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Extra Crunch roundup: TC Mobility recaps, Nubank EC-1, farewell to browser cookies

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What, exactly, are investors looking for?

Early-stage founders, usually first-timers, often tie themselves in knots as they try to project the qualities they hope investors are seeking. In reality, few entrepreneurs have the acting skills required to convince someone that they’re patient, dedicated or hard-working.

Johan Brenner, general partner at Creandum, was an early backer of Klarna, Spotify and several other European startups. Over the last two decades, he’s identified five key traits shared by people who create billion-dollar companies.


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“A true unicorn founder doesn’t need to have all of those capabilities on Day One,” says Brenner, “but they should already be thinking big while executing small and demonstrating that they understand how to scale a company.”

Drawing from observations gleaned from working with founders like Spotify’s Daniel Ek, Sebastian Siemiatkowski from Klarna, and iZettle’s Jacob de Geer and Magnus Nilsson, Brenner explains where “VC FOMO” comes from and how it drives dealmaking.

We’re running a series of posts that recap conversations from last week’s virtual TC Mobility conference, including an interview with Refraction AI’s Matthew Johnson, a look at how autonomous delivery startups are navigating the regulatory and competitive landscape, and much more. There are many more recaps to come; click here to find them all.

Thanks very much for reading Extra Crunch!

Walter Thompson
Senior Editor, TechCrunch
@yourprotagonist

How contrarian hires and a pitch deck started Nubank’s $30 billion fintech empire

Image Credits: Nigel Sussman

Founded in 2013 and based in São Paulo, Brazil, Nubank serves more than 34 million customers, making it Latin America’s largest neobank.

Reporter Marcella McCarthy spoke to CEO David Velez to learn about his efforts to connect with consumers and overcome entrenched opposition from established players who were friendly with regulators.

In the first of a series of stories for Nubank’s EC-1, she interviewed Velez about his early fundraising efforts. For a balanced perspective, she also spoke to early Nubank investors at Sequoia and Kaszek Ventures, Latin America’s largest venture fund, to find out why they funded the startup while it was still pre-product.

“There are people you come across in life that within the first hour of meeting with them, you know you want to work with them,” said Doug Leone, a global managing partner at Sequoia who’d recruited Velez after he graduated from grad school at Stanford.

Marcella also interviewed members of Nubank’s founding team to better understand why they decided to take a chance on a startup that faced such long odds of success.

“I left banking to make a fifth of my salary, and back then, about $5,000 in equity,” said Vitor Olivier, Nubank’s VP of operations and platforms.

“Financially, it didn’t really make sense, so I really had to believe that it was really going to work, and that it would be big.”

Despite flat growth, ride-hailing colossus Didi’s US IPO could reach $70B

Image Credits: Didi

In his last dispatch before a week’s vacation, Alex Wilhelm waded through the numbers in Didi’s SEC filing. The big takeaways?

“While Didi managed an impressive GTV recovery in China, its aggregate numbers are flatter, and recent quarterly trends are not incredibly attractive,” he writes.

However, “Didi is not as unprofitable as we might have anticipated. That’s a nice surprise. But the company’s regular business has never made money, and it’s losing more lately than historically, which is also pretty rough.”

What’s driving the rise of robotaxis in China with AutoX, Momenta and WeRide

AutoX, Momenta and WeRide took the stage at TC Sessions: Mobility 2021 to discuss the state of robotaxi startups in China and their relationships with local governments in the country.

They also talked about overseas expansion — a common trajectory for China’s top autonomous vehicle startups — and shed light on the challenges and opportunities for foreign AV companies eyeing the massive Chinese market.

The air taxi market prepares to take flight

Image Credits: Bryce Durbin

“As in any disruptive industry, the forecast may be cloudier than the rosy picture painted by passionate founders and investors,” Aria Alamalhodaei writes. “A quick peek at comments and posts on LinkedIn reveals squabbles among industry insiders and analysts about when this emerging technology will truly take off and which companies will come out ahead.”

But while some electric vertical take-off and landing (eVTOL) companies have no revenue yet to speak of — and may not for the foreseeable future — valuations are skyrocketing.

“Electric air mobility is gaining elevation,” she writes. “But there’s going to be some turbulence ahead.”

The demise of browser cookies could create a Golden Age of digital marketing

Though some may say the doomsday clock is ticking toward catastrophe for digital marketing, Apple’s iOS 14.5 update, which does away with automatic opt-ins for data collection, and Google’s plan to phase out third-party cookies do not signal a death knell for digital advertisers.

“With a few changes to short-term strategy — and a longer-term plan that takes into account the fact that people are awakening to the value of their online data — advertisers can form a new type of relationship with consumers,” Permission.io CTO Hunter Jensen writes in a guest column. “It can be built upon trust and open exchange of value.”

If offered the right incentives, Jensen predicts, “consumers will happily consent to data collection because advertisers will be offering them something they value in return.”

How autonomous delivery startups are navigating policy, partnerships and post-pandemic operations

Nuro second gen R2 delivery vehicle

Image Credits: Nuro

We kicked off this year’s TC Sessions: Mobility with a talk featuring three leading players in the field of autonomous delivery. Gatik co-founder and chief engineer Apeksha Kumavat, Nuro head of operations Amy Jones Satrom, and Starship Technologies co-founder and CTO Ahti Heinla joined us to discuss their companies’ unique approaches to the category.

