't want to be any part of it.”

Chan says too many investors in his age cohort rely on “youth, group-think identification and confidence as a substitute for hard work and experience.”

“It might work for now, but if that's success for my generation of venture capitalists, then I would have rather stayed in my happy little bubble writing geochemistry code at NASA JPL.”

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

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A Gen Z VC speaks up: Why Gen Z VCs are trash image

Image Credits: Anastasiia Yanishevska / EyeEm / Getty Images

Big Tech Inc.

If you like earbuds that glow, you will enjoy Haje's review of Angry Miao's Cyberblade gaming earbuds. We think "these are some of the best-manufactured in-ear headphones I've ever seen" pretty much sums it up.

Remember the vintage Apple iMac Blueberry? That's what the back of the new Aston Martin Valhalla reminds us of. For true car connoisseurs, Jaclyn writes this high-performance vehicle is being used to "develop a playbook for its future EVs."

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