Video ad company Eyeview names Rob Deichert as its new CEO

After 13 years at the helm of video advertising company Eyeview, founder Oren Harnevo is stepping down as CEO.

The company’s new chief executive is Rob Deichert, who was most recently COO at digital advertising company 33Across. The company is also announcing two other new hires — Sean Simon as senior vice president of sales and Risa Crandell as vice president of sales.

Harnevo, meanwhile, will remain on Eyeview’s board of directors.

“It’s been a long and incredible ride for the last 13 years since I co-founded Eyeview, and I feel it’s time to let a new leader help propel Eyeview to its next chapter,” he said in a statement. “2019 has been a great year for Eyeview. With strong revenue growth, and seasoned additions to our leadership team, it’s the perfect time to bring on [ad] industry veterans like Rob, Sean and Risa to accelerate our business as I depart to work on my next venture while supporting Eyeview on the board of director.”

Deichert acknowledged that it can be challenging to step into the shoes of a company’s founder, but he said he consulted with Harnevo before taking the job.

“I was just emailing with him today,” he added. “He’s going to be a great partner going forward.”

Rob Deichert

Rob Deichert

Deichert also said he has a standard on-boarding process when he joins a new company, which involves holding 30-minute, one-on-one meetings with every single person. (In this case, that means holding nearly 100 meetings.)

And while Eyeview has been around for more than a decade, Deichert suggested that there’s still plenty of room for its “outcome-based video marketing” (its specialty is video ads that are personalized based on viewer data) to grow.

In particular, he predicted that as direct-to-consumer brands are “maxing out on Facebook,” they’ll start turning back to traditional ad channels like television. With Eyeview, they can do that without losing the measurement and customization of online video.

Afore Capital raises second pre-seed venture capital fund

As expectations from seed investors intensify, a new stage of investment has established itself earlier in the venture-backed company life cycle.

Known as “pre-seed” investing, one of the first legitimate outfits to double down on the stage has refueled, closing its second fund on $77 million.

Afore Capital’s sophomore fund is likely the largest pool of venture capital yet to focus exclusively on pre-seed companies, or pre-product businesses seeking their first bout of institutional capital. In many cases, a pre-seed startup may even be “pre-idea,” yet to fully incorporate.

Afore invests between $500,000 and $1 million in nascent startups. As it kicks off its second fund, founding partners Anamitra Banerji and Gaurav Jain tell TechCrunch they plan to lead all of their investments.

We have the opportunity to build a firm that defines a category. - Afore founding partner Anamitra Banerji

Standouts in Afore’s existing portfolio include the no-fee credit card company Petal — which has raised roughly $50 million to date — mobile executive coaching business BetterUp, childcare information platform Winnie and Modern Health, a B2B mental wellness platform.

Afore portfolio companies have raised more than $360 million in follow-on funding, with an aggregate market cap of $1.5 billion, Jain, the founding product manager at Android Nexus and former principal at Founder Collective, tells TechCrunch. “These are high-quality teams with high-quality projects and ideas.”

Jain and Banerji — a founding product manager at Twitter and former partner at Foundation Capital — began raising capital for Afore’s $47 million debut fund in 2016. Since then, the landscape for seed investing has shifted. Early-stage investors have begun funneling larger sums of capital to standout teams at the seed, while billion-dollar venture capital funds set aside capital for serial entrepreneurs working on their next big idea. As a result, deal sizes have swelled and deal count has shrunk simultaneously.

“Pre-seed has replaced seed in the venture ecosystem,” Banerji tells TechCrunch. “We saw this early as a result of both of us having been at funds. We knew that this was going to be a massive category just like seed was before it. Now we think it’s clearly here to stay and we have the opportunity to build a firm that defines a category.”

Since launching the firm, the pair explain they’ve noticed more and more founders explicitly stating that they are in the market for a pre-seed round, a statement you wouldn’t have heard as recently as two years ago.

This is a result of Afore’s efforts to legitimize the stage through investments and programming, including its annual Pre-Seed Summit. Though Afore is certainly not the only VC fund focused on the earliest stage of startup investing — other firms deploying capital at the stage include Hustle Fund, which closed an $11.8 million debut fund last year, plus the $20 million immigrant-focused pre-seed fund Unshackled Ventures and the predominant seed and pre-seed stage firm Precursor Ventures, which announced a $31 million second fund earlier this year.

In the past year alone, more than $200 million has been dedicated to the pre-seed stage, with at least nine new funds launching to nurture early-stage startups.

