Apple Music streaming revenue detailed in letter to artists

Streaming revenue has been a longtime concern for musicians, especially those scraping by in the wake of an industry-wide implosion of record labels. Of course, a year that has made touring an impossibility has only brought those issues into starker relief as the primary revenue source for many has completely dried up.

Apple is hoping to clarify some of the major questions around streaming revenue in a letter it sent to artists. The note, reported by The Wall Street Journal, outlines a revenue that amounts to around double what Spotify pays out.

“As the discussion about streaming royalties continues, we believe it is important to share our values,” the company notes. “We believe in paying every creator the same rate, that a play has a value, and that creators should never have to pay for featuring music in prime display space on its service.”

The company’s comment is a clear shot at Spotify’s much more varied payment model. What that actually works out to at the end of the day, however, is a slightly more complicated question. Things start at around a penny-per-stream (though it can go down from there). That amount is paid out to rights holders — be they record labels or publishers. It’s another in a long line of issues that have led many musicians to question the efficacy of intermediaries in 2021.

Spotify CEO Daniel Ek fanned the flames in an interview last year, stating, “Some artists that used to do well in the past may not do well in this future landscape, where you can’t record music once every three to four years and think that’s going to be enough.”

At the end of the day, it’s a battle of pennies — or fractions thereof, for many artists. And it has become immensely difficult for mid-tier and truly independent artists to maintain a living as the world has shifted to a streaming model. Services like Bandcamp and Soundcloud have worked to make things more manageable for smaller artists, but the life of a modern musician remains a struggle — especially in the age of COVID-19.

 

Soona raises $10.2M to make remote photo and video shoots easy

Soona, a startup aiming to satisfy the growing content needs of the e-commerce ecosystem, is announcing that it has raised $10.2 million in Series A funding led by Union Square Ventures.

When I wrote about Soona in 2019, the model focused on staging shoots that can deliver videos and photos in 24 hours or less. The startup still operates studios in Austin, Denver and Minneapolis, but co-founder and CEO Liz Giorgi told me that during the pandemic, Soona shifted to a fully virtual/remote model — customers ship their products to Soona, then then watch the shoot remotely and offer immediate feedback, and only pay for the photos ($39 each) and video clips ($93 each) that they actually want.

In some cases, the studio isn’t even necessary — Giorgi said that 30% of Soona’s photographers and crew members are working from home.

Soona has now worked with more than 4,000 customers, including Lola Tampons, The Sill, and Wild Earth, with revenue growing 400% last year. Giorgi said that even as larger in-person shoots become possible again, this approach still makes sense for many clients.

“There’s nothing we sell online that does not require a visual, but not every single visual requires a massive full day shoot,” she said.

Soona

Image Credits: Soona

Giorgi also suggested that Soona’s approach has unlocked a “new level of scalability,” adding, “Internally at Soona, we really believe in the remote shoot experience. It’s not only more efficient, it’s a lot more fun not having to fly a brand manager from Miami and have them spend a full day at a warehouse in New York. That’s not only cost-prohibitive, it’s also a time-consuming and exhausting process for everyone.”

The new funding follows a $1.2 million seed round. Giorgi said the Series A will allow Soona to develop a subscription product with more collaboration tools and more data about what kinds of visual content is most effective.

“There’s an opportunity to own the visual ecosystem of e-commerce from beginning to end,” she said.

Giorgi also noted that Soona continues to employ its “candor clause” requiring investors to disclose whether they’ve ever faced complaints of sexual harassment or discrimination. In fact, the clause has been expanded to cover complaints around racism, ableism or anti-LGBTQ discrimination.

“In some ways it’s a gate that prevents bad actors from being involved […] but it really drives a deeper connection with the investor and the founder,” Giorgi said. “We can have conversation about our values and how we see the world. We get to have a conversation about equality and justice at at time when we’re talking a lot about equity and the cap table.”

Building customer-first relationships in a privacy-first world is critical

In business today, many believe that consumer privacy and business results are mutually exclusive — to excel in one area is to lack in the other. Consumer privacy is seen by many in the technology industry as an area to be managed.

But the truth is, the companies who champion privacy will be better positioned to win in all areas. This is especially true as the digital industry continues to undergo tectonic shifts in privacy — both in government regulation and browser updates.

