Docs startup Almanac raises $34 million from Tiger as remote work shift hardens

As companies continue to delay their returns to the office and find temporary remote work policies becoming permanent, the startups building tooling for remote work-first cultures are finding a seemingly endless supply of customers.

“Companies are finding the shift to remote work is not a one-time aberration due to Covid,” Almanac CEO Adam Nathan tells TechCrunch. “Over the past several months we’ve seen pretty explosive revenue growth.”

Almanac, which builds a doc editor that takes feature cues like version control from developer platforms like Github, has been seizing on the shift to remote work, onboarding new customers through its open source office document library Core while pushing features that allow for easier onboarding like an online company handbook builder.

In the past couple years, timelines between funding rounds have been shrinking for fast-growing startups. Almanac announced its $9 million seed round earlier this year led by Floodgate, now they’re taking the wraps off of a $34 million Series A led by the pandemic’s most prolific startup investment powerhouse — Tiger Global. Floodgate again participated in the raise, alongside General Catalyst and a host of angels.

The company wants its collaborative doc editor to be the way more companies fully embrace online productivity software, leaving local-first document editors in the dust. While Alphabet’s G Suite is a rising presence in the office productivity suite world, Microsoft Office is still the market’s dominant force.

“We see ourselves as a generational challenger to Microsoft Office,” Nathan says. “It’s not only an old product, but it’s totally outmoded for what we do to today.”

While investors have backed plenty of startups based on pandemic era trends that have already seemed to fizzle out, the growing shift away from office culture or even hybrid culture towards full remote work has only grown more apparent as employees place a premium on jobs with flexible remote policies.

Major tech companies like Facebook have found themselves gradually adjusting policies towards full-remote work for staff that can do their jobs remotely. Meanwhile, Apple’s more aggressive return-to-office plan has prompted a rare outpouring of public and private criticism from employees at the company. Nathan only expects this divide to accelerate as more companies come tor grips with the shifting reality.

“I personally don’t believe that hybrid is a thing,” he says. “You have to pick a side, you’re either office culture or ‘cloud culture.’”

Evil Geniuses CEO Nicole LaPointe Jameson is coming to Disrupt

As the opportunities in the gaming world continue to expand aggressively as part of post-COVID shifts to the entertainment sector, esports has found its own opportunities in reaching new audiences. While competitive gaming is still in its early stages, the stakeholders of the industry are some of gaming’s most prominent publishers and organizations, and disrupting how business gets done can be a major challenge for rising leagues and platforms.

We’re excited to have Evil Geniuses CEO Nicole LaPointe Jameson join us at TechCrunch Disrupt this week to discuss the business of competitive gaming and how esports is faring in its quest to gain an even larger audience. We’ll talk to LaPointe Jameson about the various leagues and stakeholders in the industry and where the momentum is shifting.

Evil Geniuses is a two decade-old competitive gaming brand, but over the past few years, the esports company has seen a dramatic revamp, exiting leagues and joining new ones while bulking up its roster and looking to find new opportunities in a space that has matured dramatically this decade but is still chasing after mainstream audiences. The esports organization was formerly part of Amazon as a result of the Twitch acquisition, but in 2019 was acquired by Chicago-based Peak6 Investments.

LaPointe Jameson joined Evil Geniuses as CEO back in 2019. At the time, the 25-year-old investor had scant experience running a gaming organization, but since her appointment, the esports company has looked to shake up how companies in the esports world operate. Earlier this year, the company launched its own esports analytics platform, collecting and parsing professional and amateur gameplay data and giving the industry access to more streamlined tools to analyze players and recruit.

As one of very few Black women in charge of an esports organization, LaPointe Jameson has looked to build out a more diverse organization and find a more expansive audience outside traditional niches. The league has helped pioneer signing mixed-gender teams to compete at major competitions.

“To clarify for the people in the back that didn’t catch it the first time… I don’t care where you come from. Nor your creed, gender, religion, class, past industry, or sexual orientation. If you are the best of the best, you have a home here at [Evil Geniuses],” LaPointe Jameson tweeted earlier this year.

