Amazon cancels charitable donation initiative so it can focus on 'programs with greater impact'

TechCrunch Newsletter

By Christine Hall and Haje Jan Kamps Thursday, January 19, 2023

Thursday! This week has just flown by, and we're still reeling from the excitement that a company is leaning into compliments. Compliments? In this day and age? Is there actually hope for us after all?! Well, we have a compliment for ya, Mike — thank you for spreading some joy into our day today! — Christine and Haje Image Credits: David Paul Morris/Bloomberg / Getty Images

The TechCrunch Top 3 Amazon turned that smile upside down: Shopping for charity is going to not be a thing for Amazon after February. Amid layoffs and other cuts, the delivery giant said it was ending its AmazonSmile program to focus on other philanthropic endeavors of its own, Romain reports. Give 'em what they want: Mike writes that "German teens went crazy for Slay's app that gives compliments," and now venture capitalists are getting in on the fun and backing its next phase. Storefront builder's gold mine: Oro, an open source e-commerce platform, is going against the grain of other platforms by targeting businesses. That approach is paying off as the company announces $13 million in new funding. Paul has more.

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Startups and VC People are addicted to credit cards — and it's no wonder, given the lucrative rewards that many of them offer. But for merchants, credit cards tend to be less appealing, Kyle reports. Merchants are on the hook for interchange fees, or transaction fees a merchant's bank must pay whenever a customer uses a card to make a purchase. Link comes to the rescue, and the company raised $30 million to help merchants accept direct bank payments. You know, like consumers in Europe have been able to do since the 1990s. In recent years, working for, or banking with, a traditional financial institution was decidedly uncool. Far cooler was working for or banking with one of the many fintech startups that seemed to thumb their nose at stodgy bank brands, Connie reports. A lot of fintechs "have to fix their business models," according to fintech-investing VCs. And we have five more for you: It's better than yours: Outrider brings all their autonomous electric trucks to yard, and they're, like, it's better than yours, Kirsten reports, as the company raises $73 million to brings its autonomous electric yard trucks into the mainstream. Someone let the air out of space: Private investment in space companies dropped 58% last year, even with SpaceX and Anduril monster raises, Aria reports. Feeling the pressure: Brian reports that dry-cleaning robotics startup Presso raised another $8 million. Call me on my $ell phone: India's PhonePe tops $12 billion valuation in new funding, Manish reports. Who needs designers anyway: Scenario lands $6 million for its AI platform that generates game art assets, reports Kyle.

Teach yourself growth marketing: How to boot up an email marketing campaign In the third article of a five-part series, growth marketing expert Jonathan Martinez (Uber, Postmates, Chime) explains how to create and optimize email campaigns that will “push consumers through your funnel and drive conversions.” Martinez shares fundamentals for segmenting customers and anticipating where leaks will occur along the funnel you’re developing. Startups that recapture these users can eke out a higher ARR, and every little bit counts. “It is crucial to distill user segments as much as possible because we must ensure that we're sending the right messaging to the right consumers.” Three more from the TC+ team: Worrying and getting worse: Women-founded startups raised 1.9% of all VC funds in 2022, which represents a drop from 2021, Dominic-Madori reports. Tearin' into the decks: Haje's weekly Pitch Deck Teardown is here. This week he takes a closer look at Scrintal's $1 million seed deck. Response is for the birds: Twitter's data leak response is a lesson in how not to do cybersecurity, reports Carly. TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code "DC" for a 15% discount on an annual subscription! Read More Image Credits: Jasmin Merdan / Getty Images

Big Tech Inc. We know, it's hard to put that phone down, and all those distracting dings and buzzes don't help. Well, Instagram's got your back with a Quiet Mode that helps you take a break from the app and even tells your peeps you are on DND. Sarah writes that this is just one of several new changes on the app, including some other time management tools and expanded parental controls. Meanwhile, fast fashion ain't what it used to be…valued at. Rita reports that Shein is reportedly accepting a lower valuation as it seeks to raise $3 billion in new funding. The company is said to be raising on a $64 billion valuation, down from the $100 billion price tag in April; however, "Shein denies the accuracy of some of the information," she writes. And we have five more for you: We want s'more Smores: Smores, a music discovery app, wants to show you the songs you've been dying to hear, but in a way you want it and with a TikTok-like feed, Ivan writes. One way or another: Over in Europe, Natasha L reports that Meta dodged a €4 billion privacy fine over unlawful ads, while WhatsApp gets its hand slapped for processing data without a lawful basis. They're not spending like they used to: Ron reports that analysts cut their 2023 tech spending predictions as the economy forces consumers to scale back. Is it that time already?: FTX's new CEO is now saying there's a possibility for the crypto exchange to restart. Jacquelyn has more. Someone has a "420" obsession: Elon Musk's now famous tweet about taking Tesla private could lose him billions as it plays out in trial, Rebecca reports.