By the end of 2022, all major browsers will have phased out third-party cookies — the tracking codes placed on a visitor’s computer generated by another website other than your own. Additionally, mobile device makers are limiting identifiers allowed on their devices and applications. Across industry verticals, the global enterprise ecosystem now faces a critical moment in which digital advertising will be forever changed.

Up until now, consumers have enjoyed a mostly free internet experience, but as publishers adjust to a cookieless world, they could see more paywalls and less free content.

They may also see a decrease in the creation of new free apps, mobile gaming and other ad-supported content unless businesses find new ways to authenticate users and maintain a value exchange of free content for personalized advertising.

The truth is, the companies who champion privacy will be better positioned to win in all areas.

When consumers authenticate themselves to brands and sites, they create revenue streams for publishers as well as the opportunity to receive discounts, first-looks and other specially tailored experiences from brands.

To protect consumer data, companies need to architect internal systems around data custodianship versus acting from a sense of data entitlement. While this is a challenging and massive ongoing evolution, the benefits of starting now are enormous.

Putting privacy front and center creates a sustainable digital ecosystem that enables better advertising and drives business results. There are four steps to consider when building for tomorrow’s privacy-centric world:

Transparency is key

As we collectively look to redesign how companies interact with and think about consumers, we should first recognize that putting people first means putting transparency first. When people trust a brand or publishers’ intentions, they are more willing to share their data and identity.

This process, where consumers authenticate themselves — or actively share their phone number, email or other form of identity — in exchange for free content or another form of value, allows brands and publishers to get closer to them.

TikTok funds first episodic public health series ‘VIRAL’ from NowThis

TikTok is taking another step toward directly funding publishers’ content with today’s announcement that it’s financially backing the production of media publisher NowThis’ new series, “VIRAL,” which will feature interviews with public health experts and a live Q&A session focused on answering questions about the pandemic. The partnership represents TikTok’s first-ever funding of an episodic series from a publisher, though TikTok has previously funded creator content.

Through TikTok’s Instructive Accelerator Program, which was formerly known as the Creative Learning Fund, other TikTok publishers have received grants and hands-on support from TikTok so they could produce quality instructive content for TikTok’s #LearnOnTikTok initiative. The program today is structured as four eight-week cycles, during which time publishers post videos four times per week.

NowThis had also participated in the Creative Learning Fund last year and was selected for the latest cycle of the Instructive Accelerator Program. But its “VIRAL” series is separate from these efforts.

NowThis says it brought the concept for the show to TikTok earlier this year outside of the accelerator program, and TikTok greenlit it. TikTok then co-produced the series and provided some funding. Neither NowThis nor TikTok would comment on the extent of the financial backing involved, however.

The “VIRAL” series itself is hosted by infectious disease clinical researcher Laurel Bristow, who spent the last year working on COVID treatments and research. Every Thursday, Bristow will break down COVID facts in easy-to-understand language, NowThis says, including things like vaccine efficacy, transmission timelines and treatment. The show will also bust COVID myths, provide information about ongoing public health risks and feature interviews with a cross-section of experts.

Each episode will be 45 minutes in length and will also include an interactive segment where the TikTok viewing audience will be able to engage in a real-time Q&A session about the show’s content. In total, five episodes are being produced, and will air starting on Thursday April 15 at 6 PM ET and will run through Thursday May 13 on the @NowThis main TikTok page.

@nowthisTune in to our new TikTok live show VIRAL on Thursdays at 6pm ET with host @kinggutterbaby♬ original sound – nowthis

NowThis has become one of the most-followed news media accounts on TikTok, with 4.6 million followers across its news and politics channels, since launching a little over a year ago. Because of its focus on video, it’s been a good fit for the TikTok’s platform.

The approach TikTok is taking with “VIRAL’s” production, it’s worth noting, stands in contrast to how other social media platforms are handling the pandemic and COVID-19 information. While most, including TikTok, have pledged to fact-check COVID-19 information, remove misinformation and conspiracies, point users to official sources for health information and provide other resources, TikTok is directly funding public health content featuring scientists and researchers, and then promoting it on its network.

The company explained to TechCrunch its thinking on the matter.