We look forward to chatting with LaPointe Jameson, alongside a whole host of amazing speakers at Disrupt, including Canva CEO Melanie Perkins, and actor-entrepreneur Ryan Reynolds.

The show is coming up fast. Get your ticket now for less than $100 before the price increases tonight — and we’ll see you soon.

Following SEC lawsuit threat, Coinbase cancels launch of ‘Lend’ product

Coinbase efforts to play hardball with the Securities and Exchange Commission didn’t last too long. The cryptocurrency exchange had garnered the ire of the regulatory commission over its plans to launch a crypto lending product, with the SEC sending the company a Wells notice which indicated that the agency would sue Coinbase if they launched their crypto lending product called Lend.

Less than a couple weeks after publishing a defiant blog post titled “The SEC has told us it wants to sue us over Lend. We don’t know why.” the company quietly announced over the weekend that it will not be launching the Lend product after all.

On Friday, the company quietly added an update to its launch post for Lend, detailing in part:

As we continue our work to seek regulatory clarity for the crypto industry as a whole, we’ve made the difficult decision not to launch the USDC APY program announced below. We have also discontinued the waitlist for this program as we turn our work to what comes next.

Lend was far from an anomaly in the crypto exchange world; investors can find similar functionality in platforms like Gemini which allow users to lend their crypto holdings back to the exchange for the promise of earning interest rates that are much, much higher than traditional savings accounts offer. Coinbase planned to launch the Lend product with the functionality for users to stake the stablecoin USDC and earn (as a starting rate) 4% APY.

The SEC, which has long complained about the limited resources at its disposal, has pursued a limited set of cases against crypto products but doesn’t seem to have been quite comfortable with the fact that users were essentially forfeiting custody of their coins to Coinbase and its partners, They has also indicated to Coinbase that the Lend product did indeed involve a security. Coinbase, which has made the fact that it coordinates closely with regulatory bodies part of its brand, had been trying to take things slowly while sticking to their belief that the product wasn’t security-related.

“The SEC told us they consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion. Rather than get discouraged, we chose to continue taking things slowly. In June, we announced our Lend program publicly and opened a waitlist but did not set a public launch date. But once again, we got no explanation from the SEC. Instead, they opened a formal investigation,” a recent Coinbase company blog post read.

The big question is what this means for the other crypto exchanges and whether this act signals the start of a more aggressive streak for SEC chief Gary Gensler’s commission in the crypto world, especially in regards to DeFi mechanics.

Coinbase stock was dropping in intraday trading Monday, alongside a significant pullback in the price of bitcoin and other top cryptocurrencies.

Andreessen Horowitz’s crypto boss Katie Haun is coming to Disrupt

The crypto space has matured so much in so little time, but even amid a blockbuster year, it’s still facing down the existential risk of aggressive regulation from U.S. agencies.

All the while, venture capital firm Andreessen Horowitz has been tirelessly building out a major crypto arm dedicated to ensuring that the firm will be an institutional powerhouse in the world of cryptocurrencies, decentralized finance and broader “Web3” technologies for years to come. Its early network of investments power much of the crypto world’s earliest success stories, but the firm has bigger ambitions yet. The firm’s efforts here are co-led by General Partner Katie Haun — who was once a federal prosecutor tackling fraud and cyber crime alongside top government agencies.

We’re excited to have Haun join us at TechCrunch Disrupt this year (September 21-23), where we’ll be asking her about all things crypto regulation and what the firm hopes to accomplish with its new, massive $2.2 billion crypto fund. Beyond the firm’s aggressive fund sizes and rapid deal-making in the crypto space, the firm’s partners — including Haun — have been among the most vocal about the potentially transformative nature of the blockchain and cryptocurrencies.

This has gotten more attention in 2021 when currencies have surged, fallen and surged again, minting more and more crypto millionaires while sucking in retail investors clamoring to get a piece of the hot space. It’s also been a year where the crypto space’s diversity has emerged with decentralized autonomous organizations (DAOs) gaining attention, non-fungible tokens (NFTs) catching global attention and decentralized finance (DeFi) threatening to upend financial institutions.