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GoMechanic lays off 70% after investors discover 'founders knowingly misstated facts'

TechCrunch Newsletter

By Christine Hall and Haje Jan Kamps Wednesday, January 18, 2023

Helloooo, Crunchers! The heavy goods train of tech news keeps on rollin' down (and sometimes off) the tracks. Apropos tracks, we've been a little besotted with this absolutely magnificent music video of Ren this week. It's full of surprises and powerful bits — give yourself a 9-minute break and give it a listen!  — Christine and Haje Image Credits: GoMechanic

The TechCrunch Top 3 More layoffs: Sequoia-backed GoMechanic is the latest to make sweeping layoffs after funding didn't materialize in time, Manish reports. The India-based auto services company is cutting 70% of its workforce. But wait, there's more: GoMechanic's founders misstated financials to investors with GoMechanic co-founder Amit Bhasin saying the startup made "grave errors in judgment as we followed growth at all costs, particularly in regard to financial reporting, which we deeply regret." Can your robot do this?: In Boston Dynamics' latest Atlas video, we see its robot running, jumping and now grabbing and throwing things via the use of hands. Matt shares more. If you've never seen a car that looks like its name, you have now: Romain has your look at Kate, a new French carmaker developing tiny cars for your everyday use, from driving to work to driving on the beach. They remind us of a really fast golf cart only cuter.

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Startups and VC In a press conference on Wednesday, the U.S. Department of Justice announced that it has arrested Anatoly Legkodymov, founder of crypto exchange Bitzlato, for allegedly processing over $700 million of illicit funds, Amanda reports. "Overnight, the Department worked with key partners here and abroad to disrupt Bitzlato, the China-based money-laundering engine that fueled a high-tech axis of cryptocrime, and to arrest its founder, Russian national Anatoly Legkodymov," said Deputy Attorney General Lisa O. Monaco. There's a bunch more stuff happening in the world of startups today: Well oil'll say: Kirsten reports that Shell snaps up EV charging operator Volta for $169 million. It's not like we could remember our passwords anyway: Open source password management company Bitwarden acquires Passwordless.dev to help companies authenticate users without passwords, Paul reports. PayPal Ventures buys now, hopes it will pay back later: Buy now, pay later company Tabby raises $58 million at a $660 million valuation as PayPal Ventures deploys its first investment into the GCC, Tage reports. BainFund: Kate reports that the P2P lending platform PeopleFund raises $20 million in a Series C extension round led by Bain Capital. Ta-daaa! Money for you: Amanda reports that Goldenset launches out of stealth to make equity investments in creators.

Dear Sophie: What are some fast options for hiring someone on an expiring grace period? Dear Sophie, I'm a co-founder of a very early-stage startup. My co-founder and I are considering bringing on a third co-founder, who was recently laid off. She is currently in the United States on an H-1B with a grace period that will expire soon. What are the fastest, least risky immigration options that we should consider? What's going on with potential increases to USCIS filing fees? — Careful Co-founder Three more from the TC+ team: Losing the horn: VCs think majority of unicorns aren't worth $1 billion anymore, by Becca. Leaning into that midday energy: Noon Energy brings Mars tech down to Earth with carbon-oxygen battery system, Tim writes. Let's spreadsheet this out, shall we: Anna puts numbers on the global venture slowdown. TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code "DC" for a 15% discount on an annual subscription! Read More Image Credits: Bryce Durbin/TechCrunch

Big Tech Inc. The layoffs just keep coming in Tech World. The latest is Microsoft, which announced 10,000 job cuts, reports Paul. The company has already made some layoffs last year, but this latest one accounts for a sizable chunk of its workforce — 5%. CEO Satya Nadella echoed other tech companies making layoffs recently in saying that the company accelerated its growth as customers grew, but when that slowed down, Microsoft had to do the same. Cybersecurity company Sophos is making a similar move, laying off 450 employees globally, or about 10% of its employees, Jagmeet reports. Meanwhile, in happier news, Apple has a brand-new HomePod with better sound and "smarts," Darrell writes. And now that you know this, Brian has some thoughts on the newly returned smart speaker. Here's five more for you: Get the skinny on OpenAI: Connie's conversation last week with OpenAI CEO Sam Altman continues to yield all sorts of juicy details, this time about the company's deal with Microsoft. Altman confirmed that was not an exclusive pact, she writes. This message brought to you by…: TikTok now has a "state-controlled media" label in 40 more countries to show "whose 'editorial output or decision-making process' is subject to influence by a government," Sarah writes. If you're feeling Blue: Twitter now offers an annual Blue subscription for those hardcore users, Ivan reports. A tribute: Brian gives a final salute to Google Stadia, which shut down today. Another go at it: For the second time in six months, Mailchimp says it was hacked. Zack has more on what happened this time.

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