More and more firms are setting up shop at the pre-seed stage as competition at the seed stage reaches new heights. As we’ve previously reported, monster funds are becoming increasingly active at the seed stage, muscling seed funds out of top deals with less dilutive offers. While the pre-seed stage, for the most part, remains protected from competition at the later stage, these firms still have to compete.

“Nobody wants to lose sight of a deal, so they are willing to toss small amounts of capital very early behind interesting founders,” Jain said. “But frankly, we aren’t sure if it’s good for a company to raise that much capital that early in their life cycle.”

Working with a fund that isn’t passionate about what you are building or familiar with the plights of the stage of your business is terrible for founders, adds Jain. Pairing with a focused fund like Afore, on the other hand, allows for “incentive alignment.”

Afore invests across all industries, preferring to back startups in categories “before they are categories.”

“What we are looking for is deep authenticity and passion around the product they are building,” says Banerji. “Ideas on their own aren’t enough. Founder resumes on their own aren’t enough. While we do care about all of those aspects, we get crazy about their clarity of thought in the short term.”

“We don’t take the point of view of ‘here is some money, it’s OK to lose it,’ ” he adds. “For us to invest, the founder must be all in. And we generally don’t invest in celebrity founders; we are going after the underdog founder.”

Afore Capital raises second pre-seed venture capital fund

As expectations from seed investors intensify, a new stage of investment has established itself earlier in the venture-backed company life cycle.

Known as “pre-seed” investing, one of the first legitimate outfits to double down on the stage has refueled, closing its second fund on $77 million.

Afore Capital’s sophomore fund is likely the largest pool of venture capital yet to focus exclusively on pre-seed companies, or pre-product businesses seeking their first bout of institutional capital. In many cases, a pre-seed startup may even be “pre-idea,” yet to fully incorporate.

Afore invests between $500,000 and $1 million in nascent startups. As it kicks off its second fund, founding partners Anamitra Banerji and Gaurav Jain tell TechCrunch they plan to lead all of their investments.

We have the opportunity to build a firm that defines a category. - Afore founding partner Anamitra Banerji

Standouts in Afore’s existing portfolio include the no-fee credit card company Petal — which has raised roughly $50 million to date — mobile executive coaching business BetterUp, childcare information platform Winnie and Modern Health, a B2B mental wellness platform.

Afore portfolio companies have raised more than $360 million in follow-on funding, with an aggregate market cap of $1.5 billion, Jain, the founding product manager at Android Nexus and former principal at Founder Collective, tells TechCrunch. “These are high-quality teams with high-quality projects and ideas.”

Jain and Banerji — a founding product manager at Twitter and former partner at Foundation Capital — began raising capital for Afore’s $47 million debut fund in 2016. Since then, the landscape for seed investing has shifted. Early-stage investors have begun funneling larger sums of capital to standout teams at the seed, while billion-dollar venture capital funds set aside capital for serial entrepreneurs working on their next big idea. As a result, deal sizes have swelled and deal count has shrunk simultaneously.

“Pre-seed has replaced seed in the venture ecosystem,” Banerji tells TechCrunch. “We saw this early as a result of both of us having been at funds. We knew that this was going to be a massive category just like seed was before it. Now we think it’s clearly here to stay and we have the opportunity to build a firm that defines a category.”

Since launching the firm, the pair explain they’ve noticed more and more founders explicitly stating that they are in the market for a pre-seed round, a statement you wouldn’t have heard as recently as two years ago.

This is a result of Afore’s efforts to legitimize the stage through investments and programming, including its annual Pre-Seed Summit. Though Afore is certainly not the only VC fund focused on the earliest stage of startup investing — other firms deploying capital at the stage include Hustle Fund, which closed an $11.8 million debut fund last year, plus the $20 million immigrant-focused pre-seed fund Unshackled Ventures and the predominant seed and pre-seed stage firm Precursor Ventures, which announced a $31 million second fund earlier this year.

In the past year alone, more than $200 million has been dedicated to the pre-seed stage, with at least nine new funds launching to nurture early-stage startups.

More and more firms are setting up shop at the pre-seed stage as competition at the seed stage reaches new heights. As we’ve previously reported, monster funds are becoming increasingly active at the seed stage, muscling seed funds out of top deals with less dilutive offers. While the pre-seed stage, for the most part, remains protected from competition at the later stage, these firms still have to compete.