Haun serves on the boards of Coinbase and OpenSea. Coinbase went public this year and delivered one of the firm’s biggest payouts ever, while OpenSea is the dominant platform in the ever-shifting and ever-surging world of NFTs. Both companies are facing controversies on their quest toward crypto greatness. This month, Coinbase detailed that the SEC plans to sue it over the company’s upcoming lending feature. Meanwhile, OpenSea is grappling with the resignation of a highly visible executive who was discovered to be abusing company information to trade NFTs.

It’s a controversial space with plenty of money to be had, and Andreessen Horowitz has made a lot of it.

We look forward to chatting with Haun, alongside a whole host of amazing speakers at Disrupt, including Canva CEO Melanie Perkins, actor-entrepreneur Ryan Reynolds and U.S. Transportation Secretary Pete Buttigieg.

The show is coming up fast. Get your ticket now for less than $100 before the price increases tonight — and we’ll see you soon.

The GoPro-ification of the iPhone

Hello friends, and welcome back to Week in Review!

Last week, we talked about some sunglasses from a company that many people do not like very much. This week, we’re talking about Apple and the company 1,600 times smaller than it that’s facing similar product problems.

Thanks for joining in — follow my tweets @lucasmtny for more.


(Photo by Brooks Kraft/Apple Inc.)

the big thing

When you get deep enough into the tech industry, it’s harder to look at things with a consumer’s set of eyes. I’ve felt that way more and more after six years watching Apple events as a TechCrunch reporter, but sometimes memes from random Twitter accounts help me find the consumer truth I’m looking for.

As that dumb little tweet indicates, Apple is charging toward a future where it’s becoming a little harder to distinguish new from old. The off-year “S” period of old is no more for the iPhone, which has seen tweaks and new size variations since 2017’s radical iPhone X redesign. Apple is stretching the periods between major upgrades for its entire product line and it’s also taking longer to roll out those changes.

Apple debuted the current bezel-lite iPad Pro design back in late 2018 and it’s taken three years for the design to work its way down to the iPad mini while the entry-level iPad is still lying in wait. The shift from M1 Macs will likely take years as the company has already detailed. Most of Apple’s substantial updates rely on upgrades to the chipsets that they build, something that increasingly makes them look and feel like a consumer chipset company.

This isn’t a new trend, or even a new take, it’s been written lots of times, but it’s particularly interesting as the company bulks up the number of employees dedicated to future efforts like augmented reality, which will one day soon likely replace the iPhone.

It’s an evolution that’s pushing them into a similar design territory as action camera darling GoPro, which has struggled again and again with getting their core loyalists to upgrade their hardware frequently. These are on laughably different scales, with Apple now worth some $2.41 trillion and GoPro still fighting for a $1.5 billion market cap. The situations are obviously different, and yet they are both facing similar end-of-life innovation questions for categories that they both have mastered.

This week GoPro debuted its HERO10 Black camera, which brings higher frame rates and a better performing processor as it looks to push more of its user audience to subscription services. Sound familiar? This week, Apple debuted its new flagship, the iPhone 13 Pro, with a faster processor and better frame rates (for the display not the camera here, though). They also spent a healthy amount of time pushing users to embrace new services ecosystems.

Apple’s devices are getting so good that they’re starting to reach a critical feature plateau. The company has still managed to churn out device after device and expand their audience to billions while greatly expanding their average revenue per user. Things are clearly going pretty well for the most valuable company on earth, but while the stock has nearly quadrupled since the iPhone X launch, the consumer iPhone experience feels pretty consistent. That’s clearly not a bad thing, but it is — for lack of a better term — boring.

The clear difference, among 2.4 trillion others, is that GoPro doesn’t seem to have a clear escape route from its action camera vertical.