The trio discussed government regulation on autonomous driving, partnerships with big corporations like Walmart and Domino’s, and the ongoing impact the pandemic has had on interest in the space.

Waabi’s Raquel Urtasun explains why it was the right time to launch an AV technology startup

Image Credits: Waabi via Natalia Dola

Raquel Urtasun, the former chief scientist at Uber ATG, is the founder and CEO of Waabi, an autonomous vehicle startup that came out of stealth mode last week. The Toronto-based company, which will focus on trucking, raised an impressive $83.5 million in a Series A round led by Khosla Ventures.

Urtasun joined Mobility 2021 to talk about her new venture, the challenges facing the self-driving vehicle industry and how her approach to AI can be used to advance the commercialization of AVs.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://techcrunch.com/2021/06/15/extra-crunch-roundup-tc-mobility-recaps-nubank-ec-1-farewell-to-browser-cookies/

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Entrepreneur

How to identify unicorn founders when they’re still early-stage

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As an early-stage VC, you spend time with hundreds of fantastic startups, trying to identify potential winners by thinking about market size, business model and competition. Nevertheless, deep down you know that in the long run, it all comes down to the team and the founder(s).

When we look at the most successful companies in our portfolio, their amazing performance is in large part thanks to the founders. However, even after 20 years in the industry, I have to admit that analyzing the team is still the most challenging part of the job. How do you evaluate a young first-time entrepreneur of an early-stage company with little traction?

The best founders are humble and well aware of their weaknesses and limitations as well as the potential challenges for their startup.

At Creandum, in the past 18 years, we have been fortunate to work with some of Europe’s most successful startup founders such as Daniel Ek from Spotify, Sebastian Siemiatkowski from Klarna, Johannes Schildt from Kry, Jacob de Geer and Magnus Nilsson from iZettle, Emil Eifrem from Neo4J, Christian Hecker from Trade Republic and many more.

After a while, we realized that these incredible entrepreneurs all share some fundamental characteristics. They all have lots of energy, work hard, show patience, perseverance and resilience. But on top of that, all these unicorn founders share five key traits that, as an investor, you should look for when you back them at an early stage.

They know what they don’t know

Many people expect a typical startup founder to be very confident and have a strong sales mentality. While they should definitely live up to those expectations, the best founders are also humble and well aware of their weaknesses and limitations as well as the potential challenges for their startup.

They keep wanting to learn, improve and grow the business beyond what average people have the energy and drive to manage.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://techcrunch.com/2021/06/15/how-to-identify-unicorn-founders-when-theyre-still-early-stage/

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Real Estate

Meet Nickson, the furniture-as-a-service startup that Barack Obama’s ex-financial adviser just backed

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Ever toured an apartment and fall in love with the model unit?

You’re not alone. Harvard Business School grad Cameron Johnson is a former institutional real estate investor and Greystar exec turned startup founder that realized that very often, “renters would try to rent the model apartment.”

This got him thinking. People would love to rent a model apartment in a building, and no one likes to move. This spelled opportunity in Johnson’s mind.

So in 2017, he came up with the idea of Nickson, a Dallas-based startup that fully furnishes apartments on demand.

Image Credits: CEO and founder Cameron Johnson / Nickson

“I thought ‘What if you gave people the ability to simply rent the model, or the ability to add everything in their space needs with a few clicks, similar to how a cable modem comes to your house ’ ” CEO Johnson said. “I wondered, ‘Why can’t we do that for everything else?’ ”

But Nickson doesn’t just provide furniture such as beds and sofas, it delivers all the essentials too — from extension cords to pots and pans to silverware to curtain rods. By partnering with a variety of retailers, the startup claims that it allows users “to make their new spaces move-in ready in as little as 3 hours.” 

Users take a style quiz and share apartment layout details. Nickson’s designers create an initial layout based on the dimensions of an apartment, desired functions (such as work from home) and the volume of furnishings based on a person’s lifestyle. Once the layout is complete, Nickson creates a custom design, including all furnishings and home goods. 

Upon signing up, users pay a one-time installation fee for the furniture-as-a-service offering, and then a monthly subscription charge for the duration of a lease — starting at $199 a month for a studio to $500 a month for a 3 bedroom apartment. The startup also offers concierge services such as a household supply starter kit and maid service, as an add-on to its flat monthly subscription.

Nickson is currently only live in the Dallas market, but plans to expand into other cities over the next 12 months, including expanding its beta tests in Austin and Houston. And it’s just raised a $12 million Series A to help it advance on that goal. 

A fund managed by Pendulum Opportunities LLC, a wholly owned subsidiary of Pendulum Holdings LLC, led the Series A round, which also included participation from Motley Fool Ventures, Revolution’s Rise of the Rest and Backstage Capital. 