“Nobody wants to lose sight of a deal, so they are willing to toss small amounts of capital very early behind interesting founders,” Jain said. “But frankly, we aren’t sure if it’s good for a company to raise that much capital that early in their life cycle.”

Working with a fund that isn’t passionate about what you are building or familiar with the plights of the stage of your business is terrible for founders, adds Jain. Pairing with a focused fund like Afore, on the other hand, allows for “incentive alignment.”

Afore invests across all industries, preferring to back startups in categories “before they are categories.”

“What we are looking for is deep authenticity and passion around the product they are building,” says Banerji. “Ideas on their own aren’t enough. Founder resumes on their own aren’t enough. While we do care about all of those aspects, we get crazy about their clarity of thought in the short term.”

“We don’t take the point of view of ‘here is some money, it’s OK to lose it,’ ” he adds. “For us to invest, the founder must be all in. And we generally don’t invest in celebrity founders; we are going after the underdog founder.”

North now offers Focals smart glasses fittings and purchases via app

North’s Focals smart glasses are the first in the category to even approach mainstream appeal, but to date, the only way to get a pair has been to go into a physical North showroom and get a custom fitting, and then return once they’re ready for a pick-up and final adjustment. Now, North has released its Showroom app, which makes Focals available across the U.S. and Canada without an in-person appointment.

This approach reduces considerable friction, and it’s able to do so thanks to technology available on board the iPhone X or later – essentially the same tech that makes Face ID possible. People can go through the sizing and fitting process using these later model iPhones (and you can borrow a friend’s if you’re on Android or an older iOS device) and then North takes those measurements and can produce either prescription or non-prescription Focals, shipped directly to your door after a few weeks.

The Showroom app also includes an AR-powered virtual try-on feature for making sure you like the look of the frames, and for picking out your favorite color. Once the Focals show up at your door, the final fitting process is also something you can do at home, guided by the app’s directions for getting the fit just right.

Should you still want to hit an actual physical showroom, North’s still going to be operating its Brooklyn and Toronto storefronts, and will be operating pop-ups across North America as well.

Focals began shipping earlier this year, bringing practical smart notification, guidance and other software experiences to your field of view via a tiny projector and in-lens transparent display. North, which previously existed as Thalmic Labs and created the Myo gesture control armband, recognized that they were building control devices optimized for exactly this kind of application, but also found that no one was yet getting wearable tech like smart glasses right. Last year, Thalmic Labs pivoted to become North and focus on Focals as a result.

Since launching its smart glasses to consumers, it’s been iterating the software to consistently add new features, and making them more accessible to customers. An early price drop significantly lessened sticker shock, and now removing the requirement to actually visit a location in person to both order and collect the glasses should help expand their customer base further still.

Andrew Mason’s Descript snags $15M, acquires Lyrebird to let users type text to create audio in their own voices

The boom in popularity for podcasting has given a new voice to the world of spoken word content that had been largely left for dead with the decline of broadcast radio. Now riding the wave of that growth, a startup called Descript that’s building tools to make the art of creating podcasts — or any other content that involves working with audio — a little easier with audio transcription and editing tools, has a trio of news announcements: funding, an acquisition, and the launch of a new tool that brings some of the magic of natural language processing and AI to the medium by letting people create audio of their own voices based on text that they type.

Descript, the latest startup from Groupon founder Andrew Mason, created as a spinoff of his audio-guide business Detour (which got acquired by Bose last year), is today announcing $15 million in funding, a Series A for expanding the business (including hiring more  people) that’s coming from Andreessen Horowitz (it also funded the startup’s seed round in 2017) and Redpoint.

Along with that, the company has acquired a Canadian startup, Lyrebird — which had, like Descript, also built audio editing tools. Together, the two are rolling out a new feature for Descript called Overdub: people will now be able to create “templates” of their voices that they can in turn use to create audio based on words that they type, part of a bigger production suite that will also let users edit multiple voices on multiple tracks. The audio can be standalone, or the audio track for a video. (The video transcription works a little differently: when you add in words, or take them out, the video makes jumps to account for the changes in timing.)

Overdub is the latest addition to a product that lets users create instant transcriptions of audio text, which is then has already established a following among podcasters and others that use transcription software as part of their audio production suites. The product is priced in a freemium format: no charge for up to four hours of voice content, and $10 per month after that.

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In the age of fake news aided and abetted by technology, you’d be forgiven for wondering if Overdub might not be a highway to deep fake city, where you could use the technology to create any manner of “statements” by famous voices.