But Apple has been pushing thousands of employees toward an escape route in augmented reality, even if the technology is clearly not ready for consumers and they’re forced to lead with what has been rumored to be a several-thousand-dollar AR/VR headset with plenty of limitations. One of the questions I’m most interested in is what the iPhone device category looks likes once its unwieldy successor has reared its head. Most likely is that the AR-centric devices will be shipped as wildly expensive iPhone accessories and a way to piggy back off the accessibility of the mobile category while providing access to new — and more exciting — experiences. In short, AR is the future of the iPhone until AR doesn’t need the iPhone anymore. 


Image Credits: Tesla

other things

Here are the TechCrunch news stories that especially caught my eye this week:

Everything Apple announced this week
Was it the most exciting event Apple has ever had? Nah. Are you still going to click that link to read about their new stuff? Yah.

GoPro launches the HERO10 Black
I have a very soft spot in my heart for GoPro, which has taken a niche corner of hardware and made a device and ecosystem that’s really quite good. As I mentioned above, the company has some issues making significant updates every year, but they made a fairly sizable upgrade this year with the second-generation of their customer processor and some performance bumps across the board.

Tesla will open FSD beta to drivers with good driving record
Elon Musk is pressing ahead with expanding its “Full Self-Driving” software to more Tesla drivers, saying that users who paid for the FSD system can apply to use the beta and will be analyzed by the company’s insurance calculator bot. After 7 days of good driving behavior, Musk says users will be approved.

OpenSea exec resigns after ‘insider trading’ scandal
NFTs are a curious business; there’s an intense amount of money pulsating through these markets — and little oversight. This week OpenSea, the so-called “eBay of NFTs,” detailed that its own VP of Product had been trading on insider information. He was later pushed to resign.

Apple and Google bow to the Kremlin
Apple and Google are trying to keep happy the governments of most every market in which they operate. That leads to some uncomfortable situations in markets like Russia, where both tech giants were forced by the Kremlin to remove a political app from the country’s major opposition party.


Gitlab logo

Image Credits: Gitlab

extra things

Some of my favorite reads from our Extra Crunch subscription service this week:

What could stop the startup boom?
“…We’ve seen record results from citiescountries and regions. There’s so much money sloshing around the venture capital and startup worlds that it’s hard to recall what they were like in leaner times. We’ve been in a bull market for tech upstarts for so long that it feels like the only possible state of affairs. It’s not…”

The value of software revenue may have finally stopped rising
“…I’ve held back from covering the value of software (SaaS, largely) revenues for a few months after spending a bit too much time on it in preceding quarters — when VCs begin to point out that you could just swap out numbers quarter to quarter and write the same post, it’s time for a break. But the value of software revenues posted a simply incredible run, and I can’t say “no” to a chart…

Inside GitLab’s IPO filing
“…The company’s IPO has therefore been long expected. In its last primary transaction, GitLab raised $286 million at a post-money valuation of $2.75 billion, per PitchbBook data. The same information source also notes that GitLab executed a secondary transaction earlier this year worth $195 million, which gave the company a $6 billion valuation…”


Thanks for reading, and again, if you’re reading this on the TechCrunch site, you can get this in your inbox from the newsletter page, and follow my tweets @lucasmtny

Lucas Matney

OpenSea admits incident as top exec is accused of trading NFTs on insider information

The “eBay of NFTs” is running into a scandal as it admits one of its employees traded the crypto digital assets using insider information from the platform.

Yesterday, a top executive at NFT platform OpenSea was accused of front-running sales on the platform, purchasing pieces from NFT collections before they were featured on the homepage of the platform. According to Twitter user @ZuwuTV, the startup’s Head of Product was using secret crypto wallets to buy drops before they listed on the main page of OpenSea, selling them shortly after they were highlighted publicly by OpenSea, and funneling the profits back to his main account. Users linked to a handful of transactions from accounts linked back to the executive on the public blockchain including an NFT drop that was, at the time, actively listed on the front page of the platform.

Today, OpenSea seemed to acknowledge the incident, saying in a blog post that it had “learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly.” The company did not identify the employee but said that they were conducting an “immediate” review of the incident. The startup, which was recently valued at $1.5 billion after raising a $100 million Series B from Andreessen Horowitz, added in the unsigned blog post that this incident was “incredibly disappointing.”