The COVID-19 pandemic has disrupted the global supply chain, leading to delivery delays for consumers. Nickson has purchased items over time that it stores as local inventory, making it even more attractive to renters who don’t want to deal with delays and hunting down furniture and essentials, Johnson said. The convenience Nickson offers led to its user base growing 700% in 2020 compared to the year prior, he added.

Robbie Robinson, co-founder and CEO of Pendulum, said his firm was drawn to invest in Nickson due to a combination of Johnson’s “vision, secular shifts toward renting and subscription consumption and the company’s disruptive business model.” (Robinson is President Barack Obama’s former financial adviser, and recently founded Pendulum to invest $250 million in founding startups of color).

Kabir Ahmed, vice president at Pendulum, added that he believes Nickson’s model is superior to the concept of renting one-off furniture pieces in that it offers an “end-to-end, turnkey solution.”

This seamless experience is highly differentiated and offers a compelling value proposition for the consumer,” he said.

Of course, Nickson is not the only company attempting to turn the stodgy furniture rental industry on its head. Other startups offering similar services as Nickson include Oliver Space, Fernish and The Landing.

But Nickson claims that it stands out from the competition in that it “takes care of everything” beyond furniture (including artwork and toilet wand brushes) and that it can curate space and bring it all in before a renter even shows up.

“No other competitor in this space offers this level of service, detail or turnaround,” Johnson says. “You can literally arrive at your new home with a suitcase and toothbrush, and it’s ready to ‘live in.’”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://techcrunch.com/2021/06/15/nickson-raises-12m/

Continue Reading

Real Estate

Meet Nickson, the furniture-as-a-service startup that Barack Obama’s ex-financial adviser just backed

Published

on

Ever toured an apartment and fall in love with the model unit?

You’re not alone. Harvard Business School grad Cameron Johnson is a former institutional real estate investor and Greystar exec turned startup founder that realized that very often, “renters would try to rent the model apartment.”

This got him thinking. People would love to rent a model apartment in a building, and no one likes to move. This spelled opportunity in Johnson’s mind.

So in 2017, he came up with the idea of Nickson, a Dallas-based startup that fully furnishes apartments on demand.

Image Credits: CEO and founder Cameron Johnson / Nickson

“I thought ‘What if you gave people the ability to simply rent the model, or the ability to add everything in their space needs with a few clicks, similar to how a cable modem comes to your house ’ ” CEO Johnson said. “I wondered, ‘Why can’t we do that for everything else?’ ”

But Nickson doesn’t just provide furniture such as beds and sofas, it delivers all the essentials too — from extension cords to pots and pans to silverware to curtain rods. By partnering with a variety of retailers, the startup claims that it allows users “to make their new spaces move-in ready in as little as 3 hours.” 

Users take a style quiz and share apartment layout details. Nickson’s designers create an initial layout based on the dimensions of an apartment, desired functions (such as work from home) and the volume of furnishings based on a person’s lifestyle. Once the layout is complete, Nickson creates a custom design, including all furnishings and home goods. 

Upon signing up, users pay a one-time installation fee for the furniture-as-a-service offering, and then a monthly subscription charge for the duration of a lease — starting at $199 a month for a studio to $500 a month for a 3 bedroom apartment. The startup also offers concierge services such as a household supply starter kit and maid service, as an add-on to its flat monthly subscription.

Nickson is currently only live in the Dallas market, but plans to expand into other cities over the next 12 months, including expanding its beta tests in Austin and Houston. And it’s just raised a $12 million Series A to help it advance on that goal. 

A fund managed by Pendulum Opportunities LLC, a wholly owned subsidiary of Pendulum Holdings LLC, led the Series A round, which also included participation from Motley Fool Ventures, Revolution’s Rise of the Rest and Backstage Capital. 

The COVID-19 pandemic has disrupted the global supply chain, leading to delivery delays for consumers. Nickson has purchased items over time that it stores as local inventory, making it even more attractive to renters who don’t want to deal with delays and hunting down furniture and essentials, Johnson said. The convenience Nickson offers led to its user base growing 700% in 2020 compared to the year prior, he added.

Robbie Robinson, co-founder and CEO of Pendulum, said his firm was drawn to invest in Nickson due to a combination of Johnson’s “vision, secular shifts toward renting and subscription consumption and the company’s disruptive business model.” (Robinson is President Barack Obama’s former financial adviser, and recently founded Pendulum to invest $250 million in founding startups of color).

Kabir Ahmed, vice president at Pendulum, added that he believes Nickson’s model is superior to the concept of renting one-off furniture pieces in that it offers an “end-to-end, turnkey solution.”

This seamless experience is highly differentiated and offers a compelling value proposition for the consumer,” he said.

Of course, Nickson is not the only company attempting to turn the stodgy furniture rental industry on its head. Other startups offering similar services as Nickson include Oliver Space, Fernish and The Landing.

But Nickson claims that it stands out from the competition in that it “takes care of everything” beyond furniture (including artwork and toilet wand brushes) and that it can curate space and bring it all in before a renter even shows up.

“No other competitor in this space offers this level of service, detail or turnaround,” Johnson says. “You can literally arrive at your new home with a suitcase and toothbrush, and it’s ready to ‘live in.’”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://techcrunch.com/2021/06/15/nickson-raises-12m/

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