Mason tells me that the company has built a way to keep that from being able to happen. To activate the editing feature, users have to first record a number of repeated-back, created on the fly and in real time, which are then used to shape your digital voice profile. This means that you can’t, for example, feed an audio of Donald Trump into the system to create a version of the President saying that he is awfully sorry for suggesting that building walls between the US and Mexico was a good idea, and that this would not, in fact, make America Great Again. (Too bad.)

But if you subscribe to the idea that tech advances in NLP and AI overall are something of a Pandora’s Box, the cat’s already out of the bag, and even if Descript doesn’t allow for it, someone else will likely hack this kind of technology for more nefarious ends. The answer, Mason says, is to keep talking about this and making sure people understand the potentials and pitfalls.

“People have already have created the ability to make deep fakes,” Mason said. “We should expect that not everybody is going to follow the same constrants that we have followed. But part of our role is to create awareness of the possibilities. Your voice is your identity, and you need to own that voice. It’s an issue of privacy, basically.”

The developments underscore the new opportunity that has opened up in tapping some of the developments in artificial intelligence to address what is a growing market. On one hand, it’s a big market: based just on ad revenues alone, podcasting is expected to bring in some $679 million this year, and $1 billion by 2021, according to the IAB — one reason why companies like Spotify and Apple are betting big on it as a complement to their music streaming businesses.

On the other, the area of production tools for podcasters is a very crowded market, with a number of startups and others putting out a lot of tools that all work quite well in identifying what people are saying and transcribing it accurately.

On the front of transcription and the area where Descript is working, rivals include the likes of Trint, Wreally and Otter, among many others. Decript itself doesn’t even create its basic NLP software; it uses Google’s, since basic NLP is now an area that has essentially become “commoditized,” said Mason in an interview.

That makes creating new features, tapping into AI and other advances, all the more essential, as we look to see if one tool emerges as a clear leader in this particular area of SaaS.

“In live multiuser collaboration, there is still no other tool out there that has done what we have done with large uncompressed audio files. That is no small feat, and it has taken time to get it right,” said Mason. “I have seen this transition manifest from documents to spreadsheets to product design. No one would have thought of something like product design to be huge space but just by taking these tools for collaboration and successfully porting them to the cloud, companies like Figma have emerged. And that’s how we got involved here.”

Cybersecurity company Acronis hits unicorn status after raising $147 million led by Goldman Sachs

Cyber security solutions provider Acronis announced today that it has raised $147 million in funding led by Goldman Sachs, bringing it to unicorn status. The company did not disclose its valuation, but founder and CEO Serguei Beloussov told TechCrunch that it is between $1 billion and $2 billion.

Founded in Singapore as a data backup and recovery company in 2003 and now headquartered in Switzerland, Acronis currently has more than 1,400 employees in 18 countries. Its cyber protection technology is used by 5 million consumers and 500,000 businesses.

Beloussov says this is the first time the company has raised capital. In 2004, Acronis sold part of its business to an outside firm in a secondary transaction for $11 million. Since then it has been profitable, but it is now aiming for very rapid growth, targeting $1 billion in revenue by 2022. The company wants to take advantage of increasing demand for cybersecurity solutions by expanding its research and development teams and making several acquisitions in the cybersecurity space.

In a statement, Holger Staude, the vice president of Goldman Sachs Growth, said “We are excited to invest in Acronis at this stage of rapid growth. The traditional backup and data protection market is being disrupted by Acronis Cyber Protection, an innovative solution delivered efficiently through a vast channel of service providers.”

Acronis’ products include Cyber Protection to safeguard data, a platform that allows third-party developers to integrate Acronis’ technology into their own applications and Cyber Cloud, which enables enterprise IT to deliver Acronis’ cyber protection services to end customers. It plans to grow its product roster by acquiring companies that protect applications it doesn’t already support. Beloussov says that the company will also add long-term protection for applications and data and integrate more data destinations.

“We are growing because we have completely changed the company strategy from being a data protection company to a cyber protection company, from data protection applications to being a cyber protection platform, and being a data protection provider to building a cyber protection infrastructure,” says Beloussov, adding that demand is being driven by three trends.

The first is the increasing adoption of edge computing and end point computing, which means more devices outside of data centers need to be protected. The second is the increasing sophistication of cyber crime. Companies need to protect themselves against attacks, but also be prepared to perform recovery and forensics when they happen. The third is the cost of protecting large amounts of data, meaning providers who are able to offer the lowest pricing gain an advantage.