“We’re conducting a thorough review of yesterday’s incident and are committed to doing the right thing for OpenSea users,” OpenSea CEO Devin Finzer said in a tweet.

OpenSea, which did a record $3.4 billion in transaction volume last month, appears not to have had any rules in places preventing employees from using confidential information to buy or sell NFTs on its own platform to its own users. The company detailed that it was now implementing a policy that team members could not buy or sell “from collections or creators while we are featuring or promoting them,” and that they are “prohibited from using confidential information to purchase or sell any NFTs, whether available on the OpenSea platform or not.”

Most NFTs are not generally assumed to be securities, despite little official guidance from the SEC on the crypto asset class. Some in the space have questioned whether different mechanics around buying and selling, alongside ongoing rewards structures may be pushing some NFT sales further into securities territory.

“Many have been enticed by dramatic jumps in the value of new digital assets,” Senate Banking Committee Chairman Sherrod Brown said in a hearing yesterday — as transcribed by The Block — where the relationship between crypto markets and SEC enforcement was discussed. “Some professional investors and celebrities make earning millions look easy. But, as we are reminded time and again, it’s never that simple – and too often, someone’s quick profit comes at the expense of workers and entire communities.”

We’ve reached out to OpenSea for further comment.

Facebook debuts its Ray-Ban Stories smart sunglasses

Facebook announced their long-awaited foray into the smart glasses space Thursday morning, launching the Ray-Ban Stories smart glasses in partnership with eyewear giant EssilorLuxottica.

The svelte frames are some of the most low-profile yet available to consumers and will allow users to snap photos and videos with the two onboard 5 MP cameras, listen to music with in-frame speakers and take phone calls. The glasses need to be connected to an iOS or Android device for full functionality, though users can take and store hundreds of photos or dozens of videos on the glasses before transferring media to their phones via Facebook’s new View app. The twin cameras will allow users to add 3D effects to their photos and videos once they upload them to the app.

The lightweight glasses weigh less than 50 grams and come with a leather hardshell charging case. The battery lift is advertised as “all-day” which TechCrunch found to be accurate during our review of the frames.

Users will be able to control the glasses with a couple physical buttons including a “capture” button to record media and an on-off switch. A touch pad on the right arm of the glasses will allow users to perform functions like swiping to adjust the volume or answering a phone call. An onboard white LED will glow to indicate to the people around the wearer that a video is being recorded.

The glasses, notably, are neither waterproof nor splash-proof.

Facebook’s smart Ray-Ban Stories alongside my pair of classic Ray-Ban 2140 Wayfarers

The smart sunglasses sport come in three classic Ray-Ban styles, with a number of color and lens combinations. The Ray-Ban Stories are fully compatible with prescription lenses. The glasses will start at $299, with polarized and transition lens options coming in at a higher price point.

The glasses notably do not have in-lens displays that will allow users to see digital augmented reality content like competitor Snap’s latest Spectacles prototype.

This is a major launch for Facebook, which announced early details about the Ray-Ban partnership and product at its AR/VR focused developer conference last September. The company has indicated that the device is a stepping stone for its AR ambitions and an effort to get users acquainted with the idea of high-tech glasses.

“Ray-Ban Stories are an important step towards a future when phones are no longer a central part of our lives and you won’t have to choose between interacting with a device or interacting with the world around you,” CEO Mark Zuckerberg says in a launch video for the product.

Apple’s dangerous path

Hello friends, and welcome back to Week in Review.

Last week, we dove into the truly bizarre machinations of the NFT market. This week, we’re talking about something that’s a little bit more impactful on the current state of the web — Apple’s NeuralHash kerfuffle.

If you’re reading this on the TechCrunch site, you can get this in your inbox from the newsletter page, and follow my tweets @lucasmtny


the big thing

In the past month, Apple did something it generally has done an exceptional job avoiding — the company made what seemed to be an entirely unforced error.