“As the pandemic continues to evolve, we think it’s important to provide our community an outlet to dispel misinformation and communicate with public health experts in real time,” said Robbie Levin, manager of Media Partnerships at TikTok. “NowThis has consistently been a great partner that produces engaging and informative content, so we felt this series would be an impactful and important avenue for our users to receive credible information on our platform,” Levin noted.

While the pandemic has driven the topic of choice here, paying creators for content is not new. And TikTok isn’t the only one to do so. Instagram and Snapchat are both funding creator content for their TikTok clones, Reels and Spotlight, respectively. And new social platforms like Clubhouse are funding creators’ shows, as well.

TikTok says it’s not currently talking to other publishers to produce more series like “VIRAL,” but it isn’t ruling out the idea of expanding its creator funding and producing efforts. In addition to its accelerator program, which is continuing, TikTok says if “VIRAL” proves successful and the community responds positively, it will pursue similar opportunities in the future.

Plex raises $50M growth round to fuel ad-supported streaming, expansions

Streaming media software maker Plex announced today it has raised a $50 million growth equity round from existing investor Intercap ahead of its planned business expansion into rentals, purchases and subscription content. This is the first financing Plex has taken on since 2014 and is being partly used to purchase shares and options from Plex’s early seed investors and shareholders from prior acquisitions, and to give the company’s earliest employees a bit of liquidity. Of the $50 million raised, $15 million will be put to work as new growth capital.

The company declined to disclose its valuation as a result of the funding — technically Plex’s Series C — but says it resulted in a relatively low dilution for its existing investors who have stayed in, including Kleiner Perkins and Nexstar, for example. Meanwhile, some of its earliest investors were able to get a 10x return or greater on their shares.

As part of the round, Intercap chairman and CEO Jason Chapnik joined the board of directors as chairman, and Intercap president James Merkur also joined the board. Including this financing, Plex has raised more than $60 million.

To date, Plex has been cautious about fundraising because, as Plex CEO Keith Valory says, “we really hadn’t had to.” That is, the company has been profitable on its own.

But things have been changing at Plex in recent years. Though it has always catered to the home media enthusiast with its software for organizing movies, TV, music and photos on users’ home networks, Plex more seriously began to go after the larger market of cord cutters with its 2017 launch of a low-cost, DIY streaming TV service. In the years since, it expanded into free, ad-supported streaming and last year took on rivals like ViacomCBS-owned Pluto TV with its own launch of a live TV service, also supported by ads.

Today, Plex now offers more than 20,000 free on-demand movies and shows and over 150 free live TV channels in 193 countries, alongside access to other content, including personal media libraries, streaming music and podcasts.

As it expanded the types of services it offers, it also lowered the barriers to entry for Plex newcomers. Users now no longer have to sign up for an account to access the ad-supported video or live linear streaming service, which impacts Plex’s business model.

Image Credits: Plex

“That is much more tailored towards paid marketing — like getting integrated into the search capabilities for devices like Roku, Fire TV or Vizio, etc. But then, also, using [search engine marketing] and Facebook and other, even on-device paid marketing programs to get people to get in and start watching something,” says Valory. “We found that the kind of paid marketing and customer acquisition costs for that business is really efficient. We’ve been able to get profitable on that marketing investment really, really quickly,” he adds.

That model is what prompted Plex to consider raising capital to grow this aspect of its business and expand in new areas, as well.

That included managing subscription content and offering rentals and purchases — something Plex began to talk about last year as part of its roadmap, saying they could potentially arrive in 2020. But then COVID hit, and though streaming itself grew — particularly ad-supported video in April through June or July — some Plex employees were hit harder than others by the pandemic. And Plex also needed more time to ready the infrastructure involved.

It’s now preparing to launch these efforts this year, perhaps initially with a video rental marketplace or a subscription aggregator. (Plex says it’s not sure which will get out of the gate first because both are being built simultaneously.)

With the subscription play, Plex isn’t looking just at selling subscriptions the way that say, Amazon or Apple do through Prime Video Channels or Apple TV Channels. It’s also considering deep linking technology to get users to their favorite streaming apps, including those from the big-name brands that otherwise wouldn’t want to be a part of someone else’s service. This could position Plex as a competitor to services like Reelgood, which today allows users to track what they’re watching and get recommendations across all their streaming apps, not just within each individual app.

Plex’s video rental (and maybe purchases) marketplace, meanwhile, will be much like any other, offering users a chance to pay for content they couldn’t find a way to stream.