Beloussov says Acronis differentiates from other data backup and security companies, like Veeam or Carbonite, by providing a comprehensive solution that addresses what Acronis refers to as the “Five Sectors of Cyber Protection”: safety, accessibility, privacy, authenticity and security of data. By being able to rely on one provider for more of their cybersecurity needs, companies can save money. Acronis also has a flexible business model, allowing customers to combine its products in a way that saves on costs, Beloussov adds.

“We have very aggressive plans and hope to provide cyber protection for as many workloads, customers and people as possible,” Beloussov says.

Normative closes a $2.1M seed to help companies automate carbon reporting

Normative, a startup that lets companies automate their carbon reporting — and in turn help them decrease their environmental footprint — has picked up $2.1 million in seed funding.

Backing the Stockholm-based company is ByFounders, with participation from Soundcloud co-founder Eric Wahlforss, Luminar Ventures, and Wave Ventures.

The modest injection of capital will be used by Normative to “accelerate growth” and expand to key markets in the EU and the U.S.

Billed as wanting to become the “Quickbook of carbon reporting,” Normative is a SaaS that plugs into various data — both a company’s internal systems and external databases on the environmental impact of good and services. It then automatically calculates carbon usage and emissions for reporting purposes, which is traditionally a time consuming and costly process. Existing clients include Summa Equity, Bonava and Ikano.

“It is widely recognized that corporate activities are by far the largest contributor to climate change,” Normative co-founder and CEO Kristian Rönn tells TechCrunch. “To use my own country as a case study, H&M, Ericsson and Electrolux reportedly have larger CO2 emissions than the entire population of Sweden put together. This highlights the reality that in order to mitigate climate change, large companies need to mitigate their emissions”.

However, Rönn says that the first step to mitigating climate change is for companies to measure their climate impact, but only around 5,000 companies of an estimated 200 million companies are thought to measure sustainability at all. To make matters worse, even when carbon emissions are measured, companies typically only include emissions that are easy to track, such as electricity and car fuel consumption, which is estimated to be less than 10% of total company emissions. Missing in much of the data is supply chain emissions, transport, travel, and the production of goods and services.

Which, of course, is where Normative steps in.

“Normative helps large companies to go from mapping 10% of their CO2 to mapping 100% of their emissions for every product, service and activity, by reading data directly from their existing business systems e.g. SAP, Oracle, Microsoft, Visma etc.,” explains Rönn. “Moreover, sustainability reporting has been completely inaccessible for the small enterprise segment (who would afford to pay $50k-200k per year?), but Normative makes the whole process 10x times cheaper”.

product report

The timing looks good, too. With movements like Extinction Rebellion and a regulatory, shareholder and consumer push for companies to improve their environmental footprint, carbon reporting is becoming more mandatory. In Europe this includes an EU directive stipulating that all large public companies with more than 500 employees must “disclose certain information on the way they operate and manage social and environmental challenges”. Rönn says similar laws are underway also in the U.S.

Adds the Normative co-founder: “Sustainability reporting is a pain and a huge cost in time and money. However, more and more stakeholders — everything from investors to consumers as well as the legislative sector — demands transparency about companies’ unpaid externalities. Recently many large investors have signed the UN PRI, saying that they will look at sustainability data and comprehensive reporting when they invest”.

Festicket enables group festival bookings with ‘Pay with Friends’

Festicket, the U.K.-headquartered festival booking platform, is launching a new feature that allows users to pay for festival tickets as a group.

Described as removing the the pain of being the lead booker, “Pay with Friends” lets a single user reserve tickets for a whole group while only having to pay for part of the payment up-front. The other members of the group then have 48 hours to pay their individual part, whereby the booking is confirmed.

Notably, however, if this doesn’t happen there is a small non-refundable deposit charged to the lead booker to reserve the booking.

The idea is to avoid a situation that doubtless many of us have found ourselves in when trying to organise a group event or vacation, including attending a festival. This typically sees one person drawing the short straw and having to organise, book and pay for the trip. The new Festicket feature goes someway to mitigating this.

“Pay with Friends aims to reduce pressure on the lead booker by sharing the payment immediately with the rest of the group through a simple, fast and easy-to-use solution,” says Festicket.

The new feature was born out of the popularity of group bookings on Festicket, with around 60% of festival-goers attending as a group of more than three, and 20% more than six, according to a survey carried out by the company.

The macro trend is that festivals have become a popular alternative to group holidays with international festival travel increasing by 400% over the past 5 years, says Festicket.