In early August — seemingly out of nowhere** — the company announced that by the end of the year they would be rolling out a technology called NeuralHash that actively scanned the libraries of all iCloud Photos users, seeking out image hashes that matched known images of child sexual abuse material (CSAM). For obvious reasons, the on-device scanning could not be opted out of.

This announcement was not coordinated with other major consumer tech giants, Apple pushed forward on the announcement alone.

Researchers and advocacy groups had almost unilaterally negative feedback for the effort, raising concerns that this could create new abuse channels for actors like governments to detect on-device information that they regarded as objectionable. As my colleague Zach noted in a recent story, “The Electronic Frontier Foundation said this week it had amassed more than 25,000 signatures from consumers. On top of that, close to 100 policy and rights groups, including the American Civil Liberties Union, also called on Apple to abandon plans to roll out the technology.”

(The announcement also reportedly generated some controversy inside of Apple.)

The issue — of course — wasn’t that Apple was looking at find ways that prevented the proliferation of CSAM while making as few device security concessions as possible. The issue was that Apple was unilaterally making a massive choice that would affect billions of customers (while likely pushing competitors towards similar solutions), and was doing so without external public input about possible ramifications or necessary safeguards.

A long story short, over the past month researchers discovered Apple’s NeuralHash wasn’t as air tight as hoped and the company announced Friday that it was delaying the rollout “to take additional time over the coming months to collect input and make improvements before releasing these critically important child safety features.”

Having spent several years in the tech media, I will say that the only reason to release news on a Friday morning ahead of a long weekend is to ensure that the announcement is read and seen by as few people as possible, and it’s clear why they’d want that. It’s a major embarrassment for Apple, and as with any delayed rollout like this, it’s a sign that their internal teams weren’t adequately prepared and lacked the ideological diversity to gauge the scope of the issue that they were tackling. This isn’t really a dig at Apple’s team building this so much as it’s a dig on Apple trying to solve a problem like this inside the Apple Park vacuum while adhering to its annual iOS release schedule.

illustration of key over cloud icon

Image Credits: Bryce Durbin / TechCrunch /

Apple is increasingly looking to make privacy a key selling point for the iOS ecosystem, and as a result of this productization, has pushed development of privacy-centric features towards the same secrecy its surface-level design changes command. In June, Apple announced iCloud+ and raised some eyebrows when they shared that certain new privacy-centric features would only be available to iPhone users who paid for additional subscription services.

You obviously can’t tap public opinion for every product update, but perhaps wide-ranging and trail-blazing security and privacy features should be treated a bit differently than the average product update. Apple’s lack of engagement with research and advocacy groups on NeuralHash was pretty egregious and certainly raises some questions about whether the company fully respects how the choices they make for iOS affect the broader internet.

Delaying the feature’s rollout is a good thing, but let’s all hope they take that time to reflect more broadly as well.

** Though the announcement was a surprise to many, Apple’s development of this feature wasn’t coming completely out of nowhere. Those at the top of Apple likely felt that the winds of global tech regulation might be shifting towards outright bans of some methods of encryption in some of its biggest markets.

Back in October of 2020, then United States AG Bill Barr joined representatives from the UK, New Zealand, Australia, Canada, India and Japan in signing a letter raising major concerns about how implementations of encryption tech posed “significant challenges to public safety, including to highly vulnerable members of our societies like sexually exploited children.” The letter effectively called on tech industry companies to get creative in how they tackled this problem.


other things

Here are the TechCrunch news stories that especially caught my eye this week:

LinkedIn kills Stories
You may be shocked to hear that LinkedIn even had a Stories-like product on their platform, but if you did already know that they were testing Stories, you likely won’t be so surprised to hear that the test didn’t pan out too well. The company announced this week that they’ll be suspending the feature at the end of the month. RIP.

FAA grounds Virgin Galactic over questions about Branson flight
While all appeared to go swimmingly for Richard Branson’s trip to space last month, the FAA has some questions regarding why the flight seemed to unexpectedly veer so far off the cleared route. The FAA is preventing the company from further launches until they find out what the deal is.