Both ideas fit in with Plex’s larger goal to become a one-stop shop for all your media needs.

“We’ve always had a fairly audacious mission. You shouldn’t have to go to 20 different apps to get the content you care about. You should be able to go to one place and we should be able to do all that for you,” notes Valory.

Image Credits: Plex

To fuel its growth on both this front and for its ad-supported businesses, Plex plans to use the funds to expand its now 100-person team with investments in marketing and monetization teams, as well as on the development side.

“Certainly, there’s still way more work to do in terms of amplifying the efforts on our performance and growth marketing and engagement,” Valory says. “I mean, the business is growing super fast, so we’ve done a pretty good job, to date, of building out the muscles to get new users in the pipeline for the AVOD business. There’s still a ton of work to do there, but a lot of the muscles that we’re building there will help in terms of the top-of-funnel and increasing engagement for the whole product,” he adds.

Intercap, which led Plex’s round, is in it for the long haul — citing in particular how the fragmentation happening now in the streaming landscape could ultimately be good for Plex’s own growth.

“Content providers, creators and consumers are all paying the price for the explosion of so many streaming media services and the industry needs a trusted way for the experience to be as enjoyable as possible,” says Chapnik. “Plex has always been at the forefront of solving new media challenges and we believe they are primed to solve this problem — they are the cable company of the future.”

Daily Crunch: Spotify unveils an in-car entertainment system

Spotify wants to have a bigger presence in your car, Apple hints at iPad-centric announcements and Microsoft’s new Surface Laptop goes on sale. This is your Daily Crunch for April 13, 2021.

The big story: Spotify unveils an in-car entertainment system

Spotify’s new device is the oddly (but memorably!) named Car Thing. While there are plenty of other ways to listen to Spotify while driving, the company said this will provide a “more seamless” and personalized experience. Car Thing includes a touchscreen, a navigation knob, voice control and preset buttons to access your favorite music, podcasts and playlists.

This is actually an updated version of an in-car device that Spotify started testing a couple years ago. While Spotify is now making Car Thing available more broadly, it sounds like the company still views this as a bit of an experiment — during this limited U.S. release, it’s available for free, with users just paying for the cost of shipping.

The tech giants

Apple’s next event is April 20 — Invites for its “Spring Loaded” event went out today, sporting what appears to be a doodle drawn on an iPad.

Microsoft’s latest Surface Laptop goes on sale this week, starting at $999 — Sometimes the classics are classics for a reason.

Facebook, Instagram users can now ask ‘oversight’ panel to review decisions not to remove content — The move expands the Oversight Board’s remit beyond reviewing (and mostly reversing) content takedowns.

Startups, funding and venture capital

Fortnite-maker Epic completes $1B funding round — The company is amassing a large portfolio of titles through acquisitions, a trend that is almost certain to continue with this latest massive round.

Home gym startup Tempo raises $220M to meet surge in demand for its workout device — Tempo’s freestanding cabinet, which the company launched in February 2020, includes a 42-inch touchscreen with a 3D motion-tracking camera that consistently scans, tracks and coaches users as they work out.

ConsenSys raises $65M from JP Morgan, Mastercard, UBS to build infrastructure for DeFi — The fundraise looks like a highly strategic one, based around the idea that traditional institutions will need visibility into the increasingly influential world of “decentralized finance.”

Advice and analysis from Extra Crunch

What’s fueling hydrogen tech? — In 2021, the world may be ready for hydrogen.

Five product lessons to learn before you write a line of code — To uncover some basic truths about building products, we spoke to three entrepreneurs who have each built more than one company.

Expect an even hotter AI venture capital market in the wake of the Microsoft-Nuance deal — The $19.7 billion transaction is Microsoft’s second-largest to date, only beaten by its purchase of LinkedIn.

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

Everything else

Republican antitrust bill would block all big tech acquisitions — There are about to be a lot of antitrust bills taking aim at big tech.

Startup Alley at TechCrunch Disrupt 2021 is filling up fast — If you’re busy shoving envelopes and busting down boundaries, don’t miss your chance to exhibit in Startup Alley at TechCrunch Disrupt 2021 in September.

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.