Adds Jonathan Younes, CPO and co-founder of Festicket, in a statement: “It’s great to be able to offer our fans the option to Pay with Friends finally. We’ve created a fair solution that guarantees fans won’t be left out of pocket just because they’re the organised one out of their friends! We’ll continue to add features like this to the Festicket product to make sure all our customers have the best possible booking experience”.

FarmWise and its weed-pulling agribot harvest $14.5M in funding

Automating agriculture is a complex proposition given the number and variety of tasks involved, but a number of robotics and autonomy companies are giving it their best shot. FarmWise seems to have impressed someone — it just raised $14.5 million to continue development of its autonomous weeding vehicle.

Currently in the prototype stage, these vehicles look like giant lumbering personnel carriers or the like, but are in fact precision instruments which scan the ground for invasive weeds among the crop and carefully pluck them out.

“Each day, one FarmWise robot can weed crops to feed a medium-sized city of approximately 400,000 inhabitants,” said FarmWise CEO Sebastien Boyer in a press release announcing the latest funding round. “We are now enhancing the scale and depth of our proprietary plant-detection technology to help growers with more of their processes and on more of their crops.”

Presumably the robot was developed and demonstrated with something of a specialty in one crop or another, more as a proof of concept than anything.

Well, it seems to have proved the concept. The new $14.5 million round, led by Calibrate Ventures, is likely due to the success of these early trials. This is far from an easy problem, so going from idea to nearly market-ready in under three years is pretty impressive. Farmers love tech — if it works. And tiny issues or error rates can lead to enormous problems with the vast monoculture fields that make up the majority of U.S. farms.

The company previously took in about $5.7 million in a seed round, following its debut on Alchemist Accelerator’s demo day back in 2017. Robots are expensive!

Hopefully the cash infusion will help propel FarmWise from prototype to commercialization, though it’s hard to imagine they could build more than a handful of the machines with that kind of money. Perhaps they’ll line up a couple big orders and build on that future revenue.

Meanwhile they’ll continue to develop the AI that powers the chunky, endearing vehicles.

“Looking ahead, our robots will increasingly act as specialized doctors for crops, monitoring individual health and adjusting targeted interventions according to a crop’s individual needs,” said Boyer. So not only will these lumbering platforms delicately remove weeds, but they’ll inspect for aphids and fungus and apply the necessary remedies.

With that kind of inspection they can make a data play later — what farmer wouldn’t want to be able to digitally inspect every plant in their fields?

GoCardless launches U.S. debit payments solution and opens San Francisco office

GoCardless, the London fintech that aims to become the one-stop shop globally for businesses that want to let customers pay via recurring bank payments, has launched a U.S. debit solution.

The company has also opened an office across the pond in San Francisco’s financial district, headed up by Andrew Gilboy, General Manager, North America, who was previously the company’s Chief Revenue Officer.

Specifically, GoCardless’ new U.S. product supports debit payments on the ACH (Automated Clearing House) network. This means that businesses can use the GoCardless platform to offer U.S. consumers the option to pay by recurring bank payments, as an alternative to a credit card, for example. Likewise, companies can use GoCardless for debit payments for B2B transactions, such as relating to SaaS subscriptions, invoices or instalments.

It is the B2B use case where GoCardless thinks there is the biggest opportunity for recurring payments, since, unlike in the U.K., for example, the biggest competitor would be writing cheques. That’s costly and slow by 2019 standards and doesn’t provide anything like the visibility that direct debits and ACH affords.

“By using the ACH debit network on the GoCardless platform, merchants can pull payments directly from their customers’ bank accounts, at a lower cost than credit cards and without the overhead and burden of cash and cheques,” says the U.K.-headquartered company.

GoCardless adds that businesses using the GoCardless ACH debit solution gain increased visibility over payment flow via a “fully automated” collection system. This includes things like due dates, and whether or not a payment was successful or failed and why.

The addition of ACH debit means that GoCardless’ global debit network now covers over 30 countries accessible through a single API and platform.

Meanwhile, the 2011-founded company is no stranger to the West coast of America. In its formative years, the U.K. startup went through Silicon Valley accelerator Y Combinator where it initially struggled to find product-market fit before successfully pivoting to recurring payments.

If you happen to bump into GoCardless CEO Hiroki Takeuchi, ask him about the time he and his co-founders stayed up all night working the phones in a bid to win the startup’s first U.K. customers, lest they have nothing to show at YC Demo Day.

Now backed by the likes of Google Ventures, Salesforce, and Accel, amongst others, the company has come a long way since then.