Apple buys a classical music streaming service
While Spotify makes news every month or two for spending a massive amount acquiring a popular podcast, Apple seems to have eyes on a different market for Apple Music, announcing this week that they’re bringing the classical music streaming service Primephonic onto the Apple Music team.

TikTok parent company buys a VR startup
It isn’t a huge secret that ByteDance and Facebook have been trying to copy each other’s success at times, but many probably weren’t expecting TikTok’s parent company to wander into the virtual reality game. The Chinese company bought the startup Pico which makes consumer VR headsets for China and enterprise VR products for North American customers.

Twitter tests an anti-abuse ‘Safety Mode’
The same features that make Twitter an incredibly cool product for some users can also make the experience awful for others, a realization that Twitter has seemingly been very slow to make. Their latest solution is more individual user controls, which Twitter is testing out with a new “safety mode” which pairs algorithmic intelligence with new user inputs.


extra things

Some of my favorite reads from our Extra Crunch subscription service this week:

Our favorite startups from YC’s Demo Day, Part 1 
“Y Combinator kicked off its fourth-ever virtual Demo Day today, revealing the first half of its nearly 400-company batch. The presentation, YC’s biggest yet, offers a snapshot into where innovation is heading, from not-so-simple seaweed to a Clearco for creators….”

…Part 2
“…Yesterday, the TechCrunch team covered the first half of this batch, as well as the startups with one-minute pitches that stood out to us. We even podcasted about it! Today, we’re doing it all over again. Here’s our full list of all startups that presented on the record today, and below, you’ll find our votes for the best Y Combinator pitches of Day Two. The ones that, as people who sift through a few hundred pitches a day, made us go ‘oh wait, what’s this?’

All the reasons why you should launch a credit card
“… if your company somehow hasn’t yet found its way to launch a debit or credit card, we have good news: It’s easier than ever to do so and there’s actual money to be made. Just know that if you do, you’ve got plenty of competition and that actual customer usage will probably depend on how sticky your service is and how valuable the rewards are that you offer to your most active users….”


Thanks for reading, and again, if you’re reading this on the TechCrunch site, you can get this in your inbox from the newsletter page, and follow my tweets @lucasmtny

Lucas Matney

TikTok owner ByteDance buys a top virtual reality hardware startup

TikTok parent company ByteDance seem to be looking to one-up Facebook anywhere it can. After taking over the mantle of most-downloaded social media app in the world with TikTok, ByteDance is coming for Facebook’s moonshot, buying up its own virtual reality headset maker called Pico.

The deal first reported on by Bloomberg last week was confirmed by the company on Monday, though ByteDance didn’t disclose a price tag for the deal. Pico had raised some $62 million in venture funding from Chinese firms including a $37 million Series B in March. Like Oculus, they create both hardware and software for their VR devices. Unlike Oculus, they have a substantial presence in China. Pico may not hold the same name recognition as Oculus or HTC, but the company is a top VR hardware maker, selling to consumer audiences in China and enterprise customers in the Western world.

With Pico finding its home now at ByteDance, two of the world’s largest virtual reality brands now reside inside social media companies. Ironically, many of the company’s North American customers I’ve chatted with over the years seem to have at least partially opted for Pico headsets over Oculus hardware due to general weariness of Facebook’s data and ads-dependent business models which they fear Oculus will eventually become a larger part of.

It’s no secret that the virtual reality market has been slow out of the gate, but Facebook has blazed the trail for the technology dumping billions of dollars into an ecosystem that traditional investors have largely seemed uninterested in, in recent years.

Without knowing broad terms of the deal (I’m asking around), it’s hard to determine whether this is a moment of resurgence for VR or another sign of a contracting market. What seems most likely to me is that ByteDance is indeed interested in building out a consumer VR brand and is aiming to follow in Facebook’s footsteps closely while learning from their missteps and capitalizing on their contributions to the ecosystem. Whether the company solely focuses on the consumer markets in China or loosely pursue enterprise clients stateside as well is a big question ByteDance will have to address.

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