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Wonder Dynamics raises $2.5M seed to equip indie filmmakers with AI-powered VFX

Practically every film production these days needs some kind of visual effects work, but independent creators often lack the cash or expertise to get that top-shelf CG. Wonder Dynamics, founded by VFX engineer Nikola Todorovic and actor Tye Sheridan, aims to use AI to make some of these processes more accessible for filmmakers with budgets on the tight side, and they’ve just raised $2.5 million to make it happen.

The company has its origins in 2017, after Sheridan and Todorovic met on the set of Rodrigo Garcia’s film Last Days in the Desert. They seem to have both felt that the opportunity was there to democratize the tools that they had access to in big studio films.

Wonder Dynamics is very secretive about what exactly its tools do. Deadline’s Mike Fleming Jr saw a limited demo and said he “could see where it will be of value in the area of world creation at modest budgets. The process can be done quickly and at a fraction of a traditional cost structure,” though that leaves us little closer than we started.

Sheridan and Todorovic (who jointly answered questions I sent over) described the system, called Wallace Pro, as taking over some of the grunt work of certain classes of VFX rather than a finishing touch or specific effect.

“We are building an AI platform that will significantly speed up both the production and post-production process for content involving CG characters and digital worlds. The goal of the platform is to reduce the costs associated with these productions by automating the ‘objective’ part of the process, leaving the artists with the creative, ‘subjective’ work,” they said. “By doing this, we hope to create more opportunities and empower filmmakers with visions exceeding their budget. Without saying too much, it can be applied to all three stages of filmmaking (pre-production, production and post-production), depending on the specific need of the artist.”

From this we can take that it’s an improvement to the workflow, reducing the time it takes to achieve some widely used effects, and therefore the money that needs to be set aside for them. To be clear this is distinct from another, more specific product being developed by Wonder Dynamics to create virtual interactive characters as part of the film production process — an early application of the company’s tools, no doubt.

The tech has been in some small scale tests, but the plan is to put it to work in a feature entering production later this year. “Before we release the tech to the public, we want to be very selective with the first filmmakers who use the technology to make sure the films are being produced at a high level,” they said. First impressions do matter.

The $2.5M seed round was led by Founders Fund, Cyan Banister, the Realize Tech Fund, Capital Factory, MaC Venture Capital, and Robert Schwab. “Because we are at the intersection of technology and film, we really wanted to surround ourselves with investment partners who understand how much the two industries will depend on each other in the future,” Sheridan and Todorovic said. “We were extremely fortunate to get MaC Venture Capital and Realize Tech Fund alongside FF. Both funds have a unique combination of Silicon Valley and Hollywood veterans.”

Wonder Dynamics will use the money to, as you might expect, scale its engineering and VFX teams to further develop and expand the product… whatever it is.

With their advisory board, it would be hard to make a mistake without someone calling them on it. “We’re extremely lucky to have some of the most brilliant minds from both the AI and film space,” they said, and that’s no exaggeration. Right now the lineup includes Steven Spielberg and Joe Russo (“obviously geniuses when it comes to film production and innovation”), UC Berkeley and Google’s Angjoo Kanazawa and MIT’s Antonio Torralba (longtime AI researchers in robotics and autonomy), and numerous others in film and finance who “offer us a wealth of knowledge when we’re trying to figure out how to move the company forward.”

AI is deeply integrated into many tech companies and enterprise stacks, making it a solid moneymaker in that industry, but it is still something of a fringe concept in the more creator-driven film and TV world. Yet hybrid production techniques like ILM’s StageCraft, used to film The Mandalorian, are showing how techniques traditionally used for 3D modeling and game creation can be applied safely to film production — sometimes even live on camera. AI is increasingly that part of the world, as pioneers like Nvidia and Adobe have shown, and it seems inevitable that it should come to film — though in exactly what form it’s hard to say.

No-code publishing platform Shorthand raises $8M

Shorthand, the Australian startup behind a no-code platform that allows publishers and brands to create multimedia stories, has raised $10 million Australian (just under $8 million U.S.) from Fortitude Investment Partners.

CEO Ricky Robinson told me via email that this is Shorthand’s first institutional round of funding, and that the company has been profitable for the past two years.

“We’ve been lucky enough to grow to where we are today through an entirely inbound, organic model that leverages the beautiful content that our customers create in Shorthand to generate leads,” Robinson wrote. “But we’ve been testing other channels with some success and the time is right to ramp up those other marketing initiatives. That’s where we’ll be spending this funding, while also investing heavily in our product to keep Shorthand at the cutting edge of storytelling innovation for the web.”

Those customers include the BBC, Dow Jones, the  University of Cambridge, Nature, Manchester City FC and Peloton. For example, BBC News used Shorthand to create this story about searching for dinosaur fossils.

The Shorthand website extols the virtues of “scrollytelling,” where a reader can trigger interesting transitions and effects simply by scrolling through the story. Robinson suggested that this is a way to make stories feel interactive and engaging “without asking your audience to learn how to interact with it.”

As you can see in the demo video above, Shorthand offers a fairly straightforward drag-and-drop interface for adding different text and media elements, as well as effects. Robinson said that unlike other tools like Webflow and Ceros, Shorthand was designed to be used by editors and writers. And although Shorthand does support the use of themes and templates, he said that’s not enough.

“You need to provide flexibility without making writers get into the weeds of web design or making them use complicated design tools,” he wrote. “The focus should be at the level of story design, not web design, and that’s really what sets Shorthand apart, and it’s why our customers are able to consistently produce highly engaging, award-winning content for their audiences.”

The company also says that demand has only increased during the pandemic, with usage quadrupling in the fourth quarter of 2020 and subscription revenue up 8.8% month-over-month in February of this year.

“The platform offers a rare combination of powerful output and simplicity of use for content creators,” said Fortitude Partner Nick Miller in a statement. “It is clear why the word is spreading about the Shorthand story and what it can do for digital communication.”

Realworld raises $3.4M to help Gen Z navigate adulthood

Realworld has a big vision — founder and CEO Genevieve Ryan Bellaire told me her goal is “simplifying adulthood.” And the New York startup has raised $3.4 million in seed funding to make it happen.

Apparently that’s something Ballaire struggled with herself in her early twenties. Despite being a lawyer with an MBA, she said she found herself “just totally unprepared for all these real world things,” whether that was figuring out housing or heath insurance — something I can definitely relate to.

“There’s tons of content out there out there that can tell you to fill out this form to sign up for a credit card, but you don’t know what you don’t know,” she said. “There’s not one place that defines adulthood.”

At the same time, there are online services that can make aspects of adulthood easier — whether that’s Lemonade for insurance, Betterment for investing or Zocdoc for doctor’s appointments. But again, finding these services and just knowing that you should use them can be a challenge, so Bellaire said Realworld is meant to serve as the “single point of entry.”

To do that, the startup has created more than 90 step-by-step playbooks, covering everything from budgeting to moving to salary negotiation. Bellaire said these are designed for members of Gen Z who are just leaving college and entering the workforce.

Realworld CEO Genevieve Ryan Bellaire

Realworld CEO Genevieve Ryan Bellaire

Of course, even if you focus on a specific age group, different twentysomethings will have different backgrounds, income levels and challenges. Bellaire said the playbooks will customize their instructions based on a user’s specific goals and circumstances, but she also argued that Realworld’s “starter pack” of 15 playbooks covers things that every adult will need to deal with in some form, such as creating budgets, finding an apartment and understanding income taxes.

The startup plans to release its first mobile app next month, and its goal is to become into Bellaire described as a “platform, marketplace and community.” The playbooks are a big piece of the platform, and eventually, Realworld could also include a marketplace for services that will help you accomplish those adulthood goals, as well as a community where users share their knowledge and advice.

Realworld initially charged for access to its playbooks, but they’re now available for free. Instead, Bellaire said the company could charge a subscription fee for additional features and for “concierge-oriented support.”

“This is one of those problems where if get it right, you can make a huge impact, but you can also have huge financial success,” she added.

It sounds like investors agree. Realworld had previously raised $1.1 million, and this new seed round was led by Fitz Gate Ventures, with participation from Bezos Expeditions (Jeff Bezos’ personal investment firm), Knightsgate Ventures, The Helm, Great Oaks VC, Copper Wire Ventures, AmplifyHer Ventures, Underdog Labs, Human Ventures and Techstars.

Amplifyher Partner Meghan Cross Breeden noted that Realworld could “corner the market on life milestones,” not just for Gen Z right now, but for “every future milestone … in the long-haul of adulthood, from buying a home to caring for a parent.”